Cryptocurrencies Remain Strong as Industry Legal Hurdle Cleared

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Summary

  • Grayscale obtains SEC reporting company status for Ethereum (ETH) trust.
  • Bitcoin (BTC) price action remains strong after large investment from Square (SQ).

A legal milestone was reached this week in the cryptocurrency industry. Grayscale Investments, one of the world’s largest digital currency asset managers attained reporting company status for its Ethereum (ETH) trust from the Securities and Exchange Commission (SEC). The development is significant because it means that Grayscale will now operate the second investment vehicle to gain the status. Grayscale first made history when it attained the first publicly quoted Bitcoin (BTC) investment vehicle, Grayscale Bitcoin Trust (GBTC).

Any positive regulation news is a welcome sign for investors in an industry where just a few years ago, it was unheard of. The Grayscale news comes on the heels of positive news last week that payment firm Square (SQ) was investing 1% of the company’s assets into Bitcoin (BTC).

This Week’s Topics

  • Filecoin launches $200M Initial Coin Offering (ICO)
  • Malta-based crypto exchange OKEX suspended cryptocurrency withdrawals amid investigation.

Next Week’s Market Forecast

Bitcoin (BTC) bulls remain in control as price trades above the 50-day SMA

Both Bitcoin (BTC) and Ethereum (ETH) continue to trade constructively from a bull perspective. After running up last week on the Square (SQ) investment news. Bulls will want to see both hold firmly above the 50-day simple moving average (SMA) to confirm the intermediate trend remains intact.

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