Over the course of last month, the crypto market struggled to gain stability. Its high volatility resulted in continuous dips for major digital tokens. The investing sector showed major concerns over the high volatility seen in the cryptocurrency market. Nevertheless, the market is now showing signs of recovery and the brakes are finally being loosened. The prices of popular crypto coins are stabilizing and rising.
Bitcoin has now surpassed $39,000 in the recent market development. This is a major growth from its value of the previous day. On the other hand, the value of Ethereum also increased by over 4%, taking its value over $2,800. High crypto market inflows over the last week contributed to the stabilization of prices after the previous two weeks saw record outflows.
Since the beginning of the week, most cryptocurrencies, including Bitcoin and Ether, have seen an increase in inflows. Over the past month, the crypto market has been plagued by wild price swings. However, due to the recent higher inflows the market is regaining its lost charm.. As of yesterday, the popular joke cryptocurrency, Dogecoin, was available on exchange Coinbase’s trading platform for users. Dogecoin was up over 15 per cent at the time of writing this report and the digital coin’s market capitalization has jumped to over $55 billion. All of the top cryptocurrencies, such as Ripple, Cardano, Stellar, and Litecoin, were also trading higher from their usual selves.
Standard Chartered aims to build a new cryptocurrency exchange in Europe
Moreover, Standard Chartered PLC announced that it intends to establish an exchange platform and brokerage business for cryptocurrencies in Europe and Britain. The move was made to attract institutional clients to the cryptocurrency market. It will be a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group, which operates Hong Kong-licensed cryptocurrency exchange OSL. Considering that a mainstream lender made this move, it could be seen as a positive endorsement for cryptocurrency.
This new platform will link institutional traders and counterparts who trade Bitcoin, Ether, and other digital assets, according to Standard Chartered. Although Standard Chartered’s move contrasts starkly with rival HSBC’s stance on cryptocurrencies, it could be the beginning of a new era in cryptocurrency discussions.
This new development can majorly influence the positioning of several crypto tokens in the crypto market. The investors are now showing more interest, as the market regains its stability. However, it is yet to be seen that either this is a long-term bullish track or just an insignificant pump.