Crypto Week Review: NEM's XEM Leads Top 20
Kiana Danial | Oct 21, 2018 11:37PM ET
Here's a summary of what’s been going on in the cryptocurrency market in the past few days. NEM's XEM led the markets on Sunday while leading financial institutions, Fidelity and Goldman Sachs doubled down on their crypto-related activities. Meanwhile, the majority of the digital assets kept quiet over the weekend.
NEM's XEM saw a 5 Percent Gain
The top 20 cryptos generally kept quiet over the weekend. NEM’s token, XEM, led the way with its 5 percent gain on Sunday. However, the gains were capped at the lower band of the daily Ichimoku cloud has also been thinning.
The digital currency needs a renewed bullish sentiment in order to break above the Ichimoku cloud and reach the Fibonacci retracement levels of $0.16 and $0.22. Ranked number 17 on the list, NEM’s market capitalization now stands just a bit under 1 billion dollars.
Fidelity and Goldman Sachs (NYSE:GS) Dive More into Crypto Independently
Elsewhere in the markets, leading financial institutions, Fidelity and Goldman Sachs, made headlines last week with new involvements in the cryptocurrency industry. More specifically, Fidelity Investments launched a new crypto service for its institutional Wall Street customers last Monday.
This could be one of the biggest news in the cryptocurrency market in 2018. The new digital currency service includes custody and trade execution, and will be called “Fidelity Digital Asset Services LLC.”
Goldman Sachs, on the other hand, joined a venture founded by one of its former partners, billionaire Mike Novogratz, to invest in a cryptocurrency custody startup called BitGo. The endorsement from the two firms with robust Wall Street roots may get more institutions, and wealthy investors dive in the crypto investing market, especially as the U.S. stock market slows down and is on the verge of a meltdown. While we’re expecting more volatility in the market before the next big surge, now may be a good time to get your hands on cheap crypto assets for long-term investment strategies.
Get The News You Want
*This article was originally published
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.