Major Cryptocurrencies Surge Following Deutsche Bank’s Partnership with Taurus
Introduction
Major cryptocurrencies experienced a notable surge on Thursday evening following the news of Deutsche Bank’s partnership with Taurus.
Deutsche Bank’s Crypto Custody License Application
Deutsche Bank, Germany’s largest lender, revealed that it had submitted an application for a crypto custody license to BaFin in June. The bank will leverage Taurus’ services to effectively handle cryptocurrencies, tokenized assets, and digital assets.
Impact of FTX Court Case Ruling
Traders analyzed the impact of a ruling in the FTX court case that momentarily unsettled markets earlier this week.
Global Crypto Market Capitalization
Currently, the global crypto market capitalization stands at $1.04 trillion, a 0.87% increase in the last day.
Stock Market Performance
The S&P 500 showed a solid increase of approximately 0.84%, reaching 4,505.10, while the Nasdaq Composite experienced a 0.81% upward movement, reaching 13,926.05. Traders reacted positively to the revival of Wall Street’s IPO market and the release of encouraging economic data.
Bitcoin’s Bullish Breakout
Crypto analyst Michael Van de Poppe suggests that Bitcoin may experience a bullish breakout but cautions against a retest of the lows. Recent activity indicates a sweep at $25,000, and it is crucial for Bitcoin to hold up at higher levels, specifically between $25,600-25,900.
Reclaiming $26,600 Level
Crypto Tony shared that BTC is currently reclaiming the $26,600 level, indicating a positive trend. However, he suggests waiting for the daily close before considering a long position.
Potential Short Squeeze
Pseudonymous analyst Cantering Clark shares his optimistic outlook on the crypto market’s potential for a positive end to the year. He predicts a short squeeze after the recent Bitcoin market correction, speculating a retest of the $25,117 level.
Conclusion
The partnership between Deutsche Bank and Taurus has contributed to the surge in major cryptocurrencies. Traders are closely monitoring the market and analyzing various factors to make informed investment decisions.
Produced in association with Benzinga
