Institutional Expansion in Crypto Continues — Analysis, 22 Mar

The expansion of institutional investors in the crypto industry continues. On March 16th, Visa CEO Alfred Kelly said the payment system was trying to “enable the purchase of Bitcoin on VISA credentials” and “working with some Bitcoin wallets to allow Bitcoin to be translated into a fiat currency.”On March 17th, in an internal memo, Morgan Stanley told its financial advisors that it was launching access to funds that enable Bitcoin ownership for its clients with at least $2 million in assets held by the company. The US investment bank’s clients will have access to two of the Galaxy Digital funds and a third one which is a joint effort from asset manager FS Investments and bitcoin company NYDIG.On March 18th, a report published by Deutsche Bank highlighted that “Bitcoin’s market cap of $1 trillion makes it too important to ignore.” Moreover, the bank experts stated that “as long as asset managers and companies continue to enter the market, Bitcoin prices could continue to rise.”On March 19th, the Securities and Exchange Commission of Brazil (CVM) gave the green light to the very first Bitcoin ETF in Latin America:Source: TwitterGiven all this positive news, it seems that the current market consolidation is just a short break before the next pump. At the time of writing, according to Coin360.com, one Bitcoin costs €48,547.81 (-0.32%), one Ethereum — €1,509.98 (+0.55%), and one LINK — €24.61 (-1.80%):Source: Coin360.com (Daily crypto market performance)Now let us analyze the price charts of the leading cryptocurrencies against the euro in the major time frames.BTC/EURIn the weekly chart (1W), this past week BTC/EUR formed a small bearish candlestick:As can be seen from the chart, the local high of the bearish candlestick remained below the local high of the previous candlestick — a signal that the bulls were not strong enough…