Nasdaq, the premier tech-based stock exchange in the US, announced on Wednesday that it has put its highly anticipated cryptocurrency custody service on hold due to changing regulatory conditions.
Similar to other traditional financial institutions, Nasdaq’s decision reflects a growing reluctance to delve into cryptocurrency ventures amidst increased regulatory scrutiny from US regulators.
In view of the prevailing macroeconomic conditions, what are the best cryptos to buy now?
For some time, Nasdaq has been at the forefront of traditional financial markets in its pursuit to craft a crypto solution that could cater to the needs of its institutional clientele.
However, plans to unveil custody services for cryptocurrency, a key feature of the digital asset division launched last September, have been shelved due to mounting regulatory ambiguity.
Nasdaq’s chief executive, Adena Friedman cited this regulatory uncertainty as the key reason for their decision during an earnings call on Wednesday, .
She stressed the company’s preference for operating within clearly delineated regulatory frameworks, noting that recent shifts in both the market opportunity and regulatory landscape contributed to their decision to postpone the launch.
According to Charley Cooper, ex-chief of staff at the CFTC, the Nasdaq move implies a significant hitch.
“The industry needs credible custodians, and Nasdaq, with its widespread recognition and regulatory respect, dropping out will make it more challenging for smaller players hoping to establish their own custody services,” he explained.
Though Nasdaq had plans to provide safekeeping services for Bitcoin and Ether, the two leading cryptocurrencies, by the end of June, this goal will now be redirected to assist clients with potential exchange-traded funds tied to crypto assets.
As it stands, several fund managers, BlackRock included, are vying for approval for ETFs based on Bitcoin’s spot price.
With the current state of the cryptocurrency market, Flex Coin, Evil Pepe Coin, Stellar, Burn Kenny, and Cardano are some of the best cryptos to buy now, thanks to their strong fundamentals and/or favorable technical analysis.
FLEX hits new year-to-date high: what’s next for the cryptocurrency
With Flex Coin (FLEX) hitting a new year-to-date high of $4.761 earlier today, it’s clear that it’s a player worth watching.
In spite of registering an intraday low of $4.014 following selling pressure, FLEX is showing signs of a comeback, trading at $4.651, marking only a 1.85% decline so far.
The 20-day EMA, a tool frequently used to spot short-term price trends and reversals, currently sits at $3.448.
This is notably above the 50-day EMA at $2.765 and the 100-day EMA at $2.077, hinting at a positive price trend for FLEX.
Further evidence for the bullish trend is provided by the RSI, a popular momentum oscillator.
While it has slightly decreased to 67.68 from yesterday’s 69.10, it’s still well above the typical ‘overbought’ threshold of 70.
While this could signal potential overvaluation, it can also suggest a strong bullish momentum in the near term, especially when combined with the other indicators.
One of the most compelling signals for a bullish case comes from the Moving Average Convergence Divergence (MACD) histogram.
With a reading of 0.045 from yesterday’s -0.008, we’re witnessing a newly formed bullish MACD crossover.
This crossover is often considered a strong buy signal, suggesting that upward momentum may continue in the immediate future.
However, even with these bullish indications, traders must also consider resistance and support levels.
FLEX has established today’s intraday high (and new all-time high) of $5.029 as an immediate resistance level. This suggests that breaking above this level may require significant buying pressure.
On the flip side, the immediate support is found at the Fibonacci 0.236 level at $3.588, followed by the trailing 20-day EMA at $3.448.
If FLEX can hold above these levels, it reinforces the strength of the current uptrend. If not, we might see a pullback.
The technical indicators suggest that FLEX has maintained a bullish momentum, despite today’s minor dip.
Traders should carefully watch these indicators and support/resistance levels for possible entry and exit points in the coming sessions.
This analysis does not replace individual research and risk assessment, but it gives investors a clearer picture of the short-term outlook for Flex Coin.
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