Crypto Industry News:
Sygum, Switzerland's major cryptocurrency bank, is gearing up to finally launch digital asset trading after receiving regulatory approval. Yesterday, Sygum announced that it had received approval from the financial market regulator, which allowed the company to extend its services to a digital asset trading platform. This approval enables the Signatory to "cover the full life cycle of collateral", from services such as primary issuance, settlement and custody to secondary trading. As part of the new Signum capabilities, users now have access to instant settlement via digital Swiss franc (DCHF) issued by Signum.
Following news of regulatory approval, Sygum has also revealed its plans to establish two new entities in Switzerland. The new units will focus on promoting the knowledge of the Signum blockchain technology as well as introducing new products and services developed by the regulated branch of Sygum in Singapore.
Zurich-based Signum claimed to be the first Swiss company to become a cryptocurrency bank. The bank is aggressively developing its services, where, after obtaining a Swiss banking license in August 2019, Sygum was also licensed by the Monetary Authority of Singapore the following month.
In addition to providing care for digital assets such as Bitcoin, Sygum is also known to be the first issuer of the digital franc. In late August, Switzerland's largest online retailer, Galaxus, implemented the DCHF Signature stablecoin in its e-commerce payment process.
Technical Market Outlook:
The ETH/USD pair has dropped more than 50% from the last high seen at the level of $487.70 and made a new local low at the level of $418.32. This low is below the 50% Fibonacci retracement of the last wave up, which is located at the level of $428.68. The next target for bears is seen at the level of $414.72, which is a 61% Fibonacci retracement of the last wave up. Any violation of this level will be a first indication the short-term top might be in already. The key technical support remains at the level of $362.60.
Weekly Pivot Points:
WR3 - $507.05
WR2 - $468.00
WR1 - $450.50
Weekly Pivot - $409.09
WS1 - $391.88
WS2 - $350.52
WS3 - $335.87
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500. The key mid-term technical support is seen at the level of $364.95.