Another key characteristic that has defined this year is low volumes in the cryptocurrencies industry. This is probably because the hype has reduced significantly. In March also, CBOE announced that it was shutting down the Bitcoin futures product that it launched in 2017. The chart below shows the performance of the key cryptocurrencies in March.
This month, crypto investors will observe the news coming from companies as they release their quarterly earnings. They will look closely at CME, which was the second company to list Bitcoin futures and see whether they will delist them. They will also look at companies like JP Morgan, which announced that it will start offering its own in-house cryptocurrency.
The so-called JPMCoin will be used to facilitate international remittances. In fact, recent data mining has shown that JPM is hiring more people for crypto than other financial institutions in the US. Other companies that traders will watch out for in the earning season will be Goldman Sachs, Blackrock, and Morgan Stanley, which could have crypto-related news.
Traders will also look at regulations. In the past months, a number of companies like VanEck have been attempting to launch their own crypto ETFs. The Securities and Exchange Commission (SEC), which regulates such securities has been adamant because it believes that cryptocurrencies are a bit risky for retail customers. An approval of an ETF would be seen as a positive move because it would attract more big funds to the cryptocurrencies industry. This is because they would have a better way of investing in crypto without the need to own currencies. However, there is also criticism that the upward trend that would follow, would be shot-lived because the overall sentiment on the currencies is a bit low.
In recent months, a number of large exchanges have attempted to target institutional investors by launching products that match to their preferences. Fidelity, one of the biggest exchanges in the world has established a crypto-focused custodial services arm. Coincheck, which is an American-based exchange has also launched an Over-The-Counter (OTC) product aimed at institutional investors. This follows the launch of a similar product by Hong Kong-based OSL advisors.
There will be a number of key events in April that traders will watch closely. This week, the BlockHealth Summit will happen in Dubai. Other events that will take place this week are the Blockchain Summit in Austria, Blockchain World 2030 in New Delhi, Blockchain Las Vegas, CoinFest in London, and Penn Blockchain Conference. In the second week, the key events will be the Crypto Invest Summit in Los Angeles, NEXT Block Conference in New York, Cornell Blockchain Conference in New York. In the final three weeks, the top events will be Rebuild Conference in Toronto, Block Live Asia in Singapore, and Global Blockchain Summit in Slovenia.
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Information provided via press release
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