Bitcoin is gearing up for another volatile weekend even as it enjoys a slight gain as the week draws to a close. Meanwhile, Ethereum recently received a boost from Ernst & Young just as the currency heads towards an upgrade.
The week saw Bitcoin (BTC) parked somewhere between the $7,300 and $7,400 confluence zone. But the currency surprisingly rose by about 2.1% on Friday and is presently trading at around $7,550.
Several reports highlighted $7,700 seems to be the key resistance level that traders should watch out for as its where the bulls would reach out to. But in order to witness a market reversal, investors have to wait for BTC to close over $8,000.
The bitcoin price holding steady at $7,500 is causing institutions to start leaning towards bullish on BTC. The newest report on the Commitment of Traders appear to indicate this change as well. Traders and investors have transformed from having a negative position of -1,200 to -550 BTC in the last two weeks to hinting that they’re looking towards the coin’s upward swing.
As institutional traders are starting to ease up on their BTC short positions, data has indicated that Bakkt traders are already stockpiling Bitcoin through its futures.
There also appears to be two modes for cryptocurrencies this week. They’re either seeing minor increases or they’ve landed in the red. Currencies that have made gains only rose between 0.5% and 1.5%.
It’s a different story for Tezos (XTZ) though. It’s currently enjoying an 8.65% over the US dollar and has also gained 6.4% versus the Bitcoin. It’s a surprising feat considering how slow the crypto market space has been moving recently.
On the Ethereum front, the currency received an unexpected boost from Ernst & Young (EY). The accounting powerhouse recently rolled out an open source code that greatly enhances Ethereum’s transaction efficiency and privacy. The surprising development came just ahead of the ETH network’s planned upgrade that’s expected to improve security and reduce prices.
Ethereum is always evolving and strengthening its network, even though its prices do not reflect the enhancements. The digital platform has several major institutions on its network, and EY is one of them. The accounting company is using the ETH public blockchain to transform how business can work together.
The Ethereum network is preparing to engage the Istanbul upgrade in 48 hours. It’s the initial step so that the massive ETH 2.0 upgrade can commence.