The Swiss bank with a 150-year history, Hypothekarbank Lenzburg, has taken the initiative, which many financial institutions refuse to start. The bank decided to open bank accounts for companies which activities are related to cryptocurrencies and blockchain.
“Hypothekarbank Lenzburg modernizes the business in technological terms and implements a joint strategy in fintech, so it is important for us to cooperate with the young sector of cryptocurrency and blockchain in Switzerland,” the bank's general director, Marianne Wilde said.
Earlier, she said that she knew about the problems of money laundering related to this industry. Therefore, before making a decision on cooperation with cryptocurrency start-ups, the bank examined in detail the possible risks and all aspects of partnership with the cryptocurrency industry, additionally informing the Swiss Financial Market Supervisory Authority (FINMA).
The head of the bank specified that Hypothekarbank Lenzburg is carefully approaching the reception of new clients. Recently, only two companies from the cryptocurrency sphere, Geissbühler and Weber & Partner AG, were accepted. Before they became its clients, they underwent the necessary legal and analytical procedures, as the processes of ensuring compliance with due diligence should work flawlessly.
In 2017, the local bank Falcon Private Bank began offering services for crypto assets management. Bank Frick from Liechtenstein became the first bank to offer its clients services for cold storage of cryptocurrency and direct investments in BTC, BCH, ETH, LTC and XRP.
Now, let's move to the technical analysis of bitcoin (BTC):
Analysts believe that the main reason for today's drop is the investigation of four crypto exchange markets: Bitstamp, Coinbase, ItBit and Kraken, initiated by the US commodity exchange regulator - the Commodity Futures Trading Commission (CFTC). The Commission suspects that these exchanges were manipulating the price of bitcoin, which affected the prices of bitcoin futures traded on CME and CBOE.
As the word is, the correction has exceeded our expectations. The reason for such a powerful correction is described above. Bitcoin went to the support level of $6,615. And apparently it starts to turn back. The first resistance level is located on the Donchian mid-channel, at $7,325. The next level is $8040. We assume that the level of $7,325 will be reached not in one day. We can only watch and wait.
Technical analysis of Ethereum (ETH):
Our Friday forecast has completely perfected the “Double top”. Ethereum went to the support level of $500, then pushed away from it and rushed up. The first resistance level is located on the Donchian mid-channel, at $570. The next level is $650. But we expect that this level will be reached not earlier than in a few days.
Technical analysis of Ripple (XRP):
Ripple was not an exception to the rules and showed good correction, it passed the level of 0.62 and stopped at $0.55. There is a resistance level at a price of 0.55. Apparently it will push away from it and grow. The first resistance level is located at the Donchian mid-channel, at $0.62, the next level is $0.70. We expect a slow growth, so ripple will not reach its goal of $0.70 before Wednesday.