Investing.com – Mastercard (NYSE:) intends to establish itself as a new nexus between cryptocurrencies such as and the long-established banking industry. Together with the crypto platform Paxos, financial institutions have the opportunity to offer their clients investments in cryptocurrencies.
This should give a good boost to the acceptance of cryptocurrencies. Surveys have shown that many people who want to invest in cryptocurrencies are reluctant to open an account with a cryptocurrency exchange they are unfamiliar with. They prefer to go through a bank they have trusted for years for this type of service. Mastercard’s Chief Digital Officer, Jorn Lambert, explains:
“There are a lot of consumers who are very interested in this topic and are fascinated by cryptocurrencies, but they would find it much safer if these services were offered by their financial institutions.”
A pilot test should take place in the first quarter of 2023. If this can be carried out, growth in this sector will be greatly stimulated.
Bitcoin: Price technical benchmarks
Bitcoin is currently up 1.66% at a price of $19,616. On a weekly basis, there is a gain of 3.04 percent.
The cryptocurrency managed to surpass the 23.6 percent Fibo retracement yesterday based on the daily closing price. The door is therefore open to an extension of the bullish movement. The next resistance is located at the 38.2% Fibo retracement at $19,914. This is reinforced by the immediate proximity of the psychological threshold of 20,000 dollars.
Only if this resistance zone is sustainably breached does the chance of a rally towards the 50 percent Fibo retracement of $20.446 increase. This is also where the daily highs for October 4th and 6th are located, which reinforces the importance of this resistance.
On a dip below the 23.6 percent Fibo retracement, expect losses towards the September 21 low at $18,191.
By Marco Oehrl