Cryptocurrencies See Speedy Recovery

Chart of the Day

In spite of the dismal trading volume across major exchanges that is largely caused by investor passivity amid such uncertain times, BTC has managed to inch back above the $51k level, opening the door to greater upside movements. In the same vein, ETH has also been picking up on its recovery momentum after stabilizing above the $4,250 level, and is currently consolidating at the $4,350 resistance zone. Further, on-chain metrics suggest that the behavior of BTC HODL-ers, which is often used as a gauge of smart money sentiment, remains more bullishly inclined than ever. Only 2.63% of the old coin supply has changed hands since Oct. 27, while a huge majority of the supply older than 6 months also remains unspent. When viewed in tandem, the above constitutes a firm price wall against any sudden and drastic price deteriorations. 

Talk of the Town

The largest bank in Colombia, Bancolombia, will soon be offering crypto services to some of their select clients as part of a one-year pilot program that they are initiating with crypto exchange Gemini. This pilot program will see Bancolombia handling the movement and settlement of Colombian pesos, while Gemini will take charge of any processes that involve cryptocurrencies. If this pilot program turns out to be successful, it will be a huge moment for the crypto landscape in general. Results notwithstanding, this initiative also clearly signals Colombia's strong intent to reduce bureaucratic red tape and empower innovations within their financial sector.