It is still a fresh topic that the situation of the entire cryptocurrency industry is still not well. The bulls are hoping that a miracle would help increase the trading prices of all the cryptocurrencies they have invested in.
However, things are not as easy as they seem for digital assets. If you are somewhat knowledgeable about digital assets and their technicalities, you would know what factors define the growth of cryptocurrencies.
Major Technical Factors
Even at present, many technical factors and indicators are leaning towards the descending order. The cryptocurrencies are facing a huge downfall due to factors such as the Chinese crypto ban, US regulatory aggression, economic pressure, and the Russia-Ukraine war.
While these factors are considered permanent or long-term, there are factors that kick in from time to time to drag down the values of cryptocurrencies.
The demise of Major Cryptocurrencies from Late 2021 until Now
For Bitcoin and all major cryptocurrencies, the year 2021 is considered the best. The year witnessed all major cryptocurrencies hitting all-time highs such as Bitcoin, Ethereum, Dogecoin, and many more. However, from there, these factors kept adding and the temporary issues also made things worse for all major cryptocurrencies.
Even when five months are almost over for the year 2022, the entire cryptocurrency is not able to recover. Instead, the major cryptocurrencies have ended up hitting 2-year lows where BTC and ETH are on top of the list.
Bitcoin and Ethereum Get Support from the Brazilian Stock Exchange
Given the current circumstances, it has become extremely important for Bitcoin and Ethereum to show their true potential. Unfortunately, the above-mentioned technical factors continue pounding on these cryptocurrencies.
Therefore, there is a dire need for projects or announcements that add positive points to BTC, ETH, and more cryptocurrencies. This is when the Brazilian Stock Exchange (B3), has made a promising announcement in favor of Bitcoin and Ethereum.
B3 has announced that it is planning to launch its first product that will support the cryptocurrency market. The stock exchange has confirmed that in the next 6 months, it will be launching two major products supporting Bitcoin and Ethereum.
The first product is the Bitcoin futures trading while the second one is the Ethereum futures trading. It is yet to be confirmed whether B3 plans on offering futures trading directly or through a partnership.
Brazil is among the countries that are on the fast track to adopting cryptocurrencies. The country has even authorized more than 20 investment funds to provide cryptocurrency services.
The executives at B3 have confirmed they will be launching many more products related to BTC and ETH in the running year. This is a strong signal for the investors to buckle and start accumulating Bitcoin and Ethereum. Apart from B3, so many other projects from around the world are working in favor of BTC and ETH.
If things work out, then the trading prices of BTC and ETH may succeed in hitting all-time highs in the running year.