Crypto newsletter: Whales moving millions in Bitcoin

• Morgan Stanley offers Bitcoin to wealthy investors
• Number of Bitcoin whales is decreasing
• SEC’s lawyer reportedly implies  that exchanges can safely relist Ripple

It’s been a relatively quiet week for the cryptocurrency market. After last Monday’s sell off caused by news that India will propose a law banning cryptocurrencies, major coins have been trading sideways for the rest of the week. At the beginning of today's session altcoins came under pressure.  Cardano's price fell by almost 5%, while Stellar dropped nearly 3%. However bulls manage to erase early losses and coins are trading slightly higher. The capitalization of all digital assets in circulation currently stands at 1.80 trillion, while an average daily trading volume is registered at $106.3 billion. Bitcoin's market dominance decreased to 60.2%.

Morgan Stanley is the first major bank in the US to offer access to bitcoin funds to its clients

On Wednesday Morgan Stanley announced  that it is launching access to three funds that enable ownership of bitcoin, according to CNBC citing people with direct knowledge of the matter. However, access to the cryptocurrency market will only be available to wealthier customers of the bank, who deem them suitable for people with "aggressive risk tolerance" who have at least $ 2 million in assets. Investment firms need at least $ 5 million in the bank to qualify for new shares.

Meanwhile the number of large holders, so-called whales which own between 100,000 to 1,000,000 coins decreased from 97 to 89 since the mid-February. This is a significant drop which correlates with a decreasing number of smaller holders which own between 1,000 to 10,000 coins. It seems that investors have been taking some profits in the past two months. Just a few hours ago, one of the whales transferred 2,210 bitcoins worth $ 125 million, which is one of the largest transfers in the market recently observed.

The number of both large and smaller holders decreased within the last two month. Source: FXStreet

On the other hand, according to the data from Santiment, whales have been mostly accumulating Bitcoin as over 35,000 BTC has left exchanges in the past 30 days. The latest outflows have also pushed down exchanges' BTC reserves to the lowest levels since early March just before most popular cryptocurrency broke above $60,000.

The trend of large Bitcoin addresses. Source: Santiment

Bitcoin price is testing the lower limit of the rising wedge formation which coincides with 50 SMA ( green line). Should a break lower occur, then downward move may accelerate towards  support at $52,700 which is additionally strengthened by 200 SMA (red line). On the other hand, if buyers will manage to halt declines here, then another upward impulse toward all-time high at $61,618 could be launched. Source: xStation5

Cryptocurrency exchanges may be allowed to relist Ripple

Court battle between Ripple and SEC continues however, the last hearing on Friday came as a surprise. According to attorney Jeremy Hogan which participated in the hearing, SEC lawyers have unintentionally implied that, by relisting and allowing trading of Ripple’s XRP, exchanges would not violate any guidelines and “only Ripple and affiliates of Ripple” could have illegally sold XRP. This is important, because according to Hogan, “the exchanges that delisted XRP two months ago were not and would not be violating securities laws if they relisted XRP for sale and began to sell it again.”

Ripple is testing the upper limit of the triangle pattern. Should the current sentiment prevail, then another upward impulse may be launched towards resistance at $0.6298. However, if sellers will manage to halt declines here, then support at $0.50 may be at risk. Source: xStation5