Bitcoin extends modest gains as blockchain adoption continues 🔎

Cryptocurrencies continue to rise today on the wave of further reports of blockchain technology adoption among financial institutions, increasing debt in the USA, and upcoming regulations. Bitcoin gains 2% and is trading at around 27,300 USD, while Ethereum gains 1.0% and is trading at around 1,650 USD.

• Citigroup, which manages client assets worth 759 billion dollars, announced plans to launch a service called "Citi Token Services" created for institutions. The goal of the service is to facilitate and accelerate cross-border transactions and operations related to trade financing. Citigroup intends to use a private blockchain for this purpose, instead of already existing networks such as Bitcoin or Ethereum. However, this demonstrates the progressing adoption of this technology. In the pilot project preceding this premiere, the bank successfully developed a digital equivalent of bank guarantees and letters of credit in collaboration with Maersk, proving the potential of instant payments and programmable tokenized transfers.
• According to yesterday's reports, the Japanese government will relax regulations on start-up financing. When startups receive investments from investment funds, they will be able to transfer cryptographic assets (virtual currency) instead of shares, etc.
• On September 14, Deutsche Bank partnered with Swiss cryptographic firm Taurus to provide cryptocurrency and tokenized asset storage services for institutional clients, Taurus announced in a statement on Thursday.
• On September 18, the Blockchain Capital Group announced two new funds totaling 580 billion USD for investments in infrastructure, blockchain games, and DeFi. The funds include 380 million dollars for early-stage investments and 200 million dollars for a "fund of new opportunities."
• Google Cloud also plans to deploy dedicated products for decentralized finances. Rishi Ramchandani, head of Web3 for the Asia-Pacific region at Google, said in an interview that the rapid increase in demand necessitates the development of a customized Web3 product package.

Looking at the D1 chart of Bitcoin, the price broke out of the consolidation it had been in since mid-August. If the bulls maintain purchasing power, the next resistance level could be 28,100-28,400 USD. It should be noted that we are still in a period of accumulation in the cryptocurrency market, and there are still several significant issues hanging over the market that can dynamically push the price to new lows.