Big Bank in South Korea to provide custody of crypto assets

Woori Financial Group is joining forces with bitcoin exchange Coinplug to offer the service.

Woori Financial Group, one of South Korea’s largest banking companies, is getting into digital asset custody. 

According to a report in The Korea Economic Daily, the bank is setting up a custody joint venture with Coinplug, one of the earliest bitcoin (BTC, +1.65%) exchanges in South Korea and a blockchain financial services provider. 

Coinplug will be the largest shareholder in the joint venture with Woori Bank, which will be the second largest shareholder, the report said. 

Custody allows Korean firms to invest in crypto without having to touch the asset themselves.

Woori follows other Korean banks like KB Kookmin and Nonghyup Bank into the crypto custody space as South Korean lawmakers draft crypto legislation and the country’s Financial Services Commission implements anti-money laundering safeguards.

GOLD​ Monitoring​ 5Jul2021

GOLD​ Monitoring​ 5Jul2021

Gold managed to regain above its key support area mentioned in our previous reports at 1769 USD/Oz, which represents its 61.8% Fibonacci of the recent rally (April – June).

On Friday, Gold advanced further nearing 1790 USD/Oz, while the technical indicators has turned slightly higher. This confirms our bullish outlook in the short and medium terms. 

In the meantime, we prefer to long gold between 1780 and 1770 USD/Oz with a stop at last week’s lows, as revisiting that low would change the major outlook once again. 

On the upside view, Gold needs to break above 1800 USD/Oz in the coming days, which would be another positive factor in both short and medium terms.

S3 =1743.96

S2 =1764.79

S1 =1776.04

Privot =1785.62

R3 =1827.28

R2 =1806.45

R1 =1796.87

ETH prepares to set up higher high

Ethereum price experienced a minor pullback after a massive rally from the range low. The correction ended as ETH bounces off a critical support level.

Investors can expect ETH to slice through the mid-point of the range and tag the immediate resistance levels.

Ethereum price ponders a 15% rally

Ethereum price set up a swing high on June 30 and $2,287 and began retracing. The support level at $2,045 ended the pullback and reversed the trend to bullish.

So far, ETH has climbed only 7% but more seems to be on its way. A potential spike in buying pressure that pushes ETH to slice through the 50% Fibonacci retracement level at $2,320 will confirm the presence of buyers. 

In such a case, investors can expect the smart contract token to rally another 6% to tag the resistance level at $2,460. However, if the buying pressure continues to pour in, the subsequent supply barriers at $2,552 and $2,640 might be the next target for bulls.

In a highly bullish case, Ethereum price might also propel to tag the range high at $2,912.

ETH/USDT 4-hour chart

Regardless of the bullishness at the current levels, if Ethereum price slices through $2,045, it will indicate the lack of buying pressure. In this case, ETH might retest the next demand barrier at $1,965.

However, a breakdown of $1,804  followed by an inability to flip it will invalidate the bullish outlook. In such a case, ETH might slide to the range low at $1,728.