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Citigroup Inc. takes a step into the world of cryptocurrencies. Palestinian Monetary Authority considers launching own digital

Another giant from Wall Street, Citigroup Inc., decided to make a division that will help the richest clients to purchase cryptocurrency. The new direction will be headed by Alex Kriete and Greg Girasole.

"They will be responsible for the development of our future digital and cryptocurrency products," said Iain Armitage, Citigroup's global head of capital markets. Citigroup is forced to take such measures, as investors' demand for digital assets continues to grow, despite sharp fluctuations in the price of Bitcoin and other altcoins. Let me remind you that recently Goldman Sachs Group Inc. and Morgan Stanley engaged in targeted investment in companies related to blockchain, and also announced the provision of access to the cryptocurrency market for wealthy clients.

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According to Citigroup's plan, the new group will help clients invest in cryptocurrencies, stablecoins, altcoins, as well as in digital currencies of the Central Bank or CBDC.

The newly formed division appeared just a few weeks after the executives of the six largest US banks appeared before Congress, denying accusations about their ties to cryptocurrencies. Back then, Citigroup CEO Jane Fraser said that her bank was only taking preliminary steps in this area. Apparently, the result was not long in coming.

This news did not significantly affect the cryptocurrency exchange rate, since it is far from clear who will actually use these services at present, when the rate of the first world cryptocurrency is preparing to test the bottom in the region of 20,000.

As for the technical picture of Bitcoin, the next test of the $30,100 level was very difficult and stressful for cryptocurrency buyers. However, the bulls managed to keep this level under control and quickly returned the trading instrument higher. Now Bitcoin is aiming at the resistance of $36,300, which is vital for it to get above it. Only in this case, the bulls will exhale a little, and the tension in the market will subside. If it does not work out soon, then the next return and support test of $30,100 will be a sad finale for those who gained positions in the $30,100 – $41,100 corridor. A break of $30,100 will quickly push BTC lower – to the lows of $25,800 and $21,700, which will lead to the departure from the market of another number of large investors who still somehow believe in the growth of cryptocurrencies. A return to the level of $21,700 will actually cover all the rapid growth of the trading instrument, which we observed in the first half of the year.

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Today it also became known that the Palestinian Monetary Authority is studying the possible launching of its own digital currency. This is a step that can allow at least a symbolic blow to monetary independence from Israel. In accordance with the agreements of the 1990s with Israel, the Palestinians agreed not to create their own currency. Their economy mainly uses the Israeli shekel, as well as the Jordanian dinar and the US dollar.

Palestinian banks are currently awash in shekels due to an Israeli law prohibiting large cash transactions. This is how the fight against money laundering is conducted. Israel also limits the amount of shekels that Palestinian banks can transfer back to Israel every month. This may be one of the reasons why the digital currency will be attractive to the Palestinian monetary system.

The Palestinian Monetary Authority said that two studies of cryptocurrencies are currently being conducted, and a decision has not yet been made. "There is a hope that as a result, the digital currency will be used in payment systems in our country and, hopefully, in other countries," the head of the department said in an interview today.

The material has been provided by InstaForex Company - www.instaforex.com