Bank of America’s CEO Brian Moynihan says the company is considering launching its own stablecoin. The firm anticipates comprehensive new stablecoin regulation in the US, which would give it a great opportunity.

Moynihan noted that his firm was the first major US bank to launch its own mobile app alongside other technological innovations. Stablecoin adoption might have a similar transformative impact.

Bank of America’s Stablecoin Dreams

Stablecoin regulation is all the rage right now. The CFTC is trying to start a pilot program, and bipartisan congressional efforts are getting off the ground. Fed Chair Jerome Powell also considers a new framework a top priority.

Now that the writing is on the wall, Bank of America is also looking to launch its own stablecoin.

“It’s pretty clear there’s going to be a stablecoin. If they make that legal, we will go into that business. The question of what it’s useful for is going to be interesting,” said Brian Moynihan, Bank of America’s CEO.

Stablecoins are an integral part of the crypto industry. It’d make sense that Bank of America wishes to join the space. This market is quite competitive, but the firm has ample resources to make a powerful entry.

Also, Bank of America has maintained an interest in the space for several years. So, the institution would be primed to take advantage of regulatory changes.

Moynihan gave these comments at the Economic Club of Washington, D.C., and connected his position to a few milestones in the firm’s history.

If Bank of America was the first major bank to launch a mobile app, is it far-fetched to think it’d be the first to launch a stablecoin? He acknowledged that new technologies have a transformative impact on financial markets.

Tether’s USDT currently dominates the stablecoin market, but it may be in hot water over the proposed legislation. It has refused independent reserve audits, and other issuers are pushing for these requirements. Such changes would help these competitors build market share.

If crypto-native stablecoin issuers believe they can maintain a greater degree of compliance, then Bank of America would be practically guaranteed.

The firm’s predecessor was founded in 1904, and it boasts nearly $3 trillion in AUM. It’s a certifiable pillar of American TradFi, with a high level of institutional integration. In short, it could take the stablecoin market by storm.

Onyxcoin (XCN) has struggled to recover over the past month, with the price now sitting at a critical support level. 

The altcoin’s price has been stuck in a downtrend, but recent market conditions indicate that this could be the point of reversal. If investors choose to take action, XCN might see a price breakout soon.

Onyxcoin Investors Are at a Loss

The current MVRV Ratio for Onyxcoin is at -30%, indicating that investors who bought XCN in the past month are currently at a loss. While this signals a bearish outlook, it also presents a potential opportunity for future gains.

The MVRV ratio between -10% and -30% typically forms an “opportunity zone,” suggesting that selling pressure tends to saturate at these levels. Historically, accumulation at these low prices has proven to be rewarding when the market turns bullish.

If investors seize this opportunity and move to accumulate, they will help stabilize the price and trigger a future rally. This would allow investors to make significant gains when XCN’s price recovers. As the MVRV ratio remains in the opportunity zone, investors’ decision to act could shape the future of XCN’s price action.

In terms of macro momentum, the technical indicator MACD (Moving Average Convergence Divergence) shows promising signs that the bearish phase could be nearing its end. The MACD is close to signaling a bullish crossover, indicating a shift in market sentiment. With broader market cues showing signs of improvement, the transition to a bullish trend could be imminent for Onyxcoin.

A bullish crossover on the MACD would provide a strong signal that the downtrend for XCN is coming to a close. This would encourage more buying activity, leading to upward price movement. However, for the crossover to occur, it is essential that broader market conditions remain favorable and investor sentiment continues to improve.

XCN Price Needs Strength

Onyxcoin’s price is currently at $0.0168 and is attempting to break out of a month-long downtrend. The altcoin is facing resistance at $0.0182 and will need to breach this level to confirm its recovery. Holding above the crucial support level of $0.0150 is key for any potential breakout.

If XCN manages to break above $0.0182 and flip it into support, this could drive the price to $0.0237. This would trigger a recovery and establish a new bullish trend for the token. For this to happen, investor sentiment and broader market conditions must strengthen. This would create a favorable environment for Onyxcoin’s price to climb.

However, if XCN fails to maintain support at $0.0150 and continues the downtrend, the price could fall further. This would invalidate the bullish outlook. A drop below this support level could extend the losses, preventing a price recovery in the near term.

While the crypto market continues to recover from the weekend’s losses, some altcoins have already started to climb. Investor support and gradual recovery have helped these tokens avoid further declines and instead spark rallies.

BeInCrypto has analyzed three altcoins that reached new all-time highs today and explored what lies ahead for them.

Pi Network (PI)

Pi Network’s price surged by 19% in the last 24 hours, reaching an all-time high of $1.98 during an intra-day rally. However, it has since fallen slightly, currently trading at $1.90. This price action highlights Pi’s volatility amid market fluctuations and investor interest.

Despite the recent dip, Pi Network has seen strong support from investors. The coin has garnered significant attention, especially due to its controversial mining methods. If this continued attention persists, Pi could see its price trend upward, potentially pushing above the $2.00 mark and forming a new all-time high.

However, if Pi fails to hold support at $1.59, it could face further declines. A drop below this support level might see the price slide to $1.43, with a critical support point at $1.19. Losing these levels would invalidate the bullish outlook and extend the downtrend.

Kaito (KAITO)

KAITO’s price surged by 28%, reaching $2.12, and briefly hit a new all-time high of $2.17 during the intra-day rise. This significant increase highlights strong investor interest and the potential for continued growth. The altcoin’s performance remains promising, suggesting an upward trajectory if bullish momentum continues.

Following last week’s launch, KAITO has captured investor attention, with a growing sense of optimism surrounding the token. If the current bullish sentiment continues, KAITO could climb toward $2.50 in the coming days, further reinforcing its position in the market. 

However, if KAITO fails to break above $2.17, it could face a downturn. A failure to breach this resistance may lead the altcoin to fall back to $1.86 or even lower, to $1.71. Such a decline would invalidate the current bullish outlook and erase recent gains.

Staika (STIK)

Another one of the altcoins, Staika (STIK), has made an impressive move, achieving a new all-time high (ATH) of $5.41. Despite broader bearish market conditions, the crypto token managed to hold steady above $5.05, preventing a further decline. This resilience shows strong investor confidence in its potential for further growth.

This marks the second ATH in just seven days for STIK, indicating a potential breakout. If the altcoin continues this upward momentum, it could soon surpass $5.60, establishing a new resistance level.

However, if STIK fails to breach the $5.41 resistance, it may face consolidation within the range of $5.41 to $5.05. A failure to hold the $5.05 support level would invalidate the bullish outlook, potentially pushing the price down to $4.58. Market sentiment will be crucial in determining the next move.