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Luxembourg-based cryptocurrency exchange Bitstamp has hired Andrew Leelarthaepin to lead its business development efforts in the Asia-Pacific (APAC) region.

In a Nov. 13 press release, Bitstamp announced that Leelarthaepin was joining the company to further expand the exchange’s presence in Asia-Pacific “to meet the growing level of demand for the exchange’s services.” 

Bitstamp’s struggle to establish a local presence in Asia

Miha Grčar, global head of business development at Bitstamp, said that the crypto exchange already has “an excellent reputation” in the West, but has so far been unable to establish a local presence in the APAC region. Grčar sees this new hire as an important step towards achieving that goal and establish themselves in the region and said:

“Andrew’s knowledge of the global financial markets and experience in the region makes him a great fit to oversee Bitstamp’s expansion in this very important market.”

Leelarthaepin previously worked at major financial institutions such as JPMorgan Chase, CGS-CIMB Securities and Saxo Bank, for which he ran distribution businesses across the Asia-Pacific region. Leelarthaepin commented on his new position: 

“Cryptocurrency adoption in Asia is growing at a breakneck pace and the commodities and assets trading markets in general are very highly developed. I believe there is a large need for Bitstamp’s mature approach to crypto in this region and look forward to expanding our presence here.”

Bitstamp highlights Bitcoin’s utility

In October, the CEO of cryptocurrency exchange Bitstamp, Nejc Kodrics, highlighted Bitcoin’s (BTC) utility after funds worth almost $1 billion changed hands for less than $4 in fees. The CEO pointed out that the funds were “transferred in a single transaction for the price of a cup of coffee,” referring to how easy it actually is to use BTC for huge wealth transfers without the need for government approval or middlemen.

Cointelegraph By Joeri Cant , 2019-11-13 21:51:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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