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  • The CEO and co-founder of Bybit Ben Zhou recently sat down in a new interview. 
  • Zhou talked on several things including how he got into the crypto space and what got him to start up Bybit.
  • We’ll spread out the highlights over two articles.

The CEO and co-founder of Bybit – a crypto derivates platform based in Singapore – Ben Zhou recently sat down with CryptoSlate in a new interview

Zhou talked on several things including how he got into the crypto space and what got him to start up Bybit as well as his crypto predictions for next year.

There’s quite a bit to cover so we’ll spread out the highlights over two articles but if you want to read the full interview click here.

When asked why he decided to start Bybit, Zhou said:

“Bybit’s genesis stemmed from how I perceived the crypto space in 2016/2017 — an intriguing, fast-growing scene, with boundless potential and possibilities! However, I did observe many glaring inefficiencies in the way crypto exchanges operate. Honestly, I saw so many gaps in the market and truly felt that traders deserved better than what they were getting at the time.”

He continued:

“When my co-founders and I started Bybit in early 2018, our mission was to develop a streamlined trading environment for all traders whilst ensuring an overall better trading experience. The first problem I wanted to tackle was order execution or matching as there were far too many order rejections or overloads. When these exist, the clients’ basic trading needs are not fulfilled. We made it our priority to ensure that we had 99.99% platform availability and no overloads.”

CryptoSlate also aksed Zhou how he got involved in the crypto spce to which he said:

“I ran a forex brokerage for eight years before founding Bybit. My time there helped me develop a deeper insight into what traders expect from a trading platform. It was sometime in mid-2016, that I really started to take a keen interest in the budding and vibrant crypto scene. It was the limitless potential of the technology and the numerous possibilities for development and growth within the crypto space that truly caught my attention.”

For more news on this and other crypto updates, keep it with CryptoDaily!

Robert Johnson , 2019-11-17 09:00:00 ,

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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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