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Singapore's Message to Crypto Derivative Traders + More Crypto News 101
Source: iStock/Jui-Chi Chan

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Regulation news

  • Singapore’s financial regulator has proposed green-lighting crypto-token derivatives to list and trade on approved domestic exchanges, Bloomberg reported. Under the proposal, trading of derivatives on common cryptocurrencies such as Bitcoin and Ether will be subject to the Securities and Futures Act, it added.
  • Fidelity Digital Assets has won a New York trading license from the state’s financial regulator, reports Reuters (via the New York Times). The company has targeted the traditional investment sector with a range of cryptocurrency-related products since its inception last year. Fidelity said, per the same news agency, “We are seeing strong demand and greater diversity of client types. There are more traditional investors. When we started it was crypto funds and hedge funds.”
  • Grayscale, the operator of the public Grayscale Bitcoin Trust fund, has filed with the American Securities and Exchange Commission (SEC). If Grayscale is successful, it will become the first cryptocurrency fund ever to report to the financial regulator. Per a blog post, the company says that filing could help Grayscale reach new investors – with many wary of putting their money into unregulated trusts.
  • The Spanish financial regulator the National Securities Market Commission (known locally as CNMV) has added four cryptocurrency-related companies to its blacklist, per Criptonoticias. The CNMV says that the companies, Alycoin, FXTV, Terra Finance and Aurum Pro have failed to register with the authorities and are thus “operating illegally.” The regulator has warned investors “not to conduct transactions” with the companies, which, it says, fail to meet its requirements.

Adoption news

  • The Venezuelan government says its Petro token’s coverage currently comprises 2,700 “affiliated businesses.” Per Criptopassion, Nicolás Maduro, the president of the country, recently announced that he expected that figure to “double in the coming months,” as the country continues its “crypto-economy” drive.
  • Edith Yeung of Proof of Capital told CNBC that the Chinese government has been “really thoughtful” about the digital currency electronic payment framework and its rollout. She says it will “definitely” be deployed within the next six to 12 months.

China’s virtual currency may be rolled out within a year: Proof of Capital from CNBC.

  • Storj Labs, which operates a beta storage service for developers, businesses and consumers, announced its Beta 2 release and pricing, taking aim at Amazon‘s AWS S3 cloud service with what it says is a more cost-effective and resilient approach.
  • Salesforce, a major provider of CRM (customer relationship management) solutions, said that Italian super car manufacturer Automobili Lamborghini is using Salesforce Blockchain to authenticate heritage Lamborghini cars.
  • The South Korean government health agency, the National Health Insurance Service, wants to launch a blockchain-powered medical insurance ID platform. The service’s recently appointed head says he wants to launch a mobile health insurance card that will do away with current paper-based solutions. The service says it “envisions a system” that makes use of blockchain technology, although it has not yet devised a “specific plan of action,” reports KMedInfo.
  • Dong-gu, a large neighborhood in the east of Busan, South Korea’s second-largest city, has expanded the reach of its new stablecoin, reports CJ Hello. The neighborhood has signed a deal with Medifun, a blockchain-powered healthcare provider that is headquartered in the city. The agreement will allow residents to pay medical bills and other expenses using Dong-gu’s e-BaguPay tokens – and says that foreign tourists will also be able to make use of the stablecoin.
  • South African commercial bank FirstRand Bank (FNB) has closed the bank accounts of a number of “major crypto exchanges,” according to media outlet MyBroadband. The media outlet says it has seen a letter from the bank stating that it has “risk appetite” concerns about cryptocurrencies, and will refuse to work with the exchanges in question, including VALR, Luno and ICE3X. However, the letter reportedly states that FNB will reconsider its position if the government provides regulatory clarity on crypto-related matters.

Investment news

  • Member of the Libra Association, Bison Trails, an infrastructure platform for a number of protocols and blockchains, said that they partnered with Blockchain Capital leading a USD 25.5 million Series A investment in Bison Trails, with participation of other investors also. This funding will enable Bison Trails to continue to scale their team and technology platform, the company said.
  • iSTOX, a security token platform, said it has secured USD 5 million in funding from Japan-based Tokai Tokyo Financial Holdings (Tokai) via Singapore subsidiary, Tokai Tokyo Global Investments.

Tim Alper , 2019-11-20 11:38:27 ,

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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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