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The US CFTC to develop a holistic framework for the crypto industry.

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The US Commodity Futures Trading Commission has unveiled its strategic plan for the years 2020-2024. The US regulator plans on developing a comprehensive regulatory framework for the digital currency industry, among other goals. Cryptocurrencies have been a tough sector for regulators to regulate, with many taking a wait-and-see approach. Now the CFTC has revealed its plan to develop a “holistic framework” for the crypto industry. The US regulator has been at the forefront in advocating for friendly regulations for the crypto industry. 

CFTC claims to develop a holistic framework for the crypto industry. 

The US CFTC Chairman Heath Tarbert unveiled the plan, remarking that this is a bipartisan, consensus plan that can stand the test of time. It will guide the last of the regulator’s unfinished business to completion and better position the agency to tackle the unwritten future. The plan that was approved by the CFTC in May and subjected to a 30-day comment period in June intends to address the risks and opportunities that 21st-century commodities present. The CFTC claimed that it plans on developing a holistic framework to promote responsible innovation in digital assets. The financial watchdog also intends to focus on the American derivatives industry to strengthen its resilience and integrity. 

CFTC regulations could boost crypto adoption in the country. 

The US CFTC is planning to “advance policies that deepen liquidity and increase transparency.” This could have a huge effect on the digital currency market, especially given how the industry suffers from a lack of liquidity, especially the smaller cryptos. If regulations pertaining to liquidity are implemented, many digital currencies would be forced out of the US market. The regulator also intends to be tougher on those that break the rules. The new regulations by the CFTC could potentially boost crypto adoption in the United States. 

Source: https://coinnounce.com/us-cftc-to-develop-a-holistic-framework-for-the-crypto-industry/

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Crypto Markets Shed $10 Billion in Hours as Bitcoin Loses $400 (Market Watch)

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After a sharp price jump towards $13,650 intraday, Bitcoin has retraced and trades around $13,200. The alternative coins continue to bleed out, and the total market capitalization has dropped below $390 billion.

Bitcoin To $13,650 And Back On ECB Stimulus News

Following the latest 2020 high, Bitcoin got rejected and lost nearly $1,000 of value in hours a few days ago. Since then, the asset has been struggling with the $13,000 level.

After another dip below it, BTC went on a roll yesterday. This resulted in a daily high of almost $13,700 (on Bitstamp). Interestingly, the impressive price increase came shortly after the European Central Bank said that it could seek a new stimulus package in December.

“The Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favorable to support the economic recovery and counteract the negative impact on the pandemic on the projected inflation path.”

More impactful news came from the US. The jobless claims fell to a 7-month low – a level not registered since before the COVID-19 outbreak.

Wall Street also felt the positive effects. The three most prominent US stock indexes closed Thursday’s trading session in the green. However, the futures contracts have dropped after hours.

Bitcoin has mimicked the stocks’ performance, but being a 24/7- traded asset, it started dropping shortly after Wall Street closed doors. BTC has lost about $450 and currently sits around $13,200.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Blood On The Altcoins Street

The situation within the alternative coin market is unfavorable, to say the least. As the graph below demonstrates, all alternative coins are in the red on a 24-hour scale.

Ethereum struggles with $380 after a 2.4% drop. Ripple’s near 4% decline has taken XRP beneath $0.24. Bitcoin Cash (-2.2%), Binance Coin (-7%), Chainlink (-6%), Polkadot (-9%), Cardano (-9%) have all lost significant chunks of value from the top ten coins.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses come from the lower and mid-cap altcoins. Reserve Rights has dropped by 20%, Yearn.Finance by 17.5%, and Synthetix Network Token by (-17%).

Other double-digit price declines are evident from Ampleforth (-16.7%), ABBC Coin (-16.7%), Ocean Protocol (-16.5%), Compound (-14.5%), Band Protocol (-14%), Algorand (-13%), Ren (-13%), and more.

The total market capitalization has seen $10 billion evaporate in a day and $20 billion in two days.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-markets-shed-10-billion-in-hours-as-bitcoin-loses-400-market-watch/

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Crypto Price Analysis & Overview October 30th: Bitcoin, Ethereum, Ripple, Chainlink, and Binance Coin

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Bitcoin

The Bitcoin price surge continued this week and it managed to increase by 4.5% to reach $13,60 at the time of this writing. The coin was trading slightly above $13,000 last Friday and moved sideways along this level over the weekend.

On Tuesday, Bitcoin started to surge higher as broke resistance at $13,415, climbed above $13,500, and reached the resistance at $13,815 (1.272 Fib Extension). The bulls could not close a daily candle above this resistance, which led to Bitcoin dropping as low as $13,000 on Wednesday.

Since then, Bitcoin has traded sideways in a wide range between $13,815 and $13,000.

Looking ahead, if the buyers push higher again, the first level of resistance lies at $13,500. Following this, resistance lies at $13,815, $14,000, $14,190, and $14,500 (1.618 Fib Extension).

On the other side, if the sellers push lower, the first level of strong support lies at $13,000 (.236 Fib Retracement). Added support then lies at $12,750, $12,500 (.382 FIb Retracement), $12,236 (downside 1.618 Fib Extension), $12,100 (.5 Fib), and $12,000.

btcusd_chart
BTC/USD Daily Chart. Source: TradingView

Ethereum

Ethereum saw a sharp 8.3% price drop this week as it falls into the $380 support (.5 Fib Retracement). Last Friday, Ethereum struggled to break above the resistance at $416 – provided by a bearish .618 Fib Retracement. It rolled over from here and started to head lower during the week as it fell beneath $400.

Initially, Ethereum managed to find support at $389 (.382 Fib Retracement). However, the sellers broke past this support today as it plummeted into the $377 level (.5 Fib Retracement).

Moving forward, if the sellers break beneath $377, the first level of support lies at $364 (2019 High). Beneath this, support lies at $355 (100-days EMA), $350, and $342.

On the other side, if the buyers can rebound from $377, resistance lies at $390, $400, $410, and $416.

ethusd-oct30
ETH/USD Daily Chart. Source: TradingView

Against Bitcoin, Ethereum has struggled heavily this week as it hits as low as 0.0284 BTC(Feb 2020 Highs). The coin was trading above 0.031 BTC at the start of the week as it was trading at the 100-days EMA resistance. From there, ETH headed lower as it collapsed beneath both 0.031 BTC and 0.030 BTC in a couple of days.

The coin continued to plummet over the last few days as it dropped beneath the 200-days EMA and 0.029 BTC to reach the current support at 0.0284 BTC.

Looking ahead, if the selling continues to break 0.0284 BTC, support lies at 0.0281 BTC, 0.0278 BTC, and 0.027 BTC.

On the other side, resistance is first expected at 0.029 BTC. This is followed by resistance at the 200-days EMA, 0.03 BTC, and 0.0305 BTC.

ethbtc-oct30
ETH/BTC Daily Chart. Source: TradingView

Ripple

Ripple also saw quite a sharp 7.8% price fall this week as the coin drops beneath the 200-days EMA into the $0.237 level. Last Friday, XRP was trying to overcome resistance at a falling trend line but could not do so. As a result, the coin headed lower throughout the week and broke beneath the 100-days EMA yesterday.

Today, XRP continued lower to break beneath a rising trend line (the lower boundary of a triangle) to drop beneath the 200-days EMA and hit the current $0.237 support. XRP spiked as low as $0.23 today, but the buyers have since pushed the price higher.

Moving forward, if the selling continues beneath $0.237, support initially lies at $0.23. This is followed by support at $0.228 (.618 Fib), $0.22, and $0.217.

On the other side, the first level of resistance lies at $0.24. Added resistance lies at $0.245 (100-days EMA), $0.251 (bearish .382 Fib), and $0.261 (bearish .5 Fib).

xrpusd-oct30
XRP/USD Daily Chart. Source: TradingView

XRP is currently in a terrible downward spiral against BTC and reached lows that have not been since December 2017 this week. It was trying to reclaim the resistance at 2000 SAT last Friday but failed to do so and proceeded to plummet over the weekend.

The price collapse continued throughout the week as XRP reached as low as 1755 SAT today. The buyers have since pushed it higher slightly to trade near 1780 SAT, but the situation is extremely bearish.

Looking ahead, it is likely that the selling will continue. If the sellers push beneath 1755 SAT, additional support is found at 1730 SAT, 1700 SAT, 1680 SAT, 1650 SAT, and 1600 SAT.

On the other side, resistance lies at 1800 SAT, 1865 SAT, and 1900 SAT.

xrpbtc-oct30
XRP/BTC Daily Chart. Source: TradingView

Chainlink

LINK saw an 8.6% price fall over the past week as it approaches the lower boundary of an ascending price channel. The coin was trading at the upper boundary of this price channel at the start of the week but was unable to break above it. A bearish .5 Fib Retracement further bolsters the upper boundary at $12.75.

As a result, LINK rolled over and started to head lower throughout the week as it broke back beneath $11.50 to reach the current $10.95 level.

Looking ahead, if the bears push LINK lower, the first level of support lies at $10.50 – the lower boundary of the price channel. If the sellers break beneath the channel, support lies at $10, $9.80, $9.00, and $8.77.

On the other side, if the buyers can rebound at the lower boundary, resistance lies at $11.50, $12, and $12.75 (bearish .5 Fib Retracement).

linkusd-oct30
LINK/USD Daily Chart. Source: TradingView

Against Bitcoin, LINK has also been falling this week. It was trading near 100,000 SAT last Friday but started to head lower from here. It dropped beneath 90,000 SAT throughout the week and fell beneath a rising trend line yesterday to hit 80,777 SAT today.

Moving forward, if the sellers break beneath 80,777 SAT the first level of support lies at 80,000 SAT. Beneath this, support is found at 75,600 SAT (downside 1.414 Fib Extension), 70,000 SAT, 68,400 SAT, and 60,000 SAT (.786 Fib Retracement).

On the other side, resistance lies at 86,800 SAT. Above this, resistance is expected at 90,000 SAT, 94,300 SAT, and 100,000 SAT (bearish .382 Fib Retracement).

linkbtc-oct30
LINK/BTC Daily Chart. Source: TradingView

Binance Coin

BNB also suffered a 7.6% price fall this week as it drops into the $28.17 support (.382 Fib Retracement). BNB managed to climb above $32 on Tuesday, but the sellers quickly stepped in to push the coin lower.

Today, BNB fell sharply beneath $30 and continued to fall until support was found at $27.54 (downside 1.272 Fib Extension). It has rebounded from here and is now trading at $28.17 (.382 Fib).

Looking ahead, if the bulls can continue to rebound from the current support, the first level of resistance lies at $29.30. This is followed by resistance at $30, $30.72, $31.30, and $32.

On the other side, if the sellers push beneath $28.17, support lies at $27.55, $27 (.5 Fib), $26.34 (fownside 1.618 Fib Extension), and $25.84 (.618 Fib).

bnbusd-oct30
BNB/USD Daily Chart. Source: TradingView

Against Bitcoin, BNB created a fresh October low today at the 0.00207 BTC level (downside 1.272 Fib Extension). The coin was trading at around 0.00236 BTC last Friday, and it pushed higher on Monday and Tuesday to reach as high as 0.00242 BTC. It was unable to break this resistance, which caused the coin to roll over and head lower.

Today, BNB dropped beneath the support at 0.0222 BTC (.618 Fib), and it dropped lower to reach the support at 0.00212 BTC – where it is currently trading.

Moving forward, if the sellers continue to push lower, the first level of support lies at 0.00206 BTC (downside 1.272 Fib Extension). Following this, support is found at 0.002 BTC (.786 Fib), 0.00194 BTC, and 0.0019 BTC.

Resistance is expected at 0.0022 BTC, 0.0023 BTC, and 0.00235 BTC.

bnbbtc-oct30
BNB/BTC Daily Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/crypto-price-analysis-overview-october-30th-bitcoin-ethereum-ripple-chainlink-and-binance-coin/

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Bitcoin Decouples From Wall Street as BTC Dominance Soars: The Crypto Weekly Market Update

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During the past week, Bitcoin continued to increase in value as it managed to break the former 2020 high. More interestingly, though, this happens as Wall Street stocks are currently taking a beating.

While BTC was appreciating, all the prominent US-based indices such as the S&P 500, NASDAQ Composite, and the Dow Jones Industrial Average (DJI), are all bleeding out. Just today, the S&P 500 decreased by about 1.5%, while Nasdaq’s Composite index is down upwards of 2.5%.

Amid all this, Bitcoin started its uphill battle and continues to break new grounds. Overall, throughout the past seven days, the cryptocurrency is up by about 4.3%, which may not seem like a lot, but given the overall economic outlook, it sure signifies its current strength.

Many countries are contemplating second lockdowns as the new wave of the novel coronavirus COVID-19 is starting to make its claim. It’s becoming apparent that the markets are reacting, while Bitcoin demonstrates a serious decoupling throughout the past 3 months.

Moreover, BTC’s price performance has also pushed its overall market dominance, which currently rests at above 63%. This has caused many problems for the struggling altcoins, most of which are taking a serious beating against Bitcoin. Ripple’s XRP, for instance, is trading at prices not seen since back in 2017.

A serious development came from the country of Iran, which became the first to constitute Bitcoin as official and legal means of exchange. This came following a renewed wave of US sanctions.

The Bitcoin-friendly Avanti Financial Group also received an official banking license in the United States. As such, it becomes the second venue after Kraken with authorization of the kind.

In any case, it remains very interesting to see how the market will develop in the coming weeks and if Bitcoin will be able to maintain its positive performance going forward. Or maybe altcoins will wake up? Only time will tell.

Market Data

Market Cap: $394B | 24H Vol: 94B | BTC Dominance: 63.5%

BTC: $13,536 (+4.67%) | ETH: $381.65 (-7.35%) | XRP: $0.238(-6.73%)

Iran Becomes First Country To Use Bitcoin As a Medium of Exchange. Iran has officially become the first country to constitute Bitcoin as legal means of exchange. This came right after the US hit the country with renewed waves of sanctions. The proposal came from Iran’s Ministry of Energy and its Central Bank.

Bitcoin Won’t Attract The Unbanked, Says Mastercard CEO. The CEO of one of the world’s largest payment processing companies, MasterCard, Ajay Banga, has said that Bitcoin won’t be able to help bank the unbanked. He thinks that the cryptocurrency’s volatility is a major obstacle for this to happen.

Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US. Following Kraken, Avanti Financial Group becomes the second company to get an official banking license within the United States of America. As such, it will now be able to offer banking services.

Coinbase Launches A Crypto Debit Card With a 1% Reward on Bitcoin Spendings. Coinbase, the leading US-based cryptocurrency exchange, has officially launched a crypto debit card. Currently available for US customers, the card will offer up to 4% of cashback on various cryptos and up to 1% on Bitcoin spendings.

Retail Investment in Bitcoin Soars to a New All-Time High. Data from the popular provider Glassnode shows that the number of retail investors in Bitcoin is sitting at an all-time high of 31 million. This means that the recent rally might also be prompted by regular folks buying BTC rather than just large institutional investors.

Banking Giant JP Morgan Releases Its Own Stablecoin. After about a year and a half since JP Morgan announced its cryptocurrency project called JPM Coin, the stablecoin has reportedly been already used by a technology company for cross-border transactions.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Binance Coin – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-decouples-from-wall-street-as-btc-dominance-soars-the-crypto-weekly-market-update/

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