Bittrex and Bitfinex Adding New Fiat Pairs

Bittrex and Bitfinex Adding New Fiat Pairs

Bittrex has announced two new pairs: Litecoin (LTC)/USD and Tron (TRX)/USD and Bitfinex introduced Tezos (XTZ) paired against USD and BTC.

Bittrex, the 23rd largest exchange as per CoinMarketCap, adds new selections to be traded with USD: Litecoin and Tron. These new selections are added to the exchange’s growing USD pairs. Bittrex clients are required to complete the standard registration process and submit proof of their residency. Residency should only be in qualified, specified regions.

Litecoin places 7th in ranking with a market cap of over $3 billion. Tron is at 13th place with $1.2 billion.

Bitfinex, the 4th biggest exchange, enabled Tezos against USD and BTC trading. Tezos is a new blockchain project with a focus on smart contracts and decentralized applications. It is a proof-of-stake consensus and uses formal verification to secure smart contracts. Its mainnet went live yesterday, September 17, 2018.

Tezos is currently at 17th in CoinMarketCap ranking with more than $800 million market cap.

BTC

3,993 USD
-0.49%

LTC

60.06 USD
0.30%

TRX

0.02388 USD
5.77%

XTZ

0.6924 USD
-7.45%

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Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge

Rick Falkvinge, a prominent Bitcoin Cash [BCH] proponent, said that the much-anticipated Layer 2 solution or the Lightning Network project is a “dead end for all intents and purposes”. According to Falkvinge, the so-called solution failed to provide solutions for some of the major problems plaguing the Bitcoin network since the past year. In a recent video, Falkvinge claimed that unlike a normal project, whose completion time decreases over time, the LN project’s completion time has only increased over time. Backing his claim that the Layer 2 solution would never be project ready, in his presentation, Falkvinge pointed out that in late 2015 or 2016, the Lightning network was just six months away, but in 2017, it was announced that the project was 18 months away. However, no updates were revealed the year after that. The founder of the Pirate Party, who has been a huge critic of the scalability solution project, outlined eight problems with the Lightning Network back in February last year. He also opined that the concept of Watch Tower was fundamentally wrong. Talking about deploying watchtowers to monitor on-chain transactions on the network, Falkvinge said that it was an unnecessary complexity. One of the problems that he noted was that the users must be online to receive funds. Falkvinge said that the “so-called” solution that LN presented over the past 12 months is that in place of users, a third-party ecosystem called “watch towers” would be online to detect possible threats and other malicious actors and neutralize it. According to him, this is not a solution as Bitcoin does not require “anybody” to be online for a transaction to settle. He also spoke about the legal liability associated with Lightning Network nodes. He stated that when a user on the network deposits money into a channel with another user, the individual starts acting like a bank and that bank requires a license to run. This is where the legal liability comes into the picture, he said. Additionally, calling it a design flaw in the Layer 2 solution, Falkvinge said that there would be no cold storage and the users on the network wouldn’t be able to store funds safely. The post Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge appeared first on AMBCrypto.
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Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored

Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar. The price declined sharply below $3,950, but dips remained supported above $3,900. There is a crucial bullish trend line formed with support at $3,920 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair remains well supported on dips near the $3,920 level and the 100 simple moving average (4-hours). Bitcoin price is still in a strong uptrend despite recent bearish moves against the US Dollar. BTC/USD is likely to find a solid buying interest if it dips towards $3,940 or $3,920. Bitcoin Price Weekly Analysis (BTC) This past week, there was a decent upward move above $4,000 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $3,940 support level and finally broke the $4,000 resistance level. Buyers pushed the price above the $4,020 resistance and a new monthly high was formed at $4,064. However, buyers failed to hold gains above $4,020, resulting in a sharp decline below $4,000. The price dropped heavily and broke the $3,960 and $3,940 support levels. There was even a spike below the $3,900 support and the 100 simple moving average (4-hours). Having said that, buyers defended the $3,900 support and the price bounced back sharply above $3,940. There was a break above the 50% Fib retracement level of the last decline from the $4,064 high to $3,869 low. The recent recovery was solid, but the price faced a strong offer zone near the $4,000 resistance. The 61.8% Fib retracement level of the last decline from the $4,064 high to $3,869 low also acted as a hurdle. At the moment, the price is consolidating below the $4,000 resistance. Besides, there is a short term connecting bearish trend line in place with resistance at $3,990 on the 4-hours chart of the BTC/USD pair. A clear break above the trend line and $4,000 could open the doors for a fresh upward move. On the downside, there are many supports near the $3,940 and $3,920 levels. There is also a crucial bullish trend line forming with support at $3,920 on the same chart. Looking at the chart, BTC price is clearly well supported on the downside near the $3,940 and $3.920 levels. As long as the price is above the $3,900 support and the 100 SMA, there are chances of a steady rise in the coming sessions. Buyers may wait for a clear break above the $4,000 and $4,020 resistance levels to gain control. Technical indicators 4 hours MACD – The MACD for BTC/USD is slightly placed in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level. Major Support Level – $3,900 Major Resistance Level – $4,020 Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored was last modified: March 24th, 2019 by Aayush JindalThe post Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored appeared first on NewsBTC.
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.
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