Brazil’s Grupo XP to Launch XDEX Exchange for Bitcoin and Ethereum

Brazil’s Grupo XP to Launch XDEX Exchange for Bitcoin and Ethereum

An estimated three million Brazilians have heard of or had an experience in cryptocurrencies. A contrast to this, only six hundred thousand Brazilians have invested in the stock market. This difference in statistics and the allure of cryptocurrencies have propelled Grupo XP, Brazil’s largest brokerage firm, to launch its own exchange, XDEX, which deals with Bitcoin and Ethereum.

XDEX will be under the leadership of Thiago Maffra. It will be run independently from Grupo XPs other brokerage ventures.

The target date for the launch of XDEX is set by the end of this year.

Grupo XP has five hundred thousand active clients. The company specializes in offering a diverse selection of fiscal products that include investment funds, fixed income products, futures, and real estate funds. In the upcoming months, Brazil’s largest brokerage will be introducing their very own bank. And by 2020, it is intending to raise funds that amount to $245 billion or $1 trillion Brazilian real.


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Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.

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