Which tech tools would be useful, if crypto had a room for 1000x growth?

Which tech tools would be useful, if crypto had a room for 1000x growth?

Bitfinex introduces EOSfinex, blockchain will help the homeless, the market will grow 1,000-times, McAfee continues to pressure HitBTC, Nathaniel Popper shares his experience, Morgan Stanley doubles its plans around BTC

Bitcoin

BTC
Price
3,995 USD -0.49%
Volume, 24h
1,245,724,003 USD
-3.93%
Marketcap
70,351,514,991 USD
50%
Emission
84%

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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.
NewsBTC/analysis

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.
AMBCrypto

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.
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