CBX Weekly Newsletter // 11 September 2019
- Bitcoin still Maintaining its Weekly Support
- Treasury Oficial: Facebook Libra, Other Cryptos Must Comply With US Rules
- $3.9K Down Payment Required to Trade Bitcoin Futures Contracts on Bakkt
Bitcoin still Maintaining its Weekly Support
Bitcoin (BTC) the largest cryptocurrency by market cap is holding support over the Weekly 12-Day Exponential Moving Average (EMA).
Price dipped to below $10K just a few hours ago to $9,880 but has managed to maintain over that level. Support around $9,750 still holding and if that breaks we shall see for support around the low $9K’s.
Bulls need to see a daily close above $11K to prove they are back in the game. For now, consolidation is taking place and Bears are comfortable, the volume has dropped significantly and for now, this tightening range keeps getting tighter until we see a convincing move either way.
BTC Dominance has dropped a bit but still over 71%.
Treasury Oficial: Facebook Libra, Other Cryptos Must Comply With US Rules
According to a U.S. Treasury official, Sigal Mandelker, Facebook’s Libra and any other similar project must achieve the highest standards of U.S. regulatory compliance prior to any launch.
Cryptocurrencies operating in the U.S. will also need to comply with rules aimed at preventing financial crimes and terrorism.
As reported by Reuters on Tuesday, Mandelker said:
“Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go.”
$3.9K Down Payment Required to Trade Bitcoin Futures Contracts on Bakkt
Bakkt has officially announced the initial deposits that users will have to make to margin trade its bitcoin futures products.
The notice was posted by ICE Futures U.S. which is the actual exchange Bakkt’s contracts will be traded on, as well as its monthly rate add-ons.
According to the company, users will need to have a $3,900 deposit requirement for both Bakkt’s daily and monthly futures contracts.
A footnote clarifies that a maintenance requirement is necessary in order to keep your position open and the margin rate will vary depending on the expiration date and the “difference in expiration dates of contracts.”
The notice comes at less than two weeks before Bakkt is expected to launch on September 23.
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