XTRD Weekly crypto market update — August 21st, 2018
Article by Steven Aitchison. Steve first got into the crypto world in 2015 and started trading in 2017 and now wants everyone to know the benefits of crypto with his course and hidden gems newsletter at: Learn About Crypto and Trading and his weekly hidden gems CYT Crypto Monthly he also started his youtube channel 5 months ago at CYT Crypto.
This Week In The Crypto Market
Bitcoin price tried it’s hardest to muster some sort of rally from under $6,000 to reach its peak of $6,617 on Saturday. Since then it’s been volatile ranging from $6,221 — $6,617, with swings of $300 on some days.
The alts had a brief rally sparking calls that alt season was coming again. Some alts jumped massively and hopefully for traders and investors this mini alt rally will continue as BTC slumps. However it could be short lived if the BTC price slumps below $6,000 again.
One piece of good news that may have helped the brief rally of the BTC price was the news that an ETN a product, called Bitcoin Tracker One, which has been trading on the Nasdaq Stockholm exchange since 2015, offered what is known as an exchange-traded note (ETN), and this week, it was suddenly quoted in dollars. This is a soft alternative to the ETF which everybody is anxiously holding out for.
Where is Bitcoin price headed this week? Well there could be a short squeeze coming up in the next few days which could drive the price higher, and hopefully have a sustained price level of over $6,600. If we can have $6,600 as a support that would be great and in the next few weeks drive the price up over the $7,000 mark would see a rally across the board.
Top gainers of the week include:
Top losers of the week include:
Bitcoin Diamond: -1%
Top News Stories
There’s Still No Bitcoin ETF, But U.S. Investors Just Got a Consolation Prize
The long-anticipated bitcoin ETF has yet to materialize, but American investors seeking to gain exposure to the flagship cryptocurrency through their standard brokerage accounts now have a consolation prize.
Bloomberg reports that Bitcoin Tracker One, an exchange-traded note (ETN) that has been listed on Nasdaq Stockholm since 2015, can now be traded in U.S. brokerage accounts under ticker symbol CXBTF.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” said Ryan Radloff, CEO of CoinShares Holdings — the parent of the company that offers the bitcoin ETN — in an interview with Bloomberg. “Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”
Korea’s Largest Cities Want to Become Crypto Capitals, Market Optimistic
Following the release of a new regulatory framework for crypto businesses and blockchain projects, major cities in South Korea have started to build regional policies to fuel the growth of cryptocurrency-related companies.
Country’s Second Biggest City Wants to be Like Zug
This month, Oh Keo-don, the mayor of Busan, the second largest city in South Korea behind Seoul from the country’s ruling party, has stated that the regional government of Busan is focused on building the next “Crypto Valley” of the world in South Korea, inspired by the success of Zug, Switzerland.
Mayor Oh emphasized that Zug already has more than 2,500 blockchain projects and produced over 11,000 blockchain-related job throughout the past two years, noting that Busan could create a vibrant cryptocurrency industry with friendly regulations and policies.
Tether transfers $50 million to Bitfinex — Community screams manipulation
Recently, Tether, one of the top 10 coins, also known as a stable coin in the cryptocurrency space, printed $50 million USDT. According to OmniExplorer, Tether transferred the amount to Bitfinex on 11th August 2018 at 11:03 a.m UTC, one of the leading cryptocurrency exchange platforms in the world.
This has led to the market claiming that Tether is involved in manipulating the market again. The community has also pointed out that Tether usually prints more currency when the market is bearish.
Turkish residents are flocking to Bitcoin
Turkish residents are flocking to Bitcoin and cryptocurrency trading in the wake of the fresh currency crisis in the country. Meanwhile, the price of virtual currencies continues to slide as the market recorded a $43 billion loss over the course of just five days.
Bitcoin Trading Volume in Turkey Surges
Writing for Forbes, Billy Bambrough reports that there is a significant increase in the cryptocurrency trading volume in troubled Turkey. Cryptocurrency exchange platforms in the country are experiencing an upsurge in demand for their services over the last couple of days.
Koinin, the largest virtual currency exchange bourse in the country, has seen its Bitcoin trading volume go up by 63 percent. Paribu, another Turkey-based platform, has witnessed a 100 percent spike in its 24-hour trading volume.
SEC Faces Thursday Deadline for ProShares Bitcoin ETF Decision
Less than a month after delaying a decision on a bitcoin-based exchange-traded fund (ETF), the U.S. Securities and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed ETFs.
Officials at the U.S. securities regulator are set to make a decision on the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF by Thursday, August 23. Unlike this month’s earlier decision to push an approval for the Cboe’s VanEck/SolidX bitcoin ETF, this rule change proposal — filed by ProShares in conjunction with NYSE Arca — cannot be delayed any further under the regulator’s rules.
The ProShares ETF proposals — initially submitted to the SEC last December — are underpinned by bitcoin futures contracts, rather than any physical holdings of bitcoin itself. In other words, the ETF’s value will be determined by the bitcoin futures contracts trading on CME or the Cboe Futures Exchange, according to the original filing.
Ripple Confirms XRP-Powered Platform xRapid Is Ready for Launch
Ripple says it’s ready to roll out its long-awaited payment platform xRapid.
The company’s real-time settlement software is designed to use XRP to provide on-demand liquidity and increase the speed of cross-border payments.
According to Ripple’s chief marketing strategist Cory Johnson, xRapid will officially enter the production phase in the next four months.
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Crypto Hedge Funds Are Down 50% This Year
A new report has found that most crypto hedge funds are down by as much as 50% in 2018, following last year’s market bull run.
Autonomous Next: Crypto Hedge Funds Are “Underwater”
The report, released by crypto research and fintech analysis firm Autonomous Research LLP, delves into the tumbling cryptocurrency market and how crypto hedge funds have taken a significant hit since the start of the year.
The report states that “most crypto funds” are down at least 50% since the start of the year, and many are “rushing” to hedge their investments through shorting the market.
Crypto Trading Tips
Some Cryptos You Might Want to Look at This week
More and more I am starting to see the positive news about Ripple (XRP). I really think we could see Ripple climbing even higher as it bucks the trend of the overall market. This would be a long term hold for me and my advice (Although I am not a financial advisor and would advise to do your own research) would be to start accumulating Ripple from these prices and keep dollar cost averaging in and keep this as a long term hold for the future.
We are near the all time lows of 2018 for Ripple and I believe that this is the start of a huge turnaround for them. Their current price of 5165 Saroshi is going to seem extremely low this time next year.
They are off their all time highs by around 80% but their tech, their fundamentals and the sentiment has moved on massively and their all time highs may well be surpassed in 2019 which would mean a 300–400% increase from these current prices.
This is another project that I believe will start to explode very soon for similar reasons as Ripple: their tech, their fundamentals and the sentiment around Cardano is setting it up for an explosion in 2019.
Again it is around 80% off it’s all time highs and I believe Cardano will easily surpass it’s all time highs of the beginning of 2018.
These two projects are definitely well worth accumulating just now.
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