Bitcoin Price Analysis: Could Three Times Be the Charm for This…

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance: Figure 1: BTC-USD, Daily Candles, Narrow Range The blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation. Since re-establishing support, the market has yet to see a meaningful retest…

IBM Hints at Entering the Stablecoin Arena

Jesse Lund, head of blockchain solutions at IBM, has just hinted that the tech company has plans to explore stablecoins in an interview with Cheddar yesterday. Lund did not disclose when this venture may debut but said it would be on its World-Wire platform. IBM and Stablecoins IBM began its venture with Stellar in late-2017 and finalized most of its plans in mid-2018. Stellar is an open-sourced, decentralized protocol that focuses on transfers between fiat currency and digital currency. Lund told Cheddar that US banks are “very interested” in using stablecoins to…

Cboe Will Not Relist Bitcoin Futures Contracts for March

The Chicago Board Options Exchange (Cboe) announced that it will not list upcoming Cboe Bitcoin (“XBT”) futures contracts for trading in March 2019. The Cboe Futures Exchange said that the company is “assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading,” stating that it has no intention to list additional contracts for trading relating to the cryptocurrency. Though it is not confirmed, the reason behind Cboe’s futures closing might be due to its underperformance in comparison to CME’s futures contracts. “The…

‘No Change’ to Bitcoin Futures Plans, CME Says, as Cboe Pulls Back

It’s business as usual for CME Group’s bitcoin futures market, despite a retrenchment by rival derivatives exchange operator Cboe Global Markets. Contacted by CoinDesk Friday, a spokesperson for CME said the exchange has “no changes to announce re our bitcoin futures contract” and declined to comment on Cboe’s pullback. The affirmation is notable in light of the news Thursday that Cboe will not add a bitcoin futures contract for trading in March. This means that after the last currently traded futures expire in June, this market will essentially come to…

Bitcoin Bull Market Won’t Arrive Until Price Shatters $4,600

In the past seven days, the valuation of the crypto market has increased from $131 billion to $137 billion as the Bitcoin price slightly recovered to $3,960. Bitcoin Stagnancy Shows No New Money Entering Crypto Market The minor movement in the price of bitcoin despite the significant surge in the price of alternative cryptocurrencies suggest that existing money in the cryptocurrency market is moving – but new money is not flowing in. Speaking to CCN, a cryptocurrency technical analyst known as DonAlt said that there exists a newfound optimism in…

Bittrex Exchange Nixes RAID Token Sale at 11th Hour

Cryptocurrency exchange Bittrex said it canceled an “initial exchange offering” (IEO) just hours before it was set to launch. The RAID Project had planned to raise $6 million through the sale of a token called XRD to the exchange’s customers. But Bittrex said it called off the sale after learning that the issuer’s strategic partnership with an e-gaming data analytics company OP.GG had been abruptly terminated. That alliance “was a vital part of the RAID project,” Bittrex said in a statement. “When Bittrex International became aware of this significant event, we did…

Bitcoin Trading Volume Tops $11 Billion For First Time In Nearly a Year

Daily trading volume for the world’s largest cryptocurrency bitcoin exceeded $11 billion Friday, the most observed in a 24-hour period since April 25 of last year. At that time, the average price of bitcoin was $8,845, while today the crypto asset is listed for less than half the price, currently trading at $3,951 as per CoinMarketCap. However, the return in volume is potentially a sign investors aren’t losing interest in bitcoin despite the less than favorable market conditions. Interestingly, the amount of bitcoin trade volume had closely aligned with it’s…

Canada Proposes Regulatory Framework for Cryptocurrency Exchanges

Canadian financial regulatory authorities are considering putting in place rules for cryptocurrency exchanges in the country. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a consultation paper on Thursday, seeking input from the fintech community on how regulatory requirements can be developed for cryptocurrency platforms. “The emergence of digital and crypto assets continues to be a growing area of interest,” said Andrew J. Kriegler, president and CEO of the IIROC in a separate statement on Thursday, adding: “We must adapt to innovation, and provide…

Bitcoin (BTC) Price Watch: Important Reversal Signs Emerge

Bitcoin price made a few swing moves above the $3,800 and $3,830 supports against the US Dollar. The price managed to settle above the $3,850 level and the 100 hourly simple moving average. This week’s major bearish trend line with resistance at $3,845 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair tested the $3,870 level and it is currently consolidating, with positive signs. Bitcoin price climbed above key resistance levels against the US Dollar. BTC is trading with a bullish angle and…

Ripple Price Analysis: XRP Could Trade Lower As Recovery Falls Flat

Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar. The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level. There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances. Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might…