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After the sharp move from the lows, a few weeks of consolidation is also possible. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data provided by HitBTC exchange. After the strong recovery of the past few weeks, this week saw some profit booking at the highs. However, unlike previous occasions, the dip has been shallow and some buying is visible close to support levels. This shows that the market sentiment is changing from sell on rallies to buy on dips. After the sharp move from the lows, a few weeks of consolidation is also possible. In its report, the European Central Bank said that the impact of cryptocurrencies on the real economy is limited, as only a handful of merchants accept them due to their high volatility. However, they find some value in the stablecoins. We believe that the u..
SEC-approved LTSE stock exchange could link crypto firms and the capital of traditional investors. One of the most significant introductions that blockchain has made available in recent years is adding new tools through which companies can raise capital. The technology has made it possible to raise funds for a project from investors of just about any pocket size through initial coin offerings (ICOs) as well as security token offerings (STOs). Typically, these investors put in their money not just in return for a big payday, but they’re usually believers in the project as well. These investors form the community around which new projects are built. This is the concept that popularized the colloquial term “hodl” in the crypto world. This is usually not the case in the traditional investment sphere. Long-Term Stock Exchange (LTSE), which recently got approval from the United States Securities and Exchange Commission (SEC) to launch a new stock exchange, could soon make it possible for co..
The European Central Bank stated that cryptocurrency’s implications for monetary policy do not factor into the real economy. The European Central Bank (ECB) stated that cryptocurrencies do not have implications on monetary policy or factor into the real economy in a May report. In the report dubbed “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures,” ECB looks into the potential impact of digital currencies on economic developments and monetary policy. The bank specifically states that such implications could occur should cryptocurrencies became a credible substitute for cash and deposits, while currently they do not fulfil the functions of money. The bank further says that cryptocurrencies’ deployment remains limited, with a small number of merchants ready to allow purchases of goods and services with digital currency, as the prices of digital assets remain volatile. However, the ECB notes that the development of stablecoins..
The Bitfinex cryptocurrency exchange has announced the launch date for its exchange utility token. Major cryptocurrency exchange Bitfinex has unveiled its exchange utility token UNUS SED LEO, in a press release on May 17. The token will be useable for a variety of exchange-based activities and will begin trading on Bitfinex on May 20 against tether (USDT), bitcoin (BTC), ether (ETH), U.S. dollars and EOS pairs. The whitepaper for the project, published on May 10, describes LEO as “a utility token at the heart of the iFinex ecosystem.” iFinex is the parent company of Bitfinex. iFinex purports that it provides a stronger and more independent infrastructure, having migrated from Amazon Web Services to a self-designed data center. Bitfinex reportedly raised 1 billion tether (USDT) worth of U.S. dollars, bitcoin and tether for the token during its initial exchange offering. As recently reported by Cointelegraph, the New York Supreme Court recently allowed Bitfinex and associated stablecoin..
Top fiat-to-crypto exchanges are adopting market surveillance technologies. Of all crypto-to-crypto exchanges, only Binance has one. While it’s possible to buy top cryptocurrencies like bitcoin (BTC) and ether (ETH) in the over-the-counter (OTC) market, most people will need an exchange in order to buy other altcoins. Exchanges are simply an important component of the system that makes the crypto market tick. Regulators around the world have identified this, which is why regulatory moves have primarily targeted exchanges. Regulators want to be sure that exchanges employ the best security practices as well as measures — Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT), for instance — that discourage illicit transactions and improve account/wallet security. Some exchanges do take their compliance to those measures seriously. For example, in the aftermath of the Binance hack on May 7, when around 7,074 bitcoins (worth $40 million on th..
sponsored A crypto platform is unveiling features that enable users to borrow against their assets to unlock spending power. A “next-generation” mobile payment platform has unveiled two products that are designed to help users smartly manage money matters and enjoy “greater financial empowerment.” Crypto.com’s first new offering, Crypto Earn, gives the public “the freedom to grow their assets.” Available through the platform’s flagship app, the service allows users to deposit virtual currencies and accrue incentives, the company said. Consumers can choose to hold their assets for either one month or three months, and the company said a flexible plan will follow in the future. The Hong Kong-headquartered company, which was founded in 2016, has also launched a second product called Crypto Credit. This service is designed to help users unlock spending power and monetize crypto assets without selling them — potentially helping borrowers to ride out price volatility in the marketplace. On..
After a week of deep green and bullish price performance, crypto markets today are seeing a major correction. Friday, May 17 — after a week of deep green and bullish price performance, crypto markets today are seeing a major correction, with bitcoin (BTC) dropping below the $7,350 mark, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin has taken a steep price hit, dropping 8% on the day to trade at $7,346 to press time. The top coin had brushed $8,300 yesterday, May 16 — a bullish price point not seen since August 2018. Despite today’s major correction, bitcoin retains a strong gain of 16.61% on the week. Bitcoin 7-day price chart. Source: CoinMarketCap Largest altcoin by market cap ether (ETH) has seen a slightly milder drop, and is down 6.3% on the day to press time to trade at $240. The dip follows an intra-week high of above $270 yesterday. Nonetheless, the altcoin retains a 38.7% gain on its 7-day chart. Ether 7-day price chart. Source: CoinMarketCap XRP ..
Kraken argues against proposed regulation of crypto by Canadian securities entities. Canadian exchange Kraken has published a paper arguing against proposed regulation of crypto assets by the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC). The exchange shared its comments in an official twitter post on May 16. Kraken says that the proposed framework considers the contractual arrangement between an exchange and an exchange user as a security. Kraken denies that these contracts constitute securities: “...most reputable exchanges operate as custodians or bailees. As such, the assets are legally owned by the customer and not the Exchange operator. This means, critically, that the customer’s interest is not derived from the underlying asset — it IS the underlying asset. The application of a securities law framework, accordingly, is both unnecessary and inappropriate to this structure.” The authors listed the following four con..
Latin America-based cryptocurrency startup Ripio has launched a trading platform, including an over-the-counter desk. Latin America-based cryptocurrency startup Ripio has launched a trading platform, including an over the counter (OTC) desk, according to a press release shared with Cointelegraph on May 16. Ripio’s newly launched platform will enable its customers in Brazil, Argentina, and Mexico to trade cryptocurrency to fiat, use digital banking services, and request blockchain-based loans. The product also includes an OTC desk for institutional investors. Commenting on the product roll out, Ripio’s founder and CEO Sebastian Serrano said that “cryptocurrency, and our new platform in particular, offers brand-new investment horizons for all segments of the population. This is especially important in Latin America, where savings must be protected against the constant devaluation of local currency.” Founded in 2013, Ripio claims to be the largest digital asset company in Argentina, with..
Hong Kong cryptocurrency derivatives trading platform BitMEX claims that on average, its users don’t use the maximum 100x leverage. Hong Kong cryptocurrency derivatives trading platform BitMEX claims that on average, its users don’t use the maximum 100x leverage that the platform offers. BitMEX reported on the data in a post published on its official blog on May 15. According to the post, the company’s co-founder and CEO Arthur Hayes had the data science team of the exchange pull up historical data on the average leverage usage for the bitcoin (BTC)/United States dollar perpetual swap. Hayes stated that the data obtained this way show that “traders are quite ‘responsible’ in that they do not on average use the maximum amount of leverage.” Data shows that the monthly weighted average effective leverage on the bitcoin perpetual swap in May 2018 is 29x on long positions and 26x on short positions. In April 2019, the monthly weighted average effective leverage on the same contract was rep..