Source for BlockChain News

Monthly archive

August 2018

Binance Expected to Resume US Operations in the Next 2 Months

by
Binance

Binance

When it comes to trading in cryptocurrencies, it is always far more effective if one can trade on a large exchange. Large exchanges offer a lot of options with regards to the range of cryptocurrencies, liquidity, and other services. Over the course of the crypto boom that started a few years ago, some exchanges have become the leaders of the industry and Binance is certainly one of those. It went on to become one of the biggest crypto exchanges and was also the preferred choice of many traders in the United States.

Key Details

However, back in June, the company announced that it was working on establishing a new division named Financial Crimes Enforcement Network, and hence, it was going to temporarily stop its services in the United States.

Regulations in the United States have always been a major issue for crypto exchanges, and Binance has also struck a partnership with BAM Trading Services so that it is compliant with regulations in the country. Considering the fact that it now has a US-based partner, Binance will be able to have a bigger presence in the market.

>> Bitcoin Hovers Around 10K After the Recent Correction: What Next?

In an interview with Cheddar, the Chief Executive Officer of Binance, Changpeng Zhao, stated that the crypto to fiat services that had been stopped in the United States could be resumed within the next two months. It is a significant development for all crypto enthusiasts in the country who have not been able to trade in the platform all this while.

Additionally, Zhao also stated that since a new partner is now available, Binance will be exploring ways to increase its presence in the American crypto market once it reopens. However, the resumption of services can never be predicted accurately, and hence Zhao refused to divulge the exact date on which the operations will resume. He said, “I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”

Featured image: DepositPhotos © kongvector

If You Liked This Article Click To Share

GBTC Makes Massive Move Thanks to Crypto Bull Market

by
GBTC

GBTC

The GBTC (Grayscale Bitcoin Trust) has made a massive move this year with a gain of 250% and outperformed all other assets classes.

Over the past few years, Bitcoin has become one of the most intriguing investment opportunities for thousands of people across the world, and it is only natural, considering the sort of highs the cryptocurrency has reached in recent years. However, as everyone knows, Bitcoin and cryptocurrencies at large can be extremely volatile in nature, which is why even interested investors sometimes stay away from it.

That being said, it is now possible for investors who want to be exposed to Bitcoin to own a stock that could benefit them anytime BTC price climbs. The stock in question is that of the Grayscale Bitcoin Trust (GBTC), which is involved in both owning and tracking Bitcoin.

Key Analysis

In this regard, it is important to note that the price of GBTC is not directly dependent upon the market rate of Bitcoin but on the outlook of investors about the cryptocurrency. As one can realize, this is a relatively easier way for investors to be exposed to the Bitcoin space–and it’s an exciting time to be getting into crypto as there has been a significantly strong BTC bull run this year. So, if anyone is willing to buy this stock, then this is perhaps the time to get their hands on the Grayscale Bitcoin Trust. In a new development, it has emerged that the company has resumed the private placement of its shares again and the update was announced by way of a press release on July 8.

>> China’s Cryptocurrency: A Response to Facebook’s Libra Coin?

The private placement is done by the company, and only accredited investors are allowed to purchase those shares. More importantly, the announcement also stated the value of each share in GBTC is worth 0.00097876 Bitcoin, and at this point in time, the total value of the assets held by the company stands at $2.66 billion. Its assets have increased significantly over the past few months. An executive stated that an investment in Bitcoin is an excellent hedge against the growing uncertainties in the global economy.

GBTC has soared all the way from $4.50 to $16 since the beginning of 2019.

Featured image: DepositPhotos © iqoncept

If You Liked This Article Click To Share

Bitcoin Golden Cross | Market Rallying on First Golden Cross Since 2015

by
Bitcoin Golden Cross

Bitcoin Golden Cross

The cryptomarket is rallying today from the emergence of a Bitcoin golden cross. Now, the majority of the top ten cryptocurrencies by market cap are in the green according to CoinMarketCap.

Bitcoin Golden Cross

Leading the rally with a 5% gain at the time of writing is Bitcoin (BTC). The current price of $5,599 USD per coin is a new high for Bitcoin in 2019, and the bulls are excited.

But the news gets better for Bitcoin fans because, as stated, the first Bitcoin golden cross since October 2015 has formed. A golden cross is a technical chart pattern that indicates a major rally is on the horizon.

According to Investopedia:

The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.”

So with this bullish signal, Bitcoin looks set to change to a “long-term bearish-to-bullish trend.” If it can close above the $5,500 mark today, Bitcoin could rally to $6,000 USD in the coming days.

Tom Lee’s BMI

The Bitcoin golden cross isn’t the only signal to indicate a rally. Tom Lee’s Bitcoin Misery Index (BMI) is spurring on the positive sentiment also. Recently the Fundstrat Global Advisors founder stated that his company’s Bitcoin sentiment indicator recently touched a value of 89. According to his expertise, this means a “bull market is likely starting.” Lee noted that the BMI was over 50 throughout 2018 and has never appeared in a bear market.

April has been a good month for Bitcoin price. Growing 35% already in this month, the Bitcoin golden cross now signals further gains to come. This growth spurt means Bitcoin is on track to have the best month since December 2017, when the Bitcoin frenzy was in full swing.

>> IIN Blockchain Expanding: How JPMorgan Wants to Improve Banking

Altcoins Affected By Bitcoin Golden Cross

As is usual with the cryptocurrency market, where Bitcoin goes, altcoins often follow. Other major gainers in the top ten today include Bitcoin Cash (BCH) and Cardano (ADA), up 3.52% and 2.5% respectively. The second largest coin by market cap, Ethereum (ETH), is currently up 2.17% and selling for $174.85 USD.

On the other hand, Binance Coin (BNB) and Stellar (XLM) are down today, 2.17% and 0.29% respectively.

What do you think? Is the Bitcoin golden cross a strong indicator of a bullish run on the horizon?

Featured Image: DepositPhotos © 1StunningArt

If You Liked This Article Click To Share

Go to Top