CME Group Launching Bitcoin Options amid High Anticipation in Market

It seems that traditional institutions are finally realizing that no-can-do without cryptocurrencies anymore. If we look at the market movements, there is huge impatience for the launch of CME Group Inc. options that should happen today. It is interesting because it is not the first of a kind. Bakkt that is under New York Stock Exchange parent Intercontinental Exchange Inc. began with the work in December last year. Moreover, as we have recently reported, yesterday FTX crypto derivatives exchange platform announced the launch of Bitcoin options trading. However, as said…

Bitcoin, Ether, and XRP Weekly Market Update January 13, 2020

The total crypto market cap added $15.6 billion to its value for the last seven days and now stands at $216.9 billion. The top 10 currencies were all in green for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performers with 45 and 18 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $8,091 while ether (ETH) moved up to $143. Ripple’s XRP is trading at $0.211. BTC/USD Bitcoin continued with its good performance on Sunday, January 5…

Bitfinex Market Manipulation Lawsuit Refiled in New York and Joined by Second Case

An Oct. 10 class-action lawsuit filed against iFinex Inc., the parent company of Bitfinex and Tether, was refiled on Jan. 8 in New York’s Southern District. The lawsuit by Young et al. was followed on the next day by a similar class-action filing by Bryan Faubus. The original lawsuit alleges that iFinex manipulated the cryptocurrency market in 2017 by issuing unbacked Tether (USDT) that was then sold for Bitcoin to increase its price. Plaintiffs argue that the common belief that each USDT represented one real dollar led traders to eagerly…

A Lawsuit Alleging Tether and Bitfinex Manipulated the Bitcoin Market Has Been Dropped

A class-action lawsuit alleging Tether and Bitfinex manipulated the bitcoin market has been withdrawn by the plaintiffs. A document filed Jan. 7 in the Western District of Washington shows plaintiffs Eric Young and Adam Kurtz have opted for voluntary dismissal in their case against Tether and Bitfinex’s parent firm iFinex. The case was originally filed on Nov. 22, 2019. The plaintiffs, who both claimed to be bitcoin traders, alleged that Bitfinex and Tether issued inaccurate information and “monopolized and conspired to monopolize the Bitcoin market”. Drawing heavily on the case…

Bitcoin and Ether Market Update: January 9, 2020

The total crypto market cap added $8.1 billion to its value since the morning of Monday, January 6, and now stands at $209.6 billion. The top ten coins are all in red for the last 24 hours with Litecoin (LTC) and EOS (EOS) being the worst performers with 5.7 and 5.4 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $7,949 on the Bitstamp daily chart, while ether (ETH) stands at $139 and Ripple’s XRP hovers around $0.206. BTC/USD Bitcoin continued with its good performance…

‘Cryptocultists’ May Stop Bitcoin Bull Market — Trader Who Called $20K

Bitcoin (BTC) returning to a bull market depends on whether “cryptocultists” have already exited the market, veteran trader Peter Brandt has warned. In a tweet on Jan. 8, Brandt, who has become a regular Bitcoin pundit in recent years, confirmed he was eyeing current price activity to determine the likely next move. Brandt: Bitcoin needs “cryptocultist shakeout” BTC/USD gained 5.5% in the 24 hours to press time, retaking $8,000 in a move many previously considered highly unlikely.  Whether momentum continues, Brandt says, is nonetheless down to the composition of the…

4 Signs the Cryptocurrency Altcoin Market May Have Finally Bottomed

Bitcoin (BTC) made a sudden jump of 9% in the past 24 hours. However, altcoin cryptocurrencies have been showing strength recently as well. Recent surges from large caps have been in the double digits with Dash (DASH) surging 50% and Bitcoin Cash (BCH) 30% in the past four days. Is it possible to draw a conclusion that the altcoin market capitalization is potentially bottoming? Let’s find out. Crypto market daily performance. Source: Coin360 Altcoins retraced to their cycle lows Many altcoins have reached their cycle low levels, which means that…

Why Fears of Correction Still Dominate the Bitcoin Market Despite Big Rally

Bitcoin staged a sharp price rally this Tuesday as speculators continued to assess the likelihood of a full-blown military conflict between the US and Iran. The benchmark cryptocurrency established a seven-week high of $8,000 on Coinbase, its best level in seven-weeks. The move upside brought its weekly gains up by 10.27 percent. The bitcoin futures trade, too, noted moves towards $8,100 after the price rally in the spot market. It might be time to get out of Bitcoin’s way. — The Wolf Of All Streets (@scottmelker) January 6, 2020 Fundamentals…

Bitcoin Flashes Wyckoff ‘Sign of Strength’ Hinting at New Bull Market

Bitcoin (BTC) may have just signaled its return to a bull market, according to fresh analysis using a century-old price prediction method. In a tweet on Jan. 7, ex-Goldman Sachs analyst Murad Mahmudov channeled the work of Richard Wyckoff to suggest Bitcoin was in the process of a major recovery.  BTC puts in Wyckoff “SOS” BTC/USD cracked resistance at $7,600 on Monday, surprising punters who considered the levels too difficult to pass under current conditions. At press time, the pair traded at $7,875, having reached $7,980 and gaining 5% on…

Bitcoin, Ether, and XRP Weekly Market Update January 6, 2020

The total crypto market cap added $4.3 billion to its value for the last seven days and now stands at $201.9 billion. The top 10 currencies were all in green for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performers with 14.8 and 10.9 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $7,504 while ether (ETH) moved up to $138. Ripple’s XRP is still trading at $0.196. BTC/USD Bitcoin closed the trading session on Sunday, December 29,…