Bitcoin Price Falls Below $6,000 on Declining Trading Volume

For the second time in one week Bitcoin (BTC) price has fallen below $6,000. Today’s pullback below the $6,000 mark comes as the weekly and monthly close approach and its possible that the price could also be influenced by investors fear that traditional markets may continue to correct at Monday’s opening bell. Crypto market daily price chart. Source: Coin360 At the time of writing the price is trading at $5,917 after bulls failed to hold the $6,200 support. For the short term, Bitcoin will need to hold $5,850 or traders…

OKEx Now Lists Orchid (OXT) Token, Spot Trading to Go Live on March 30, 2020

The leading global cryptocurrency derivatives and spot exchange platform OKEx has announced the addition of Orchid (OXT) token to its list of tradable crypto-assets. The utility token is designed for use on the Ethereum blockchain-based Orchid peer-to-peer open marketplace for buying and selling VPN bandwidth. The deposits and withdrawals of OXT on OKEx will be available from March 27 and 31st at 09:00 UTC respectively. In between, the OXT/BTC and OXT/USDT spot trading feature will go live on Mar 30, 2020 at 09:00 UTC. The Orchid platform is designed to…

Venezuela’s Struggling Internet Could Make Crypto Trading Tough

The global coronavirus lockdown has put a strain on Venezuela’s internet, which could logically make crypto participation difficult. As much of the world hunkers down in quarantine, people logically turn to internet-based services for work, as well as a way to pass the time. This mass movement has put significant stress on available data usage capacities in Venezuela, Movistar told Bloomberg for its March 27 article.  A daughter company of Telefonica SA, Movistar is the nation’s main telecom provider.   Global precautions cause global strain In an effort to prevent the…

One in Four Trading Firms Have Adopted Crypto in Some Way

A report produced by derivatives analysis firm, Acuiti, has revealed a growing interest in listing crypto assets among institutions, despite lingering compliance concerns. The report was compiled in partnership with exchanges, Bitstamp, and the Chicago Mercantile Exchange (CME). The study surveyed 86 “senior executives from the buy-side, sell-side, and proprietary trading groups specialized in traditional derivatives trading, clearing and execution.” The report also supplemented its findings by surveying trading firms which specialize in cryptocurrencies. 26% of trading firms have adopted crypto assets in some form The report found that 17%…

BitMEX Slips Behind Binance and OKEx for Bitcoin Futures Trading Volumes

Bitcoin (BTC) derivatives exchange BitMEX has fallen to third place in 24-hour trading volume for Bitcoin futures.  Data from Skew analytics on March 23 reveals that the derivatives giant, founded by Arthur Hayes, is reporting $2.45 billion in 24-hour futures volume, as against Binance’s $2.48 billion and OKex’s $3.08 over the same time frame. 24-hour trading volumes for Bitcoin futures contracts on major exchanges. Source: skew.com Mid-term trends Earlier this month, aggregated open interest in BitMEX’s futures contract took a steep plunge from $1.2 billion on March 12 to $745…

Can’t Lock Down Bitcoin: Trump Ponders Halting Stock Trading, Grounding US Passenger Flights

In the wake of the coronavirus outbreak and a looming recession, U.S. President Donald Trump and his administration are contemplating halting stock markets next week. The White House is currently considering grounding all passenger planes and ordering a nationwide shelter. However, bureaucrats from the White House believe that the grounding of U.S. passenger planes and the execution of a federal lockdown order will wreak havoc on Wall Street. In order to curb panic, bipartisan U.S. representatives are considering plans to temporarily stop stock trading. Also read: US Real Estate in…

Ethereum Is Trading Near Crucial Resistance, Are Bulls Ready For A Surge?

Ethereum is slowly recovering and trading towards the $120 resistance against the US Dollar. ETH price could climb higher sharply if there is a clear break above $120 and $124. Ethereum is showing a few positive signs above the $110 support zone against the US Dollar. It is currently testing a major hurdle near the $120 resistance area. Two key bearish trend lines are acting as a hurdle near $119-$120 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin price is gaining traction and it is now testing…

Binance.US Will List Tezos Token for Trading on March 16th

On March 16th, digital asset marketplace Binance.US will list XTZ, the in-house cryptocurrency of blockchain project Tezos. According to an announcement on Binance’s website, trading for XTZ/USD and XTZ/BUSD trading pairs will be available on Monday, March 16th at 9:00 AM EST. At the time of writing, users on Binance.US can deposit USD, BUSD, or XTZ to their wallets before trading goes live on Monday. However, only deposits of the XYZ tokens will be allowed; withdrawals are permitted after 9:00 AM on March 16. XTZ is currently valued at $1.47.…

Data Transparency and Fake Trading Volumes — Institutionalizing Crypto

On Feb. 26, the Securities and Exchange Commission announced the rejection of yet another ETF submission from Wilshire Phoenix, a New York-based investment firm, citing a lack of resistance to market manipulation and fraudulent activity. The filing stated that the NYSE Arca had not demonstrated that the market was “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.” While Wilshire Phoenix aimed to base its ETF both on Bitcoin (BTC) and the United States Treasury bonds to hedge against Bitcoin’s volatility in…

Bitcoin Trading Near Make-or-Break Levels: Can Bulls Make It?

Bitcoin is currently correcting higher from the $3,906 swing low against the US Dollar. BTC is now forming a crucial breakout pattern, which is likely to decide the next move. Bitcoin price seems to be facing a lot of hurdles on the upside near $5,500 and $5,950. The price is now trading well below $6,500 pivot area and the 100 simple moving average (4-hours). There is a crucial contracting triangle forming with resistance near $5,350 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could…