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Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

November 13, 2018 |

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

There are less than two days left until the Bitcoin Cash (BCH) network faces a contentious hard fork and BCH markets are showing some unusual activity. They are being driven by heavy trading volumes that have doubled in the last two days, while BCH/USD short positions on Bitfinex have touched an all-time high. At the moment, bitcoin cash is trading for $ 529 per coin with more than $ 900 million worth of global swaps in the last 24 hours.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Cryptocurrency Rally Stalls

As news.Bitcoin.com stated during our last markets update, all eyes are on bitcoin cash prices before the pending fork and this is still the case. On Tuesday, Nov. 13, the overall cryptocurrency economy is valued around $ 214 billion with over $ 13.3 billion in global trade volume over the last day. Currently, bitcoin core (BTC) prices are hovering around $ 6,359 with a market valuation of about $ 110.4 billion. BTC prices are down 0.64% over the last 24 hours and down 0.95% for the last seven days. The second highest valued market held by ethereum (ETH) is valued at $ 21.5 billion today and one ETH is swapping for $ 209. Ripple (XRP) has dipped in value as well and the token is down 0.12% over the last 24 hours. Spot markets show one XRP is trading for $ 0.52 and ripple trade volume is around $ 579 million. Lastly, stellar (XLM) markets are down quite a bit as markets have lost over 3% today and one XLM is trading for $ 0.26.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Top 10 digital asset markets on Nov. 13, 2018, 12:00 p.m. EST.

Bitcoin Cash (BCH) Market Action

Even though it looks as though some of last week’s BCH spurred digital asset rally has stalled, a lot is going on behind the scenes. One BCH is trading for $ 527 per coin and the total market valuation is around $ 9.9 billion this Tuesday. According to statistics, bitcoin cash has the fourth largest trade volume just below tether (USDT) and ETH. This is because BCH trade volume has spiked considerably over the last day as the 24-hour volume is steadily approaching $ 1 billion. The trading platforms swapping the most BCH today include Lbank, Okex, Binance, Hitbtc, and Bitfinex. BTC is the largest pair trading with BCH and captures 39.5% of the market. This is followed by USDT (30.9%), USD (12.4%), ETH (7.1%), and QC (3.8%).

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Bitcoin cash daily chart on Nov. 13, 2018, at 12:00 p.m. EST.

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart and the daily on Bitfinex and Bitstamp shows BCH bears have managed to push the bitcoin cash price down and suppress the value over the last few hours. Similar to our last markets update, the short term 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA trendline. This confirms the path toward the least resistance is still the upside at the time of writing. On the 4-hour chart, the Relative Strength Index oscillator is meandering in the middle (44-56) and not giving much indication toward the next move.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD Bitfinex 4-hour. Nov. 13, 2018.

Order books show bulls need to surpass the current suppression and prices above the $ 560 range to gain some more leeway. On the backside, order books show some solid foundations between the current vantage point and $ 485. Again, there is a massive buy wall at $ 445 which could hold for a decent period of time. However, the moving averages and current MACd show things may not be so dismal in the short term and the massive trade volume injected in the BCH ecosystem in the last 24 hours suggests a quick and unexpected trend change could definitely be in the cards.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD 30-min. on Bitstamp. Nov. 13, 2018.

Chain Split Token Markets and Short Positions

As mentioned above, the clock is ticking towards the pending Bitcoin Cash network fork slated for Thursday, Nov. 15. Additionally, BCH/USD short positions on Bitfinex are still riding extremely high at the moment with people betting the currency’s value will plummet. Yet some traders believe the massive BCH daily trade volume coupled with short positions at an all-time high is a recipe for danger for margin traders without equity and many short positions could get “rekt.”

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD short positions on Bitfinex. Nov. 13, 2018.

Many traders have also been watching the BCH futures markets on Poloniex with BCH-ABC and BCH-SV being swapped against USDC and BTC pairs. At the moment, BCH-ABC is trading for $ 385, USDC and BCH-SV is around $ 139 per token. Moreover, Bitfinex has announced introducing new “chain split tokens” (CSTs) on Nov. 13 allowing traders to swap futures with the CSTs that have the dedicated ABC and SV symbols “BAB” (ABC implementation) and “BSV” (SV implementation). It’s safe to say that lots of eyes will continue to remain focused on the BCH market activity and possible reaction before the fork.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard appeared first on Bitcoin News.

Bitcoin News

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork

November 11, 2018 |

Markets Update: All Eyes On Bitcoin Cash Prices Before the Pending Fork

Since our last markets update five days ago, a lot has changed as a good chunk of the top cryptocurrency markets have dipped in value over the last three and a half days. Bitcoin cash markets touched a high of $ 638 on Wednesday, Nov. 7, but now prices are hovering around $ 544 per BCH on Sunday, Nov. 11.

Also read: Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks

Digital Assets See Some Slight Losses Over the Last Three Days

Cryptocurrency markets have had an interesting week after a long period of boring price action and stability. Last week bitcoin cash markets lead the pack out of all 2000+ digital assets, climbing over 51% in value and touching a high of $ 638 per coin. Digital asset markets, in general, have all seen some slight losses as the top ten cryptocurrencies are down 1-3% except for stellar, cardano and the stablecoin tether. The entire market valuation of the whole crypto-economy is worth $ 215.9 billion and there’s been $ 11.5 billion in global trades over the last 24 hours.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
The top 10 cryptocurrencies on Nov. 10, 2018, at 10:00 a.m. EST.

Bitcoin core (BTC) prices are hovering around $ 6,406 per coin and there’s around $ 3.7 billion in global BTC trade volume today. Following the BTC action, ethereum (ETH) prices are around $ 211 per ETH and the cryptocurrency is down 0.3% this weekend. Ripple (XRP) is down 0.9% today and each XRP is being swapped for $ 0.50 per token. Lastly, eos (EOS) has been officially bumped out of the fifth largest market capitalization and stellar (XLM) has taken its place. Stellar is currently trading for $ 0.26 per token and markets are up this Sunday 4.5%.

Bitcoin Cash (BCH) Market Action

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending ForkThe fourth largest market capitalization held by bitcoin cash (BCH) is down 0.5% over the last 24 hours. Data stemming from the last seven days shows BCH is down 1.7% overall for the week. Currently, BCH is trading at an average of $ 544 per coin with a market valuation of about $ 9.4 billion. The last 24 hours of trade volume shows BCH markets swapped $ 641 million this weekend. The top exchanges swapping the most BCH today include Lbank, Okex, Hitbtc, Binance, and Huobi Pro. The trading pairs today dominating BCH markets include USDT (35.2%), BTC (35%), ETH (10.2%), USD (7.7%), and KRW (3.1%).

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
Bitcoin cash (BCH) daily. Nov. 11, 2018.

BCH/USD Technical Indicators

Looking at the 4-hour charts for BCH/USD on both Bitfinex and Bitstamp shows BCH bears may be feeling some exhaustion in the short term going forward. Currently, there looks like a trend shift is in the cards as the 100 Simple Moving Average (SMA) has crossed above the long-term 200 SMA. This indication is positive for the bulls as the path towards the least resistance is essentially the upside. The Relative Strength Index (RSI) shows things are meandering in the middle (-44.02) but definitely closer to oversold regions.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
BCH/USD Bitstamp 4-hour at 10:15 a.m. EST. Nov. 11, 2018.

The stochastic oscillator indicates a similar reading and the MACd also shows there’s currently room for improvement going forward. Order books show a similar forecast too as bulls need to muster enough strength past the $ 566 region to gain a lot more momentum, and there will be another pitstop at the $ 600 zone. On the backside, there is plenty of foundational support at the time of publication between the current vantage point and $ 495.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
BCH/USD Bitfinex 4-hour at 10:00 a.m. EST. Nov. 11, 2018.

The Verdict: Traders Assume the Pending Fork Will Affect Markets Before, During, and After the Fork

Most traders seem positive that the price of BCH will trend higher as the fork approaches due to the memories of prior forks in the past. The 100-day average shows there is a lot of room for improvement over the next four days. Furthermore, BCH/USD short positions are at an all-time high this weekend which means a good majority of traders are betting against a rise.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
BCH/USD Shorts on Nov. 11, 2018.

However, others believe that these traders are setting themselves up for a “big squeeze” and expect prices to spike unexpectedly. With the fork approaching and especially the contentious nature surrounding it, it will likely drive markets in certain directions before, during, and after the network changes. Per usual in crypto-land, bitcoin traders are expecting the unexpected to take place next week and most are just crossing their fingers hoping they chose their positions correctly.    

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork appeared first on Bitcoin News.

Bitcoin News

Trade.io Acquires Primus Capital Markets to Offer BTC-Backed Forex Trading

November 9, 2018 |

Trade.io Acquires Brokerage Primus Capital Markets, to Offer Bitcoin-Backed Forex Trading

Trade.io, a cryptocurrency exchange and investment company, has acquired British brokerage firm Primus Capital Markets Ltd for an undisclosed amount. The new subsidiary is to start trading foreign currency using digital assets as base currency under a new name, TIO Markets. Initially, customers will be able to make deposits and withdrawals in bitcoin core, ethereum, litecoin and tiox, the exchange’s own token, to trade on the forex platform.

Also Read: Cryptogem Global Defies Zimbabwe’s Central Bank With New P2P Bitcoin Exchange

Expansion Into Europe

Trade.io Acquires Primus Capital Markets to Offer BTC-Backed Forex Trading

“The acquisition of Primus Capital Markets will allow the company the opportunity to aggressively expand into the U.K. and the European region,” Trade.io chief executive officer Jim Preissler said in an online statement on Nov. 8.

Primus Capital Markets is registered with the autonomous U.K. financial regulator the Financial Conduct Authority (FCA). The firm holds the IFPRU 125k matched principal license, which allows it to deal in investments as principal, with some degree of stringent capital and governance requirements. Preissler stated:

With an FCA regulated business, it provides management the opportunity to display to our clients we are striving for a higher standard and welcoming regulation instead of avoiding it.

He spoke of the “similarities” that exist between cryptocurrency and forex trading and how “by marrying the two and offering it under one of the most respected regulatory regimes in the world, makes for the perfect acquisition.”

Brokers Squeezed

Trade.io Acquires Primus Capital Markets to Offer BTC-Backed Forex Trading

European brokers have in recent months faced a difficult time after the introduction of new rules under the Markets in Financial Instruments Directive (Mifid). In the U.K., for example, commissions paid to brokers fell 28 percent during the first quarter of this year compared to the same period a year earlier, and by 30 percent across Europe, according to a report by the Financial Times.

Commenting on the deal, Damian McDowell, managing director of Primus Capital Markets, said:

Primus Capital Markets has extensive experience in the foreign currency industry and (we have) built a significant database of traders that will benefit from this relationship. This was a natural fit for both firms.

McDowell sits on the Trade.io board and advised on the company’s $ 30 million initial coin offering earlier this year. Trade.io is a Hong Kong-registered company that offers investors the option to trade cryptocurrency through an exchange. It also provides initial coin offerings advisory as well as digital currency-related investments.

What do you think about this deal? Let us know in the comments section below.


Images courtesy of Shutterstock.


The Bitcoin universe is vast. So is Bitcoin.com. Check ourWiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page

The post Trade.io Acquires Primus Capital Markets to Offer BTC-Backed Forex Trading appeared first on Bitcoin News.

Bitcoin News

Market’s post-election rally was broad-based, helping S&P recover nearly all of October’s losses

November 8, 2018 |

The stock market’s huge rally on Wednesday lifted multiple industries after the relatively unsurprising midterm election results reassured investors. Big-name technology, consumer and healthcare companies soared as the S&P 500 index closed at its highest level in four weeks.

The S&P 500 climbed…


L.A. Times – Business

Markets open higher after midterm election ends with no major surprises — and businesses won’t mind the gridlock

November 7, 2018 |

Major U.S. stock indexes opened higher Wednesday after the uncertainty of a contentious midterm election ended with the most widely expected result: a Democratic takeover of the House and Republicans retaining the Senate majority.

Despite President Trump’s contention last week that Democratic victories…


L.A. Times – Business

Markets Update: BCH Rallies, XRP Nears ETH Market Cap

November 6, 2018 |

Markets Update: BCH Rallies, XRP Rivals ETH Market Cap

In the cryptocurrency markets, BCH appears to be confirming the recent establishment of a double bottom at approximately $ 422, preceding bitcoin cash’s rally this past week that culminated in breaking resistance at roughly $ 600 today. XRP has also produced a strong rally in recent days, with ripple currently appearing poised to overtake ethereum as the second largest cryptocurrency by market capitalization.

Also Read:China Targets ‘Disguised’ ICOs in Crypto Crackdown Update 

BCH Breaks Resistance at $ 600

BCH has posted a strong performance this past week, rallying by nearly 50% from a retest of 2018’s low at approximately $ 410 on Oct. 31st to be currently trading for roughly $ 615.

The rally appears to have produced a double bottom ‘W’ formation on both the USD and BTC charts, with price currently establishing a higher high than that posted on Sep. 27 at the highest price posted since Sep. 5 on the BCH/USD daily.

Markets Update: BCH Rallies, XRP Nears ETH Market Cap
BCH/USD – Bitfinex – 1D

When measuring against BTC, BCH is currently trading at the highest price posted since Aug. 9, at roughly 0.0945 BTC after breaking above multi-month resistance at approximately 0.09 BTC.

Markets Update: BCH Rallies, XRP Nears ETH Market Cap
BCH/BTC – Bitfinex – 1D

Bitcoin cash is the fourth largest cryptocurrency by capitalization at $ 10.4 billion.

XRP Rivals ETH Market Cap

Markets Update: BCH Rallies, XRP Nears ETH Market CapRipple has rallied to rival ethereum as the second largest cryptocurrency by market capitalization for the first time since Sep. 21, with XRP briefly ranking above ETH at approximately 9:00 UTC on Nov. 6. As of this writing, ripple is the third largest cryptocurrency with a market cap of over $ 21.4 billion, trailing slightly behind ethereum’s roughly $ 22 billion.

In the last two days, XRP has posted price gains of roughly 15%, with ripple currently trading for approximately $ 0.54 and 0.0000831 BTC. In the last four hours, XRP rallied as high as $ 0.568 and 0.0000875 BTC.

Markets Update: BCH Rallies, XRP Nears ETH Market Cap
XRP/USD – Bitfinex – 1D

ETH by contrast has been very stable in recent weeks, trading within an approximately 13% range of around $ 195-$ 220 for the past three to four weeks when measuring against the dollar. ETH is trading for $ 216 as of this writing.

Markets Update: BCH Rallies, XRP Nears ETH Market Cap
ETH/USD – Bitfinex – 1D

When measuring against BTC, ETH has traded within a range of less than 3% between roughly 0.03083 BTC and 0.032 since Oct. 12, before rallying by 7.2% on Nov. 4 to test resistance at 0.0336. ETH has since consolidated and is trading for roughly 0.0333 BTC as of this writing.

Markets Update: BCH Rallies, XRP Nears ETH Market Cap
ETH/BTC – Bitfinex – 1D

BTC Consolidation Continues

BTC has continued to consolidate within an approximate range of between 10% and 12% since early September, following the posting of the lowest monthly volatility for 2018 at the end of October.

For four weeks the price has hovered between roughly $ 6,200 and $ 6,850 on Bitfinex, and between $ 6,100 and $ 6,800 on Bitstamp. BTC currently has a market cap of approximately $ 111.7 billion, and is trading for $ 6,485 on Bitfinex and $ 6,430 on Bitstamp.

Markets Update: BCH Rallies, XRP Nears ETH Market Cap
BTC/USD – Bitfinex – 1D

Do you think that Ripple can overtake Ethereum as the second largest crypto market by capitalization for a meaningful length of time? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview


The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.

The post Markets Update: BCH Rallies, XRP Nears ETH Market Cap appeared first on Bitcoin News.

Bitcoin News

Fading Hopes for U.S.-China Trade Truce Hit Markets

November 5, 2018 |

Asia’s beaten-up stock markets enjoyed a powerful rally in the previous trading session, buoyed by the prospect of warmer relations between the world’s two largest economies. But that optimism didn’t last long.
WSJ.com: What’s News Asia

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days

November 3, 2018 |

Since our last markets update five days ago, cryptocurrency traders saw a lower range of volumes after cryptocurrency prices dropped in value. Now, this Saturday during the weekend trading sessions, most of the top digital asset prices have seen some slight gains between 1-5% over the last 24 hours. But one digital currency, bitcoin cash, has spiked significantly in value gaining well over 12% over the last 24 hours and 9% for the last seven days.

Also read: New Bitcoin Cash Stress Test Sees 700,000 Transactions in One Day 

Top 10 Coins See Slight Gains While Bitcoin Cash Leads the Pack

Over the last year, as 2018 draws closer to an end, many traders have complained about bearish markets and low trade volumes. With less than two months left in the year, a good portion of enthusiasts are hoping for a big trend reversal. During this weekend’s cryptocurrency trading sessions, most of the action among the top ten markets is fairly lackluster, except for BCH which has shown some decent gains this week.

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days
The top 10 cryptocurrency market capitalizations on Saturday, Nov. 3, 2018.

Meanwhile, bitcoin core (BTC) prices are hovering around $ 6,350 per coin and are down 2% this week. The second largest market valuation held by ethereum (ETH) is down 1.9% and each ETH is being swapped for $ 199. Ethereum is followed by ripple (XRP) which is trading for $ 0.45 at the time of publication. Ripple markets have seen a slight loss of 0.17% over the last seven days. Lastly, eos (EOS) markets have seen gains this Saturday as markets are up 0.44% over the last 24 hours with one eos trading for $ 5.35 per coin.

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days
The most-traded cryptocurrency swaps today on Shapeshift is bitcoin core (BTC) for bitcoin cash (BCH).

Bitcoin Cash (BCH) Market Action

Bitcoin cash prices have done extremely well this week as the value currently hovers between $ 472-482 per BCH. Volume has doubled since our last markets report and 24-hour BCH trade volume this Saturday is between $ 550-630 million. The BCH market capitalization has swelled to about $ 8.2 billion and bitcoin cash is the fifth most traded cryptocurrency today.

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days
BCH 1-day.

The top five BCH exchanges this weekend include Lbank, Binance, Okex, Digifinex, and Bitfinex. The five most traded currency pairs swapped with BCH include BTC (37.2%), USDT (31%), USD (8.7%), ETH (7.1%), and KRW (5.4%). Over the last 24 hours, the most popular trade on the peer-to-peer trading platform Shapeshift.io is bitcoin core (BTC) for bitcoin cash (BCH).

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days
BCH 7-day.

BCH/USD Technical Indicators

Looking at the 4-hour charts on Bitstamp and Bitfinex shows a lot more action happening in bitcoin cash-land. The 4-hour chart shows BCH bulls have managed to move upwards quite a bit but the relative strength indicator (RSI) indicates overbought conditions (-75.9) which could mean prices may dip a touch in the short term. The two simple moving averages (SMA) show a large gap this weekend with the long-term 200 SMA well above the short-term 100 SMA.

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days
BCH/USD 4-hour Bitstamp.

This is another sign that prices could reverse slightly if bulls cannot manage to keep pushing forward. SMA trendlines and order books indicate the path toward the least resistance is in the bears’ favor. Order books show on the upside bulls need to muster up strength and press past the current vantage point and the many large sell walls leading to $ 550. On the back side, there is a small foundation that could hold above the $ 440 mark but buy orders are far lighter than the upside path.

Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days
BCH/USD 4-hour Bitfinex.

The Verdict: Fork Ahead and Korean Demand

Overall markets, in general, are seeing small gains during this weekend’s trading sessions and trade volume for all 2000+ digital currencies is just above $ 11 billion. The entire market capitalization of the crypto-economy is roughly $ 209 billion, with bitcoin cash leading the top ten largest coin valuations. The rise in BCH values coincidently comes just two weeks before the network hard fork scheduled for Nov. 15. Some have attributed the price spike to the fork because this time around the consensus change is contentious and may lead to a network split. Others have ascribed the BCH price jump to South Korea as markets in that region have seen significant growth and KRW/BCH pairs indicate a lot of demand.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Cash Prices See Steady Gains Over the Last Two Days appeared first on Bitcoin News.

Bitcoin News

The Daily: Coinbase Launches Investment Fund, Cointext Enters New Markets

November 2, 2018 |

The Daily: Coinbase Launches Investment Fund, Cointext Enters New Markets

In this edition of The Daily, we look at Coinbase’s decision to create a new investment vehicle for institutions in partnership with asset manager Wilshire Phoenix. We also cover the expansion of bitcoin cash SMS wallet service Cointext into four new markets. Also, New Zealand’s financial regulator has issued a warning against a platform offering cryptocurrency trading services.  

Also read: Consensys Acquires Planetary Resources, New Zealand Backs Crypto R&D

Coinbase Custody and Wilshire Phoenix Launch Cryptocurrency Fund

The Daily: Coinbase Launches Investment Fund, Cointext Enters New MarketsCryptocurrency exchange Coinbase has entered into a partnership agreement with asset management company Wilshire Phoenix. The deal aims to establish a new $ 500 million fund that will offer institutional investors exposure to digital assets. The partners revealed the underlying approach will be to mitigate the risks associated with market volatility and the current drop in cryptocurrency prices. At the same time, the fund will not use derivatives or other leverage tools to achieve its main objective, which is to limit counterparty exposure and the additional fees associated with such investments.

The new investment vehicle is the latest addition to an array of institutional products offered by Coinbase. News about the joint venture between Coinbase Custody and the New York-based Wilshire Phoenix comes after the San Francisco-headquartered cryptocurrency trading platform raised $ 300 million in equity funding which brought its market valuation up to $ 8 billion. According to Bill Herrmann, founder and CEO of Wilshire Phoenix, the partnership with the leading U.S. crypto exchange provides his company with the “best in class platform on which to securely store digital assets.”

Bitcoin Cash SMS Wallet Now Available in 33 Countries

The Daily: Coinbase Launches Investment Fund, Cointext Enters New MarketsSMS-based cryptocurrency wallet provider Cointext has entered four new markets. The platform, which allows people who don’t have smartphones or access to the internet to send cryptocurrency using text messages, launched its bitcoin cash (BCH) wallet in Hungary, Slovenia, Taiwan, and Puerto Rico. The company is currently operating in 33 countries after recently adding Brazil, Poland, Croatia, and Romania.

Users can take advantage of the service without installing any apps or setting up accounts. The platform allows individuals to send digital cash to domestic and international mobile phone numbers or BCH addresses. When someone receives cryptocurrency to their phone, Cointext automatically sets up a bitcoin cash wallet for them. Commenting on the expansion, Cointext founder and CTO Vin Armani said:

Cointext is the easiest way to introduce new people to bitcoin … We’re excited to launch in Slovenia because bitcoin cash is already popular there.

The ability to access a wallet via SMS (short message service) means users don’t need internet connection to transfer cryptocurrency. Cointext also settles all transactions without holding customer funds. The company charges $ 0.02 per byte on all transactions. The flat fee is levied independently of the value of coins being transferred.

New Zealand’s Financial Regulator Blacklists Cryptogain

The Financial Markets Authority of New Zealand, FMA, has issued a warning against three online platforms. According to the watchdog, the trio have the characteristics of scams. Two of them, Russ Horn and Zend Trade, have been luring investors into forex trading schemes offering unrealistic returns. The websites have advertised forex advisory and professional brokerage services, trading software and educational materials. Regulators have found that the two platforms are actually connected.

The Daily: Coinbase Launches Investment Fund, Cointext Enters New MarketsThe third entity, Cryptogain, has been presenting itself as a provider of cryptocurrency trading services. Its website used the name of another, legitimate company registered in New Zealand, Cryptogain Ltd., without consent. In a number of complaints filed with the FMA, the platform is accused of withholding client funds.

The news about the blacklisted company comes after a positive development for the cryptocurrency industry in the island nation. The government of New Zealand recently invested $ 315,000 into the Auckland-based startup Vimba which maintains a cryptocurrency savings platform and offers a range of trading services. The company will use the funds provided through the government innovation arm Callaghan Innovation to develop new features, build multi-signature wallets and increase the number of supported cryptocurrencies.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Nexo, Bitfinex.


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The post The Daily: Coinbase Launches Investment Fund, Cointext Enters New Markets appeared first on Bitcoin News.

Bitcoin News

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

October 31, 2018 |

CMC Markets Adds Bitcoin Cash to Cryptocurrency Offering

CMC Markets, a U.K.-headquartered financial derivatives brokerage with shares listed on the London Stock Exchange, revealed on Tuesday that it has expanded its cryptocurrency offering to include bitcoin cash (BCH), as well as litecoin (LTC) and ripple (XRP).

Also Read: How to Easily Give BCH as Gifts in Halloween Trick-or-Treat Packages

CMC Markets Responds to Demand

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingThe roughly 60,000 clients that CMC Markets serves around the world can now start taking positions on the three additional cryptocurrencies paired against the U.S. dollar. The move follows the brokerage’s extension of its cryptocurrency offering from professional to retail clients in July. At launch, the trading platform only offered bitcoin core (BTC) and ethereum (ETH).

“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum,” explained David Fineberg, group commercial director at CMC Markets. “We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”

Research Before You Start Trading CFDs

CMC Markets Adds Bitcoin Cash to Cryptocurrency OfferingForex, spread betting and contracts for difference (CFDs) brokerages have been very eager to add cryptocurrency-based instruments in recent years, as the volatility lured their day-trader clients away to crypto exchanges. However, concerns about alerting regulators prevented some of the more established players from doing so as quickly as they could have. Only this week it was revealed that the U.K. government is now considering a ban on crypto derivatives.

CMC Markets cautiously entered the cryptocurrency CFDs race only after rivals such as Admiral Markets, Gain Capital’s City Index, Plus500 Ltd., and IG Group Holdings Plc. had already established operations in the space.

“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange,” said Fineberg. “However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”

Is trading CFDs a good way to get exposure to bitcoin cash? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, CMC Markets.


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