Cryptocurrencies trade directionless as Bloomberg warns of Bitcoin downturn, citing key technical indicator
Mar 13, 2019
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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Crypto Market Recap
- Cryptocurrencies are trading broadly mixed this afternoon with the price of Bitcoin (BTC) inching lower by 0.07% over the last 24 hours to USD$3,907.74. Ripple (XRP) and Monero (XMR) are the best performing major coins this afternoon, each up 1.31% and 1.64% over the last 24 hours to USD$0.314535 and USD$51.71, respectively. Litecoin (LTC) and Maker (MKR) are the worst performing major coins this afternoon, each down slightly by 1.20% and 1.52% over the last 24 hours to USD$56.06 and USD$643.76.
Crypto Developments in Financial Services
- Nasdaq will officially license its trading, clearing, and market surveillance technology to US-based cryptocurrency startup Bcause LLC, according to an official press release from the former on Wednesday. As per the press release, Bcause will launch using Nasdaq’s Financial Framework platform some time in the first half of 2019. Bcause CEO Fred Grede believes that the integration of Nasdaq’s Financial Framework will attract a wide range of new users, including experienced traditional investors and cryptocurrency enthusiasts alike.
- Coinflex, a physically delivered crypto futures exchange, has received backing from high profile crypto industry investors Digital Currency Group and Polychain Capital. The two new aforementioned investors will join other notable names to previously invest in Coinflex, including Dragonfly Capital Partners, Trading Technologies, and Roger Ver. Coinflex also announced that it will soon launch FLEX Coin, a digital asset built to encourage liquidity and reward early traders that join Coinflex.
Crypto Regulatory Environment
- The US Attorney Office of the Southern District has charged the founders of OneCoin, an international cryptocurrency pyramid scheme, with accounts of wire fraud, securities fraud, and money laundering offenses. OneCoin was initially founded in 2014 in the capital city of Bulgaria and involved participants marketing an allegedly fraudulent cryptocurrency. The founders allegedly lured investors to contribute, “billions of dollars in the fraudulent cryptocurrency,” according to an announcement published by the US Attorney Office of the Southern District.
- According to a statement published by the Basel Committee on Banking Supervisions (BCBS), crypto assets threaten the financial stability of banks. The BCBS is an organization of banking supervisory authorities that is supported by the Bank for International Settlement (BIS), a group made up of 60 central banks. In its statement published on Wednesday, the BCBS warned that cryptocurrencies could, “raise financial stability concerns and increase risks faced by banks.”
General Crypto News
- Key price indicators show that Bitcoin (BTC) could be headed for another move downward, that is, according to a report published by Bloomberg on Tuesday. “Technical gauges signaling long-term buying demand for Bitcoin are deteriorating,” the report reads, specifically referring to the benchmark crypto’s Moving Average Convergence Divergence (MACD) indicator. The report by Bloomberg comes after BTC has unsuccessfully tested the USD$4,000 psychological resistance several times over the past few weeks.
- The New York Times may be in delving into blockchain technology after it published a job posting for blockchain talent on job site Glassdoor before promptly removing the post. The job posting called for a, “Lead, Blockchain Exploration,” position and detailed a search for, “a forward-looking leader who will help envision and design a blockchain-based proof of concept for a new publisher.” As of the time of this writing, the New York Times did not respond for comment on the reports.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio