Tag: Markets News

New Exchange Claims It Can Tokenize Shares of AirBnb, Uber, SpaceX

New Exchange Claims It Can Tokenize Shares of AirBnb, Uber, SpaceX

Coin Desk
Crypto startups Zilliqa and MaiCoin have teamed up to create a centralized security token exchange in Singapore that will apply blockchain technology to the trading of traditional asset classes. Launched today, Hg Exchange aims to act as a “one-stop solution” for token issuers, buyers, sellers and market makers, providing participants access to privately held shares and security tokens. Hg claims to be the first “member-driven exchange” in southeast Asia seeking to merge the traditional finance industry with the nascent crypto space, meaning any participants in the platform must go through the licensed financial intermediaries attached to the exchange. Further, the exchange said it hopes to provide investors access to both new ventures and established, closely held tech giants: “It is envi

Gold Price May Offer Clues About Next Big Bitcoin Move

BITCOIN, Coin Desk
Bitcoin (BTC) traders could get cues from an apparent negative correlation that has developed between bitcoin and gold prices. Gold picked up a strong bid at $1,196 on Nov. 13 and jumped to $1,300 on Jan. 4, possibly due to a sell-off in the weakening U.S. dollar. The greenback was down against most currencies in last two months of 2018 on growing speculation that the Federal Reserve (Fed) could decrease or pause interest rate hikes in 2019. Bitcoin, however, did not benefit from that broad-based sell-off in the dollar. The cryptocurrency instead saw a revived bear market with a convincing move below $6,000 on Nov. 14 – a day after gold found takers around $1,200 per ounce. That price action indicates that the two assets are inversely correlated. Validating that argument is the 90-day corr

Bitcoin Sees Longest Stretch of Price Consolidation Since October

BITCOIN, Coin Desk
Bitcoin (BTC) is witnessing the longest stretch of range-bound price activity in three months. The leading cryptocurrency by market capitalization has been largely restricted to trading between $3,700 and $3,500 since Jan. 11 – the longest stretch at such a narrow range since the end of October. Back then, the market had gone quiet, with prices staying within the $6,500–$6,350 range in the 12 days leading up to Oct. 28. On the following day, BTC dropped to $6,208. After another period of sideways movement, bitcoin fell well below the crucial support level of $6,000 on Nov. 14. The current period of consolidation may also end with a big move to the downside, as BTC reinforced the primary bearish trend – as represented by the downward sloping 10-week moving average – with a 10 percent slide
Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

BITCOIN, Coin Desk
Evidence is emerging that bitcoin has yet to truly earn its reputation as an “uncorreleated asset.” Case and point, bitcoin’s latest sell-off from $6,000 to nearly $3,000 was accompanied by a surge in the CBOE Volatility Index (VIX). The VIX measures the 30-day forward-looking volatility of the S&P 500 to gauge the market’s fear and risk tolerance, which is why it is commonly referred to as the “fear gauge” for the broader U.S. stock market.  In theory, the VIX should be low when the S&P 500 is in a steady uptrend and should only rise as does fear, causing panic selling and for either smart or weak hands to be shaken out of the market. Bitcoin, being a digital currency and store of value that isn’t the product of a government, is advertised to be unaffected by the perceived fear or
South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop

South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop

Coin Desk
South Korean crypto exchange Coinnest is looking to take back cryptocurrencies accidentally sent to clients in an airdrop. The exchange announced last week that some 6 billion Korean won (around $5.3 million) in bitcoin and other cryptocurrencies were sent to customers due to a computer error, according to CoinDesk Korea. The exchange was trying to airdrop We Game Tokens (WGT) when the incident occurred. Further, due to the server issue, some customers also received Korean won from the exchange. The exchange has no plans to compensate users for any losses suffered through its server issues. Coinnest’s server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake. As of Jan.
This Former Bitcoin Price Support Is Now Capping Gains

This Former Bitcoin Price Support Is Now Capping Gains

BITCOIN, Coin Desk
Bitcoin’s (BTC) weekly gains were wiped out at the weekend at a key moving average that previously offered support. The leading cryptocurrency by market capitalization jumped to highs above $6,750 on Saturday, having weakened the immediate bearish case with a repeated defense of the psychological support level of $3,500 last week. BTC, however, failed to secure a UTC close above the 21-day MA. More importantly, rejection at that MA hurdle proved costly – BTC fell 3.8 percent to $3,470 yesterday. So, it could be argued that the MA line, which served as strong support in the two weeks leading up to Jan. 10, has now taken on the role of stiff resistance. As of writing, BTC is changing hands at $3,527 on Bitstamp, representing a 4.30 percent drop on a 24-hour basis. Meanwhile, the 21-day MA is
Bitcoin Price Consolidation May Have Weakened Bear Case

Bitcoin Price Consolidation May Have Weakened Bear Case

BITCOIN, Coin Desk
Bitcoin’s eight-day stretch of consolidation looks to have weakened the prospects of a drop back to December lows near $3,100. The leading cryptocurrency by market value has been restricted to a narrow range of $3,500 to $3,700 since Jan. 11. That range play is somewhat surprising, as BTC had set the stage for a quick slide toward December lows near $3,100 with a 9 percent drop on Jan. 10 – the biggest single-day decline since Nov. 24. Notably, prices fell to $3,500 that day, erasing the hard-fought gains of the preceding two weeks. Despite the sharp bearish reversal, a convincing break below the psychological support of $3,500 has remained elusive for eight days. That could be considered a sign of sellers unwilling to offer the cryptocurrency so low in the bear market. Put simply, the pro
QuadrigaCX Crypto Exchange Users Still Can’t Get Their Money Out

QuadrigaCX Crypto Exchange Users Still Can’t Get Their Money Out

Coin Desk
QuadrigaCX customers are complaining they still can’t get their money out more than a month after the cryptocurrency exchange won a court dispute that had held up $19 million of funds. While that would be worrisome enough, users’ concerns were compounded by the company’s announcement Monday that its CEO and founder, Gerald Cotten, had died more than a month earlier. In a statement attributed to Jennifer Robertson, Cotten’s wife, the exchange said he died on December 9 from complications arising from Crohn’s disease while traveling in India. The same statement also said QuadrigaCX was working through a backlog of withdrawal requests and had set daily withdrawal limits. Then, on Tuesday, QuadrigaCX sent its customers an email, a copy of which CoinDesk obtained, stating that it was processing
Bitcoin Price Volatility Is Down 98% Year-on-Year

Bitcoin Price Volatility Is Down 98% Year-on-Year

BITCOIN, Coin Desk
Bitcoin price volatility has crashed in the last 12 months as the bear market killed off the speculative frenzy. Daily volatility, the spread between the price high and price low, stood at $61 yesterday – down a hefty 98 percent from the figure of $3,468 observed on Jan. 16, 2018 – according to CoinMarketCap data. Meanwhile, bitcoin’s price is also down 74 percent year-on-year. Generally, with a sharp drop in price, volatility in dollar terms tends to fall in parallel. Notably, volatility was extremely high in percentage terms 12 months ago. The trading range was 26 percent on Jan. 16, 2018, indicating that the crypto market frenzy was at its peak. Volatility, however, subsided as the year progressed: dropping from $973 in the first quarter to $345, $245 and $195, in the following quarters
Genesis Trading and BitGo Team Up to Enable High-Frequency Crypto Trading

Genesis Trading and BitGo Team Up to Enable High-Frequency Crypto Trading

Coin Desk
Cryptocurrency custodian BitGo and over-the-counter (OTC) specialist Genesis Global Trading have teamed up on a service designed to make Wall Street feel more comfortable dipping a toe in the market.   Announced today, the tie-up means institutional investors storing digital assets with BitGo can use Genesis’ platform to execute trades at the speed they are accustomed to in the traditional financial markets. For example, if a client holds 100 bitcoin in their BitGo cold storage wallet, they can get a quote via Genesis and sell those bitcoins immediately. The moment the client agrees on the trade, BitGo locks up the 100 bitcoin and holds them to give to Genesis, which initiates a U.S. dollar bank wire to BitGo. Once the wire goes through, the bitcoin transfer is settled on BitGo’s books,