There was some kind of a doubt of a potential dump in yesterday’s cryptocurrency news which triggered many investors. However, a new breeze of green has cleared any of these doubts out and made the crypto markets buoyant for another day. However, the brief dip below $180 billion in market capitalization was recovered and no stable correction at all has occurred yet.
Bitcoin has managed to go above the $5,200 mark where it has consolidated for the past few days. After it dropped to an intraday low of $5,170, the most dominant cryptocurrency recovered quickly and is right now trading a little higher on the day at $5,250. Bitcoin (BTC) appears to be heading back to its micro resistance level of $5,300 which will be the next test according to some analysts.
Meanwhile, Ethereum (ETH) is back at $180 after posting stable gains of almost 3% on the day. At the moment, ETH is mirroring what BTC does and it is definitely an altcoin to watch. Both of the cryptocurrencies are approaching strong technical resistance levels.
The rest of the top ten market is in the green today and recovering from yesterday’s losses. A cryptocurrency that is leading the way during the Asian trading session is EOS – making gains as big as 7% on the day and going above $5.80. Right now, EOS is just $100,000 behind BCH and about to flip it for fifth.
Binance Coin, on the other hand, is a close second with over 6% in gains and a price point which allowed it to reach $18.60. The movements by the rest are smaller and measuring only a couple of percent of increases.
The top twenty is also all green and the biggest gains are coming from NEO, Ethereum Classic and Ontology which are all around 4% today. Tezos is outside the top twenty but that may change shortly as its gains are now over 5%, chasing down NEM which sits right above the altcoin.
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
P2P Dash And Bitcoin Transactions Skyrocket In Venezuela
‘’In countries where residents are under pressure from economic mismanagement, Bitcoin trading becomes critical. Two factors drive Bitcoin trading: one, there is pressure to purchase Bitcoin using local currency before it loses even more value; and two, there is a need to redeem for the local currency either past purchases or purchases made outside the country by friends/family, enabling residents to cope with rising prices. This results in an increase in Bitcoin trading in the local currency.’’
Trading Platform Giant Binance Announces The Launch Of Venus
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”Venus is an open blockchain project that will develop localized stablecoins and digital assets pegged to fiat currencies so Binance will start providing full process technical support, compliance risk control and multi-dimensional cooperation network in order to build the new cryptocurrency but also will leverage its existing infrastructure and regulatory establishments according to the co-founder of Binance. The exchange also noted that they welcome more governments, companies, and organizations that have a huge influence on a global scale in order to collaborate with it for the new Venus initiative. Facebook’s cryptocurrency Libra has a similar structure. The goal is to serve the unbanked people and to facilitate low-fee money transfers around the world. Libra is expected to go live in the year 2020 but it has already faced scrutiny from many banks and politicians around the world. Facebook has stated recently in a risk disclosure filed with the Securities and Exchange Commission that Libra will never launch because there is no significant regulatory scrutiny. Binance, on the other hand, stated that it believes that Libra will grow at an exponential rate and will, therefore, reshape the world financial system. They also noted that Libra could bring changes more than the Internet did as per the announcements that we have in the latest cryptocurrency news:
“Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory framework.’’
Bitcoin Breaks Resistance As Other Altcoins Awaken This Monday
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