At the start of the weekend, Dash continued moving upwards alongside a strong buying sentiment period.
Last Wednesday, DASH/USD established a weekly low at 156.60-fiat and later the pair went through a recovery phase at 186.70-fiat showing crucial resistance during the next day trading session. In the past 24 hours, the pair managed to record a new daily high near 196.30-fiat.
The reasons for this rally can be found in the new membership that Dash made with Krypto Mobile Corporations, a South American startup. The mobile company integrated a Dash payment option for all the crypto-enabled mobile phones. This company is most active in financially weaker regions such as Latin America and especially Venezuela. Merchants will now have an option to choose Dash instead of the non-reliable Bolivar.
Dash is really popular in Venezuela and this is one of the reasons for partnering with a South American company. More than 3,000 merchants that are listed on the Krypto Mobile Corporation services, nearly half of them are from South America. It’s really important to note that Dash hasn’t shown a decline in adoption, unlike Bitcoin and Bitcoin cash.
The DASH/USD pair reached a new breakout point at 61.8 Fibonacci retracement level so now the market is waiting for the pair to test 200-fiat as a potentially new resistance point while finding a support level at 190.04-fiat. If the price breaks below this point, we could see a fall towards 170.67-fiat. Analysts advise that a long position right now looks a bit risky but if there is a breakout scenario, the pair could test 212-fiat as the next upper target.
CFTC With A Fine Of $1.1 Million To Crypto Fraudster
"Today's Order stands as yet another in the string of cases showing the CFTC's commitment to actively police the virtual currency markets and protect the public interest," is what is written in the CFTC enforcement document.
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
“In London, I see a lot of finance people getting into it. People with 10, 20 years of forex experience are trying their hand at it. It’s drawing a lot of people from traditional financial circles, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”Meanwhile, his exchange CoinJar, will consider the possibility of floating a stable currency, even though the market has a number of players in that circle, according to Tan. As he added in the report:
“There are a few Australian stablecoins already – I think there are three or four out there. I think many of them would be happy for us to utilize them. The question is, how do we try to leverage some of these things to provide a better user experience for our users?”Earlier this year, CoinJar introduced the first cryptocurrency index fund, offering wholesale investors with net assets of more than $2.5 million (AUD) to cryptocurrency while shifting the custody responsibility to CoinJar.
CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing
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- CFTC With A Fine Of $1.1 Million To Crypto Fraudster
- Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
- CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats
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