A mixed trend in the crypto market, money swaps hands and moves among the alternative currencies. The Gemini trading platform owned by Winklevoss brothers recently added coins such as Zcash, which resulted in a 50% increase in its exchange rate. This is an example of the great appetite of traders in the market, which is still in the midst of the alternative currencies trading season. The consensus conference has began and the great hype surrounding it was not too late to come. Analysts believe the consensus will lead to price gains, as we have seen around New York’s Blockchain Week. In addition, there are rumors that large funds are entering positions and marking a floor in currencies for the near future. Overall, there seems to be a chance for quick gains if cyclicality continues
In Bitcoin we have seen again how the movement of currencies from MTGOX affects the rate, but it seems that the support areas hold around the moving average (MA50) and there seems to be confidence in the markets within this range of volatility. All together it was a positive week and volatile as usual, the market cap remains stable and so is the dominance of Bitcoin relative to the alternative currencies.
Crypto Worldwide News
New York Stock Exchange to Launch Bitcoin Trading Platform. The parent company of one of the largest exchanges in the world is developing an online platform for trading bitcoin named a swap. Swaps allow two parties to swap with positions, with the end result being that investors can hold and buy bitcoin. But instead of doing so directly, they use a swap instrument, which will bring the activity within the regulatory oversight of the Commodities and Futures Trading Commission.
Wall Street Gets Ready to Start Trading Cryptocurrencies. Some big names on Wall Street are getting ready to start trading cryptocurrencies, namely Goldman Sachs and Intercontinental Exchange (ICE). Both companies want to open different Bitcoin services, and Goldman Sachs has announced its Bitcoin trading unit.
Billionaire Bitcoin Bull Partners with Bloomberg to Launch Cryptocurrency Index Platform. Billionaire and Former Goldman Sachs Trader Mike Novogratz has signed a partnership deal with Bloomberg to launch a cryptocurrency index platform. Novogratz’s Galaxy Digital Management LP and Bloomberg will create the Galaxy Crypto Index (BGCI) that will provide asset tracking for 10 of the most liquid cryptocurrencies in the market.
Crypto is the Future, Union Bank Head Asserts. Edwin Bautista, head of Union Bank of the Philippines said that his bank is considering the acceptance of bitcoin and other virtual currencies as payment options. Union Bank of the Philippines is one of the 10 banks in the world to have welcomed cryptocurrencies, with the expectation that they will play a major role in financial markets.
SEC Addresses Crypto: SEC Commissioner Raises a Flag of Hope for Crypto Industry. Heister Perice, the United States SEC Commissioner spoke about cryptocurrencies and ICOs in her speech at the Medici Conference. Perice stated that the SEC should better understand the cryptocurrency market before putting forward any regulations that may curb innovation.
More People Searching ‘How to Buy’ Bitcoin and Ripple (XRP) Than Homes, Cars and Gold. As reported by the Daily Hodl, more people are now searching on Google how to buy Bitcoin and Ripple than gold, cars and other assets. This search trend can be seen using Google’s suggested search feature, which ranks keywords by their popularity and search volume.
Nasdaq Chief Executive Offers a Rare Bullish Outlook on Bitcoin. Nasdaq Chief Execute Adena Friedman maintains her bullish stance when it comes to Bitcoin and other leading cryptocurrencies. Friedman stated that Bitcoin is the “next step in the space of currency.” Friedman also stated that cryptocurrencies like Bitcoin serve the market perfectly for a decentralized option for money.
Huawei has surpassed Apple as world’s second biggest smartphone manufacturer… And now Huawei phones will come out with a pre-installed bitcoin wallet. Huawei, the world’s third largest handset manufacturer, is releasing BTC’s.com Bitcoin wallet in its AppGallery, which comes pre-installed on all Huawei phones. The wallet will be the first cryptocurrency app offered by Huawei. An updated version of the Bitcoin wallet will be rolled out to older devices over the next coming months.
South Korea’s Largest Crypto Exchange Upbit Under Investigation for Fraud. South Korea’s largest cryptocurrency exchange, Upbit, is suspected of fraud and is presently under investigation. Prosecutors have conducted searches at the exchange and have confiscated computers and other records. In total, more than 10 investigators were sent to the Upbit headquarters on May 10 and May 11th.
China’s Ministry of Industry and Information Technology to publish ratings for blockchain projects – including bitcoin. A research unit under China’s Ministry of Industry and Information technology stated on Friday that it would produce ratings for cryptocurrency projects, which is in the latest efforts as part of Beijing’s efforts to regulate virtual currencies. 28 virtual currencies and tokens will be rated, including Bitcoin, Ethereum, Ripple, Litecoin, NEO, Verge and more, according to a media website owned by the China Center for Information Industry Development.
German Online Bank Chooses Bitcoin Over SWIFT for International Loans. Bitbond, an online German bank has been using bitcoin to transfer loans throughout the world. According to a report published by Reuters, the financial institution has been using the cryptocurrency to bypass the SWIFT international transfer system for monetary payments.
Goldman Sachs Opens Bitcoin to Institutional Investors. Goldman Sachs will now help institutional investors buy and invest in cryptocurrencies. This will allow investors to trade and speculate on cryptocurrencies like bitcoin with the introduction of Bitcoin futures from one of its New York trading desks.
Traditional Traders And Bankers Migrating To Crypto (BTC, ETH, XRP, LTC) Based Jobs. Yuzo Kano, former Goldman Sachs manager and current CEO of Bitflyer inc, is reportedly headhunting traders and bankers from his old employer and other firms in the arena of banking and investing to help him run his new Bitflyer exchange. His current team is made up of senior employees, as well as young associates from Barclays Plc, Credit Suisse Group AG, amongst other banking giants.
Support around $ 9,000 did not hold and we are down to support areas around $ 8,500, looking down at $ 8,200. Traded around $ 8750 with resistance in this range at $ 9,300.
Against the dollar traded around $ 728 in resistance areas but there was already an attempt to break up. Shaky support is forming around $ 680 and resistance at $ 760.
Against Bitcoin trading its around 0.083 BTC as the rally continues to climb. Resistance around 0.085 BTC with support at this range is -0.078 BTC.
Against the dollar its being built resistance around $ 1,500 with support at $ 1,300 and traded around $ 1,415.
Against Bitcoin, its traded around 0.16 BTC with resistance at 0.18 BTC and support in this range around 0.155 BTC.
Against the dollar after finding the floor around $ 16 we saw a rising trend up to the $ 45 rate after which the correction came. Traded around $ 31 and support for $ 27 in this resistance range at $ 33.
Against Bitcoin, attempts to break through during the past year have failed. The resistance area is marked in red, but on the other hand, there is a rising trend from the support side. For a long time the support for the gate has been rising and the floor that we saw before has not been repeated. Traded around 0.0036 BTC These are also support zones, resistance at 0.0038 BTC.
Against the dollar after an ongoing correction, it seems we have met the floor for now. Traded around $ 5.3 with support at $ 5 and resistance is building around $ 6.
Against Bitcoin, the exchange rate has been volatile but steady since the big rally in April 2017, where the peak was 0.0018 BTC and is not in sight at this stage. Traded around 0.0006 with BTC support in this range around 0.00055 BTC and resistance at 0.00065 BTC.
Against the dollar it seems that here too we saw a kind of floor around $ 10. Traded around $ 15 resistance at $ 20 and support at $ 14 in this range
Against Bitcoin on a weekly graph there seems to be a floor and there is room for trading. The question is at which point you caught XCP. Traded around 0.0018 BTC resistance in this range around 0.0025 BTC support at 0.0015 BTC.