Market Mostly Trades Sideways as Bitcoin Price Hovers Around $9,100

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Binance’s Changpeng Zhao Declares Russia as a Key Market

Binance’s Changpeng Zhao Declares Russia as a Key Market

Binance CEO, Changpeng Zhao believes Russia is a key market for the exchange. The cryptocurrency big whale revealed during his visit to the Radisson hotel in central Moscow on October 21, 2019.

Zhao Speaks About Russia’s Relevance to Binance

It was the CEO’s first visit to Russia and his popularity in the crypto world came to the fore once again, as he spent over half an hour smiling and shaking hands with over 700 people who turned out to the meet-up.

Changpeng Zhao said in his speech at the concert:

We are always looking for partners in any community, especially in Russia. Russia is our key market, one of the most active markets in the global blockchain space.

Vladimir Putin’s Possible Influence on Crypto in the Future

The Binance CEO was asked who he believes would have the most influence on crypto in the future and he gave an answer that attracted laughter from the audience by mentioning Vladimir Putin, Russia’s president.

“In America, the regulators are very distributed, and China is not going to move anytime soon,”

“There is a potential bill in Russia that may pass very soon, and it will be a good thing for the industry.”

Binance Plans to Establish Developers’ Office in Russia

He also revealed his plans to open an office in the country. He said:

There is a very strong programmer talent here. On this trip, it is very clear to me that we should look into the developers’ office, not the commercial office, not just yet.

Meanwhile, as reported by BTCManager on October  21, 2019, Binance announced its support for a fiat-to-crypto on-ramp for the Russian Ruble. According to the announcement, the company has plans to support more currencies, with its roots firmly set in the Asian regions.

That news came after the Malta-based Cryptocurrency exchange revealed that it is increasing the platform’s trading leverage to 125x which comes along with the launching of a leverage adjustment function that was established earlier.

“We have seen an increase in institutional participation in trading, and they are flocking to Binance Futures. The market has been demanding  a product with superior stability and performance; now we are providing one.” Changpeng Zhao said of the development.

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Ethereum May Be Gearing Up for Bullish Movement as On-Chain Volume Declines

Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past several days and weeks and was able to incur some bullish momentum this past Tuesday separate from Bitcoin, although this movement was short-lived and was closely followed by a retrace back towards its current price levels.

Analysts are now nothing that Ethereum may currently be positioned for a noteworthy bullish movement in the near-term, as it is currently trading just above a region with massive support.

Ethereum Finds Strong Support at $180

At the time of writing, Ethereum is trading up marginally at its current price of $183.85, which marks a slight climb from its recent lows of $180 that were set overnight.

ETH’s sharp bounce after visiting $180 signals that there is notable support in this region, which is further supported by the fact that it has been finding support around this level in the time since it incurred a massive rally that sent it up to highs of nearly $200 last week.

In the time following this rally, the cryptocurrency has found strong resistance around the lower-$190 region, which may signal that the crypto is currently caught within a relatively tight trading range between $180 and $190.

The formation of this tight trading range has come about amidst declining on-chain volume, which has dropped 11% over the past 24-hours, according to data from TokenAnalyst.

“4H #ETH Network Stats: Price: $185.19 (-0.9%). $ETH On-Chain Volume: $371M (-11.1%). Active Senders: 228K (-0.9%). Active Recipients: 96K (-4.4%),” they noted in a recent tweet.

ETH May Be Positioned for Further Gains in Near-Term 

As for which direction ETH will move once it breaks free from this bout of consolidation, analysts are currently noting that the strong support region directly below Ethereum’s current price gives bulls an edge over bears.

Mayne, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is currently bullish on ETH based on its weekly chart while pointing to the significant support that lies directly below its current price.

“$BTC probably isn’t going to $16k today. But, looking at the weekly charts for it and $ETH I can’t help but be bullish. Still, a lot of salty bears under my posts. I’m going to redeem ICT’s name by catching the bottoms on both with order blocks,” he said while referencing the charts seen below.

The coming few days will give traders and analysts alike significant insight into which direction Ethereum and the aggregated crypto markets will head next, and it is highly probable that this will be largely based on Bitcoin’s performance in the near-term.

Featured image from Shutterstock.

Binance Plans New Office in Beijing in First Presence in China Since 2017

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Bitcoin Needs ‘Real Use Cases’ to Become Digital Gold, Says ICE Chief

Bitcoin might become “digital gold,” but first it needs to be used more in everyday business, Intercontinental Exchange’s chief executive said.

During a quarterly earnings call Thursday, ICE head Jeffrey Sprecher said that he sees use in transactions as the prerequisite to bitcoin becoming a long-term store of value. The company’s Bakkt subsidiary, which runs a bitcoin futures market, announced this week that it is developing an app for consumers to buy goods from merchants, beginning with Starbucks.

A number of Bakkt’s employees already see bitcoin as digital gold, Sprecher said. (So, it should be noted, does much of the current bitcoin community.) To him, that’s premature.

“Because I’m old I think of [how] gold became a store of value because at one point it was a currency,” he said. “We had gold coins, it was in circulation, and over time because of the nature of its ability to spend, … it became a store of value and today, you know, in a crisis we all accept gold as a form of payment.”

Bitcoin may follow a similar trajectory, Sprecher said, citing its development and mining capabilities. He added:

“We don’t think that that that whole space will be relevant and and grow unless there are real use cases and we do … think that a use case is going to be the digital transfer of value through payments.”

But unlike bitcoin’s critics, Sprecher sees this as plausible. “It may well be that, rather than convert bitcoin to fiat currency and then use [that] fiat currency to buy goods and services, merchants and users will accept bitcoin directly,” he said.

Parties who do transact directly with bitcoin would avoid the foreign exchange costs associated with converting back and forth between fiat. Bakkt is looking to serve this market by building a digital platform to facilitate such transactions.

ICE (which also owns the New York Stock Exchange) has about 50 individuals working on payments infrastructure for Bakkt. The company is targeting an early 2020 launch date for its consumer app.

Options

Sprecher also detailed the impetus for Bakkt to launch bitcoin options, which the company plans to do in December.

Financial institutions are still wary of entering the space, with many waiting to see how regulators approach crypto first, he said. Bakkt is hoping to tackle this issue by providing a more regulated environment in the bitcoin ecosystem.

“You know, retail global retail customers have been very comfortable for whatever reason being early adopters on unregulated platforms that call themselves exchanges, but really have no particular regulatory oversight,” he explained. “We think there’s an opportunity as what we’re building out with Bakkt to bring that whole thing into a more transparent regulatory footprint and lend our expertise.”

Bakkt went live with its flagship bitcoin futures last month after more than a year of working on regulatory approvals and building out its platform. While the company initially saw low volume for its bitcoin futures contracts, trading has recently picked up.

“It just so happens that the way we’ve launched our bitcoin futures contract is that we are a source of price discovery because we’re physically delivered,” Sprecher said, meaning the contracts are paid in bitcoin rather than dollars.

“We’re not dependent on the prices that come out of these unregulated cash markets,” he said, referring to the spot exchanges that dominate the market. “We develop our own settlement price and so that lends itself very nicely to an options market where people that trade options and hedge with the underlying can have perfect hedging in one venue that they know is transparent.

“So that was the pressure to get the options out quickly,” he said.

Jeffrey Sprecher image via CoinDesk archives

Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?

In the next few hours, Bitcoin will see its monthly candle for October close. As the cryptocurrency has been subject to immense volatility over recent weeks, this close will be immensely important for Bitcoin’s directionality for the next few months.

So, with BTC seemingly poised to close October around $9,300, what are analysts saying?

Bitcoin Looking Relatively Strong

Stackin’ Bits posted the chart below recently, with the attached caption “yin/yang.” According to the chart, BTC remains above the red pivot line at around $8,700, presumably implying that it is still in the “yin” range, or bullish.

Crypto HornHairs echoed this seeming sentiment. He noted that there is a confluence of signs that imply Bitcoin is closing October bullish. This confluence is centered around the idea that BTC remains above the one-month bullish breaker, 0.618 Fibonacci Retracement, a yearly pivot, among other key levels. He thus claimed that he expects for the cryptocurrency to hit $14,000 before $7,000.

Bearish Continuation Possible

While Bitcoin’s monthly candle doesn’t look bad in and of itself, it could be viewed as a sign of impending bearish continuation when placed into context.

Below is an image outlining the “Three Black Crows” technical analysis pattern. As NewsBTC reported in an earlier report, Bitcoin’s chart printed this pattern after September’s close, which many say is a sign of an extremely strong trend reversal, especially on long-term time frames like the monthly.

Image result for three black crows

While some have argued that the Three Black Crows were invalidated by Bitcoin’s massive 25%+ surge over the past week, some textbook examples of the pattern, like the one above, show one green recovery candle, before further losses in following trading sessions. This, of course, could play out with Bitcoin heading into the end of 2019.

Featured Image from Shutterstock

Bullish for Bitcoin? Analyst Warns of Growing Motives for Global De-Dollarisation

A group of “very powerful nations” is increasingly making moves to reduce their dependence on the US dollar according to a global security analyst. Traditionally a planetary store of value, will Bitcoin benefit from such a global exodus from the dollar?

Anne Korin of the Institute for the Analysis of Global Security identifies strong motives inspiring China, Russia, and Europe to ditch the dollar as the asset favoured for global trade. She describes the situation as “unsustainable”.

Could Nations Turning Away from the Dollar Benefit Bitcoin?

Korin, the co-director of the Institute for the Analysis of Global Security, appeared on CNBC’s “Squawk Box” segment yesterday to discuss what she described as “major movers” away from the dollar. For the analyst, one of the main motives driving countries to de-dollarise is potential censorship by Washington.

Korin argues that dollar dependence leaves nations wishing to do trade with those sanctioned by the US at risk of punishment by Washington. She mentioned the current US sanctions against Iran prohibiting big European companies from trading with the nation.

Through sheer convenience, most global trade is conducted in US dollars. However, dollar payments are cleared through US banks and are subject to the censorship of that bank (which is in turn behest to the Federal government). This means that transactions between entities that might have nothing to do with America are subject to US jurisdiction.

Of course, Bitcoin use is free from the kind of financial censorship that is seen in examples like Argentina’s recent dollar buying restrictions, payment networks terminating services to certain political groups around the world over the years, and the examples mentioned by Korin to CNBC. However, it still a huge leap to think that Bitcoin would suddenly be favoured by the planet’s most powerful nations.

That said, what Korin’s interview does highlight is that financial censorship isn’t just a matter for those living under authoritarian regimes or times of immense economic strife. Some of the most powerful nations on the planet are starting to kick back at Washington’s control over global finance.

One of the symptoms of this urge to de-dollarise is China’s own efforts to internationalise the yuan. The analyst cited the nation’s launch of yuan-denominated crude oil futures as evidence of this. Whilst admitting that 90 percent of oil trade is still done in dollars, Korin said:

“If you have a sort of a beginning to crumble away [at] the dominance of the dollar over oil trade, that’s a nudge in the direction of de-dollarisation.”

In terms of the future, Korin said that she didn’t know how the situation would play out and could only say that it was “unsustainable.”

 

Related Reading: Will a Surprise $7K Bitcoin Pump on Halloween Fulfill the Prophecy of Asuka?

Featured Image from Shutterstock.

Italians Prefer BTC to Visa or Mastercard When Shopping Online

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Binance to Open Beijing Office Amid China’s Renewed Blockchain Push

Malta-based cryptocurrency exchange Binance is opening an office in Beijing, two sources with knowledge of the matter told CoinDesk. The new outpost will join Binance’s current mainland China office in Shanghai.

It’s not clear what exactly the office will do or when it will open, but the move follows a slew of announcements from Chinese authorities, including President Xi Jinping outlining China’s new blockchain ambitions.

Relations between Binance leadership and Chinese authorities appear to have warmed recently, with the exchange publishing a report on China’s plans for a digital fiat currency over the summer and Binance CEO Changpeng Zhao stating this week on Twitter that he believes the Chinese central bank is having a positive impact on the crypto industry. This comes just one year after China’s censorship firewall blocked access to the Binance website.

These days, Binance executives have publicly stated the exchange is working with multiple governments on an upcoming stablecoin project called Venus. Binance co-founder and chief marketing officer Yi He told Bloomberg that Binance will help governments “fully supervise” the cryptocurrency industry through such projects to ensure “stable, sustainable development.”

Although Zhao grew up in Canada, he was born in China and worked at the China-based exchange OkCoin before founding his own empire. Binance made its first investment in a Chinese crypto company, Mars Finance, last September. Many of the exchange’s earlier investors hail from the Chinese tech industry, including Black Hole Capital and Funcity Capital.

Zhao added via Twitter on Tuesday that Binance currently sees a “few million dollars a day” worth of volume from Chinese users, especially via the peer-to-peer functionality that became available in China earlier this month. However, an increased focus on serving Chinese users doesn’t inherently mean the company is working with authorities on products or services beyond the Venus stablecoin project and compliance efforts.

“I don’t have anything that’s not public,” Zhao said in the Twitter video, referring to Chinese government strategies, adding:

“All of my readings are from public sources.”

CoinDesk reached out to Binance for comment and will update the article if we hear back.

Wolfie Zhao contributed reporting.

Binance CEO Changpeng Zhao image via CoinDesk archives

Proof-of-Work Doesn’t Solve Every Blockchain Use Case

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