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America’s Largest Banks Do Not Support Bitcoin Futures

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The pending arrival of bitcoin futures has sent cryptocurrency prices through the roof, but for Wall Street, the new derivatives products are being met with criticism. In fact, the world’s largest banks are reportedly halting the move.

FIA Issues Statement

The Futures Industry Association (FIA) has cautioned the Commodity Futures Trading Commission (CFTC) of the upcoming bitcoin futures contract. In an open letter to CFTC chairman Christopher Giancarlo, the lobby group said the introduction of bitcoin futures “did not allow for proper public transparency and input.”

Although the FIA recognizes that exchanges may self-certify a product without CFTC approval, this does not apply to novel products, such as bitcoin futures.

The letter added: “We believe that this expedited self-certification process for these novel products does not align with the potential risks that underlie their trading and should be reviewed. Given the lack of historical data on these products, it is further concerning to clearing members that they will bear the brunt of the risk associated with them through their guarantee fund contributions and assessment obligations…”

Both CBOE and CME agreed to launch their bitcoin contracts under a self-certified scheme, which gave regulators little time to review the application fully.

The FIA represents the futures, options and centrally cleared derivatives market, and has offices in London, Singapore and Washington, D.C. Its membership includes clearing firms, exchanges and trading institutes across 48 countries. The lobby group represents all of Wall Street’s major banks, including Goldman Sachs, Morgan Stanley, J.P. Morgan Chase and Citigroup.

The big banks have  approached cryptocurrencies with great caution, opting instead to focus on the underlying blockchain technology. Jamie Dimon of J.P. Morgan Chase has been especially critical of bitcoin, lamenting it as a “fraud” that will “blow up” in due time.

Bitcoin prices have been in a state of euphoria over the past month as investors geared up for institutional accepting of cryptocurrency. The arrival of bitcoin contracts is expected to boost liquidity even further, which could generate huge gains in price. Bitcoin briefly traded above $19,000 on Thursday, with trade volumes so frantic that even Coinbase couldn’t keep up. America’s largest cryptocurrency exchange went down through the midday as trade volumes surged.

Bitcoin has added nearly 60% over the past five days, and was last seen trading around $17,114.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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EOS Price Forecast: EOS/USD Heading for Another 300% Move?

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  • EOS/USD price action via the 4-hour chart view has formed a bullish flag pattern.
  • The price is moving around levels seen back end of March to early April, before a bull run of over 300%.

The past six sessions for EOS/USD have been erratic to say the least. It has been subject to a high amount of volatility, swinging aggressively in both directions. There has been a lack of commitment from either the bear or bull camps of late. As the market continues to trade with such behavior, it appears to be trying to find its feet, ahead of a potential chunky firm trend.

EOS DApp Hacked Again

An EOS based gambling DApp, EOSBet has been hacked, with $338,000 being reported as stolen. This isn’t the first time; just back in September, hackers managed to get away with a reported 40,000 worth of EOS, which at the time had a value of $200,000. It has been said that they were able to exploit their smart contracts, having found security vulnerabilities.

Technical Review – 4-hour Chart View

EOS/USD 4-hour chart

EOS/USD price action has formed a bullish flag pattern, which began taking shape on 15th October, after the aggressive price behavior stabilized. The bulls at the time ran the price well up into $6 territory. Consequently, it then met the breached ascending trend line, failing to move back above this area. This followed the sharp breakthrough to the downside, which occurred on 11th October. As a result, a drop of over 15% was seen, forcing EOS/USD to retreat in a demand area, within the $5.0000 level proximity.

Looking to the upside, small near-term resistance is seen at around $5.6100, which is the upper trend line of the mentioned bull flag pattern. A breakout will likely open the doors to a retest of the broken ascending trend line, tracking around $6.1100. Support can be eyed at $5.4600, which marks the lower trend line of the flag. Furthermore, should this fail to hold, EOS/USD could likely fall back down to the serving demand area, within the lower $5.0000 territory.

April 2018 Bull Run

EOS/USD April bull run

In April of this year EOS/USD entered a chunky bull run, gaining over 300%. From the back end of March until 11th April, the price had been stuck within consolidation mode. Resulting in the price trading within a tight range, at levels of where the price is currently seen today.

Something quite astonishing started to unfold. Between the period of 11th April to the 29th April, a bull run of around 290% was seen. Over this time frame EOS/USD went from $5.9500 up to a high of around $23.0811. The price is currently demonstrating a similar behavior to that of what was seen during the mentioned period. It is interesting to note that the price did have historical levels to break through, as it had already run higher during the period of December 2017 and came back down. Finally, this is not to say EOS/USD will observe the same bull run. However, it is an interesting observation to be aware of.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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TRON Price Analysis: TRX/USD Cools After Reports Suggest of Potential Baidu Partnership, but Not Blockchain Focused

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  • Reports of TRON and Baidu partnership focused on cloud computing resources.
  • TRX/USD price has cooled over the past two sessions, but supported within an ascending channel.

Potential TRON and Baidu Partnership – Not Blockchain Related

The founder of TRON Justin Sun, had left the community very excited on Friday, after tweeting “Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

According to ODaily, a local Chinese newswire, the partnership will be focused on cloud computing resources, not blockchain. It covered that TRON would be buying cloud computing resources from China’s equivalent to Google, Baidu. This was cited and translated by CNLedger.

If this being the case, it could be somewhat disappointing for some of the TRON community. There would have been general expectation and hope, of this being related to the foundation’s blockchain network. As it states the partnership remains focused on the purchase and use of Baidu’s basic cloud computing resources, rather than being a connection “at the blockchain business level.”

The report covered that Tron and Baidu will be working to maximize inter-compatibility. In addition, “to build, operate and debug blockchain products” based on Baidu Cloud. Baidu and Tron have not yet formed any connection at the blockchain business level. Currently the cooperation mainly focuses on the purchase and use of (Baidu’s) basic cloud computing resources.” As covered by CNLedger’s translated report.

Despite the circulating details, there has not been an official confirmation from either TRON or Baidu.

TRON Launches TronGrid

Most recently, TRON launched a website known as TronGrid, which will toolbox for developers. As a result, it will assist them in being able to integrate DApps smoothly into the TRON ecosystem. The move somewhat similar to Ethereum’s Infura.

Technical Review – 4-hour Chart View

TRX/USD 4-hour chart

TRX/USD price has cooled over the past two days now. Following a large spike up to $0.027980 on 15th October, the price had headed deep into a known supply zone. This is seen tracking form around $0.02700 – 0.028500 range. As a result, sellers forced TRX/USD back down within an ascending channel pattern.  It has been grinding higher within this channel since the 12th October.

Given the cooling in price action, it is worth noting the support seen at the lower trend line of the mentioned pattern. Furthermore, comfort can be observed around $0.024850. A breach may see a very fast move back south, reversing the upside move from 12th October. This could see a drop down to $0.020670.

Looking to the upside, should this ascending channel continue supporting the price, as it has been. Then expect bulls to give the near-term supply zone another retest. However, this area has been respected since the back-end of September. It is evident that sellers remain camped within this territory, not an easy task for the bulls to break down. ­

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Litecoin Price Analysis: LTC/USD Bullish Daily Close Leaves the Door Open to Another Potential Squeeze Higher

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  • LTC/USD looks attractive for further potential bullish momentum, given 15th October daily candle.
  • Litecoin live on Gemini platform from 0930EDT, today (16th October). 
  • Charlie Lee speaks on Bitcoin and Litecoin mass adoption problem and solution.

Litecoin Gemini Listing Live Today (16th October)

Following on from Gemini announcing their support for Litecoin trading and custody, last week, as covered by Hacked.com’s Sam Bourgi, in a post reaction review, trading is live today (16th October) on their platform from 0930EDT. Litecoin is being marked as the fourth digital asset being made available on Gemini. Most noteworthy, Gemini is seen as ‘the world’s most regulated cryptocurrency exchange and custodian. Held to the highest standards of banking compliance and fiduciary obligations. Overseen by the New York State Department of Financial Services (NYSDFS).’

Happy Belated, Litecoin

Litecoin has now been in cryptocurrency existence for over 7 years. Charlie Lee, the creator, initially released it via an open source client on GitHub. The first actual release was a fork of the Bitcoin blockchain. Finally, the cryptocurrency went live on 13th October 2011. Just two years after its inception, it breached the billion-dollar market cap. As of time of writing, this is currently seen at $3.2 billion, making it the 7th largest.

Charlie Lee on Mass Adoption Barriers

CNBC Crypto Trader recently interviewed Charlie Lee. The Litecoin creator was questioned on why this mass adoption is struggling to happen and what the barriers are. Lee noted that scalability is the issue. Therefore, suggesting that for Bitcoin and Litecoin to scale to the world, a solution would be Lightening Network. He said, “this would allow to scale, without sacrificing decentralization.” This is being worked on right now. To that point, Lee believes that real world adoption will start to be seen in the coming yet.

Technical Review – Daily Chart View

LTC/USD daily chart

LTC/USD during yesterday’s session, saw a large bull run higher, spiking above well into the $62 territory. After somewhat of a knee jerk move, the price eased lower, but still held on to decent gains at the session end. Therefore, the daily candlestick left a bullish upper wick. This leaves room for the bulls to pick up where they left off. As a result, there does appear to be potential room for this wick on the 15th October candle, to be filled.

Eyes would be on for a potential breakout of the triangle pattern, that has contained the price since the start of September. Market bulls would need to see a daily close above $60, for it to be inviting of a continued move north. Finally, near-term support is eyed at the lower part of the triangle, tracking at $51.50. It is vital that this area holds, otherwise it would spell potential catastrophe.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

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4.5 stars on average, based on 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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