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It’s Official: Bitcoin Is Coming to Wall Street

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It’s official: bitcoin is finally coming to Wall Street, and it’s much sooner than you think.

Bitcoin Futures Granted Approval

The U.S. Commodity Futures Trading Commission (CFTC) has granted CME Group permission to issue bitcoin futures beginning Dec. 18. The green light, which was given Friday, came after CME Group pledged that its products won’t undermine federal regulations.

CBOE Global Markets has also announced plans to issue bitcoin futures, but has yet to announce a start date.

Earlier this week, reports indicated that Nasdaq is also planning to roll out bitcoin futures sometime next year. Sources familiar with the matter say the contract will be executed on Nasdaq’s NFXT market, and could become available as early as the second quarter.

Although Nasdaq lacks the punch of a CME or CBOE, it is raising the stakes by adopting a more comprehensive pricing model. Instead of relying on just a few data points, the New York-based exchange will pull pricing data from more than 50 sources provided by VanEck.

In a statement issued Friday, CFTC Chairman Chris Giancarlo said the following:

“Bitcoin, a virtual currency, is a commodity unlike any the commission has dealt with in the past. We expect that the futures exchanges, through information sharing agreements, will be monitoring the trading activity on the relevant cash platforms.”

The CFTC approval means institutional investors on Wall Street can gain exposure to the cryptocurrency through a regulated investment vehicle. According to analysts, this watershed moment could be the next trigger for bitcoin’s meteoric rally.

What’s the Point of Trading Regulated Bitcoin?

One of the chief characteristics of the bitcoin project is that it operates independently of a central authority. It is decentralized and largely unregulated, which means it does not succumb to the same shortfalls as regular fiat money. For some of the purists, efforts to tame bitcoin through regulation defeats the purpose.

Regardless of which side of the debate one sits, the flow of institutional money will likely trigger further price gains for the digital currency. Bitcoin spiked above $11,000 on Friday for the second time this week.  That represents a doubling in price since October. It has added more than 2,000% over the last two years, and has the distinction of being the world’s most coveted digital currency. In doing so, it has inspired more than 1,000 other cryptocurrencies. Many more are on the way as startups continue to expand into initial coin offerings.

Where bitcoin goes from here is anyone’s guess. The bulls were fairly certain up to a month ago that prices would cross $10,000 before the end of 2017. Now that we’ve blown past that level, it remains to be seen whether new milestones are on the horizon in the near term.

Long-term valuations on bitcoin range from bust and millions. Such evaluations are normally fueled by things like political ideology and confidence in the traditional banking system.

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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4.7 stars on average, based on 743 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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GBP/USD Price Prediction: Bulls Reclaim 1.2900, Eyes Locked on Another Retest of 1.3000

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  • GBP/USD bulls pick up momentum to the upside, following generally positive tone to Theresa May’s Plan B statement.
  • Next upside targets for the bulls should they firmly breakdown 1.2900 again, will be the psychological 1.3000 mark.

GBP/USD throughout the session on Monday remained very much elevated. This came as market participants were somewhat maintaining an optimistic view. All of which heading into the British Prime Minister Theresa May’s speech to the House of Commons, on her Brexit plan b. Of course, this had to be drafted again, given her humiliating defeat at the vote last week, on the initial EU withdrawal plan.

Theresa May Plan B

In terms of her details this time round, she will be going back to Brussels, to seek some amendments to her initial agreement. This needs to be done in order to get a plan through another vote in the commons. Looking at some of the GBP bullish takeaways from this statement; she guaranteed rights for EU citizens at several angles, scraping the application fee EU nationals registering in Britain, discussing the backstop with the DUP this week.

To conclude, PM May appears keen in her language to ensure of a soft-Brexit, rather than one that is hard. All of which supported GBP in its push to session highs, at the time, briefly moving back above 1.2900. The price had given up this area on 18th January, when the bears were reversing the run observed on 17th, where GBP/USD touched to big psychological 1.3000 mark again.

Technical Review – GBP/USD

GBP/USD 60-minute chart. Near-term resistance eyed at 1.2900, with bulls locked in on a retest of 1.3000.

GBP/USD at the time of writing continues to trade around the 1.2900 territory. This price did see a brief period cooling, on touted profit-taking post the statement. Near-term resistance can be seen within this price region, but if convincingly broken down again, then there is decent upside potential. Aside from the supply observed here, there isn’t much in the way of the 1.3000 price region.

Given the renewed optimism around Brexit now, this has assisted in maintaining momentum to the upside for GBP. In terms of support to the downside, a strong area of demand should be noted at 1.2850-25 price region. As can be seen via the 60-minute chart view, this has supported the price since 15th January.

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 111 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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Bitcoin Cash Price Analysis: BCH/USD Rejected Again by Long-running Descending Trend Line

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  • BCH/USD bulls attempted moving above vital descending trend line capping upside; however , they were dealt another rejection.
  • A recent study suggest Bitcoin Cash is not using anywhere near its full block capacity.

 Bitcoin Cash Bulls Fails to Break Big Resistance

Bitcoin Cash price on Monday is trading in minor negative territory, nursing losses of just some 0.5%, at the time of writing. Over the past three sessions, BCH/USD has traded very closely to a descending trend line. The price continues to face rejection when attempting to break above the aforementioned line; however, the bulls do not have enough momentum. This trend line has been in play since 6th November, right at the start of the pick up in downside, at the back end of 2018.

While BCH/USD was confined below the above-mentioned resistance, it fell a chunky 88%. It had dropped from around $650, down to a low of $73.50 on 15th December. Given the current failure to press ahead and break above, the price once again could be knocked back south.

Bitcoin Cash Block Capacity Failure of Use

There is now 500 days’ worth of data to analyze the capacity of Bitcoin Cash when looking at its block size. A recent study conducted by LongHash suggests that the Bitcoin (BTC) blocks on average have been 30x larger than Bitcoin Cash.

Looking at the figures, in terms of Bitcoin Cash, the block size on average has reported to have been just 171 KB since the fork back in August 2017. In real terms, this represents just 2.1% of the total block capacity for BCH. On just one day there the BCH blocks have been more than half full. Back on 15th January 2018, the blocks were able to average 59% of their total capacity, as covered by the recent study.

The study from LongHash further goes on to say, that some will believe that the BCH blocks not nearing their full capacity is a potential positive sign. However, this can also be seen as a lack of interest in Bitcoin Cash, which is somewhat concerning. Most recently, over the past 30 days, the blocks of BCH have averaged just a small 34 KB, which is just around 3.7% of the roughly 923 KB blocks of Bitcoin over that same period.

Technical Review – BCH/USD

BCH/USD daily chart.

Keeping in mind the earlier described rejections for the price, eyes should now note the coming key areas support. Firstly, just ahead of the big psychological $100 mark, at $105, which is an important daily support. The price had last traded around this level between 6-10th December, as it sought comfort at the time, before resuming its move south. If this fails to hold, then a retest of the December low and 2018 low at $73.50 would likely be on the cards.

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 111 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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Dash Price Analysis: DASH/USDT Downside Risks Linger Despite Trust Wallet Support Announcement

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  • DASH/USDT price action is moving within a narrowing range formation, subject to further downside risks.
  • Trust Wallet, Binance-owed crypto wallet provider, announces support of DASH.

Price Behavior

DASH/USDT has been trading within a $6 range for the tenth session in a row, at the time of writing. The upper part of this range should be noted at $73. Looking to the downside, the lower support of the formation is seen at $67. The price, like many of its peers within the cryptocurrency market, is stuck within a narrowing range block. They are all currently demonstrating strong downside vulnerabilities, given the current behaviour.

This trading range came after a steep fall in the market last Thursday, 10th January. Double-digit losses were seen across the board after moving within a prior narrowing range formation. DASH/USDT had a strong run from 15th – 24th December, gaining as much as 81% within that time frame. Following the high print towards the latter part of that period, at $102.50, price cooling was seen and then begun to trade sideways.

Between 26th December 2018 – 9th January 2019, DASH/USDT was moving between a narrow $86 at the high and $73 at the low. This led to the explosive breakout to the downside, where the price dropped around 20% on 10th January.

Trust Wallet Supports Dash (DASH)

Trust Wallet, a mobile crypto wallet owned by Binance, announced earlier this week that it has added support for Dash. The announcement followed after just a week ago, when the wallet provider revealed the support of Litecoin (LTC), Bitcoin (BTC), and Bitcoin Cash (BCH). In addition, the app also supports Ethereum (ETH), Ethereum Classic (ETC), Tron (TRX) and others.

The team at Trust Wallet, upon their DASH support update, also left users somewhat excited about further announcements lined up. They stated, “Going forward, we will monitor the performance and stability of our Dash release very closely, and if everything works well, hopefully, we can surprise you with more new coins in the coming weeks!”

Technical Review – DASH/USDT

DASH/USDT daily chart.

A breakout of the key mentioned levels that make up either side of the range, $72 and $67, will likely determine the next committed trend. Firstly, in terms of the next major area of support south, eyes will be on the December low area, $58. To the north, drop supply remains heading into and just above the psychological $100 mark.

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 111 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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