The Crypto Daily – The Movers and Shakers – 15/09/19

Ethereum (+3.96%), Bitcoin Cash SV (+2.8%), and Stellar’s Lumen (+2.73%) also saw solid gains on the day. Ripple’s XRP (+2.34%), Litecoin (+2.2%) …

Bitcoin slipped by 0.04% on Saturday. Following on from a 0.73% fall from Friday, Bitcoin ended the day at $10,380.

A relatively choppy morning saw Bitcoin slide from an early morning high $10,395 to a mid-day intraday low $10,255.

In spite of the choppy start to the day, Bitcoin left the major support and resistance levels untested.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $10,488. Falling short of the first major resistance level at $10,514.33, Bitcoin fell back to $10,300 levels and into the red.

For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having steered well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag.

Monero’s XMR joined Bitcoin in the red on the day, with a 0.99% loss.

It was a bullish day for the rest of the pack, however.

EOS led the way, surging by 8.02% on Saturday. Ethereum (+3.96%), Bitcoin Cash SV (+2.8%), and Stellar’s Lumen (+2.73%) also saw solid gains on the day.

Ripple’s XRP (+2.34%), Litecoin (+2.2%), and Binance Coin (+0.77%) trailed the pack in spite of the gains on the day.

The relatively bullish start to the weekend left the majors mixed for the current week.

EOS led the way, rising by 6.63% Monday through Saturday. Ethereum and Litecoin were also in positive territory, with gains of 4.02% and 0.24% respectively.

It was red for the rest of the pack, however. Bitcoin SV and Binance Coin led the way down, with losses of 11.03% and 6.25% respectively.

Stellar’s Lumen also struggled in the week, falling by 3.3%. Losses elsewhere were modest, however. Monero’s XRM was down by 1.53%, with Bitcoin Cash ABC and Ripple’s XRP down by 0.39% and 0.11% respectively.

Bitcoin’s dominance eased back to 69% levels following a lackluster day on Saturday.

Through the current week, the total crypto market cap recovered from a Wednesday low $257.48bn to $266bn levels. In spite of the recovery, another crypto rally is needed to recover to $270bn levels seen at the start of the week.

At the time of writing, the total crypto market cap stood at $266.04bn.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $10,360. A bearish start to the day saw Bitcoin fall from an early morning high $10,403 to a low $10,337.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Monero’s XMR (-1.65%), Stellar’s Lumen (-0.7%), Binance Coin (-0.03%), and Bitcoin Cash SV (-0.43%) also saw red.

Bitcoin Cash ABC led the way in the early hours, up by 0.98% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $10,360 levels to support a run at the first major resistance level at $10,469.

Support from the broader market would be needed, however, to break out from the morning low $10,403.

Barring a Bitcoin breakout later in the day, Saturday’s high $10,451 and first major resistance level would likely pin any upside.

Failure to move through to $10,360 levels could see Bitcoin spend a 3rd consecutive day in the red.

A fall through to $10,320 levels would bring the first major support level at $10,273 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,200 support levels on the day.

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This article was originally posted on FX Empire

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Invest Asia Conference 2019: Announcement Summary

Coinbase may create and IEO platform, according to their head of institutional sales in Asia, Kayvon Pirestani. The IEO platform is an “interesting …

Coindesk’s Invest Asia Conference concluded this week and the two-day event which went from September 11-12th has seen some big announcements.

Hosted in Singapore, the event promised to be, “an exploration of the people and topics driving” the Asian market. The event would also introduce new ideas and projects into the Asian market. It is safe to say that Coindesk’s event did not disappoint. Here is a rundown of the key announcements and moments:

  1. Bobby Lee announces a new wallet

Bobby Lee, the man behind China’s first crypto exchange has announced his intention to return to the industry with a new wallet. Called Ballet, the credit card-sized product made from steel will be a cold wallet that accepts Bitcoin and fourteen AltCoins with another eighteen to be added. It has already reached it Beta program with people about to be signed up.

2. The Marshall Islands plans national cryptocurrency

The Marshall Islands in the Pacific plans to launch its very own government-backed cryptocurrency. The token, called the Marshallese sovereign (SOV), will be introduced via a pre-sale open to the public around the world on the SOV Development Foundation website. However, nothing is official as of yet due to regulatory concerns and some other hurdles that needed to be crossed. It is expected to be available to the public in 18 to 24 months. The US government and the International Monetary fund group have voiced concerns.

3. Binance announces USD backed token

Binance announced that their US dollar-backed cryptocurrency, BUSD, is set to be listed and ready for trading next week. The coin made in partnership with Paxos Trust Company who recently got approval from the New York Department of Financial Services (NYDFS) for the token. The stable token will be the second foray by Binance into this market following the launch of Binance GBP (BGBP) in Jersey.

4. Legacy Trust to make crypto custody business

Legacy Trust is expanding its horizons it was announced. The trust and custody services provider will now have an independent company that deals with cryptocurrency custody solutions. The company will be called First Digital Trust and is set to be made a legal entity in Hong Kong by November. According to a Coindesk report, “Legacy Trust envisions the accumulation of $28 billion worth of digital assets in the custody of First Digital Trust within the first three years of its launch.”

5.Coinbase alludes to initial exchange offering (IEO) product

Coinbase may create and IEO platform, according to their head of institutional sales in Asia, Kayvon Pirestani. The IEO platform is an “interesting opportunity” for Coinbase and may come about in the “next few months”. This move would mirror that of other exchanges who have gone down the IEO route. Binance, Huobi, and OkEx have all made their own versions in recent times.

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V Systems (VSYS) Price Down 11.6% This Week

One V Systems coin can currently be bought for $0.13 or 0.00001269 BTC on cryptocurrency exchanges including Bitfinex, BitForex and KuCoin.

V Systems (CURRENCY:VSYS) traded down 2.3% against the dollar during the 24-hour period ending at 10:00 AM ET on September 14th. One V Systems coin can currently be bought for $0.13 or 0.00001269 BTC on cryptocurrency exchanges including Bitfinex, BitForex and KuCoin. During the last seven days, V Systems has traded down 11.6% against the dollar. V Systems has a market capitalization of $237.13 million and approximately $4.28 million worth of V Systems was traded on exchanges in the last day.

Here’s how similar cryptocurrencies have performed during the last day:

  • XRP (XRP) traded 3.5% higher against the dollar and now trades at $0.26 or 0.00002543 BTC.
  • Tether (USDT) traded 0.1% lower against the dollar and now trades at $1.00 or 0.00009672 BTC.
  • Binance Coin (BNB) traded down 0.4% against the dollar and now trades at $20.95 or 0.00202263 BTC.
  • Bitcoin SV (BSV) traded up 0.5% against the dollar and now trades at $119.04 or 0.01149491 BTC.
  • Stellar (XLM) traded 1.1% lower against the dollar and now trades at $0.0574 or 0.00000554 BTC.
  • TRON (TRX) traded up 2.6% against the dollar and now trades at $0.0155 or 0.00000149 BTC.
  • COZ (COZ) traded 26.7% higher against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded 1.1% higher against the dollar and now trades at $9.08 or 0.00087660 BTC.
  • Chainlink (LINK) traded 3.3% lower against the dollar and now trades at $1.58 or 0.00015289 BTC.
  • Atlantis Blue Digital Token (ABDT) traded up 18.2% against the dollar and now trades at $2.37 or 0.00022948 BTC.

V Systems Profile

V Systems’ total supply is 3,708,783,791 coins and its circulating supply is 1,803,925,327 coins. The official message board for V Systems is medium.com/vsystems. V Systems’ official website is www.v.systems. V Systems’ official Twitter account is @

and its Facebook page is accessible here. The Reddit community for V Systems is /r/V_SYSTEMS and the currency’s Github account can be viewed here.

V Systems Coin Trading

V Systems can be traded on these cryptocurrency exchanges: Bitfinex, KuCoin and BitForex. It is usually not possible to purchase alternative cryptocurrencies such as V Systems directly using US dollars. Investors seeking to trade V Systems should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase V Systems using one of the aforementioned exchanges.

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How Prime Brokerage Will Affect Crypto Markets

Used to describe the sort of bundled services that investment banks offer, it has little application to the cryptosphere, because there are no bitcoin …
How Prime Brokerage Will Affect Crypto Markets

Prime brokerage firms are coming for crypto in what’s likely to be a race of winner-takes-almost-all. Goldman Sachs is synonymous with institutional wealth and power, even to those who’ve never purchased a financial product in their life. Like the eponymous tower it occupies in Jersey City, Goldman Sachs dominates the prime brokerage trade. What will happen when crypto gains its own Goldman Sachs – an institutional investment company whose AUM grant it unprecedented sway?

Also read: Crypto Facilitates Money Transfer for Restricted China

Prime Brokerage Is Coming for Crypto

Prime brokerage is a term that’s synonymous with financial markets, but never with crypto. Used to describe the sort of bundled services that investment banks offer, it has little application to the cryptosphere, because there are no bitcoin investment banks. At least not in the traditional sense. For all its innovation, however, crypto has a habit of borrowing from the world it was meant to have deviated from. Think custodial services for cold storage of digital assets, which evoke banks with their dusty vaults and safety deposit boxes; or consider annualized interest from defi platforms that mirrors that once offered by personal savings accounts. The more things change, the more they stay the same.

It should come as no surprise, therefore, to learn that HNW individuals will soon have their own all-in-one firms willing to manage their wealth across a range of verticals, altcoins, blockchains, and sectors. If you’re willing to trust a third party to custody your crypto – as many investors are – you might as well trust them to invest your assets into the bargain, putting them to use in a manner that will generate the best return. It’s a world away from the financially sovereign one that Satoshi and Hal Finney envisaged, but then a lot has changed in Bitcoin in a decade.

How Prime Brokerage Will Affect Crypto Markets
Goldman Sachs Tower, Jersey City (left).

The Quest to Become the Goldman Sachs of Crypto

Troy Trade is one company eyeing the lucrative prime brokerage market, with the sort of all-in-one service that will be familiar to traditional investors: institutional-grade trading, including margin and OTC, together with quant strategies, and a suite of dynamic data tools. Having secured $10 million in funding from the likes of Block VC and Consensus Labs, Troy is now promising institutional investors direct market access to all tier-one exchanges such as Binance, Huobi, and Bitfinex.

Newcomers such as Troy will face competition from several of the same exchanges whose liquidity they’re tapping into. In the last two years, virtually every major U.S. and global exchange has courted institutional investors through laying on services such as custody and OTC, and slashing trading fees for high volume traders. Binance and Huobi have made significant headway in provisioning turnkey services tailored to the needs of institutional investors, but have struggled to shed their reputation as retail trading venues. It’s one thing to offer a suite of services under one roof; it’s another to successfully be all things to all people simultaneously, as the needs of distinct investor groups are very different.

How Prime Brokerage Will Affect Crypto Markets

What Institutional Investors Are Looking For

In crypto, as in traditional finance, institutional investors are seeking certain provisions before they’ll bring their money, and that of their clients, to the table. These include:

  • Deep liquidity
  • Advanced trading interface
  • Sophisticated data analytics
  • High speed order execution
  • Competitive rates and trading fees
  • Wide range of quantitative solutions

This latter caveat is particularly important, as institutional traders demand more comprehensive and sophisticated datasets from which to base their trading decisions. This includes detailed historical data, plus tools to facilitate the construction of proprietary trading systems. In addition, low latency, to maximize the performance of high frequency trading algorithms, is a must.

Looking around the cryptosphere, there aren’t many companies that can meet these sorts of demands. When reputable exchanges such as Kraken are experiencing $4,000 wicks, like the example below, it’s safe to say that institutional-grade liquidity still isn’t there, or at the very least, it’s beyond the reach of any single exchange right now.

Holy shit at Kraken.

This is the biggest holy cross yet.

Wick from $8000 – $12000 pic.twitter.com/xHoji6PWHx

— Squeeze (@cryptoSqueeze) September 14, 2019

Candles of this extremity are unusual, it’s true, but their very existence shows that the cryptosphere still has work to do before it can open for business to the big boys. Combining the liquidity of multiple exchanges, as brokerage services such as Troy Trade, Tagomi, and Caspian are doing, is a start, but institutional demands run deeper. What they’re really seeking is a prime broker they can trust, and that’s something which can’t be bought or acquired by plugging in to the trust of others. It will take time and flawless service for any of the emerging institutional brokers to become crypto’s own Goldman Sachs. Until then, expect to see intense competition among crypto brokers and established exchanges to woo Wall Street.

How Prime Brokerage Will Affect Crypto Markets

What Prime Brokerage Will Do for Crypto

The rise of prime brokerage firms may be good for institutional investors, but what will it mean for the rest of the market?

Lower volatility: When Cboe and CME launched BTC futures in late 2017, the talk was of big money “taming” bitcoin, but as history has shown, bitcoin doesn’t like being told what to do. As more money enters the market from institutional coffers, some of the intra-day moves should be flattened out, but lower volatility should not be mistaken for low volatility. This bronco will still buck.

Greater protection: Bitcoin, to all practical intents and purposes, cannot be killed. As such, it doesn’t need institutional investors to park their wealth in it to prevent the U.S. government from overregulating it. That said, the deeper crypto roots itself into the financial system, the harder it will be to weed out. By the time it’s a trillion-dollar asset class, the Federal Reserve and the IMF can bump their gums all they like – crypto won’t be going anywhere.

New products: Why trade an asset when you can trade derivatives of it, gaining exposure without the risk of custody? It won’t be retail investors who drive the innovation of new synthetic instruments for trading BTC, ETH, BCH, and other leading assets. The demand for new crypto derivatives will come from institutional investors, and as synthetic assets catch on, more money will flow into crypto. At the moment, there are limits on what you can do with bitcoin as an institutional investor, save for going long or short and playing around with leverage. Expect more levers to be added in future, and more complexity added, for the benefit of sophisticated traders with an appetite for such things.

For retail investors seeking a means to buy and sell cryptocurrency, platforms such as exchange.Bitcoin.com are more than up to the task. Institutional investors, however, tend to demand more bespoke solutions. For these entities, prime brokerages are the answer. The question is, which broker will be the first to step up and claim that crown?

Do you think the arrival of more institutional money will be good for the crypto market? Will there be any downsides to greater institutional participation? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Humaniq (HMQ) Reaches One Day Trading Volume of $102734.00

One Humaniq token can currently be bought for $0.0053 or 0.00000051 BTC on popular cryptocurrency exchanges including Mercatox, Bittrex, Hotbit …

Humaniq logoHumaniq (CURRENCY:HMQ) traded down 14.7% against the dollar during the 24-hour period ending at 10:00 AM E.T. on September 14th. Over the last seven days, Humaniq has traded down 15.3% against the dollar. One Humaniq token can currently be bought for $0.0053 or 0.00000051 BTC on popular cryptocurrency exchanges including Mercatox, Bittrex, Hotbit and Upbit. Humaniq has a market cap of $986,037.00 and approximately $102,734.00 worth of Humaniq was traded on exchanges in the last day.

Here is how other cryptocurrencies have performed over the last day:

  • XRP (XRP) traded up 3.5% against the dollar and now trades at $0.26 or 0.00002543 BTC.
  • Tether (USDT) traded 0.1% lower against the dollar and now trades at $1.00 or 0.00009672 BTC.
  • Binance Coin (BNB) traded 0.4% lower against the dollar and now trades at $20.95 or 0.00202263 BTC.
  • Bitcoin SV (BSV) traded up 0.5% against the dollar and now trades at $119.04 or 0.01149491 BTC.
  • Stellar (XLM) traded 1.1% lower against the dollar and now trades at $0.0574 or 0.00000554 BTC.
  • TRON (TRX) traded up 2.6% against the dollar and now trades at $0.0155 or 0.00000149 BTC.
  • COZ (COZ) traded up 26.7% against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded up 1.1% against the dollar and now trades at $9.08 or 0.00087660 BTC.
  • Chainlink (LINK) traded 3.3% lower against the dollar and now trades at $1.58 or 0.00015289 BTC.
  • Atlantis Blue Digital Token (ABDT) traded 21.7% higher against the dollar and now trades at $2.37 or 0.00022939 BTC.

About Humaniq

Humaniq was first traded on December 11th, 2016. Humaniq’s total supply is 207,143,695 tokens and its circulating supply is 185,811,695 tokens. Humaniq’s official Twitter account is @Humaniq_co and its Facebook page is accessible here. The official website for Humaniq is humaniq.com. The Reddit community for Humaniq is /r/Humaniq and the currency’s Github account can be viewed here.

Buying and Selling Humaniq

Humaniq can be bought or sold on these cryptocurrency exchanges: Bittrex, YoBit, Mercatox, Hotbit and Upbit. It is usually not currently possible to purchase alternative cryptocurrencies such as Humaniq directly using US dollars. Investors seeking to acquire Humaniq should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Coinbase or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Humaniq using one of the aforementioned exchanges.

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