Bitcoin Price Consolidates Around $7000 Levels After Surging Past $7500

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Bitcoin Price Consolidates Around $7000 Levels After Surging Past $7500
After hitting its 2019 high above $7500 levels on Sunday, May 12, Bitcoin price immediately retraces back to $7000 levels. Analysts call it a fundamentally healthy correction setting the stage for the next bull run.
Bitcoin Price Consolidates Around $7000 Levels After Surging Past $7500

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Source: CoinSpeaker

CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?
The U.S. Commodity Futures Trading Commission (CFTC) said they are willing to approve Ethereum futures contract – provided it does everything right.
CFTC Ready For Ethereum Futures, Will ETH Price Rise to $200?

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Source: CoinSpeaker

Nasdaq Adding Brave New Coin’s Index for XRP to Global Data Service

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Nasdaq Adding Brave New Coin’s Index for XRP to Global Data Service
Stock exchange operator Nasdaq has fulfilled its promise adding one more cryptocurrency index – this time for the world’s third-largest cryptocurrency, XRP.
Nasdaq Adding Brave New Coin’s Index for XRP to Global Data Service

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Source: CoinSpeaker

Bitcoin [BTC] Futures Traders Bullish; Targets and Stop Loss To Watch: CNBC Update

Bitcoin broke its 5-month high as it broke $5600 on 23rd April 2019. The price of Bitcoin CME Futures (Symbol: BTJ19) at 14: 30 hours UTC on 24th April 2019 is $5460.
CNBC broadcaster, Dominic Chu, interviewed traders Jim Luorio and Jeff Kilburg about their views on the move and also their targets.
Also Read: Bitcoin [BTC] Begins Rally With Two Strong Bullish Signals, First ‘Take Profit’ at $5800: Analyst
Traders are Bullish: Can expect a shoot above $6000
Jim Luorio is a Futures trader who acknowledges that the fact he has little knowledge of the fundamentals and the chain. However, according to his price analysis, $5500 will the support level to buy Bitcoin. He added:
“Over the last weeks was in a relatively tight consolidation period and then it’s moved out.. My target (which) I have been saying since $4000 is $6100”
Bitcoin Futures Target by Jim Luorio (CNBC)
He expects the target to be achieved shortly. Moreover, he also expects that it might shoot above $6000 and “do a head fake and go around.” However, he also advised a stop below $5150.
Evident Back and Fill Trading Characteristics
Another Futures trader Jeff Kilburg was “on borad” with Luorio’s analysis. Fundamentally, he suggested that buyers are looking to enter the space back. He also indicated that a shoot towards $6300, the old support level is possible, keeping the ‘back and fill’ principals in mind. 
Back and fill trading it when the traders are unsure of the movements and a side-ways action on price moves back to the filling of more orders. Hence, if there is sufficient buy pressure above $5500 it might be looking at a $6300 support level again.
The trading volume on CME futures Exchange is significant and reportedly, equivalent to the trading volume of actual Bitcoin on Cryptocurrency Exchange. Bitcoin Futures is an important price level to watch out for; Traditional Exchanges are highly regulated and would be more resistant to abnormal trades and FOMO (Fear of Missing Out) reaction due to experience and regulation.
Do you agree with their analysis? Please share your views with us. 
The post Bitcoin [BTC] Futures Traders Bullish; Targets and Stop Loss To Watch: CNBC Update appeared first on Coingape.
Source: CoinGape

LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures

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LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures
When approved, LedgerX will offer Bitcoin, Bitcoin options and Bitcoin futures to retail customers through its new platform Omni.
LedgerX Set to Beat Bakkt and Become First to Offer Physically Delivered Bitcoin Futures

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Source: CoinSpeaker

While CBOE Head Down, CME Bitcoin Futures Cunningly Capitalized Massive Market Volume

Bitcoin’s new volume influenced the futures market as well – according to reports, CME bitcoin futures sees massive growth of 22,542 contracts traded on April 04. On the other hand, CBOE – ahead of bitcoin bull run – announced to CBOE halts its bitcoin futures,
Following the steep decline since few months, Bitcoin has recently gripped to $5k and still running on the rising graph but with slight bobbling around here and there. However, Bitcoin’s recent surge did help futures contract at CME Group Inc show budding graph. Reportedly, these contracts hit 22,542 contracts which is equivalent to 112,710 Bitcoins. Indeed, CME mentioned that most of the futures trading volume on April 04, when it hits the highest record, happened during Asian hours – with almost 12,634 contracts.

While one enjoys massive market volume with bitcoin’s new value – on the other hand, rival CBOE let it traders know that there would no future contracts on bitcoin. As Coingape reported earlier, CBOE’s Global Markets Inc. (Chicago Board Operation Exchange), has already suspended its upcoming future contract citing a reason to improve the approach towards cryptocurrency derivatives. The absence of CBOE’s futures contracts apparently led people to move towards CME (which since early days outperforming CBOE futures contract) and capture the mainstream attention.
According to data provided by Coinmarketcap, Bitcoin trades at the value $5193 against US Dollar and has declined a bit with 1.64 percent over the past 24 hours. Moreover, the average trading volume counts $91,584,724,667.

Ideally, CME is larger than CBOE and both platforms had announced their futures contract on Bitcoin in late 2017 when Bitcoin was soaring to all-time high volume. Moreover, the presence of bitcoin futures on CME and CBOE let institutional investors participate in the crypto economy – meantime, the crypto market captures investors via traditional platforms like CME and CBOE.
What do you think about bitcoin’s surging volume and future contract? Share your thoughts with us.
The post While CBOE Head Down, CME Bitcoin Futures Cunningly Capitalized Massive Market Volume appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] trading volume sees continued growth on institutional front: Diar Report

Bitcoin [BTC] has seen a massive spike in not just its price, but also in institutional momentum. As an April 8 report by Diar stated, the institutional BTC products have continued rising against their US exchange equivalent for the fourth month in a row.
Diar charted the month-on-month institutional BTC products as a percentage of the total Bitcoin trading volume and saw a notable trend. After plummeting to 10 percent in December 2018, the share has been on a rise in the new year.
Increasing by 5 percent in January alone, the month of April saw the percentage share standing at 19 percent of the total volume, well above even October 2018. The highest level of the institutional products share was witnessed in July 2018, when the aforementioned market was almost one-fourth of the global volume.
Source: Diar
Bitcoin Futures have also seen a variance in their share with the Chicago Mercantile Exchange [CME] now leading the charge as the Chicago Board of Options Exchange [CBOE] decided to delist their future contracts last month. Grayscale Bitcoin Investment Trust [GBTC], which also trades on the OTC market, has seen a decline as well.
GBTC began the previous year by holding 50 percent of the market share among the three players. By August, 2018, its share fell under 20 percent and despite rising above 30 percent towards the start of the current year, it now stands at 24 percent. CBOE holds 12 percent, while CME, seemingly unrivaled, climbed to over 60 percent of the total market share.
Source: Diar
The large-cap digital assets fund fronted by Grayscale has seen a significant reshuffle in its composition for this quarter. Released last week, the crypto-asset management firm stated that they reduced the share of Ethereum [ETH] and XRP while increasing Litecoin [LTC] and Bitcoin Cash [BCH].
Diar also looked at the demand in terms of cryptocurrency market volume categorized between virtual currency exchanges and their institutional counterparts. As was expected, the decline in prices has not resulted in an increase in volume.
However, the only silver lining from the crypto-winter is that the volume distribution has been fairly consistent. For example, the BTC trade volume via institutional products as a percentage to that of the exchanges was 15.11 percent in January 2018, and a year later, it edged up marginally to 17.74 percent.
Overall, BTC trading volume took a massive hit in 2018, dropping from $30 billion at the beginning of the year to well under $5 billion by October 2018.
Source: Diar
It should be noted that exchange-reported trading volume may not concur with the verified figure. As Bitwise Asset Management pointed out in their March report to the SEC, 95 percent of volume data reported by exchanges is fake or non-economic in nature; the same was mentioned by Diar in their recent report.
The post Bitcoin [BTC] trading volume sees continued growth on institutional front: Diar Report appeared first on AMBCrypto.
Source: AMB Crypto

CME unrivalled; sees BTC Futures up by 950% since close of March

The Bitcoin bull-run coupled with the competitor-less Bitcoin Futures market saw the Chicago Mercantile Exchange’s [CME] Bitcoin Futures surge by a whopping 950 percent over the past five days of the month.
As per exchange’s data, the CME saw a massive 22,542 contracts traded on its exchange on April 4, with each contract accounting for 5 BTC. This would mean that over $560 million, given Bitcoin’s price at over $5,000, was traded in the form of Bitcoin Futures in the period.
On April 1, Monday, prior to Bitcoin’s $5,000 ascendance, the number of contracts traded was a mere 2,162. A day later, when BTC rose by 15 percent and the collective market added over $20 billion overnight, the contracts increased by 455.73 percent to total 12,015 contracts.
An additional 5,050 contracts were traded on Wednesday. Bitcoin’s price continued to hover close to, and at times over $5,000, leading many to believe that this pump was not a temporary shock and hence the contracts, on April 4, reached 22,542, a massive 942.64 percent higher than the amount at the beginning of the month.
The Bitcoin futures market, as a whole, was going through a tumultuous time since the crypto-winter set in during the close of 2018. February 2019, saw the top exchanges, CBOE and CME record their lowest Bitcoin futures trading volume to date. After a successful early-2018, the derivatives market seemed to lose steam, as the price-decline began and eclipsed in February.
March 2019 also saw CBOE pull out of the XBT race by delisting their Bitcoin Futures for the same month. This exit was due to the falling prices of the coins in the market and the overwhelming drop of CBOE BTC Futures volume compared to that of CME.
CME is on the verge of facing stiff competition from other digital asset platforms, the most prominent of which is the highly anticipated Bakkt, spearheaded by the Intercontinental Exchange [ICE]. However, Bakkt has significant regulatory stalling and their launch has been delayed from January 2019 to later this year.
Other futures exchanges pegged to virtual currencies are Digital Currency Group and Polychain Capital, but Bakkt seems to be the overwhelming favorite.
In March, Terry Duffy, the Chairman of the CME, stated that stablecoins, backed by fiat currencies, would seek regulatory approval easier that decentralized currency. He added that the number of use-cases of cryptocurrencies should be expanded for it to be seen as a mode of payment rather than a mere volatile investment vehicle.
Most notably, Duffy shed light on the main cause of the regulatory obstacle for cryptocurrencies. He stated that the principle of limited supply, where only a certain number of Bitcoins can ever be created (21 million), is the main reason regulators stand in opposition to the decentralized currency market.
The post CME unrivalled; sees BTC Futures up by 950% since close of March appeared first on AMBCrypto.
Source: AMB Crypto

Limited Supply Principle stifling cryptocurrency regulatory approval, says CME Chairman Terry Duffy

Terry Duffy, the Chairman of the Chicago Mercantile Exchange [CME], is in the news after he cast doubts on the prospects of a publicly traded Bitcoin asset. Cryptocurrencies backed by real assets like fiat currency would be the only form of virtual currency that would fit the bill under regulatory oversight, he stated.
During a recent interview at FIA’s International Futures Industry conference, Duffy voiced his support for stablecoins backed by real dollars.
Stablecoins like Tether [USDT] are backed one-for-one by fiat and hence, are the ‘best of both worlds.’ They allow users to delve into the cryptospace, enjoying ubiquity and universality of payments while still being tethered to the centralized financial world.
He stated,
“How do we figure out how to get the cryptos in there, but just have them backed up by fiat, and let that work as it is.”
Cryptocurrencies are often seen as just another investment vehicle, where the value of the underlying coin is more important than its use cases. Duffy stressed that the adoption and use of decentralized currency should be of greater concern, than the actual rise and fall of the market.
The CME Chairman added,
“But the argument has gone only to the price of say bitcoin or any other cryptocurrency. No one is talking about, ‘How do I use this asset?”
Publicly traded Bitcoin [BTC] assets, like the much-touted Bitcoin Exchange Traded Fund [ETF] have been in a regulatory shackle for months now. Despite two proposals, the Securities and Exchange Commission [SEC] is yet to give its approval, with many claiming that doing so is hindering the mainstream growth of decentralized currency.
Duffy added that the main reason for the backlash against the ETF was the underlying cryptocurrency’s principle of limited supply. The protocol placed into Bitcoin is that there can only be 21 million BTC in supply, which the market is expected to reach in 2140 when the mining rewards dwindled to 0.
Cryptocurrency proponents often cite this principle as one that balances the market and reduces inflationary pressure. Sovereign currency can be created by the government at any time, which is a fundamental point of opposition within the crypto-community.
In light of this debate, Duffy stated that governments cannot operate unless “they run on a deficit.”
Regulation is the single biggest hurdle for cryptocurrency adoption, something Duffy acknowledged. The cryptocurrency community needs to get the nod from financial watchdogs if they want to break into the forefront of the financial realm, he believes.
Duffy concluded by highlighting the skepticism that regulators have when approaching the topic of cryptocurrencies,
“I do believe that the regulators right now are a little careful about just rubber stamping anything as it relates to crypto.”
The CME group, together with its cross-city rivals, the Chicago Board of Options Exchange [CBOE], set the cryptocurrency market alight by launching Bitcoin Futures in 2017. However, 15 months after the launch, the CBOE decided to delist the XBT contracts for March 2019, allowing the CME group to take over the BTC Futures market.
The post Limited Supply Principle stifling cryptocurrency regulatory approval, says CME Chairman Terry Duffy appeared first on AMBCrypto.
Source: AMB Crypto

Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake

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Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake
While many use CoinMarketCap as a go-to resource for cryptocurrency market data, roughly 95% of Bitcoin trading volume reported by this website is fake, according to Bitwise Asset Management report.
Bitwise: 95% Of Reported Bitcoin Trading Volume Is Fake

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Source: CoinSpeaker

CBOE Halts Bitcoin Futures: Big Step Behind or A Leap Forward?

CBOE will no longer list Bitcoin Futures on its exchange after the current ones expire in June 2019. CBOE Global Markets was the first institutional platform to launch Bitcoin Futures in December 2017. CME Group Inc. is the other derivates marketplace that will continue to offer Bitcoin Futures contract.
A Leap Forward
In a chat with Melissa Lee with the CNBC, Brian Kelly, Tim Seymour, Guy Adami, and Steve Grasso noted that this has come as a positive piece of news contrary to popular belief. As Bitcoin Futures began when Bitcoin was at the top indicating retail and sellers demand of the product. The halting decision now could suggest a bottom.
Bitcoin/USD chart (Q4 2017 – Q1 2019)
Moreover, with the development of custody platforms, pending ETF approvals, Fidelity and Bakkt Investment Platforms the need for Bitcoin Futures has diminished considerably. The CBOE also might look forward to replacing the futures contract with an actual Exchange Traded Fund.
According to the founder and CEO of cryptocurrency investment firm BKCM LLC, Brian Kelly,
“Retail and sellers are exhasted… and in the $3000 was the great time to buy bitcoin.
Other avenues of custody has become better.. less of a need for these futures contracts at this point.”
This might come as a bad piece of news for many as it implies that there is one less institutional platform to bet on Bitcoin. Nevertheless, CBOE itself has filed for an ETF application that is under review with the SEC. Moreover, CME continues to provide the contracts. Hence, it might not affect the supply for futures traders. Moreover, it is indicative of a big move ahead in Bitcoin.
 
The post CBOE Halts Bitcoin Futures: Big Step Behind or A Leap Forward? appeared first on Coingape.
Source: CoinGape

CME’s Quick Respons to CBOE’s Bitcoin Futures Suspension Likely Capture Large Market

Well, CBOE discontinued Bitcoin futures in March, the rival CME has no plans to follow its footprints. However, CME is well performing the market, capturing the bitcoin futures potential that CBOE has temporarily restricted.
CME Has No Plans to Discontinue
To remind, CBOE (Chicago Board Options Exchange) was the first global exchange launching Bitcoin futures which were then followed by CME (Chicago Mercantile Exchange) in a similar time frame. As Coingape reported, CBOE released a notice on March 14, elaborating the reason behind why are they pondering bitcoin futures contract from their list of offers for the March 2019. It stated as follows;
“CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading.”
However, the observers have denied the claim CBOE made – in contrast, they analyzed the decision was taken as a result of low trading volumes. Crypto enthusiasts took to Twitter and stated that the CME’s bitcoin futures contract volume hurt the volume of CBOE. Although the current Bitcoin futures contract of CBOE remains available for trading until June. Furthermore, reports from CME official revealed that they have no plans to restrict their bitcoin futures contact.
CME didn’t share any comment on CBOE’s decision while a crypto research firm, Trade Block’s CEO discussed potential points or reasons behind the decision. Lanre Sarumi, CEO of Trade Block says that;
“Connecting to both CME and Cboe is expensive. If you are already trading other products on an exchange, then there is no new cost. If not, you must pay for connectivity, software license, market data, cross-connects etc. — all that just to trade one new product?”
Given all that, CBOE’s volume in Bitcoin futures is thin as compared to CME which stands quite stronger. As for now, CME continued to capture its existing market, even the portion that CBOE left for this month.

That’s cause Cboe bitcoin futures trading volumes have been getting crushed by CME. pic.twitter.com/4dpi9Tfuwg
— John Todaro (@JohnTodaro1) March 14, 2019

So readers, what’s your stake on CBOE’s decision and CME’s take on continuing the offering? Share your views with us
The post CME’s Quick Respons to CBOE’s Bitcoin Futures Suspension Likely Capture Large Market appeared first on Coingape.
Source: CoinGape

CBOE Will No Longer List New Bitcoin Futures This March

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CBOE Will No Longer List New Bitcoin Futures This March
The Chicago Board Options Exchange will stop listing new Bitcoin futures on its platform this month as it needs to review its approaches in this sphere.
CBOE Will No Longer List New Bitcoin Futures This March

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Source: CoinSpeaker

CME Bitcoin Futures See Record Volumes, Crucial Signal For Rising Institutional Demand

This week saw the highest ever volume for Bitcoin futures on the Chicago Mercantile Exchange as volume exceeded 18,000. The big signal is that institutional investors are paying attention as futures contracts get snapped up at an ever-increasing rate.
Record BTC Contract Volumes on CME
According to stats from the CME there were 18,338 on Wednesday, the highest figure ever recorded. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.
Source: CME
Futures contracts enable speculators to bet on the prices rather than purchasing the physical assets themselves so these figures may be a little misleading. What they do indicate however is that there is a lot more interest in crypto futures now than ever before.
When new products that offer physically settled contracts hit the market, they will be paying out in BTC which will drive massive momentum for crypto markets. Over the past year or so the anticipation of a crypto exchange traded fund (ETF) being launched has dominated the news. 2018 has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.
This year will be different and many industry experts predict the launch of at least one institutional investment vehicle. Bakkt is the primary candidate but it has been in a holding pattern with a few others while US regulators finally wake up from their month-long imposed vacation.
According to The Block European exchange giant, Eurex, is gearing up to launch crypto futures so the list of institutional offerings is growing rapidly. The derivatives exchange operated by Germany’s Deutsche Börse will be offering Bitcoin, Ethereum and XRP imminently according to the report.
Exchange Traded Funds are The Future
In addition to these future products, there is already one type of ETF that is actually traded through an ETN (exchange traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) bypasses the technicalities of buying and storing Bitcoin but still allows investors to get in on the action by buying shares that trade at around a thousandth of the price of BTC, so a few dollars instead of thousands.
GBTC has been wildly popular with over $800 million already invested in the Bitcoin fund:

2/21/19 UPDATE: Holdings per share and net assets under management for our investment products
Total AUM: $872.1 million$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/tzQxkd7ilX
— Grayscale (@GrayscaleInvest) February 21, 2019

In addition to BTC are 8 other crypto assets but clearly, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want, slow and steady wins the race. The outlook for 2019 is currently taking shape and the institutions are already involved. Buckle up and get ready for the ride!
Image from Shutterstock
The post CME Bitcoin Futures See Record Volumes, Crucial Signal For Rising Institutional Demand appeared first on NewsBTC.
Source: New feedNewsBTC.com

Will SEC and CFTC Ever Come to a Compromise?

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Will SEC and CFTC Ever Come to a Compromise?

Konstantin Rabin, financial expert and crypto enthusiast, takes a look at how regulatory institutions are different in terms of Bitcoin regulation and whether they will come to an agreement at all.

Will SEC and CFTC Ever Come to a Compromise?

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Source: CoinSpeaker