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Bitcoin Price Just Surged $400, But The Real Trouble Is Still Around The Corner: BTC Analysis & Overview

Just as expected, Bitcoin had produced its move. Just as we said in our recent analysis: “Unlike the crypto community on twitter, suggesting Bitcoin to $6K, in my opinion, the direction isn’t clear yet.”

Most of the traders lose money over time. Hence, they take the wrong decisions guessing the next direction of the market. This was another classic example, as Bitcoin price broke to the bullish side following reaching the end of the 4-hour short-term triangle’s pattern.

Does it mean we will see a Bitcoin’s all-time high soon? Very early to say. Bitcoin had done only a little positive step. The real ‘trouble’ is still waiting ahead, just around the corner.

Total Market Cap: $222.5 billion

Bitcoin Market Cap: $148.3 billion

BTC Dominance Index: 66.7%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: Following a decent $400 daily price move, Bitcoin broke out of the short-term triangle, along with the 4-hour MA-50.

After reaching the resistance at $8300, Bitcoin got rejected and currently trading around the $8200 mark for the past hours. Nothing can assure it won’t go to retest the $8000 once again, but so far, it looks promising.

From the bullish side, Bitcoin is facing the first resistance at yesterday’s high of $8300. Slightly above is the $8400 level, before the $8650 resistance area. Then it becomes interesting: the $8800 – $9000 has a lot of seller’s waiting, this includes the significant 200-days moving average line (marked light green on the following daily chart) and the crucial descending trend-line started forming since June 26 (when Bitcoin 2019 high was captured at $13,880).

From the bearish side, after breaking it as resistance, the $8200, along with the 4-hour MA-50, are the first lines of support. Below lies the $8000 support, along with the triangle’s ascending trend-line. Further down is the $7700 – $7800 support area, which proved itself as strong shield support being tested successfully for a couple of times over the past month.

– The RSI Indicator (Daily): As stated in our previous analysis, the RSI needed to hold the higher-lows trajectory, and indeed, it did. As of now, the RSI is facing a critical level of resistance at 44. A break-up of this area could turn very bullish for Bitcoin, following the RSI forming a bullish triangle (as can be seen on the daily chart below).

– The Trading Volume: This is the only thing I really dislike here. The volume is at its lowest levels. Even the spike from yesterday couldn’t change it. For over a month, the volume amount didn’t reach real levels.

BTC/USD BitStamp 4-Hour Chart

btc_oct21_4h-min

BTC/USD BitStamp 1-Day Chart

btc_oct21_d-min

The post Bitcoin Price Just Surged $400, But The Real Trouble Is Still Around The Corner: BTC Analysis & Overview appeared first on CryptoPotato.

Source: Crypto Potato

Ethereum Price Analysis:ETH Above $170 But Will The Bulls Persist?

Ethereum saw a small 5% price decline over the past week and it currently trades at $173.03. The cryptocurrency continues to be supported at the $170 level but it seems that the bears are adamant to push Ethereum lower. Ethereum has lost a total of 20% over this past month, after falling from the high of $225 during September.

Ethereum remains the second-largest cryptocurrency as it holds a market cap of $18.76 billion. The good news is that ETH looks to be holding strong against BTC and we could potentially see a rebound soon.

Looking at the ETH/USD 1-day chart:

  • Since our previous ETH/USD analysis, the cryptocurrency fell beneath the support at $176.48 but managed to remain above the support at $171.97 (.886 Fib Retracement). The sentiment is looking pretty bearish and we can expect ETH to break beneath the current support.
  • From above: The nearest level of resistance lies at $176.48. Above this, resistance lies at $185 and $194. Congestion is then to be expected between $195 and $203 due to both the 100-days EMA and 200-days EMA being located between here. Above $203, resistance lies at $210, $220, $225 (September high), and $240.
  • From below: The nearest level of support beneath $171.87 lies at $165.42. Beneath this, support is found at $158.61, $152.38, and $150. Below $150, support can be found at $144.16, $140, and $133.
  • The trading volume remains pretty low.
  • The RSI has recently slipped beneath the 50 level which shows that the bears are taking charge of the market momentum. However, the Stocahstic RSI is reaching oversold conditions as we wait for a bullish crossover signal to send us higher. 

ethusd-oct20-min

Looking at the ETH/BTC 1-day chart:

  • Against BTC, ETH continued to drop after reaching the resistance at 0.02232 BTC. The coin has recently fallen into support at the 100-days EMA at around 0.0216 BTC – where it currently trades.
  • From above: The nearest levels of resistance lie at 0.022 BTC and 0.02232 BTC (bearish .382 Fib Retracement). Above this, resistance is expected at 0.02295 BTC, 0.02370 BTC, and 0.02423 BTC (bearish .5 Fibonacci Retracement).
  • From below: The nearest level of support beneath the 100-days EMA lies at 0.0021 BTC. Further support can be expected at 0.0204 BTC, 0.020 BTC, 0.0195 BTC, and 0.019 BTC.
  • The trading volume remains low, but at the average level for October 2019.
  • The Stocahstic RSI is in extreme oversold conditions and is primed for a bullish crossover signal to send the market higher.

ethbtc-oct20-min

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Source: Crypto Potato

Bitcoin Price Analysis: BTC Steady But Scary – Anticipating a Huge Price Move

Bitcoin price over the past days isn’t the best show in town. The cryptocurrency had been boring, trading under a tight range above and below the $8000 mark. As of now, the coin’s price is around the same levels of three days ago.

A couple of signs are suggesting a vast move coming up: Bitcoin is coming to a decision point on the horizontal triangle being built in the mid-term.

Bitcoin is forming a short-term triangle (can be seen on the following charts), where its apex takes place in the next 24-48 hours. Besides, The RSI indicator is reaching its ascending support trend-line along with the 36-resistance turned support level. Added to it, Bollinger bands are in their tight stage, along with the minor amount of trading volume, which had been continually declining since September 24.

Unlike the crypto community on twitter, suggesting Bitcoin to $6K, in my opinion, the direction isn’t clear yet. So far, Bitcoin proved that it acts against the majority’s thoughts. The coming day or two is critical, and we will get the answer.

Total Market Cap: $217 billion

Bitcoin Market Cap: $143.4 billion

BTC Dominance Index: 66.1% (Since its 2-year high at 72% a month ago, the altcoins are getting stronger)

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: Over the past days, Bitcoin had been following a short-term ascending trend-line (shown on the following 4-hour chart). As we can see, after breaking down from it, the line is still following the price; however, as resistance. The bulls would love to see Bitcoin breaking up from the triangle mentioned, roughly around $8100 – $8200 (along with the 4-hour MA-50 – marked in dark blue line).

In that case, the next resistance levels would be $8400, $8600, and the crucial $8800 (which contains the 200-days moving average line).

From the likely direction of the bearish side, the next support level is the $7700 – $7800 area, which is the lowest since June 2019. If Bitcoin breaks down, we can expect to see $7500 very quickly (a breakdown is expected to carry a strong move since the support area had been holding three times so far). From below, there is the significant level of $7200, which is the Golden Fibonacci level (61.8%) since the all-time high.

– The RSI Indicator (Daily): The indicator is maybe the sole positive light, as the higher lows trajectory so far being kept alive. However, as mentioned above, the RSI is now facing the higher lows pattern encountering the line as a crucial decision point.

– The Trading Volume: As discussed, many times before, the traders are off for now. We hadn’t seen a significant amount of volume since September 26.

BTC/USD BitStamp 4-Hour Chart

btc_oct19_4h-min

BTC/USD BitStamp 1-Day Chart

btc_oct19_d-min

The post Bitcoin Price Analysis: BTC Steady But Scary – Anticipating a Huge Price Move appeared first on CryptoPotato.

Source: Crypto Potato

Binance Futures Beginner’s Guide & Exchange Review: How to Trade

Binance recently launched a futures trading platform – Binance Futures – that allows traders to use leverage and to open both short and long positions. After our first look and test positions, we can say that the platform is very similar to that of Binance’s spot exchange, which makes the transition very easy. The user experience is just as smooth, and trading is relatively simple.

Quick Navigation

 

Binance Futures






9.1
UI/UX
9.9

Security
9.9

Fees
9.0

Coin Variety
7.0

Liquidity
9.8

Pros

  • Binance-branded product
  • High trading volume and liquidity
  • Industry-Leading Security (SAFU insurance fund)

Cons

  • You can only trade the BTC/USDT pair
  • Relies on the controversial Tether (USDT) stablecoin

 

At the time of this writing, the daily volume of the Bitcoin futures platform is around 72,000 BTC, which is more than twice the volume of the spot BTC/USDT trading pair on the primary Binance platform. This shows that the platform is growing relatively quickly, and it might be a matter of time until Binance leads the way in the area of Bitcoin leveraged trading.

“We do have plans to introduce more features and more trading pairs, but they are still under development,” told us Aaron Gong, Head of Binance Futures. “We will introduce a cross collateral feature in the future, as such tokens can be used instead of just Tether.”

Why Trade on Binance Futures?

There are a few reasons why one might consider trading Bitcoin futures:

  • Shorting Bitcoin and other cryptos: Hedge your positions and improve your risk management to protect your crypto portfolio during bear markets
  • Opening a leveraged position: trade without really owning the funds
  • No need to keep large amounts of BTC on the exchange because of the leverage

Bitcoin futures on Binance can be traded with up to 125x leverage. However, you should keep in mind that margin trading is not recommended for beginners since it involves a significant amount of risk, and you can lose your capital a lot quicker than you otherwise would. Hence, margin trading is usually not recommended for beginners, but rather for experienced traders with extensive knowledge on the matter.

Now that we’ve gone through some of the basics, let’s dive deeper into Bitcoin futures on Binance and how to trade them.

What Are Bitcoin Futures?

Bitcoin futures allow the trader to buy or sell Bitcoin at a predetermined price at some point in the future (“settlement”). The buyer of the contract is obligated to buy the asset when the contract expires, whereas the seller is obligated to provide it.

Binance employs so-called perpetual contracts, which are a bit different from traditional futures contracts. These sorts of contracts don’t have a preset expiry and settlement date. They are anchored to the spot index price, and the trader can terminate them whenever he or she wants to.

In other words, when purchasing or selling a perpetual contract, the trader is not obligated to sell or buy the asset at a preset date. Instead, they can close their position whenever they want to.

Bitcoin futures on Binance are traded against Tether (USDT).

Binance Futures: Start Here

First things first: you’ll need to create a Binance account. The registration process is fairly straightforward, but it requires quite a bit of identity verification because of Binance’s KYC requirements. You can learn how to register and deposit Bitcoin in our Binance trading guide.

Once your funds are deposited, you will have to transfer them to your futures trading wallet. On the top navigation menu, there is a “Futures” button. Click on it and select the “Futures” option.

On the bottom right, right under the order book, there is a “Transfer” button. To start trading Bitcoin futures, you’ll have to transfer some USDT to your Futures account.

Doing so is pretty straightforward. Once you click the button, you will be asked how much USDT you want to transfer and from which account. Simply specify the amount and hit the “Confirm” button. The transfer happens automatically.

Leveraged Trading on Binance Futures

Binance allows traders to place trades with a leverage of up to 125x. As a matter of fact, setting your leverage is fairly simplified. 

On the top left corner there is a button right next to the BTCUSDT symbol that can be clicked and it will pull up the following slider:

From here, it’s pretty straightforward. The slider can be used to set whatever leverage is preferred from 1x to 125x. 

So, for example, if you decide to use 100 USDT with leverage of 100x, this will open a position worth $10,000 and you’d only have to post 100 USDT as a margin.

How to Trade Bitcoin Futures on Binance Futures

Trading Bitcoin futures on Binance is simple. However, at the time of this writing, the platform only allows trading with up to 125x leverage.

In contrast, other margin exchanges allow leverage of up to 100x.

There are four types of orders that you can place on the platform:

  • Limit Order
  • Market Order
  • Stop-Limit Order
  • Take-Profit-Limit Order

Opening a Short or Long Position

Limit Orders

Limit orders are used when you want to buy at a specific price.

To set a limit order, you’ll have to specify the price at which you want to buy or sell. On the Order Quantity tab, input the amount of BTC that you wish to buy. In this case, we’ve set a target price of $8,400 and a quantity of 1 BTC. So as soon as Bitcoin’s price reaches $8,400, we will have an order to buy/long. Note below that the margin required for this order is only 420 USDT, because we’ve used a 20x leverage.

As soon as you hit the “Buy/Long” button, your position will be opened. Below, we will show you where to monitor it and how to close it.

Market Orders

The most basic order type, market orders are used to buy Bitcoin at a spot price.

All that has to be entered is the order quantity. Again, note that the margin required is 20 times less than the actual value of the order.

Stop-Limit Orders

These are typically used as a stop-loss mechanism, but not always.

The stop price is the price at which your order will become a regular limit order. The price tab indicates when you want to buy.

Imagine that you expect Bitcoin to face significant resistance at $8,600, and if it breaks above it, that will give confirmation that the trend is bullish. You would want to set your stop price at $8,600, because as soon as it’s hit, your stop-limit order will be converted to a regular limit order to buy at $8,650. You can also use this as a stop-loss mechanism to reduce your level of risk.

Take-Profit-Limit Orders

As the name suggests, this is mainly used to set the price at which you wish to collect your profits.

Your trigger price establishes the price at which your order will be placed in the order book. The price tab shows the price at which you want to buy.

Closing a position

As soon as your position is opened, you will be able to monitor its status. For the sake of this guide, we’ve opened a long Bitcoin position using a standard market order, as shown in the example above. Here’s where we can track it:

As you can see, we’ve bought 0.1 BTC at an entry price of $8,273. In other words, we have opened a long position of 0.1 BTC. Since it is 20x leveraged, the required margin on this trade is only around 43 USDT.

If you wish to close your position, you have two options. A market close is instant, and you close at the best available spot price. In contrast, a limit close lets you specify the price at which you would like to close the position.

As you can see, the position tracker also contains a liquidation price. This is the price that, if reached, will see your position liquidated due to insufficient margin. Keep in mind that the entire amount in your futures wallet is used as collateral. Hence, if the price doesn’t go in the direction of your trade, the platform will use your remaining capital as collateral.

As soon as you hit the “Market” button, your position will be closed and you will see the funds return to your margin account.

What are Binance Futures’ Trading Fees?

One of the more crucial things to consider when selecting a futures exchange is its trading fees. This is especially important if you are day trading, as the fees can pile up fairly quickly.

As is almost always the case, Binance has done a great job of visualizing its fee structure.

Long story short, the default level (VIP 0) carries 0.02% maker fees and 0.04% taker fees. In order to enjoy reduced fees, Binance requires you to both hold its native Binance Coin (BNB) and maintain a decent amount of turnover volume (in BTC).

All of the VIP benefits of the spot market exchange apply to the futures market. What is more, the fees are generally lower than those on the spot market. However, the volume requirements for each of the VIP tiers are 5 times larger than those on the spot market because of the leverage.

Security of the Binance Futures Exchange

Needless to say, Binance is probably the most secure cryptocurrency exchange out there. Naturally, it’s not immune to hackers, but the company is doing a splendid job of keeping users’ funds protected.

Even if the exchange were to get hacked, which it has in the past, Binance has introduced a so-called SAFU fund. Beginning last July 14th, the exchange has allocated 10% of all trading fees into its Secure Assets Fund for Users (SAFU) in order to offer additional protection to users in extreme cases. Those funds are stored in a separate cold wallet.

Moreover, Binance has a very rigorous KYC process that applies to its futures exchange platform.

Binance Futures’ Support

Unsurprisingly, the Binance Futures exchange shares the primary spot exchange’s emphasis on support, and users can rely on a team of experienced and highly adequate international support staff.

The post Binance Futures Beginner’s Guide & Exchange Review: How to Trade appeared first on CryptoPotato.

Source: Crypto Potato

Ripple Price Analysis: XRP Bullish Against Bitcoin, But Can It Break Above $0.30?

XRP saw a price decline of around 2% over the past 24 hours and it currently trades at $0.29. This latest decrease is largely due to the fact that BTC fell by 2.10% over the same period. Against Bitcoin, XRP is performing relatively well as it continues to make higher highs during October 2019.  

XRP remains the third-largest cryptocurrency with a market cap of $12.57 billion.

Looking at the XRP/USD 1-Day Chart:

  • Since our previous XRP/USD analysis, the cryptocurrency made another attempt at the $0.30 level and managed to climb as high as $0.308 before the market rolled over and fell back beneath $0.30.
  • From above: The nearest level of resistance lies at $0.30. Above this, resistance lies at $0.308, $0.3177 (200-days EMA), and $0.3262 (bearish .382 Fib Retracement). Higher resistance is expected at $0.3371, $0.35, and $0.3613.
  • From below: The nearest level of support lies at $0.2890 (100-days EMA). Beneath this, support is located at $0.2811, $0.27, $0.26, and $0.2584. Further support toward the downside is expected at $0.2518, $0.25, and $0.24.
  • The trading volume still remains relatively high when compared with September.
  • The RSI is above the 50 level but is slowly fading which could be a sign that the bullish momentum may be fading. Furthermore, the Stocahstic RSI had recently produced a bearish crossover signal which favors the bears.

xrpusd-oct18-min

Looking at the XRP/BTC 1-Day Chart:

  • Against Bitcoin, XRP managed to smash above the resistance at 3568 SAT. XRP continued to climb higher to reach the current level of resistance at 3739 SAT, provided by a 1.618 Fib Extension.
  • From above: The nearest level of resistance lies at 3739 SAT. Above this, resistance lies at 3800 SAT, 3936 SAT (bearish .5 Fib Retracement), 4060 SAT (200-days EMA), and 4305 SAT (bearish .618 Fib Retracement).
  • From below: The nearest level of support lies at 3666 SAT. Beneath this, support lies at 3568 SAT, 3500 SAT, 3375 SAT, and 3200 SAT (100-days EMA). Further support can be found at 3112 SAT and 3000 SAT.
  • The trading volume remains quite low when compared with September’s volume.
  • The RSI is well within the favor of the bulls as it remains well above 50. However, the Stochastic RSI is warning to remain cautious as it is primed for a bearish crossover signal.

xrpbtc_oct18-min

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Source: Crypto Potato

8Pay Sponsors DeFi Project of the Year 2019 Award at Europe’s Largest Blockchain Conference

[PRESS RELEASE]

8Pay, an automated payment solution built on the Ethereum network, will sponsor the DeFi Project of the Year Award at the forthcoming Malta AI & Blockchain Summit.

Europe’s largest blockchain conference will host creative minds from the industry and recognise the year’s milestones and achievements on 7 November at Malta’s Intercontinental Hotel.

8pay_Featured_Image-min

As well as luminaries from the world of blockchain, the biennial event will bring together figures from sectors such as robotics, Internet of Things (IoT) and artificial intelligence, with a busy programme of conferences, workshops and networking events also taking place over two days.

Co-founder and CEO of 8Pay, Benedetto Salanitro, explained his happiness at sponsoring the DeFi Project of the Year Award, saying, “Decentralized finance is an incredibly worthy attempt to build a new and innovative financial system that works for everyone, with a high degree of transparency. Each of the projects shortlisted for the award has made great strides in realizing this goal, and we’re delighted that 8Pay can sponsor it. From P2P lending protocols to emerging decentralized banks, the space is thriving – and this is only the beginning.”

Decentralized finance (defi), built around smart contracts and crypto protocols that provide open access to financial products, has evolved into a burgeoning industry. The award at the Malta AI & Blockchain Summit will be handed to the defi project that’s provided the greatest contribution to simplifying the money-sending process. The 2019 nominees are Sologenic, Simply VC and MakerDAO, all of which have been busy leveraging decentralized networks to transform old financial products into trustless, transparent protocols.

Ventures that fall under the decentralized or open finance umbrella aim to create a new financial system based on public ledgers that is globally accessible and transparent. Defi projects focus span such verticals as derivatives, insurance, lending, prediction markets and other offshoots of the finance sector. Novel new products are already starting to ship, with the collective goal of overhauling traditional financial services and bypassing much of the banking sector, with its gatekeepers and intermediaries.

8Pay is a decentralized payment solution that facilitates automated crypto payments. Underpinned by smart contracts architecture, 8Pay enables stablecoins and all the ERC-20 tokens to be used in everyday life to pay for goods and services.

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Source: Crypto Potato

Today The 18 Millionth Bitcoin Will Be Mined

At the current rate, we can expect the 18 millionth Bitcoin to be mined. This will leave only 3 million more to mine. With the Bitcoin halving approaching quickly, it’s perhaps time to appreciate one of the most predominant qualities of Bitcoin, namely, its digital scarcity.

18 Millionth Bitcoin Mined

Bitcoin’s history begins a little over 10 years ago. For that short period of time, it’s close to reaching more than 85% of its total supply. Satoshi Nakamoto, the inventor of the protocol, has hardwired it so that no more than 21 million bitcoins to ever be “created.” Of course, this could be changed if the majority of the network participants representing 51% of the hashrate, unanimously decide to do so. Looking at its rather distributed nature, however, at this time the odds of this are slim at best.

After today, only 3,000,000 bitcoins will be left mine. However, because of the regular halving events and the increasing difficulty, it’s estimated that this will take quite some time and that Bitcoin’s entire supply will be mined in the distant 2140.

What Does This Mean For Bitcoin?

The closest event which is directly related to mining is the 2020 Bitcoin halving. At the current hashrate, it should take place in May next year. This will slash the rewards that miners get for adding new blocks to the network in half.

Basically, instead of the 12.5BTC block rewards that miners get, they will begin receiving 6.25BTC. This will reduce the overall supply of Bitcoin on the market in half. Currently, 1,800 bitcoins are mined every single day and this number will drop down to 900. In addition, this will also cause a reduction in Bitcoin’s inflation rate from the current 3.72% to 1.8%.

Naturally, as the supply of freshly minted bitcoins on the market is reduced, if the demand for them remains the same or increases, its price should increase. This is something that a lot of industry proponents are looking forward to and, historically, it has always happened.

Bitcoin’s Digital Scarcity

One of the things that make Bitcoin stand up among other digital products is its scarcity. It has a finite supply that is predetermined and everyone’s aware of it, unlike gold. While gold is also scarce, the remaining amount that we can mine is based on estimates and research. With Bitcoin, we know how many will ever be in circulation – 21 million.

There is a lot that stems from this fact. First and foremost, no one but the network participants themselves has the capability to “print” new bitcoins in order to control inflation. Bitcoin’s inflation rate is also pre-determined and it’s reduced only as the supply goes down – after the halving events.

Another thing that should be considered, and perhaps what people are interested in the most, is the implication that scarcity has on value. The scarcer an object in demand is, the more valuable it becomes. Imagine that there were only 100 tons of gold on the earth and gold still served the purposes it does today. Its price would certainly have been different.

In any case, to commemorate this event and to unite the community under the same umbrella, popular Bitcoin proponent, Anthony “Pomp” Pompliano has started a hashtag on Twitter: #3MillionLeft and it already has hundreds of people using it.

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Source: Crypto Potato

Huobi Global Strengthening Its Presence in Turkey and Argentina: Exclusive Interview With CEO Livio Weng

Cryptocurrencies are becoming more widely discussed – and regulated – in a broad range of countries, including Turkey. A few months ago, the country announced plans to implement a central bank digital currency based on blockchain technology. Huobi, one of the more popular cryptocurrency exchanges, is looking to strengthen its already strong Turkish presence. CryptoPotato recently had the chance to conduct an exclusive interview with the exchange’s CEO Livio Weng.

Cryptocurrencies in Turkey

According to the 2019 Statista Global Consumer Survey, cryptocurrency is most commonly owned in Turkey. Reportedly, 20% of people there have exposure to digital assets.

This doesn’t really come as a surprise, given that the government’s Eleventh Development Plan, which outlines policies geared toward improving the country’s economy through 2023, aims to develop and implement a central bank digital currency based on blockchain technology.

In addition, the document outlines technology and legal infrastructure improvements meant to support blockchain technology for both transport and customs purposes.

It’s no wonder, then, that major cryptocurrency exchanges are turning their sights to the region, and so far Huobi seems to have done the best job.

Tomorrow, October 18th, the exchange will host the Eurasia Blockchain Summit. CryptoPotato got the chance to interview Livio Weng, CEO of Huobi Global, in advance of the event.

According to Weng, the goal is to invite the community to “join in conversations long overdue for the Turkish market. Turkey is leading Europe’s cryptocurrency adoption trend with around 20% of its population owning cryptocurrency, and we have already established a local team heading up the community, customer service, and business development efforts on the ground.”He added:

“The Eurasia Blockchain Summit is an important event for Huobi, just as Turkey has been a key market for us this year. This event stood out as the first major blockchain gathering in a region already thriving with blockchain technology and enthusiasts. Just last month, the Turkish Ministry of Industry and Technology emphasized the development of blockchain and DLT as priorities for the coming years.”

But It’s Not Just Turkey

Huobi’s presence is expanding not only in Turkey, but in other important markets as well. Argentina, for one.

Huobi has beaten Binance in this market, and its CFO noted that markets of the kind will play an important role in regulating and standardizing the industry in the coming years.

“As a world-leading blockchain company, we have a responsibility to advance blockchain development and cryptocurrency adoption in high-potential markets like Argentina across the world. Regions like Argentina, with wide acceptance and friendliness toward cryptocurrency, will play very important roles in regulating and standardizing the blockchain industry in the years to come.”

He noted that Huobi’s experience in the market allows it to participate in the future of blockchain “by supporting these regions in their critical development periods.”

Interestingly enough, CryptoPotato recently conducted an interview with Gustav Arentoft of MakerDAO, who agreed that blockchain-based technology, especially DeFi, could provide an alternative to fiat currencies in economically troubled markets such as Argentina.

The post Huobi Global Strengthening Its Presence in Turkey and Argentina: Exclusive Interview With CEO Livio Weng appeared first on CryptoPotato.

Source: Crypto Potato

Huobi Strengthening Its Presence In Turkey And Argentina: Exclusive Interview With CFO Chris Lee

The topic of cryptocurrencies is becoming widely discussed amid higher regulatory circles in a broad range of different countries. Turkey, for once, is among them. A few months ago the country announced plans to implement a central bank digital currency based on blockchain technology. With a strong presence in the region, Huobi, one of the most popular cryptocurrency exchanges, is looking to strengthen its stance. Cryptopotato had the chance to do an exclusive interview with the exchange’s Chief Financial Officer, Chris Lee.

Cryptocurrencies In Turkey

According to a 2019 online poll Statista Global Consumer Survey, cryptocurrency is most commonly owned in Turkey. Reportedly, 20% of people have exposure to digital assets.

This doesn’t really come as a surprise, given that the government itself published its Eleventh Development Plan, covering the period between 2019 and 2023. Per the document which outlines policies geared at improving the country’s economy, it aims to develop and implement a central bank digital currency based on blockchain technology throughout this period.

In addition, the document also suggests that technology and legal infrastructure will be tailored by the government itself in order to use blockchain for both transport and customs purposes.

With this said, it’s no wonder that major cryptocurrency exchanges are turning their sights to the region and so far Huobi seems to have done the better job.

Tomorrow, October 18th, the exchange is hosting the Eurasia Blockchain Summit. Cryptopotato got the chance to interview Chris Lee, CFO at Huobi, who provided his thoughts on the matter.

Chris Lee, CFO at Huobi, Source: Twitter

According to him, the goal of Huobi is to invite the community to “join in conversations long overdue for the Turkish market. Turkey is leading Europe’s cryptocurrency adoption trend with around 20% of its populace owning cryptocurrency and we have already established a local team heading up the community, customer service, and business development efforts on the ground.”

Adding to this, he said:

“The Eurasia Blockchain Summit is an important event for Huobi, just as Turkey has been a key market for us this year. This event stood out as the first major blockchain gathering in a region already thriving with blockchain technology and enthusiasts. Just last month, The Turkish Ministry of Industry and Technology emphasized the development of blockchain and DOLT as priorities for the coming years.”

But It’s Not Just Turkey

Huobi’s presence is not only improving in Turkey but in other important markets as well, Argentina being one of them.

Huobi has beaten Binance in this market and its CFO noted that markets of the kind will play an important role in regulating and standardizing the industry in the following years.

“As a world-leading blockchain company, we have a responsibility to advance blockchain development and cryptocurrency adoption in high potential markets like Argentina cross the world. Regions like Argentina, with wide acceptance and friendliness toward cryptocurrency, will play very important roles in regulating and standardizing the blockchain industry in the years to come.”

He also outlined Huobi’s experience in the market allows it to participate in the global future “for blockchain by supporting these regions in their critical development periods.”

Interestingly enough, Cryptopotato recently did an interview with Gustav Arentoft from MakerDAO, who also shared the sentiment that blockchain-based technology, especially DeFi, could provide an alternative to fiat currencies in economically-troubled markets such as Argentina.

The post Huobi Strengthening Its Presence In Turkey And Argentina: Exclusive Interview With CFO Chris Lee appeared first on CryptoPotato.

Source: Crypto Potato

Binance Coin Price Analysis: BNB Breaks Above $18 Following Binance’s 9th Quarterly Burn

Binance Coin saw a slight increase of around 2.14% over the past 24 hours and it currently trades at $18.50. This price increase follows a 6.62% price rise over the past week. 

The latest price increase could be attributed to the fact that Binance recently conducted its 9th quarterly burn for BNB. This time, over 2 million BNB was burned which is estimated to be around $36 million. The reduction in supply usually helps to bolster the price, however, the reaction is typically delayed.  Alternatively, this latest price increase could also be attributed to the fact that BNB has been rising against BTC as of late, meaning we are in a short term bullish run anyway.

Binance Coin remains the seventh-largest cryptocurrency with a market cap of $2.88 billion.

Looking at the BNB/USD 1-Day Chart:

  • Since our previous BNB analysis, Binance Coin continued to rise higher, reaching the resistance at the short term 1.272 Fib Extension at $18.85. BNB went on to drop into support at $17.30, but the coin burn helped the market rebound higher back toward the previous level.
  • From above: Initial resistance is expected directly at $18.85. Above this, resistance is located at $19.55, $19.93 (1.618 Fib Extension), and $20. Above $20, resistance lies at $20.92 and then between $21.94 and $22.50, where lies the 100-days and 200-days EMAs. 
  • From below: The nearest levels of support lie at $18 and $17.30. Further support is located at $17, $16.11, $15.54, and $14.65.
  • The trading volume has been increasing during October.
  • The RSI is in the strong favor of the bulls as it is above the 50 level. However, the Stocahstic RSI warns us to remain cautious as it trades in overbought conditions. A bearish crossover signal here would send the market lower.

bnbusd_oct17-min

 Looking at the BNB/BTC 1-Day Chart: 

  • Against Bitcoin, BNB also went higher. It managed to break above the resistance at 0.002265 BTC to bump into the current resistance at 0.0023 BTC provided by a short term bearish .382 Fib Retracement.
  • From above: The nearest levels of resistance lie at 0.002357 BTC and 0.002385 BTC (100-days EMA). Above this, resistance is expected at 0.002492 BTC, 0.0025 BTC (1.414 Fib Extension), and 0.002607 BTC (1.618 Fib Extension). The resistance at 0.002607 BTC is supposed to be significant due to the confluence of the 200-days EMA and the bearish .618 Fib Retracement also being located here.
  • The trading volume has been rising in October.
  • The RSI is well above the 50 level which shows that the bulls are strongly in control over the market momentum. However, similar to BNBUSD, the Stochastic RSI warns to remain cautious as it trades in overbought conditions.

bnbbtc_oct17-min

The post Binance Coin Price Analysis: BNB Breaks Above $18 Following Binance’s 9th Quarterly Burn appeared first on CryptoPotato.

Source: Crypto Potato