Bitcoin Today: Bittrex launches fiat, but not for everyone.
Price
Holding on to the Bullish Trend Line BTCUSD shows low volatility during today session, it is visible that 7600.0 level acts as resistance and reflects the price. Nonetheless, most volumes have been traded close to the 7600.0 level favors a possible breakthrough. Support levels for today are Global Bullish Trend Line and 7400.0 level. In case of breakthrough of the 7600.0 level price will go for the 8000.0 resistance and Bearish Resistance Trend Line, which intersects the 8000.0.
Today forecast
Trading in the 7400.0 – 8000.0 zone. The upward impulse to 8000.0 is possible.
Latest news
Holding on to the Bullish Trend Line BTCUSD shows low volatility during today session, it is visible that 7600.0 level acts as resistance and reflects the price. Nonetheless, most volumes have been traded close to the 7600.0 level favors a possible breakthrough. Support levels for today are Global Bullish Trend Line and 7400.0 level. In case of breakthrough of the 7600.0 level price will go for the 8000.0 resistance and Bearish Resistance Trend Line, which intersects the 8000.0.
Today forecast
Trading in the 7400.0 – 8000.0 zone. The upward impulse to 8000.0 is possible.
Latest news
- Bittrex Launches USD Fiat Trading.** Bittrex has finally introduced fiat currency support. The US exchange, which was established in 2013, subsisted with tether as its USD surrogate until recently, before adding another stablecoin, TrueUSD, a couple of months ago. Around the same time, its CEO Bill Shihara revealed that the platform would be adding USD pairs and today they went live for corporate clients.
Bittrex, along with exchanges such as Binance and Upbit, has been gradually weaning itself away from tether, which for a long time was the only dollar-based hedge available. It has been speculated that the desire to list other stablecoins, and to eventually pivot to USD, was partially born out of a desire to be less reliant on the notoriously opaque tether. Whatever the reasoning, Bittrex has now secured the banking facilities necessary to enable fiat-crypto trading, and in Malta Binance is believed to be following suit.
Bloomberg reports that Bittrex has inked a deal with New York’s Signature Bank. This will allow corporate clients in certain US states to make fiat deposits. While retail investors will be unable to benefit from this facility initially, Bittrex hopes to eventually roll the service out to all users who reside in states where it is licensed. As of today, May 31, corporate traders in Washington, California, New York, and Montana can make fiat deposits. Due to the restrictions in place, which will prevent the majority of Bittrex’ three million users from being able to participate, USD trading volume is likely to be low to begin with. - Israel Delays Crypto Exchange Regulations by 4 Months. The finance committee of the Knesset, the legislative branch of Israel’s government, convened a special meeting on Wednesday to postpone the law regulating cryptocurrency exchanges. The original plan was for the law to take effect on June 1, but its introduction has now been delayed by four months, Jacob Enoch, co-chair of the Israel Bar Association (IBA), told Cryptovest in an e-mail.
The surprising postponement leaves financial services providers and Israeli companies without any regulation for cryptocurrency exchanges.
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