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Bitcoin Today. 8500, from here?Price Bitcoin spent last days fluctuating around 8500.0 level. 8500.0 level lies close to the Bullish Trend Line and is considered an important support for the April – May bullish pattern. As long as the price holds above the Bullish Trend Line, the overall bias still stays bullish. Breakthrough of the Bearish Trend Line and 100-days EMA afterward would be required to confirm the return to the uptrend and testing the 10000.0 level. Dive below the Bullish Trend Line and 8000.0 support will lead the price into a deeper correction, probably to the 6000.0 levels. Today forecast Lateral trading in the 8200.0 – 8800.0 zone. Latest news Thailand Commences Cryptocurrency Regulations Today. The decree to regulate cryptocurrencies and initial coin offerings in Thailand goes into effect on Monday. The government has also revised the country’s tax code to add crypto taxation. Sellers of digital tokens will face a fine or even jail time if they fail to register with the regulator within 90 days. The Thai government’s decree to regulate cryptocurrencies and initial coin offerings (ICOs) goes into effect on Monday. The Digital Asset Management Act BE 2561 was approved by the Thai cabinet in March and has been amended since. The revision of the Revenue Code No. 19 was also announced in order to tax crypto profits at 15%, according to local media. Zimbabwe Bans All Cryptocurrency Activity, Businesses Have 2 Month Grace Period. Zimbabwe’s central bank issued Circular to Banking Institutions No. 2/2018: Virtual Currencies, effectively banning all crypto activity in the African nation. Businesses dealing in decentralized currencies have 60 days to comply. Issued 11 May, the Reserve Bank of Zimbabwe, the country’s central bank, laid out seven points in ordering the shutter of things crypto within the southeast African nation. Referencing two previous circulars going back as far as three years ago, the notice explains “’banking institutions’ attention is once again drawn to the risks involved with virtual currencies and the need to ensure strict adherence to sound risk management. Our investigations have revealed that the major cryptocurrency exchanges facilitating the trade of virtual currencies in Zimbabwe are Bitfinance (Private) Limited (Golix) and Styx24. Golix has gone further to set up an ATM machine through which cryptocurrency transactions are facilitated.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: 8650 - the last resort.Price Bitcoin fell during last 20 hours to the 8650.0 level. The fell was produced by the three consecutive sell-offs every seven hours since yesterday afternoon. The fall has stopped at the 8650.0 price, major volumes lie at the 8750.0 rate which shows that there are buyers ready to buy these lows. 8650.0 level is the last borderline, the lowest price, of the April – May correctional pattern, which has been forming during the attempts to get to the 10000.0. Breakthrough of 8650.0 would send the price to test global Bullish Trend Line, which lies between 8000.0 and 8500.0 levels. To draw meaningful turnaround pattern the price will have to get back above the 9000.0 level. Today forecast Trading in 8650.0 – 9000.0 zone. Latest news Bloomberg Galaxy Crypto Index. Well-known hedge fund manager Michael Novogratz has launched a cryptocurrency benchmark index in partnership with Bloomberg. The index, designed to track the performance of the largest, most liquid coins, consists of 10 cryptocurrencies at its inception. __“The index is designed to track the performance of the largest, most liquid portion of the cryptocurrency market. The BGCI is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including bitcoin, ethereum, monero, ripple, and zcash.”__ The BGCI contains 30% bitcoin and ether, 14.13% ripple, 10.63% bitcoin cash, 6.11% EOS, 3.77% litecoin, 1.67% dash, 1.66% monero, and 1% ethereum classic and zcash. RBI Crackdown Triggers Migration of India’s Cryptocurrency Industry. The crackdown on cryptocurrencies initiated by the RBI has reportedly comprised a catalyst for the migration of numerous Indian cryptocurrency companies and ICOs seeking favorable regulatory jurisdictions. With India’s banking sector prohibited from providing financial services to businesses dealing in cryptocurrencies, many of India’s crypto companies have been left with no choice but to relocate overseas.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: growing or not?Price Today BTCUSD stays on the yesterday levels, holding above the 9250.0 level. Higher than yesterday peak of volumes talks in favor of further upward movement. Nonetheless, tight trading boundaries of the day shows that 9500.0 resistance will need a much higher volume to be penetrated. From the below, 9250.0 level should stay a support if we want to see soon take. 9500.0 level, for now, is the most important resistance before the 10000.0. Today forecast Trading in 9250.0 – 9500.0 zone. Latest news Winklevoss Twins Get Crypto Patent. The Winklevoss twins have won a patent to help settle exchange traded products (ETPs) involving digital currencies through their company, CoinDesk reported. In a patent published by the U.S. Patent and Trademark Office, Winklevoss IP detailed a way to make transactions for ETPs that hold digital currencies “such as bitcoins … Ripple, Dogecoins … Ether.” The office awarded the patent a few months after the company filed in December. The brothers had also wanted to list an ETF that was related to bitcoin on the Bats BZX Exchange, but the U.S. Securities and Exchange Commission (SEC) nixed the listing due to uncertainty with regulatory issues and trading risks.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: will we take 9250 or not??Price Even though the median daily price is higher than yesterday, BTCUSD did not manage to break above the 9250.0 level yet. A breakthrough above the 9250.0 level will lead the pair to its main at this point resistance 10000.0. Bullish Trend Line and 8800.0 – 9000.0 zone should act as a support. If the buying pressure is not enough to break above 9250.0 level, the price might go into a longer lateral correction in the 9000.0 – 9250.0 region. Today forecast Possible upward impulse to the 9500.0 – 10000.0 zone. In case of rebound from the 9250.0 – lateral movement in the 9000.0 – 9250.0 corridor. Latest news Goldman Sachs Will Launch a Bitcoin Trading Desk. Goldman Sachs will launch a bitcoin trading desk, the investment banking giant confirmed on Wednesday. The New York Times reports that the firm, one of the largest financial institutions in the United States, is preparing to begin using its own funds to sponsor a variety of investment contracts tied to the bitcoin price and hopes to eventually trade “physical bitcoins” directly. The bank has been rumored to have been planning to set up a cryptocurrency trading desk since last December, but executives and spokespeople claimed that those reports were false. Indeed, as recently as April 23 — when the bank hired cryptocurrency trader Justin Schmidt — the bank claimed that it had “not reached a conclusion on the scope of our digital asset offering.” However, the bank has now confirmed that it will begin offering its clients a type of futures contract called a non-deliverable forward that will be linked to bitcoin — an asset which Goldman CEO Lloyd Blankfein called a “vehicle to perpetrate fraud” last November. Coinbase Set to Offer OTC Crypto Trading Desk to Big Investors Coinbase created the GDAX platform for institutional investors in 2014. With this new over-the-counter deck, it appears the crypto exchange platform has set its sights on an even bigger class of clientele. Large volume crypt trades occur on OTC trading venues to avoid any adverse impact on the market. OTC trading decks have been growing steadily in recent times even though regular volumes remain flat. They are relatively common in equity as well as futures markets.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto