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India’s Largest Crypto Exchange Bitxoxo Announces TGE

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Bixoxo, India’s largest cryptocurrency exchange, has now launched its TGE, following a very successful presale that sold 5 million tokens and concluded last month.

TGE DETAILS

The sale will help fund the expansion and creation of new products and services. Bitxoxo has a vision where Bitcoin and BCH have become the de facto standards for exchange value, and participants in this sale will also help make that into a reality.

Bitxoxo plans on creating a BCH Marketplace, BCH E-University Certification Program, as well as a BCH enabled POS system. The funds will also be used to launch an incubator that will help invest, grow, and promote blockchain startups.

While the funds are split up between the usual development, legal, marketing fields, Bitxoxo is allocating 10% of funds raised into what they are calling “cryptocurrency”. Funds earmarked for cryptocurrency will be used to spread awareness through organizing various events and seminars, something not many other ICO’s are doing.

There are still over 2 weeks left in the sale, ending on May 31st. 10 million tokens are available for purchase, at a minimum price of $2. There is a soft cap at $5,000,000 and a hard cap at $27,500,000.

Since its inception back in July 2016, the exchange has become powerful not only in India but global markets, with 100,000 active users in 2017. The exchange handles over $10 million of volume daily, with 0.1% fees. The exchange operates 24/7, providing support through its chat, email and phone support system.

Bitxoxo has also expanded into bringing a mobile version of the platform for both Android and iOS, as well as offering the world’s first Bitcoin prepaid gift card and Token Sale Launchpad.

Hesham Rehman, CEO & Co-founder, Bitxoxo, said:

“Unlike other ICOs, this isn’t an investment into a new and untested exchange. We have had over two years of experience in running one of the most successful cryptocurrency exchanges ever, responsible in part for making Bitcoin a household name in India.”

BITXOXO TO PIVOT AWAY FROM INDIA

While the country and its government have shown support and enthusiasm for emerging blockchain technology, the Reserve Bank of India makes it very difficult for companies to do business.

Bitxoxo has pivoted operations to Australia, where it is now incorporated with expansion plans into Singapore and the Middle East, where the regulations facilitate business with cryptocurrency entities. Bitxoxo is almost complete with all legal compliance necessary to run an exchange in Australia.

Roger Ver (Founder and CEO of Bitcoin.com) and Mate Tokay (COO, Bitcoin.com) have been both attributed as people monumental in assisting the Indian exchange with expansion out of India.

WHAT COMES NEXT?

After the TGE, a slew of launches  will be made in the following quarters. As promised, the BCH marketplace will launch in Q3 of 2018, with Bitxoxo’s very own debit card being released in the last quarter of this year.

2019 will bring expansion, the crypto e-universe, BCH enabled POS, and the Bitxoxo Incubator in that order.

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Was November the Last Big Bitcoin Sell-Off? Trader Expects Slow Grind in 2019

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By CCN.com: According to a trader and crypto technical analyst, November 2018 may have been the last sell-off of Bitcoin and a long consolidation period is expected throughout 2019.

Since experiencing a steep 13 percent drop on January 10 from $4,036 to $3,502, the Bitcoin price has been relatively stable in a tight range in mid-$3,000.

Chart from TradingView

What Does Low Volatility Mean For Bitcoin?

While it seems as if the price of Bitcoin has been volatile throughout the past two weeks, the volatility of the dominant cryptocurrency occurred in a tight range between $3,500 to $4,000.

No major movements below or above key support and resistance levels were recorded, preventing any meaningful short-term price movement.

One trader said that if the trend of relatively low volatility in a tight low price range continues, the sideways action of Bitcoin will extend throughout the year, resulting in a long consolidation period.

“The longer this sideways action takes place the more I think the bottom is in. November was one of the worst monthly candles in history. It’s very possible that was the last of the major selling and now we’ll have a consolidation period that lasts most of 2019,” the trader said.

bitcoin price
The trader is predicting bitcoin to trade sideways through much of 2019. Pic: Shutterstock.

On Sunday, Bitcoin recorded a six percent drop against the U.S. dollar in a 24-hour period from $3,700 to $3,470. The asset has since recovered above the $3,500 mark and based on the performance of the asset in the last 48 hours, Bitcoin is expected to demonstrate stability throughout the week.

Hsaka, a cryptocurrency analyst, said:

Inside Bar; Low that was taken out (3480) holding as support; Continue leaning neutral here, can’t short HTF support, will wait for a break (even moreso when confluent with that CME gap).

A slow grind upwards in the first two quarters of 2019 could allow Bitcoin to establish a proper bottom and a mid-term trend reversal. If the price of asset recovers quickly in a short time period, as seen in the major sell-off of cryptocurrencies in November 2018, it can leave the asset class vulnerable to a large short-term correction.

With events that are considered as catalysts to fuel the momentum of Bitcoin in the first two quarters of this year including Bakkt and Bitcoin exchange-traded fund (ETF) far from being materialized due to the shutdown of the U.S. government, it has become more likely for the cryptocurrency market to demonstrate a low level of volatility in the upcoming months.

How About Alternative Crypto Assets?

Historically, alternative crypto assets, especially low market cap cryptocurrencies, have tended to perform strongly against Bitcoin when the asset is in a sideways market.

However, as seen in the performance of tokens and other major crypto assets in the past 48 hours, the stability in Bitcoin is unlikely to trigger short-term rallies for assets with lower volumes and valuations due to the current conditions of the market.

Some analysts believe November to have been the last sell-off for Bitcoin and expect a several-month-long consolidation period to occur.

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Dow Futures Prep for Opening Bell Plunge as Bitcoin Price Turns Volatile

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By CCN.com: The US stock market returns to action this morning following Monday’s holiday break, and the Dow is gearing up for a triple-digit loss at the opening bell. The bitcoin price, meanwhile, experienced a jolt of volatility ahead of the US trading session to break out of what had previously been a relatively calm day for the cryptocurrency market.

Dow Futures See Triple-Digit Pullback

As of 8:29 am ET, Dow Jones Industrial Average futures had declined by 144 points or 0.58 percent, implying an opening-bell loss of 135.35 points. The broad S&P 500 and tech-heavy Nasdaq also steeled themselves for losses at the open, with futures for the two indices down 0.60 percent and 0.68 percent, respectively.

dow jones futures nasdaq S&P 500
Dow Jones Industrial Average (blue), S&P 500 (red), and Nasdaq (orange) futures declined on Monday and Tuesday ahead of the week’s opening bell.

With the US stock market closed on Monday in observance of Martin Luther King Jr. Day, futures trading had nevertheless portended Tuesday declines. As CCN reported, China published its official GDP growth statistics for 2018, which showed that the world’s second-largest economy had expanded at its slowest pace in 28 years.

That data emboldened US President Donald Trump, who implored China to “stop playing around” and “finally do a Real Deal” that would end the ongoing US-China trade war.

“China posts slowest economic numbers since 1990 due to U.S. trade tensions and new policies,” the president tweeted on Tuesday. “Makes so much sense for China to finally do a Real Deal, and stop playing around!”

Hu Xijin, the editor of the China-based Global Times, responded to that tweet with a warning that Beijing won’t sign an “unequal deal,” even if the country experienced negative economic growth.

“China has hoped to reach a reasonable trade deal with the US. When China’s GDP grew at double digit rate, we wished China-US relations go well. But if the US forces China to sign an unequal deal, Beijing won ‘t yield even it is a negative growth, let alone 6.6%.”

Meanwhile, the March 1 end to the US-China tariff truce continues to inch closer, placing more pressure on the two economic superpowers to find common ground.

Bitcoin Price Turns Volatile on Tuesday

Though not on a holiday itself, the cryptocurrency market had been relatively calm on Monday following Sunday’s moderate pullback. This morning, though, bitcoin and its would-be peers have begun to regain a bit of their characteristic volatility.

bitcoin price
A relatively calm bitcoin price broke out of its slumber on Tuesday, at least for five minutes.

After range-trading between $3,550 and $3,500 for most of the day, the bitcoin price took a sudden drop shortly before 11:40 UTC, slipping as low as $3,401 before recovering above $3,520 in a whipsaw movement that took less than five minutes. As of the time of writing, the bitcoin price sat at $3,557 on Bitstamp, about $33 below its intraday high of $3,590.

Day-over-day movements were relatively muted throughout the wider cryptocurrency market. The ripple price (XRP) declined by 1.22 percent to a global average of $0.317, while ethereum, bitcoin cash, EOS, litecoin, and bitcoin sv all moved by less than 1 percent. Stellar, whose price often moves in tandem with ripple, declined 1.33 percent to $0.102, and tron outperformed the index with a 4.51 percent jump to $0.026 that was likely connected to the announcement that TRX holders would earn an airdrop when the new BitTorrent cryptocurrency arrives.

Altogether, the cryptocurrency market cap — which measures the aggregate valuations of all cryptocurrencies — stands at $119.7 billion, representing a 24-hour increase of around $100 million.

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Crypto Could Still Be ‘Global Currency of Future’: Nasdaq CEO

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By CCN.com: On route to Davos, Nasdaq CEO Adena Friedman says 2019 will be a year of disruption and innovation. Cryptocurrencies could still be a global currency if the “tremendous demonstration of genius and creativity” finds practical utility.

Pioneering, Followed by a Dose of Reality

Friedman, like others, believes the cryptocurrency space has gone through the first stage of the “classic invention lifecycle” this is:

“Marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.”

For many, that dose of reality is a real hard hitter. Over $400 billion has been wiped off the market capitalization of cryptocurrencies. Bitcoin’s price has fallen from highs of $19,000 to lows of $3,200. Early investors may still be in profit, for those who joined the market on its way up, they are sure feeling the downside.

Cryptocurrencies Could be the Internet or Segway

The Nasdaq CEO says one of two things will happen next. Firstly, like the internet:

“The innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric.”

Or secondly like the Segway:

“The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited.”

It’s tough seeing an industry with billions in investment, tens of thousands of credible startups, and stalwart progress towards adoption, compared to a not so successful “personal transportation device.” Even if the Segway was a precursor to technology like the hoverboard.

Nasdaq Works to Gain Investors Trust in Cryptocurrency

Friedman says:

“It is difficult to ignore the huge amount that investors, including some of the most sophisticated global investors, have poured into digital currencies in recent years.”

Adding that such a genius invention “deserves an opportunity to find a sustainable future in our economy.”

That, she says, will depend on governance and regulatory clarity both “antithetical” to a “decentralized, ungovernable” currency.

For Nasdaq, says Friedman, its about gaining investors trust in cryptocurrency by implementing its trade technology and integrity. The Winklevoss twin’s Gemini exchange uses Nasdaq’s software. Nasdaq has also contributed to Singapore’s efforts to settle tokenized assets and invested in the Wall Street ErisX crypto-exchange. It has also partnered with VanEck to roll out bitcoin futures trading in early 2019.

Venture capitalist Chris Burniske too believes cryptocurrency is going through a normal phase of market development. He says crypto is still at the “installation phase” also comparable to the internet, and even Amazon’s rise to success.

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