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VeChain, Ethereum Classic & Binance Coin All Start To Make Ground

Positivity persists this morning, with cryptocurrencies across the board now starting to climb upwards, after a number of days sat within deep declines. These declines have really taken it out of the market and in turn, have done some real damage, however, now things are starting to look a little more optimistic at the very least. As values start to move upwards, we can tickle the idea that we could be due for a recovery soon enough. If this is the case, finally through this weekend, we could see cryptocurrencies make some significant ground and move up towards the values that we saw at the start of May, as a result of the mid-April market surge.

Likewise, the downfall of the markets recently, could be about to trigger another bull run, if this is the case, we are in with a chance of seeing some real significant gains.

As currencies within the top 20 for market capitalisation, VeChain, Ethereum Classic and Binance Coin all have the potential to show us how the rest of the markets are going to perform. I.e., when these sorts of currencies begin to make ground, we can expect the rest of the markets to follow on.

As it stands, these currencies are following a path that looks to be set by EOS, the currency of the day, that really does seem to be moving negativity out of the way and pushing the markets forward. At the time of writing, EOS is up 10.35%. With Bitcoin down 1.35%, who is the real champion here?

VeChain is valued at $3.58 at the time of writing and is up 0.37%. This rise may only be small, but it could the first sign of a new positive trend, set to take over the markets.

Likewise, at the time of writing, Ethereum Classic is valued at $15.23, up 1.46%. Ethereum Classic is starting to make significant moves upwards. Again, this is no surge, but overall it could be a sign that at the very least, a minor recovery is about to sweep the market.

Finally, Binance Coin, at the time of writing it is valued at $12.77, up 0.97%. Once more, a short gain in the grand scheme of things but, it is evidence that Binance Coin is another currency that has been picked up by this sudden upwards trend.

As the day develops, we could very well see this upwards trend continue to sweep the market. Moreover, we could see its acceleration increase, pushing the markets onto a new trajectory. If EOS is anything to go by, this could indeed be the case, going into the weekend.

Please bear in mind that this is not investment advice. We can’t guarantee that what new are seeing right now really is recovery, or something more advantageous. It could ultimately just be down to sheer coincidence or a blip in the market. Fingers crossed though, we do see cryptocurrencies start to recover soon enough.

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Binance liquidity on the rise as BitMEX’s grip on market loosens

According to data made available by crypto-derivatives analytics firm Skew, the $10 million daily average bid-ask spread on cryptocurrency exchange Binance has been falling steadily over the last week. This spread represents the difference in price between assets available for immediate purchase and immediate sale. Reporting a 0.71% spread on 19 February, Binance saw a dip to 0.55% over the week, marking a drop of around 16 basis points.

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Source: Skew

Skew had also reported a 50 basis point drop between 6 January 6 and 4 February. This implies that liquidity on Binance is rising, as more buyers are matching with sellers on the cryptocurrency exchange across a larger range of prices. BitMEX, on the other hand, might be seeing liquidity that’s falling slightly, despite a drop of 5 basis points since last week.

Binance

Source: Skew

19 February saw a bid-ask spread of 0.25% on the BitMEX exchange, which dropped to 0.20% over the next four days. 24 February, however, saw a rise to the 0.22% level, something that could imply that fewer users are choosing to trade on BitMEX.

As AMBCrypto had previously reported, BitMEX users have continued to trust the exchange with their funds, despite multiple scandals and accusations over the past year.

In July 2019, the Commodities Futures Trading Commission (CFTC) had launched a probe into the derivatives exchange, accusing them of deliberately allowing American citizens to trade on the unregulated exchange. Later that year, the exchange accidentally leaked sensitive user data through an error applying a blind carbon copy protocol to its mass email servers.

Though Binance is still quite a way from reigning supreme against BitMEX, they are most definitely on the way. On the day of writing, Binance Futures saw a 24-hour volume of $1.24 billion, less than half of BitMEX’s $2.7 billion over the same period. However, considering the former’s rate of growth over the last few months, it might not be long before Binance takes the throne.

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Binance Now Supports Deposits and Withdrawals in Hong-Kong Dollars

Cryptocurrency exchange Binance has opened a fiat gateway for Hong Kong dollars.

Launched thanks to its partnership with Epay, Binance said on Monday that users can deposit and withdraw Hong Kong dollars from today for trading against supported cryptocurrencies.

Binance already supports euros and pounds sterling through Epay, a payments provider founded in Hong Kong in 2014.

The latest addition is something of a coup for the exchange, as banks in the jurisdiction are notoriously averse to offering accounts to cryptocurrency companies.

The local Gatecoin exchange closed last spring pointing the finger at a funds freeze by a payments processor after having difficulties finding banking for some time. While the firm attempted to survive using other payments services from outside of Hong Kong, it put down its eventual closing to not having ever got the frozen funds back.

Binance has been rapidly rolling out new fiat gateways in a push to serve local markets globally, having been a purely crypto-to-crypto trading platform until last autumn.

It most recently added 15 fiat currencies through a partnership with Israeli payments provider Simplex, and has previously added the national currencies of nations such as Russia, Ukraine, Nigeria and India.


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Binance Not Green Lit To Operate In Malta

  • There has never been a major crypto platform that has been given the green light by The Malta Financial Services Authority.
  • This includes one of the biggest platforms in the world, Binance.

There has never been a major cryptocurrency platform that has been given the green light by The Malta Financial Services Authority (MFSA). This recent announcement was mainly aimed at one of the biggest platforms in the world, Binance.

Last week, a public statement was issued by MFSA which highlighted that the platform “is not authorized by the MFSA to operate in the cryptocurrency sphere.”. It was also noted that despite live media reports, Binance isn’t actually based in Malta.

Big publications in the country have been referring to the platform as a Malta-regulated crypto business and even the MFSA itself has made similar statements before as it has previously highlighted:

“Following a report in a section of the media referring to Binance as a ‘Malta-based cryptocurrency’ company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”

It was further emphasised that operating a crypto related business in the nation requires a license by the MFSA under the Virtual Financial Assets Act.

It is well known that Binance is officially located in China. A police raid was supposedly done on the alleged offices for the platform which sent the cryptocurrency markets into extreme volatility however, the exchange has denied tonight reports as they stated at the time:

“The Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.”

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