Markets Shoot Up In Time For The Weekend, Bitcoin, Ethereum And Ripple Up | ELEVENEWS
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Markets Shoot Up In Time For The Weekend, Bitcoin, Ethereum And Ripple Up

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This morning, the markets are starting to look quite healthy indeed. June thus far has been a disappointing month. This is because we hit June with a real optimism, many experts had called for a new bull market which promised to see major cryptocurrency prices skyrocket. We have however seen the total opposite of this, with the markets plunging and, in some cases, hitting new two-monthly lows. As we start to edge closer to July, we are now starting to see some more optimistic movements within the markets, hopefully this current trend really is a sign of things to come. Soon enough, a market recovery could take over, pushing values up into July and setting us up for a very exciting month indeed.

For now, bear in mind this is not investment advice. Indeed, the markets look strong at the moment, but this trend is not guaranteed to continue, soon enough, we could see the markets take on yet another decline. Cryptocurrencies are volatile, therefore, whilst they are exciting, investment is carried out at one’s own risk.

At the time of writing, Bitcoin is valued at $6,767.20, up 1.66%. Bitcoin is now moving ever closer to $7,000.00, we shouldn’t be surprised if Bitcoin reaches this target over the weekend (given the current market trend). If Bitcoin does move over $7,000.00, we can expect the rest of the markets to follow.

Ethereum is valued at $540.61, up 2.83% at the time of writing. Ethereum has recently struggled to hold value. Clearly with its current value it isn’t out of choppy water just yet, although, as Ethereum moves closer to $600.00, we can start to discuss the prospect of a full Ethereum recovery. For now, though, this one remains in a bit of a tricky spot.

At the time of writing, Ripple is valued at $0.54, up 1.98%. Likewise, Ripple has struggled to hold value of late. Because of this, it has taken on some significant damage, however, we are pretty certain that Ripple will make a quick recovery, when the focus of the market moves towards higher value and greater momentum.

IOTA, TRON and Dash are all reeling in significant gains at the moment. In fact, at the time of writing, the trio are all up 1.64%, 4.19% and 4.49% respectively.

Ethereum Classic however is the real stand out cryptocurrency this morning. As it stands, Ethereum Classic is up 11.79%, moving ever closer to $17.00.

If this momentum continues through today and into tomorrow, we are setting ourselves up for an exciting weekend that promises to inject some life back into investments and back into markets on the whole. For now, though, it’s still early days and thus, we should simply continue to watch the markets closely.

Bitcoin

Roubini on BitMex: “95 percent of all bitcoin transactions are fake”

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Anti-crypto personality Nouriel Roubini has lashed out at BitMex exchange following the recent announcement that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time.


Roubini, who always has a lot of negative things to say about the cryptocurrency industry, took to Twitter to express his discontent about the recent record set by BitMex. 

BitMex announced that the exchange had achieved US$1 Billion open interest on the Bitcoin perpetual swap contract, for the first time. Roubini commented saying “How can one believe ANY of these figures when 95 percent of all bitcoin transactions on a typical exchange are fake? Fake-coins, shit-coins, fake-transactions, fake-pricing. The only true thing in crypto space is manipulation, pump n dump, front-running, wash trading, etc…”

The two will be meeting in Taipei on July 3 at the Asia Blockchain Summit 2019, where they will have an open debate.View image on Twitter


Source.chepicap

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ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

Source :ambcrypto

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Bitcoin’s fantastic run contributes to a new milestone for BitMEX

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The cryptocurrency market has been rife with news about Bitcoin, the world’s largest cryptocurrency, and its massive bullish movement. In a matter of just 3 months, Bitcoin has recovered from the bearish zone near the $4000 market, to currently trade near the $12,000 zone.

This price rise has prompted popular figures in the cryptocurrency industry to voice their opinions about the king coin and where it could go from its current market situation. Alex Kruger, a popular economist and analyst, is one of them and he tweeted,

“The hourly bar that marked tonight’s bitcoin $12,972 top had the highest hourly volume in Bitmex’s history. When such high volume prints come after an extended run, they often mark a local top. One could appreciate an intra-day blow-off top on the 5 minute as well.”

Kruger’s tweet comes in the wake of information that suggests that Bitcoin’s trading volume on the popular cryptocurrency exchange had skyrocketed over the course of the past few months. It was spotted in January of this year, when the trading volume found it difficult to breach the $1 billion mark. However, the present price hike has contributed to the volume spiking by a factor of 9 to amass a trading volume of more than $9 billion.

Kruger’s tweet also had comments from other Bitcoin enthusiasts, with @rufus666, saying,

“Gonna wait for Friday when these CME shorters gonna dump the corns they had to buy on spot after weekend rallies to hedge their positions.”

BitMEX had touched another milestone recently after the exchange clocked in a trading volume of a whopping $10 billion. This feat was also marked with requests from the community, asking BitMEX to include margin trading to its fold like the Changpeng Zhao-led Binance.

At press time, Bitcoin was trading at $12,595, on the back of a significant 11.19 percent growth over 24 hours. The cryptocurrency held a market cap of $223.96 billion, and a 24 hour trading volume of 32.23 billion.

Source :ambcrypto

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