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Bitcoin Price Surges 4% as Crypto Exchange BitMEX Initiates Maintenance

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Over the past 12 hours, the Bitcoin price has increased by more than 4 percent, rising from $6,400 to $6,700 within a short period of time.

Analysts have attributed the abrupt increase in the price of Bitcoin to the temporary downtime of BitMEX, a crypto exchange widely recognized for its margin trading system that enables users to trade Bitcoin and Ethereum with leverage against the US dollar.

As investors could not log into BitMEX and alter their trade orders, analysts stated that Bitcoin short contracts, which achieved a new monthly high on August 21, were liquidated, pushing the price of Bitcoin up 4 percent.

BitMEX Situation

On August 19, the BitMEX cautioned its users regarding a system maintenance that was planned to be held on August 21. The maintenance was executed as previously planned and the system was down briefly for a couple of hours, disallowing traders from logging into the platform and executing trades.

BitMEX postponed the resumption of its system for several minutes, after some users reported difficulty logging in. Apart from the minor hiccup in the logging in process, the maintenance was executed properly, without major delays.

“Some users are reporting difficulty in logging in. We are diagnosing. We have postponed resumption of trading for 5 minutes to 01:35. We will report back shortly,” BitMEX said on August 21, following up with a short update, “Trading resumption deferred until login is stable. We will report back shortly. Login has stabilized. We encountered a large DDoS upon restarting web services. We will resume trading at 02:00 UTC (in 7 minutes).”

Within hours, the BitMEX trading platform was restored and it resumed its normal operations, enabling traders to execute trades and orders.

But, analysts have said that the surge in the price of Bitcoin demonstrated manipulation in the market by large-scale retail traders that took advantage of the downtime of BitMEX, a period in which investors can no longer short the market, to drive up the price of Bitcoin.

Alex Kruger, a cryptocurrency trader and trading analyst at large FX market maker, said that the BTC price surge on August 22 has shown the concerns of the US Securities and Exchange Commission (SEC) regarding market manipulation.

“The BTC lightning +7% breakout during Bitmex’s downtime shows why odds of SEC approving the CBOE bitcoin ETF proposal should be close to zero. Even if no manipulation (that’s debatable) this stresses the importance of BitMEX, a fully unregulated market with 40% market share,” Kruger said.

Last month, the US SEC disapproved the exchange-traded fund (ETF) application filed by the Winklevoss twins, citing an issue with the ETF’s dependance on Gemini, a US-based cryptocurrency exchange, as the main source of price.

Market Needs to Mature

For the crypto market to mature, it will need some stability in the market and if it can be affected by minor events like a scheduled maintenance of BitMEX, then the market is still clearly at its infancy, which may decrease the probability of an ETF or any public instrument being approved.

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TRON (TRX) Long-Term Price Forecast- February 17

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TRX/USD Long-term Trend: Ranging

Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600

Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.

TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.


With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.

TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.

Source.bitcoinexchangeguide

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Forbes releases newsletter dedicated to crypto targeting potential investors

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Forbes released new premium newsletter dedicated to cryptocurrency and blockchain.

Forbes doesn’t seem to get enough crypto. The media giant gets deeper with the nascent technology with their new service, Forbes CryptoAsset & Blockchain.

The new premium-subscription digital newsletter contains in-depth coverage of blockchain, as an effort to establish Forbes as a prominent voice in the field.

According to Media Post, investor and co-author of CryptoAssets: The Innovative Investor’s Guide to Bitcoin and Beyond, Jack Tatar has been appointed as the editor.

While the contributors will be Forbes’ stable journalists that will interview notable figures in crypto space, such as Ripple’s CTO David Schwartz, cofounder and CEO of Zcash, Zooko Wilcox, and Morgan Creek Capital’s Mark Yusko.

“This newsletter is geared toward educating potential investors in blockchain and crypto, and the goal is to provide actionable and profitable advice,” said Matt Schifrin, VP and managing editor of Money & Markets at Forbes.

Despite its premium price, which is set at $595/year or $195/quarter, Forbes’ Senior VP of consumer marketing and business development, Nina La France claimed the early response as “solid”.

Speaking about future publishing plan, Schifrin reveals that Forbes will publish its first-ever Forbes Blockchain 50 list that covers most prominent firms in the crypto space in the coming months.

Is the list something worth waiting for? Stay with Chepicap to find out.

In the meantime, checkout Chepicap’s YouTube channel to find out about the current crypto market state.

Source. chepicap  

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Investment portal, TradingView launches premium crypto dashboard at 0.09BTC

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TradingView, the investment portal just launched its very own Crypto Dashboard. 

The platform known for its exhaustive and real-time information on everything related to trading and investment, TradingView just launched its crypto specific portal.

The crypto dashboard provides data from 25+ crypto exchanges, such as Binance, Bitfinex, Bithumb, BitMEX, BittrexCEX.io and Coinfloor.

The new platform aims to “equip” crypto traders with all things important to nail the trading activities, such as 25 technical indicators on a single chart, unlimited chart layouts and watchlists, 200 server-side alerts and the capability to connect 5 devices at the same time.

The “trading power” is offered in their premium plan that costs 0.09 Bitcoin/year, which the website says as a good deal as it means the lower the Bitcoin price, the higher the discount.

However, that also means that when the bull comes, it wouldn’t be that affordable to many people. Hopefully by then, TradingView would revise their pricing for the benefits of all parties.

The question is, when will the bull come? Check out Chepicap’s YouTube channel to get an idea about the current crypto market state.

Source. chepicap

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