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NOT LocalBitcoins: Cash Trades No Longer Supported by the Oldest P2P Crypto Exchange Platform

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This weekend came with a shock for many of us in the cryptocurrency community. LocalBitcoins, the online platform that is used widely by traders to buy and sell Bitcoin globally, stopped allowing in-person cash trades sometime around the evening of Saturday. The move came without any announcement in advance, and all pending fiat trades of the users were canceled abruptly. Clearly, the move hasn’t gone down well among traders who like trading locally within their region with the use of fiat currencies, and now many of them are thinking of ditching this platform altogether.

LocalBitcoins is one of the oldest Over-the-Counter (OTC) Bitcoin trading platform in the world. It has helped people trade Bitcoins since the time when there were only a handful of unpopular cryptocurrency exchanges in the world. Its popularity used to come not only from its age but also from its functionality that used to facilitate secure in-person trades being done with cash. There are many people who prefer buying Bitcoin with cash as electronic means of payments are almost always detected by government agencies spying on us. So, by abruptly disabling the feature LocalBitcoins has taken a step against the spirit of

Bitcoin in favor of governments. This is something that no one from the crypto community expected from it.

Due to its unprecedented nature, the news spread quickly across all social media platforms. People started looking for alternatives that can be used for in-person trades, and Paxful – another P2P exchange platform – started receiving a large number of new registrations overnight. This was confirmed by none other than Paxful CEO Ray Youseff himself. Ray also exclaimed that he won’t let people down like LocalBitcoins. You can see his tweet below:

Interestingly, the move has come after the recent enforcement of more stringent KYC guidelines on LocalBitcoins. The company had introduced new guidelines in February, and it also stopped serving Iranians recently. It seems that all these steps are being taken according to the directives issued by the US government. Whether it’s right or wrong is a subject of debate, but it’s now clear that if you want to trade Bitcoins in-person then LocalBitcoins is not going to help you anymore.

Source.chepicap

Bitcoin Cash

Bitcoin Cash not capable of attracting investors for now: Report

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Recently, Falcon Private Bank published the latest edition of the Falcon Crypto Monthly report, a publication that addressed Bitcoin and altcoin market movements over the last month and derived insights through technical analysis of the data.

According to the report, the cryptocurrency market failed to consolidate above important support levels in November, trading just below a $200 billion market cap. Bitcoin‘s dominance fell to 66.7% last month, with over $40 billion being erased from the overall market capitalization, according to CoinMarketCap.

The report also noted how a majority of the top 20 cryptocurrencies fell by 20% on average in November, with BCH losing 23% and XRP losing 23.6% of their values. Ethereum was shown to have been unable to stay above the $160 support, despite positive news stemming from the highly anticipated Istanbul hard fork.

“Although the ETH price did not react as much as investors would have wanted, Ethereum is on track

to achieve technologically, what they have planned.”

Having traded above the $0.30 mark in early November, the report pointed out how XRP had touched a new yearly low at $0.207 towards the end of the month, despite Ripple announcing its increase of equity stake in MoneyGram International. Bitcoin Cash was also shown to have followed in the same footsteps as its brethren, having gone through a steady price decline, while eventually finding support above the $200 mark. Despite a successful network protocol upgrade in November, price action around the event was reportedly muted, highlighting that BCH was “apparently not capable [of attracting] more investors for the time being.”

The Falcon report also spoke about how the last quarter of 2019 had been disappointing for cryptocurrency investors, with the total market cap losing 50% compared to 2019’s high which was recorded to be $386 billion. According to the report, the total market cap found some support above the $195 billion mark, going on to predict that it in a worst-case scenario, it will only drop to as low $180 billion.

Subsequently, the report mentioned that the market had experienced a steady decline and loss of interest from investors since July, with cryptocurrencies in 2019 showing less volatility than in previous years. Further, Falcon recommended investors stay cautious as the year-end approaches due to higher volatility and reduced liquidity trends that tend to happen around this time of year. These trends, by themselves, could trigger unpredictable movements, the report added.

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Bitcoin Cash

Bitcoin Cash Technical Analysis: BCH/USD sitting on critical weekly support a breach is eyed

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  • Bitcoin Cash price is trading in the green, with gains of 2.10% in the second half of the session.
  • BCH/USD is sitting on critical weekly support at $208, ahead of of psychological $200 mark. 
  • Price action is moving within consolidation mode, vulnerable to further downside risks. 

BCH/USD weekly chart

The price is running at its second consecutive week in the red, trading just above vital support at $208. 

BCH/USD daily chart

Daily trading conditions remain very much narrow, which has been the case since 23 November. An explosive breakout does appear to be imminent. 

Spot rate:                 211.11

Relative change:      +2.10%

High:                          209.10

Low:                      

    206.00

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Source: fxstreet

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Bakkt’s BTC Monthly Options record execution of first block trade

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Bakkt has come a long way since its launch on 23 September.

After stuttering initially with low trade volumes, with the exchange recording trades of only 71 BTC on the first day, Bakkt has taken major strides in the market over the past few months.

According to a press release released by Intercontinental Exchange or ICE, Bakkt’s parent company, the first block trade of Bakkt’s BTC Monthly Options that was submitted to ICE Futures U.S has been executed.

The block trade was carried out between Mike Novogratz’s Galaxy Digital Trading and XBTO, an asset management firm.

With this announcement, Bakkt has managed to stay one step ahead of its direct competitor, CME Group. However, the CME Group has its own plans to launch its option contracts early next year on 13 January 2020.

Bakkt’s BTC Monthly Options are also the first CFTC-regulated options on Futures contracts for Bitcoin, and is a development which highlights

the improving institutional involvement in the world’s largest digital asset.

Trabue Bland, President of ICE Futures U.S, stated,

“Based on our benchmark physically delivered bitcoin futures, these options contracts offer our customers a capital-efficient new tool for trading and for managing volatility, price risk, and income generation.”

Josh Lim, Head of Trading Strategy at Galaxy Digital Trading, suggested that the deployment of centrally-cleared Bitcoin options laid the path for a better institutional market, one that would be ingrained with a deeper level of liquidity.

The latest development came on the back of another instrumental announcement as last week, it was reported that Bakkt completed over 1,000 cash-settled Futures contracts in Asia following its launch on 9 December in Singapore.

Two weeks prior, Bakkt reached significant levels in terms of volume after it was reported that the exchange recorded an estimated $38.74 million in trading volume, a figure which was equivalent to almost 5,100 BTC.

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