Bitcoin [BTC] prices share striking resemblance with China’s RMB futures | ELEVENEWS
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Bitcoin [BTC] prices share striking resemblance with China’s RMB futures

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Commodities such as Gold and Oil are some mainstream assets which have been outperformed by Bitcoin in 2019. The world’s largest cryptocurrency has had a good 2019, surging by 150% this year after surviving a troubling crypto-winter towards the end of 2018.

Bitcoin’s price corrections this year weren’t significant either as Bitcoin continued to consolidate its position, with many analysts predicting that the digital currency might reach its previous high of $20,000 soon/

However, a striking comparison was recently drawn between Bitcoin and the offshore RMB futures market.

According to the chart, it can be observed that the price mediation of Bitcoin and the offshore RMB futures market has had a trend similarity since late last year, even when both assets have been independent of each other’s trade.

In November 2018, during the Bitcoin Cash hard fork, the price of Bitcoin experienced a devaluation which was very much similar to the downtrend witnessed by the Renminbi market exactly a month later. When Bitcoin stepped out of the bear market and surged massively in April, it was again observed that the Renminbi market had corrected itself at the same time.

Many in the community have suggested that the massive resemblance implies that Bitcoin may have been involved indirectly in the offshore RMB market for that specific time period. According to the Bitcoinist.com,

“It could’ve been that the two markets had become intrinsically linked because the vast majority of investors in the RMB futures market, were also trading in the BTC market-which is quite possible given the popularity of Bitcoin across the Asian markets. “

The popularity of Bitcoin is unprecedented in Asian countries, despite the fact that it is not completely legal in the region. However, such market similarity raises interesting questions such as how much of these offshore trades react to the bullish sentiment of crypto-assets, especially Bitcoin.

Bitcoin’s price corrections this year weren’t significant either as Bitcoin continued to consolidate its position, with many analysts predicting that the digital currency might reach its previous high of $20,000 soon/

However, a striking comparison was recently drawn between Bitcoin and the offshore RMB futures market.

According to the chart, it can be observed that the price mediation of Bitcoin and the offshore RMB futures market has had a trend similarity since late last year, even when both assets have been independent of each other’s trade.

In November 2018, during the Bitcoin Cash hard fork, the price of Bitcoin experienced a devaluation which was very much similar to the downtrend witnessed by the Renminbi market exactly a month later. When Bitcoin stepped out of the bear market and surged massively in April, it was again observed that the Renminbi market had corrected itself at the same time.

Many in the community have suggested that the massive resemblance implies that Bitcoin may have been involved indirectly in the offshore RMB market for that specific time period. According to the Bitcoinist.com,

“It could’ve been that the two markets had become intrinsically linked because the vast majority of investors in the RMB futures market, were also trading in the BTC market-which is quite possible given the popularity of Bitcoin across the Asian markets. “

The popularity of Bitcoin is unprecedented in Asian countries, despite the fact that it is not completely legal in the region. However, such market similarity raises interesting questions such as how much of these offshore trades react to the bullish sentiment of crypto-assets, especially Bitcoin.

Source :ambcrypto

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Bitcoin

Coinsource Adds Dai Stablecoin to Bitcoin ATM in Preparation of Remittance Roll-Out

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Coinsource, a Texas-based bitcoin ATM operator, announced a partnership with the Maker Foundation to make the Dai stablecoin available on its machines this summer in preparation for the launch of a full remittance service.

Coinsource will be updating all of its 230 machines in 29 US states and the District of Columbia to allow customers to buy, sell, and store Dai stablecoins.

Phase two of the rollout will launch a remittance service allowing crypto ATM and Dai users to send cash from wallet to wallet, enabling recipients to instantly redeem funds at any Coinsource machine or supported location.

Like Facebook’s Libra, Coinsource is hoping to extend financial services to an underserved and unbanked population.

“By offering support for Dai, we can provide the benefits of crypto to customers who are without access to bank accounts, while at the same time allowing them to avoid the price volatility typically associated with today’s often fluctuating crypto markets,” said Sheffield Clark, CEO of Coinsource, in a statement.

MakerDAO limits the effects of market volatility through a 1:1 soft peg to the U.S. dollar, maintained with an underlying basket of crypto assets, Collateralized Debt Positions, and automated stability mechanisms.

Additionally, MakerDAO lets users lock up ethereum as collateral via a smart contract in exchange for Dai. Roughly 2 percent – equivalent to over $340 million – of all ethereum is locked in DAO’s decentralized finance application.

Steven Becker, COO of the Maker Foundation said this partnership will remove some of the barriers to enter the decentralized, permissionless economy.

The remittance service is currently only available in the U.S.

source:.coindesk.

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Coinbase Pro Lists Ethereum-Based Chainlink (LINK) After Google ‘Name Drop’

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Despite the fact that crypto assets are bleeding out against Bitcoin, the Ethereum-based LINK (Chainlink) has recently received the support of Coinbase. This comes amid BTC’s move to $13,400, marking a 333% rally from the cycle bottom of $3,150.

LINK Down 1.2% Despite Coinbase Listing

Announced Wednesday via a blog post, Coinbase Pro, the startup’s cryptocurrency exchange for professional traders, will soon be listing LINK.

Per the announcement, starting around an hour ago, the platform will be accepting inbound deposits for the Ethereum token. Once “sufficient supply” of LINK is established on Coinbase-owned wallets and 12 hours of depositing has elapsed, Coinbase will commence trading for the asset.

Trading will take place against U.S. dollars and Ethereum. And the asset on Coinbase Pro will be supported in all jurisdictions the exchange is available in, sans New York State due to regulatory concerns.

As normal, the launch of trading will take place in four steps: deposits, posting limit orders, matching limit orders, and then full trading.

Despite this listing, however, LINK is down in the past 24 hours. In fact, according to Coin Market Cap, the cryptocurrency is down 1.2%, and down nearly 20% against the market leader, Bitcoin. This confirms this outlet’s previous reports, which revealed that by and large, the so-called “Coinbase (Listing) Effect” is dead.

Google Lauds Chainlink

This news comes hot on the heels of a statement of support for the project from Google. Per previous reports from NewsBTC, Google Cloud, the firm’s cloud computing services platform, released an article titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”.

While this was big news in and of itself, the crypto community focused on the article’s mention of Chainlink, which is focused on facilitating data from the Internet to be translated to and verified for blockchain.

The Ethereum project’s claim to fame is its so-called “oracle” system, which is a recently-launched product meant to improve processes made via blockchain. For instance, if someone is betting on a real-world financial scenario with the Ethereum-centric Augur, an oracle can be used to make the outcome verification process much easier. In the recent post, Google’s Allen Day adds:

“Possible applications are innumerable, but we’ve focused this post on a few that we think are of high and immediate utility: prediction marketplaces, futures contracts, and transaction privacy.”

This recent integration will allow for Chainlink, and Ethereum smart contracts by extension, to interact with BigQuery, Google’s data analyzer and portal. What this does is allows for developers to build decentralized applications that can harness Google, theoretically improving the efficiency and viability of smart contracts.

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Bitcoin’s surge past $12,000 unrelated to Facebook’s Libra, claims Susquehanna executive

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The cryptocurrency industry shot back into the mainstream media’s spotlight on the back of Bitcoin’s phenomenal surge and Facebook introducing its cryptocurrency, Libra. The timing of the current bull run was attributed to Libra’s launch by some members of the community, while others vehemently disputed this fact.

One such critic is Bart Smith, Susquehanna’s Head of Digital Assets, who stated that Libra had nothing to do with the BTC’s price increase and credit had to be solely given to the world’s largest cryptocurrency.

Smith pointed out that Facebook had not yet confirmed whether Facebook’s connecting cryptocurrency wallet will actually support Bitcoin and unless that was proven, there was no way to congratulate Libra for BTC’s growth over the past week. Smith added,

“Unless details come out that Facebook will support BTC transfer, there is no reason to give Facebook credit. This is also a clear indication that the price rise is not driven by Libra but rather because of Bitcoin’s own attributes.”

According to Smith, once Bitcoin broke the $9000 barrier, it pushed through a psychological resistance point which allowed more investors to jump into the Bitcoin ecosystem. Another positive note is the fact that Bitcoin’s previous psychological resistance was in the $5000-$6000 range. However, the same was beaten by the king coin’s stellar rise over the past three months.

Bart Smith further pointed out that the Bitcoin futures market was trading at more than 100 dollars, when compared to the preceding day, with miners raking in profits. There was a general divide among BTC enthusiasts, with some claiming that miners were getting the short end of the stick when it came to profits. However, that has changed a bit right now. Smith said,

“The above-mentioned factors together contributed to Bitcoin’s growth and Libra’s association with it can only be seen as connecting nonexistent dots.”

Source :ambcrypto

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