Renowned crypto proponent John McAfee has announced the launch of ‘Magic,’ a ‘revolutionary’ cryptocurrency trading multi-platform with advanced functionality.
Famous entrepreneur John McAfee, widely known as a crypto bull, cyber security expert, and – lately – US presidential hopeful, has just released a new cryptocurrency trading platform, McAfee Magic. The launch was announced in McAfee’s official Twitter account. The new trading tool will allow users to simultaneously trade digital currencies on multiple exchanges via a single user interface.
What’s The Magic?
The new trading solution is not a proper trading engine, and it doesn’t provide custody services. Rather, it represents an access point enabling both manual and auto trading with over 500 cryptocurrencies on a number of exchanges within a single dashboard. According to the McAfee Magic official website, pre-set automated bots can make hundreds of trades for a client on different trading platforms. Currently, the platform supports eight exchanges, including Binance, Kraken, Poloniex, Huobi, and Bittrex, which actually hold users’ digital assets.
McAfee Magic offers two portals. One is designed for classical spot trading and provides clients with a single powerful toolbar and a ‘standard set’ of trading tools. However, traders will ‘magically’ be able to use these advanced tools even if the exchange itself doesn’t have them.
The other service, Shadow Portal, will allow inexperienced users to copy and automatically follow the techniques of professional and successful traders. Here, there’s also some magic: “Novices retain control over access to their funds at exchanges. (‘Your keys’ your ‘crypto’),” the website claims.
In response to recent moves by Binance, McAfee Magic doesn’t have any jurisdictional restrictions for its users. The platform can be used in any region worldwide.
Why It Might Matter
The Magic’s launch might come under close scrutiny due to a number of reasons. Notably, this is a project of the renowned cybersecurity expert and creator of the popular antivirus. So, hopefully, it might offer its users increased security. “We are only releasing this platform to the public after extensive testing and auditing processes that stretched months,” McAfee explained adding they use top grade AWS servers and are DDOS protected.
It should be noted that before launch, Magic faced a prolonged DDoS attack. However, McAfee turned it into a joke and in a tweet thanked hackers for turning “an ordinary product release into an epic event.”
Besides, McAfee generally tends to grab public attention due to his eccentric personality and crypto enthusiasm. Just recently, he announced the upcoming launch his own coin Freedom that will be totally innovative and independent. McAfee is also determined to run for the USA president next year. Notably, at the same time, he is hunted by the US Internal Revenue Service (IRS) for tax evasion.
ErisX goes all hands on deck to launch a Bitcoin Futures market
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.
Bitcoin’s fantastic run contributes to a new milestone for BitMEX
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.
Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.