Cryptocurrency market over the course of this week has lost nearly US$ 17 Billion in overall market capitalisation and most of the decline stems from Bitcoins sharp decline. The progenitor of cryptocurrency suffered loss of nearly seven percent since Monday. This decline was triggered by delay from US SEC to respond to three Bitcoin ETF proposals submitted by top players in the cryptocurrency market yet again. Bitwise, SolidX are some of the long standing players aiming to become first Bitcoin ETF in the market but SEC’s delay in response while mostly expected by the market came at the time when market was stagnating and looking for directional cues to make a breakout resulting in bears gaining the upper hand. Altcoins remain passive and relatively immune to volatility in Bitcoin causing them to see comparatively lesser declines when considering Bitcoin’s losses.
Bitcoin: Bitcoin is currently trading well near mid- 10K handle having suffered sharp declines over influence from SEC’s decision to delay Bitcoin ETF’s yet again. Bitcoin lost more than US$ 14 Billion in market cap since last Monday and has a current market cap of US$ 189.62 Billion. The BTCUSD pair is currently trading at $10639 down by 6.58% on the day as of writing this article. When looking from technical perspective, the price momentum favors further decline in immediate future given prevalent bearish bias. The price is well below 9 and 50 SMA’s in most intra-day and daily charts while 30 min and 1 hr chart see price below all three SMA’s – 9, 50 and 100. RSI momentum used to measure momentum of price is currently well below oversold level at 29 with signal line seemingly flattening out suggesting bear
Ethereum: Ethereum has had a relatively safer price action compared to Bitcoin. We could even say that Ethereum remains relatively unchanged despite declines when compared with Bitcoin as Ethereum’s market capitalization still remains above 22 billion since Monday. Ethereum has lost nearly US$ 610 Million but still has a market cap of US$22.25 Billion and ETHUSD pair is trading at $208.95 down by 0.41% on the day as of writing this article. When looking from technical perspective, bears’ grip on price momentum of ETH seems clearly evident but bears lack enough strength to create an upset or breakout rally. The price is below all three SMA’s – 9, 50 and 100 across all intra-day and daily charts but the RSI indicator used to measure momentum is seeing signal trade remain well in neutral levels at 48-40 across intra-day and daily charts suggesting breakout is clearly unlikely in immediate future. Expected support and resistance for the pair are at 206, 204, 202 and 210, 213, 214 handles respectively.
Ripple: Ripple similar to Ethereum suffered relatively less declines and remains well within familiar levels albeit falling below 0.30 handle – a key psychological price level. Ripple lost over US$ 290 Million in market cap since Monday and has a current market cap of US$ 12.62 Billion. As of writing this article, XRPUSD pair is trading at 0.2961 down by 0.77% on the day. The technical picture mirrors Ethereum, the price is moving well below all three SMA’s – 9, 50 and 100 across all intra-day and daily charts while RSI indicator used to measure price momentum is moving with downward incline but remains above oversold territory and is moving within 45 to 43 levels across intra-day charts. Expected support and resistance for the pair are at 0.2950, 0.2945, 0.2930 and 0.2970, 0.2990, 0.3000 handles respectively.
Tyrone Ross on Why Financial Advisors Are Taking Notice of DeFi
Financial advisor and crypto advocate Tyrone Ross joins The Breakdown for a discussion on financial advisors, DeFi and the most important company in crypto.
One man. Three piping hot takes. In this special interview episode of The Breakdown, financial advisor and crypto advocate
- Why financial advisors are the key to bringing in the next wave of crypto investors
- Why DeFi is an even bigger deal than you think – and not just to the hackers and entrepreneurs building on it
- Why Square’s Cash App – not Binance, not Coinbase, not anyone else – is the most important company in crypto
Check out more episodes of The Breakdown on CoinDesk.
Crypto Dealer SFOX Adds New Service for Fund Managers to Invest in Digital Assets
San Francisco Open Exchange unveiled Thursday its new “Separately Managed Account Solution” to help investors create their own crypto trading strategies.
The service enables fund managers to manage individual securities in a single account for their clients in the traditional financial services industry. However, the company claimed the new service has not been available to those who invest in digital assets.
According to a blog post from SFOX, the new service will allow fund managers to design and administer personalized crypto trading strategies for their clients.
The company said crypto investors can also use its tax-reporting products to take taxes into consideration when making portfolio management decisions.
In May, the crypto dealer announced a partnership with New York-based M.Y. Safra Bank to provide its traders with deposit accounts backed by the Federal Deposit Insurance Corporation (FDIC).
Founded in 2014, SFOX says it now serves more than 175,000 traders across the world and has processed over $11 billion worth of transactions.
Separately managed accounts as a financial service have been widely used by asset managers who work for institutional investors such as high net worth individuals and mutual funds. It allows people to manage portfolios more efficiently by putting different investments in one account.
Deribit Takes On New Trading Tools to Capture ‘Exploding’ Options Market
Amid increasing activity within the crypto derivatives market, software maker Trading Technologies (TT) announced Wednesday it would provide trading tools to users of leading crypto exchange, Deribit.
Included in the suite are advanced order types, charting and analytics as well as access to a feature allowing users to create algorithms for bot trading.
TT users eligible to trade on Deribit will be able to access all listed products, including bitcoin (BTC) and ether (ETH) futures, perpetual and options contracts. Dutch-based (for another month) Deribit, founded in 2016, is now the fifth crypto-only exchange that TT supports, alongside BitMEX, CoinFLEX, Coinbase and Bakkt.
TT’s vice president of cryptocurrencies, Michael Unetich, said demand for crypto derivatives was strong in regions such as the U.S., Asia and Europe.
“We hope to provide trading access to the highest volume derivatives exchanges in the world. CME is one leading derivatives venue, while others are located in Asia.” Unetich said.
Trading Technologies creates professional trading software, infrastructure and data solutions for a wide variety of users, including proprietary traders, brokers, money managers, chartered tax advisors (CTAs), hedge funds, commercial hedgers and risk managers. Traditional financial institutions like Goldman Sachs; stock exchanges like the Johannesburg Stock Exchange; and Europe’s largest derivatives exchange Eurex also use the 25-year-old firm’s tools.
Exploding options market
Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based blockchain investment and trading firm said TT’s connection to Deribit was a “massive show of confidence” for the “exploding” options market.
“TT’s long credible history and impressive user base combined with Deribit’s experience as one of the first crypto options platform is an exciting match that should significantly increase volumes over time,” Chu said.
Commenting on the Asia-Pacific region for retail investors, Chu also said the TT and Deribit partnership would “expand the options markets for Asian traders through a familiar and trusted platform.”