Bakkt to Lead Bitcoin Recovery, Feb 2019 ETF Denial Crashes BTC: Analyst

Alex Krüger, a well-recognized cryptocurrency trader and technical analyst, has said Bakkt will lead the recovery of Bitcoin throughout 2018 and the first quarter of 2019.

But, Krüger explained that the rejection of the Bitcoin exchange-traded fund (ETF) filing of VanEck, SolidX, and Chicago Board Options Exchange (CBOE) will lead to the crash of Bitcoin, possibly back down to the $6,000 support level and in worst case scenario, to the $4,000 region.

“Possible outlook for BTC: First, bull run on BAAKT & renewed ETF approval narrative early 2019. Second, ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands Lastly, halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 & 2020.”

Optimism Towards Bakkt and Faith of the VanEck-SolidX ETF

Bakkt, a strictly regulated cryptocurrency trading platform developed by ICE, the parent company of the New York Stock Exchange (NYSE), is currently in the process of establishing an ecosystem that enables both retail traders and institutional investors to invest in the cryptocurrency market with sufficient investor protection and through products that are compliant with local regulations in the US.

In December, Bakkt is expected to launch a cryptocurrency futures market, further increasing the liquidity of Bitcoin. Previously, the US Securities and Exchange Commission (SEC) rejected nine Bitcoin ETFs on the premise that the Bitcoin futures market is not of sufficient size to handle an ETF.

The entrance of Bakkt into the cryptocurrency exchange market, the involvement of Bitcoin futures market operator CBOE in the VanEck ETF, and the track record of VanEck in filing over 200 successful ETFs with the SEC have led to an increase in anticipation towards the VanEck-SolidX ETF.

Throughout the next two to three months, technical analyst Alex Krüger emphasized that renewed enthusiasm towards the market initiated by Bakkt and the VanEck ETF will allow the price of Bitcoin to climb back to major resistance levels.

Since August, Bitcoin has failed to breakout of the $6,000 region due to its low daily trading volume and relatively low trading activity in the global cryptocurrency exchange market.

Hence, as of now, the market needs a major catalyst to engage a proper short-term rally and upside movement, and the two financial institutions could be a major factor that may trigger the price of Bitcoin to increase.

However, speaking to CCN, Krüger firmly stated that the probability of the VanEck-SolidX Bitcoin ETF being approved remains extremely low given the concerns of the SEC towards the state of the cryptocurrency exchange market.

If Bakkt can begin to demonstrate a level of volume that comfortably trump the volume of cryptocurrency exchanges that offer derivatives or margin trading such as Bitmex and Bitfinex, the SEC could consider approving an ETF. The issue with that is, the probability of Bakkt surpassing the volume of existing cryptocurrency exchanges within a two-month span is fairly low.

Is it Possible ETF Rejection Doesn’t Hurt Bitcoin Price?

The launch of Bakkt, the introduction of Goldman Sachs Bitcoin futures trading platform, and the release of Fidelity Digital Assets have not had any impact on the price of the dominant cryptocurrency in the past few months.

The possibility that the rejection of the ETF does not hugely affect the price of BTC still exists. But, that depends on the narrative that is set by investors and the media in the upcoming months and the anticipation towards the ETF.

Featured image from Shutterstock.

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Bitcoin Seals Further Gains in a Mostly Green Market as Ethereum Fails to Break $300

Tuesday, September 4: crypto markets are largely green today, with Bitcoin (BTC) inching upwards yet further, and several large-market-cap alts seeing solid gains, as Coin360 data shows.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,374 at press time, up over 1 percent on the day as it continues boost its newly won gains, according to Cointelegraph’s Bitcoin Price Index.

Having reclaimed the $7,000 price point August 31, Bitcoin has seen a solid upwards trend and is now pushing $7,400. The top coin is trading an impressive $550 higher than its low on its weekly chart, with its 7-day rolling gains at almost 7 percent. On the month, Bitcoin is up a fraction of a percent.

Bitcoin’s 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is trading around $288 at press time, seeing virtually no value percentage change on the day. Following upon an intra-week high of about $298, Ethereum has failed to sustain upwards momentum, remaining range bound around $290.

On its weekly chart, Ethereum is more or less even at a fractional 0.1 percent gain, with monthly losses remaining around 31 percent.

Ethereum’s 7-day price chart. Source: CoinMarketCap

The top ten coins listed on CoinMarketCap are mostly seeing modest gains of within a 1-2 percent range. A notable exception is Litecoin (LTC), up around 5.7 percent on the day to trade around $69. Litecoin saw a strong push upwards at the start of September, followed by a couple of days trading sideways before today’s second flush of strong green.

Litecoin’s 7-day price chart. Source: CoinMarketCap

Another strong top ten performer is Monero (XMR), up almost 5 percent to trade around $139 at press time. Monero is now trading at around $40 above its value of $97 on August 30.  

Stellar (XLM) has seemingly not yet absorbed any positive momentum from that IBM has brought its Blockchain World Wire (BWW) payment network out of beta this week, aiming to ultimately facilitate international settlements between banks in “near real-time.” The asset is up around 2.8 percent on the day to trade around $0.23, a slight push upwards after a couple of days of lackluster momentum.

Stellar’s 7-day price chart. Source: CoinMarketCap

Among the top twenty coins, gains are stronger on average: NEM (XEM) and Vechain (VET) are both up almost 8 percent on the day, with IOTA (MIOTA), Zcash (ZEC) and Dash seeing 3-4 percent growth on their 24-hour charts. NEO has today soared 8.8 percent and is trading at $25 at press time, capping a week of strong, if jagged, growth.

Total market capitalization of all cryptocurrencies is around $240 billion at press time, up almost $12 billion on its weekly chart.

7-day chart of the total market capitalization of all cryptocurrencies
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today has seen bullish news for the space, with South Korea’s Internet and Security Agency (KISA) — a sub-organization of the country’s Ministry of Science and ICT — announcing plans to more than double its budget for public blockchain pilot projects this coming year.

Germany’s joint stock company Deutsche Boerse has also announced the formation of a dedicated unit for blockchain and crypto assets, aiming to harness the technology’s potential to disrupt the capital markets infrastructure.

And in China, the country’s central bank, the People’s Bank of China (PBoC), has officially launched the testing phase of a major blockchain trade finance platform ahead of schedule.

This content was originally published here.

Thailand’s Kasikornbank to Pilot Visa’s Blockchain Cross-Border Payments Platform

The biggest bank by market capitalization in Thailand, Kasikornbank, has become the first financial institution in the Southeast Asian country to get on board the Visa B2B Connect platform. Designed to enable fast and secure cross-border payments between businesses using blockchain technology, the platform relies on a permissioned private blockchain architecture which is operated by global financial services firm, Visa Inc.

According to Visa Thailand’s country manager, Suripong Tantiyanon, the B2B Connect platform makes extensive use of the core capabilities of the global financial services company in governance, security and distributed ledger technology, per The Nation.

“Building on the enterprise blockchain technology, Visa B2B Connect is a new transaction platform designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients,” said Suripong.

Enhanced Transparency

Besides speed and security, Visa B2B Connect platform will also offer increased visibility in the transaction process for Thailand’s fourth-largest bank in terms of assets, loans and deposits.

“With our technological capability and network, we are pleased to partner with Kasikornbank to create a more efficient, transparent way for business-to-business payments to be made across the world,” added Suripong.

Announced in October 2016, the Visa B2B Connect platform was developed in partnership with Chain Inc, a cryptographic ledger company based in San Francisco, California, using an enterprise blockchain infrastructure known as Chain Core. As revealed by Visa and Chain at the time, the predictability and transparency of the platform is aided by the fact that banks, as well as their corporate clients, are provided with near real-time notification on the status of transactions.

The first bank-to-bank test transactions on the Visa B2B Connect platform were conducted last year in November with some of the earliest banks to join the program being United States’ Commerce Bank, South Korea’s Shinhan Bank, Singapore’s United Overseas Bank and the Philippines’ Union Bank.

.@Visa launches first phase of Blockchain-based business-to-business payments service, B2B Connect, designed to give financial institutions a secure, yet transparent way to process payments between enterprises.

— VisaNews (@VisaNews) November 17, 2017

No need for USD

As previously reported by CCN, this is not the first time that Kasikornbank is piloting a blockchain platform for making cross-border payments. In late 2016, for instance, Kasikornbank partnered with International Business Settlement, a Chinese fintech firm, to develop a blockchain platform focused on making cross-country payments between China and Thailand in the native fiat currencies of the two countries. This blockchain platform obviated the need for the conversion of the Chinese yuan or Thai baht to the dollar at any point in the transactions.

“IBS has the technology and network to facilitate international settlements that is not based just on the U.S. dollar, at a time when the yuan’s international presence is increasing,” the chairman of Kasikornbank, Banthoon Lamsam, said at the time.

Featured image from Shutterstock.

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