Market withstands bearish news from China and the SEC



In the third full week of August, another wave of bearish news was thrown on the crypto market. On Thursday, reports came out showing that the Chinese government will ban more than 120 offshore cryptocurrency exchanges, while the national crackdown on digital currency is rising.

Shortly thereafter, China & # 39; s two largest technology companies, Tencent (TCEHY) and Alibaba (BABA) allegedly forbidden cryptocurrency transactions on Alipay from WeChat Pay and Ant Financial, respectively. This only came a few days after Tencent forbidden cryptocurrency and blockchain-related media channels from the WeChat platform.

To make matters worse, the SEC came out this week make two additional refusals to the proposed Bitcoin-backed ETFs by Proshares, GraniteShares and Direxion. None of these news was enough to remove Bitcoin, which is currently slightly higher than $ 6,625, and bullish news followed even though the Commission set to rate the refusals of ETF proposals.

Now all eyes are focused on the decision of 30 September to allow the listing of the Cboe VanEck / SolidX exchange-traded fund (ETF), supported by Bitcoin.

Here is the rest of the week in review:

The Chinese Electronic Information Industry Development (CCID) department of the Chinese government released its fourth round of public blockchain index ranking. This round of rankings stood out by adding two remarkable projects to the list: Tezos (XTZ) and Zero (NULS). According to the CCID index scores, which has been broken out by technology, application and innovation, EOS from South Korea (EOS) took the first place for the third consecutive time.

A whale investor who originally received 314,000 ETH from the Genesis block of the Ethereum network, as part of the initial currency grant (ICO), has about 20,000 ETH transferred (~ $ 5.5 million) to Bitfinex, one of the world's most popular cryptocurrency exchanges. This is not the first major transaction of this anonymous account. In May, the investor moved 116,000 ETH out of its portfolio, the majority of which found its way to the Bitfinex stock exchange.

Trading activity at the San Francisco-based cryptocurrency exchange Coinbase is reportedly decreased by 83% since hitting the very highest highlights of last January. According to a recent report from Diar, a market research group citing CoinApi data, the total volume of Coinbase trading for the month of January was more than $ 20 billion. This number has since fallen, largely due to the ongoing cryptobarking market, reaching only $ 3.4 billion in July.

Bakkt, the new crypto exchange venture supported by Intercontinental Exchange (ICE), the parent of the NYSE, will do not allow trade in Bitcoin margin on his platform, but will instead ensure that every transaction is fully collateral. According to a recent letter from Kelly Loeffler, CEO of Bakkt, the upcoming stock exchange will follow a strict policy of physical delivery. This means that the Bitcoin's daily Bitcoin contract can not be traded on margin, leverage can be used or can be used to create a paper claim on a real asset & # 39 ;.

The Tel Aviv-based social trading platform that eToro announced on Tuesday entered into marketing partnerships with seven separate Premier League football clubs, becoming the first company ever to fund such a partnership with Bitcoin.

David Schwartz, CTO of Ripple, the company behind the cryptocurrency XRP, recently claimed that the blockchain of XRP is more decentralized in that of Bitcoin and Ethereum (ETH). In a blog post titled "The inherently decentralized nature of XRP Ledger & # 39; Schwartz tries to dispel the persistent criticism of XRP as too centralized, which has sparked speculation that the digital item will soon be classified as a security element.

The financial media giant CNBC is an infamous over-zealous prediction, both on the stock market, FOREX, housing market or cryptocurrencies. In the case of Bitcoin, the predictions of CNBC proved to be 95% accurate … as one counter trade indicator, according to a TradingView message and YouTube video made by Jacob Canfield. This means that 95% of the time that CNBC calls, the opposite transaction will take, the investors will yield positive returns.

The market trade this week saw remarkable gains in Nano (NANO) and Lisk (LSK). The AltDex 100 Index (ALT100), a reference index for the leading cryptocurrencies and tokens of the industry, rose by 0.6% this week and currently stands at 78.79.

AltDex

Other cryptocurrency categories were flat-to-negative during the past week. The AltDex Exchange Token index (ALTEXC), a reference index for the most important exchange units in the industry, fell by more than 2%, while the AltDex Privacy Coin Index (ALTPRV), which maintains tokens that are aimed at privacy or security, is about 3% lower. The new AltDex Masternode Index (ALTMSN), which maintains important masternode cryptocurrencies, also fell by 4%.

More news:

Google search for & # 39; Bitcoin price & # 39; drop to three years low
Binance CEO thinks the Crypto Bear market should soon be
Why some Bulls expect Bitcoin to fall below $ 5,000 prior to Big Rally
Nano has been 40% higher with Room to Run in the past week
Bloomberg: more than $ 500 million Tether issued in August does not affect Crypto markets
DeepBrain Chain (DBC) announces the first crypto exchange for AI tokens

Pornhub adds PumaPay (PMA) as a payment option for cryptocurrency
Kin & # 39; s cryptocurrency app Kinit launches in the iOS App Store
Privacy Cryptocurrency ZenCash (ZEN) Rebranding to Horizen
Revolut launches Metal Debit Card with Cashback in Cryptocurrency
Poloniex adds Basic Attention Token (BAT) and Loom Network (LOOM)

TRON (TRX) and BitTorrent dispute claims of retention problems
Trading platform eToro adds IOTA as the 12th cryptocurrency
Bitcoin-enabled Square Cash outperforms PayPal & # 39; s Venmo in downloads
Questions Surround Bitmain & # 39; s IPO as SoftBank denies recent investment
South Korean UPbit Raked in $ 3 million in Q3 2018

Disclaimer: the author of this article has a cryptocurrency property that can be followed here. This article is for informational purposes only and should not be interpreted as investment advice. Always carry out your own due diligence before you invest.


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