Earlier this week, the cryptocurrency market was thrilled to hear that Venrock, the venture capital arm of Rockefeller Foundation, has entered into a partnership with Coinfund, a Brooklyn-based crypto fund. The decision reflects the growing interest of big funds to invest in blockchain technology-related ventures. Notably, Soros Fund Management was reported to have entered into the cryptocurrency arena in the recent past.
As big players have started entering, the regulators are tightening the noose around shady groups offering crypto-related products. The UK securities watchdog FCA has issued a statement asking entities offering cryptocurrency-related products to compulsorily apply for authorization before getting in touch with prospective investors. The regulator has also warned that its enforcement action will start soon on those entities which offer crypto-related derivative products without authorization. In the US, Salesforce, the world’s largest CRM (customer relation management) company has announced its intention to develop products based on blockchain technology.
Bitcoin (BTC)
Yesterday, CoinGate, the Lithuania-based blockchain payment gateway, announced that it has joined hands with PrestaShop, an open-source e-commerce platform, facilitating Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) payments. More than 80,000 EU-based merchants are associated with PrestaShop. To ensure there is no shortage of candidates who will be able to contribute in an excellent manner to blockchain-related companies, top tech universities such as Stanford and Wharton have started a full-time cryptocurrency course, based on a petition from a group of students.
Nano (XRB)
Law firm Silver Miller has slapped Nano – formerly known as RaiBlocks – with a securities class action lawsuit alleging violation of federal securities laws by the blockchain technology company. The lawsuit states the team behind Nano, in an effort to market XRB, pushed investors to open an account and place their assets with BitGrail, a severely distressed Italian cryptocurrency exchange. BitGrail was hacked in December (but disclosed only in February) and $170 million of investors’ funds disappeared. Read more here.
Ripple (XRP)
After recording a high of about $3.80 in early January, the provider of blockchain technology-based real-time gross settlement system is on a consistent decline. Coinbase’s refusal to list Ripple is considered to be one of the main reasons for the decline. Additionally, the overall weakness in the market is also contributing to the decline. However, it may soon change with the implementation of the Cobalt algorithm, which would further speed up Ripple’s transactions.
Our Forex Trading Plan
Bitcoin. Bitcoin failed to hold above the crucial level of 6,900. A descending triangle pattern is also seen in the daily chart. Therefore, we are expecting a big downtrend to begin in the days ahead.
Most of the Forex brokers listed here offer cryptocurrencies for trading (CFDs). Using our trading account with one such Forex broker, we are planning to go short in the BTCUSD pair. We are planning to enter and exit near 6,700 and 5,600, respectively. To negate risk, we would certainly place a stop-loss order above 7200.
Our Binary Options Trading Plan
Bitcoin Cash. Bitcoin Cash rose to prominence when Bitcoin transaction costs skyrocketed in December. Following the implementation of SegWit by several wallet providers, the cryptocurrency is steadily losing value. Therefore, we prefer to have a short position in the BCHUSD pair as of now.
By investing in a put option contract offered by a binary broker, we are planning to generate profit from the probable decline of the BCHUSD pair. Before investing the funds, which we can afford to lose, we will make sure the binary broker offers a contract, which is valid for at least a week. Furthermore, we prefer the BCHUSD pair to be trading near $650 at the time of investing in the put option contract.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
