The Leading Cryptocurrency Stories for 18th July 2018

The Leading Cryptocurrency Stories for 18th July 2018
July 18, 2018

The cryptocurrency market climbed on Monday after Financial News (London) reported that BlackRock, the world’s largest investment management fund with $6.3 trillion assets under management, is looking at Bitcoin and cryptocurrencies for investment. Bitcoin shot up by 4% within an hour, pulling other coins along with it. On Tuesday morning, BlackRock’s CEO Larry Fink denied the reports. Still, market continues to remain bullish.

Apart from BlackRock, iXledger, another London-based company, got the limelight for launching an insurance platform, which enables blockchain companies to receive insurance quotes based on their risk profile. The platform, developed in consultation with insurance experts, enables protecting blockchain companies from risks related to legal threats, cyber risk, financial exposure and crime.

As the blockchain industry continues to permeate through all sectors, there is an indispensable need for financial analysts with thorough knowledge of the technology. Keeping this in view, the Chartered Financial Analyst (CFA) program is planning to include topics such as cryptocurrencies and blockchain in the section “Finance in investment management.” Beginning August 2019, the candidates appearing for CFA exam will face queries related to these emerging technologies as well.

Shutterstock is a well-known image market place with a database of over 200 million images. However, the huge collection has made it incredibly difficult for photographers to generate regular sustainable income. A blockchain-based image market place launched by Wemark is trying to reverse the situation by enabling photographers to license their images directly to enterprises. To begin with, the platform is offering 130,000 images.

Coinbase, the largest crypto broker in the US, has received the approval from regulators to become a government licensed broker-dealer platform in the US. Coinbase acquired Purchase, Venovate Marketplace Inc., and Digital Wealth LLC last month. With the approval received for Purchase, Coinbase will be able to act as a broker-dealer, a registered investment adviser, as well as provider of alternative trading system (ATS).  With approval from the SEC and Finra, Coinbase is no longer restricted to list tokenised securities.

Japanese fintec giant SBI Holdings officially announced the opening of its cryptocurrency trading platform to the public.  Previously, the exchange was accepting applications only from selected individuals. Notably, SBI Virtual Currency (VC) exchange is the first bank-backed crypto exchange that is offering trading accounts for Japanese resident individuals aged between 20 and 70 yrs. SBI announced its decision to launch a virtual currency exchange two years before. Since then, the bank has acquired a virtual currency exchange license from the Financial Services Agency (FSA) of Japan. Presently, the exchange is offering only Bitcoin (BTC), Ripple (XRP) and Bitcoin Cash (BCH). 

 

Monero (XMR)

Monero, a cryptocurrency facilitating private, anonymous transaction, uses Bulletproofs technology in its network. The technology allows data savings, lowers transaction fees by as much as 80%, and better verification times. The protocol has been running on Monero’s testnet since December 2017.

Monero announced that the first independent audit – establishing Bulletproofs’ error free integration onto the platform’s testnet – has been completed, and only minor security issues were found. The Monero team has stated that Bulletproofs will be implemented on the platform’s mainnet sometime in September or October 2018. Read more here. 

 

Our Forex Trading Plan

Litecoin. Litecoin (LTC) is consolidating at 82 levels as shown in the price chart below. The MACD indicator is ascending in the positive region. Therefore, Litecoin is expected to ascend further.

We are planning to open a long trade using our trading account with one of the reputed Forex brokers. The ideal entry and exit levels are 82 and 96, respectively. To minimise losses, we will place a stop loss order below 74.

Litecoin - Technical Analysis - 18th July 2018

 

Our Binary Options Trading Plan

Bitcoin Cash. Bitcoin Cash (BCH), which follows the price movement of Bitcoin, is our choice of asset to trade in a binary broker’s platform. The cryptocurrency has formed almost a double bottom at 690 levels. Furthermore, the stochastic indicator is in the bullish zone. Therefore, we are anticipating the rally to continue.

We may acquire a call option offered by a binary broker when Bitcoin Cash is trading near $790 in the cryptocurrency market. At the time of investing, we may choose a contract, which is valid for a period of one week.

Bitcoin Cash - Technical Analysis - 18th July 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


Related Articles

Euro to Decline Further Against Yen on Soft PMI Data

  Unwinding of short-positions and mixed economic data enabled the EURJPY pair to reach a high of 118.35, from a

Microsoft Unveils New Azure Blockchain Development Kit

  The cryptocurrency market remains mixed with some of the coins in the positive region, while a few of them

HPE Posts Mixed Q2 Results, Raises FY19 EPS View

  After the market closed on Thursday, Hewlett Packard Enterprise (HPE) reported a second-quarter profit that surpassed the Wall Street