Bitcoin and Gold Feeling the Pressure while Stock Market Makes a Fresh Record

Today, the market has hit yet new highs.

The benchmark S&P 500 Index, up 22.7% so far this year, is on track to rise for a fifth week in a row while Nasdaq is eyeing its sixth straight week of gains. The Dow Jones Average that spiked 150 points yearly has its 2019 gains climbing to 18%.

These gains came on the back of the comments from senior officials in Beijing, suggesting that the US and China will cancel planned tariffs on each other’s billions worth of goods in stages, as part of the first trade pact between the world’s two biggest economies that is due to be signed in the next few weeks.

“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,”

Ministry of Commerce spokesman Gao Feng told reporters in Beijing.

“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,”

added Gao.

However, strategists are concerned that the market is placing too much emphasis on the “Phase One’ of the trade deal coming to fruition.

Meanwhile, as global stocks extended multi-year and multi-month highs, US equity spiked on the comments as well.

The European market also rallied, with Stoxx 600 benchmark is hitting a four-year high. Global oil prices went up amidst the broad market rally.

While the stock market is surging gold is in the red hitting new daily lows.

Bitcoin has been outperforming gold for the past nine years but today the digital gold is falling the same as gold.

The leading cryptocurrency is trading at $9,199 with 24 hours loss of 1.13%, as per Coincodex while managing the daily trading volume of just about $200 million.

Bitcoin might not be seeing the greens currently but as we reported the market is giving the signs that we are getting ready for an “explosive” move. The low volume, tight range, CME gap being filled and BTC entering the overbought levels are pointing towards this move.

Another positive factor for BTC is the open interest on Bakkt that has doubled to $2 million, as reported by Skew Markets. As Bitcoin Exchange Guide shared, these increasing numbers suggest that new money might be coming into the market.

This current phase, according to prominent analyst Willy Woo is just a “prolonged consolidation inside a macro bull market.”

Many have already called out the bottom of the market and being in the “blow-off” phase, the question remains whether we are taking a detour around $8k first or going straight to a new 2019 high.

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Author: AnTy

FTX Derivatives Exchange Rolls Out Futures On Index of 8 Popular Chinese Cryptos

Derivatives exchange FTX has announced the launching of an index of 8 common Chinese-based cryptos, CoinDesk reports.

The announcement was made by the company’s CEO Sam Bankman-Fried on Tuesday through a tweet. The Dragon Perpetual Futures Index (DRGN-PERP) will track some of the most popular coins comprising of BTM, IOST, NEO, NULS, ONT, QTUM, TRX, and VET and will be on the basis of their weighted average of their market prices.

The company is also exposing traders to the coins based on the index for perpetual futures contracts. According to the CEO traders will be offered a chance to leverage such contracts more than times.

The Antigua and Barbuda based exchange, is known for offering less familiar indices after they launched the Shitcoin Perpetual Futures Index a few months ago. The offering covers about 58 low market cap coins.

Amazingly, the timing of the launching of DRGN-PERP somes just days after the Chinese President Xi Jinping told his country to take advantage of the blockchain technology and use it in various sectors within the economy.

Xi’s comments led to a sudden surge in tech stocks and blockchain in China, resulting in the government authorities to caution investors against speculative behaviors.

Bankman-Fried also explained that the support of the blockchain industry had led to prices of various cryptos developed in the country to surge and enhancing massive user interest in Chinese based crypto projects.

In the past, Chinese officials have been cracking down on cryptocurrency based projects going to an extent of banning different exchanges from operating in the country. The crackdown has led to different crypto exchanges fleeing the country to more crypto-friendly nations and consequently reducing user interest in cryptos.

However, the Chinese government seems to have softened its harsh stand on cryptos after reports were released on central bank’s development of a digital currency.

Although its still early to predict whether Xi’s comments will have any major impact in the Chinese crypto industry, such bold moves like the DRGN-PERP, suggest there could be some positives to write home about.

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Author: Joseph Kibe

Nasdaq Adds CIX100 Index For Top 100 Cryptos; Using AI To Eliminate Fake Volumes Coins

Nasdaq, the second-largest stock exchange in the world, has unveiled a new index related to the crypto world. The AI-powered crypto index is called CIX100 and was created by Cryptoindex.

According to the official press release, this is a new crypto market benchmark that uses algorithms to analyze the data from the top cryptos. With its neutral network algorithms, the program is able to take into account over 200 factors.

One of the highlights of the tool is to completely “human-free” and to detect fake volumes, which helps to avoid using them. All the data is taken from the largest crypto exchanges in the market and only tokens that are able to remain in the top 200 for at least three months consecutively are counted.

The CIX100 index is also set to be listed at other sites such as Reuters, TradingView and Bloomberg and its AI-based predictions have an accuracy of 82%, which can be considered a good number.

Indexes are certainly gaining space in the market. Nasdaq recently teamed up with CryptoCompare, for instance, to release a new aggregate index dataset that would help institutional customers. CryptoCompare also partnered with other platforms such as BitMEX to provide information about the crypto derivatives market.

Another similar project comes from Sina Finance, a major financial site owned by Sina Corp, a technology company in China. This crypto index has been included in the mobile app of the company a few months ago.

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Author: Gabriel Machado

CF Benchmarks Awarded FCA Licence To Become The First Crypto Index Provider In Europe

The firm that provides Bitcoin index services to Chicago Mercantile Exchange (CME) CF Benchmarks has been awarded a crypto index provider license by U.K.’s Financial Conduct Authority (FCA). This makes CF Benchmarks the first firm to be authorized as a benchmark administrator in line with the European Benchmarks Regulation (EU BMR).

On Friday the UK’s FCA granted CF Benchmarks to be an administrator which means that financial companies can commence utilizing CF’s indices for any financial product being offered across the European market once the BMR comes into effect in 2020.

CF Benchmark’s CEO Sui Chung expressed gratitude after receiving the license, saying it was a major victory for crypto companies based in the EU zone. He explained that the use and provision of indices are highly regulated in EU and firms using such benchmark must ensure it originates from a regulated benchmark provider.

Chung stated that the regulatory scope for benchmarks within the EU zone for financial-based companies is very broad saying that banks, as well as asset managers, utilize the indices on various aspects. For instance, a fund manager wishing to give an exchange-traded fund (ETF) which tracks an index is required to track a licensed index.

Chung explained that the financial industry can now have access to regulated benchmarks from a highly competent team that will help in enhancing innovation as well as the adoption of virtual assets across the European Union. Speaking to Finance Magnates, Chung also stated that reliable, as well as trusted indices, are important for the development of the crypto market since they will help in bringing in more investors, both individuals, and institutions, to the market.

According to CoinDesk as the crypto industry becomes more popular, crypto indices are also becoming more important, especially from the traditional financial houses and other indices providers are likely to get the nod in the EU zone in the near future.

CF Benchmark was previously referred to as Crypto Facilities and is the current index provider of CME CF Bitcoin Reference rate. The firm was purchased at an undisclosed figure by a major US crypto exchange firm Kraken at the start of the year.

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Author: Joseph Kibe

Bitcoin-Led Crypto Markets Could Be Negatively Affecting the US Dollar Claims ING Bank

Bitcoin-Led-Crypto-Markets-Could-Be-Negatively-Affecting-the-US-Dollar-Claims-ING-Bank
  • The DXY Index registered the lowest point since March 2019
  • Cryptocurrencies and strong commodity prices could have affected the US dollar

According to a recent report released by ING on June 24, strong commodity and cryptocurrency prices plus sharply falling US dollar hedging costs should negatively affect the US dollar. The report conducted by ING’s global head of strategy Chris Turner was released as his latest foreign exchange analysis and just after Bitcoin (BTC) surged above $11,100 last days.

Cryptocurrencies Affect The US Dollar

During the last few days, the US dollar has been falling compared to other currencies around the world, including the EUR, GBP, Bitcoin and even against gold. In addition to it, the price of the DXY Index that measures the performance of the US dollar against a basket of other currencies around the world has been dropping since June 18, the lowest point since March this year.

In this report released by the bank, Mr. Turner commented:

“Strong commodity (and cryptocurrency) prices, plus sharply falling US dollar hedging costs should keep the dollar on the soft side this week.”

Moreover, the U.S. is also expected to update the personal consumption expenditure (PCE) deflater as soon as on Friday. If there is another low, the Fed could eventually become worried about this issue.

There are some geopolitical and economic issues as well that can be related to the weakness of the U.S. dollar. The U.S. President Donald Trump is expected to meet his Chinese counterpart on Friday and Saturday at the G20 summit in Japan.

At the time of writing this article, Bitcoin remains the strongest cryptocurrency in the market with a price increase of 1.35% in the last 24 hours, the largest gain among the top 17 cryptos. At the same time, it has a market capitalization of $195 billion.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T