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Bitcoin Cash Fluctuates Below $255 Resistance, Uptrend Uncertain

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Jun 03, 2020 at 09:58 // News

Bitcoin Cash broke the $240 resistance

Recently, Bitcoin Cash broke the $240 resistance where it was initially trapped. Surprisingly after a pullback, it rebounded twice to break the resistance at $255 but the momentum was insufficient to break the overhead resistance at $280.

There was a serious bearish reaction at the overhead resistance that repelled the upward move. The crypto fell back and found support above $240. BCH is not out of the doldrums as it has to battle the resistance of $255 and $280 to push the price to the previous highs. 

It is anticipated that a thorough breaking of $255 resistance will push the coin to $280 overhead resistance. Perhaps, a strong bounce above $240 support will break the resistances of $255 and $280. The momentum can extend to $320 high. BCH will be compelled to a sideways move below $255 if the bulls are unsuccessful over the resistances. 

Bitcoin Cash indicator reading 

Bitcoin Cash still has bullish momentum above the 78% range of the daily stochastic. Besides, the coin is approaching the overbought region of the market. This can invite the presence of sellers in the overbought region. The price bars are above the EMAs for a possible upward move. 

BCH-Coinidol_(16).png

Key Resistance Zones: $440, $480, $520

Key Support Zones: $200, $160, $120

What is the next move for Bitcoin Cash?

Bitcoin Cash bulls have a task to break the $255 resistance. Failure of the bulls may attract a bearish reaction. The bears may break the $240 support and the market will slump to $217 price level. A further downtrend is likely if buyers fail to act.

Disclaimer.  This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

Source: https://coinidol.com/bitcoin-cash-fluctuates-resistance/

Blockchain

CLS Group Posts Uptick in March FX Volumes as Markets Remain Active

FX swap demand last month even crossed the record achieved by the company in March 2020.

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CLS Group, a major foreign exchange settlement provider, reported positive growth in trading activities in March across all offered forex instruments. The company posted an average daily traded volume of $1.977 trillion for the month, which is 1.8 percent higher than February’s numbers.

The increase in the demand can be seen across forward, swap, and spot FX markets, where the company is operating. The demand for FX swaps leaped the highest last month with around a 3 percent jump to $1.377 trillion from February’s $1.353 trillion. It was even higher than what the company recorded in March 2020 when the entire financial market saw extreme volatility due to the Coronavirus breakout.

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The forward and spot FX market also jumped higher by 2 percent each to $0.117 trillion and $0.483, respectively. However, the overall monthly figures remained lower than what the FX settlement provider reported a year ago.

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Following the Industry Trend

“In the first quarter of 2021, we witnessed record average daily traded volumes of USD1.95 trillion, demonstrating a consistent increase of FX market activity year-on-year,” said Keith Tippell, CLS’s global head of product. “This was despite a 10% decrease in overall volumes in the month of March 2021 compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.”

Tippell further elaborated that a significant portion of the FX demand was generated by two currency pairs, USD/JPY and USD/HKD, as both recorded a monthly uptick of 15 percent and 38 percent, respectively.

Meanwhile, the company is expanding its industry footprint with more and more partnerships. In the past few months, Capitolis and BGC Group tapped CLS to enhance their FX services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/execution/cls-group-posts-uptick-in-march-fx-volumes-as-markets-remain-active/

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Blockchain

CLS Group Posts Uptick in March FX Volumes as Markets Remain Active

FX swap demand last month even crossed the record achieved by the company in March 2020.

Avatar

Published

on

CLS Group, a major foreign exchange settlement provider, reported positive growth in trading activities in March across all offered forex instruments. The company posted an average daily traded volume of $1.977 trillion for the month, which is 1.8 percent higher than February’s numbers.

The increase in the demand can be seen across forward, swap, and spot FX markets, where the company is operating. The demand for FX swaps leaped the highest last month with around a 3 percent jump to $1.377 trillion from February’s $1.353 trillion. It was even higher than what the company recorded in March 2020 when the entire financial market saw extreme volatility due to the Coronavirus breakout.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

The forward and spot FX market also jumped higher by 2 percent each to $0.117 trillion and $0.483, respectively. However, the overall monthly figures remained lower than what the FX settlement provider reported a year ago.

Suggested articles

FBS Broker Updates its Trading Platform for Excellent PerformanceGo to article >>

Following the Industry Trend

“In the first quarter of 2021, we witnessed record average daily traded volumes of USD1.95 trillion, demonstrating a consistent increase of FX market activity year-on-year,” said Keith Tippell, CLS’s global head of product. “This was despite a 10% decrease in overall volumes in the month of March 2021 compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.”

Tippell further elaborated that a significant portion of the FX demand was generated by two currency pairs, USD/JPY and USD/HKD, as both recorded a monthly uptick of 15 percent and 38 percent, respectively.

Meanwhile, the company is expanding its industry footprint with more and more partnerships. In the past few months, Capitolis and BGC Group tapped CLS to enhance their FX services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/execution/cls-group-posts-uptick-in-march-fx-volumes-as-markets-remain-active/

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Blockchain

Chinese Police Confiscated $3.8 Million in Crypto After Arresting EOS Gambling dApp Team

$3.8 million in bitcoin and EOS seized in China from a team of developers operating a decentralized gambling platform built on the EOS blockchain.

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Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.

$3.8 Million in Crypto Seized

After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.

During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.

According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.

The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.


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The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.

It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.

”Internet Cleansing Movement”

The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.

The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”

Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/chinese-police-confiscated-3-8-million-in-crypto-after-arresting-eos-gambling-dapp-team/

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Blockchain

$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

Record-setting liquidations worth $10 billion in the past 24 hours as the entire crypto market plummeted by double-digit percentages. 

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The enhanced volatility in the past day caused nearly $10 billion in liquidations in less than a day as bitcoin, and all altcoins fell hard. Naturally, over 90% of the liquidated amount came from long positions. 

  • CryptoPotato reported earlier today the adverse price developments in the cryptocurrency market. Bitcoin fell by more than $9,000 in hours, Ethereum lost $400, and so on. With most digital assets plummeting by double-digits, the cumulative market cap lost $360 billion at one point. 
  • As it generally happens, the community speculated for possible reasons. One theory outlined rumors indicating that the US Treasury Department plans to charge numerous financial institutions for laundering money using cryptocurrencies. 
  • While the reason is still debated, the severe price drops caused pain for traders. Data from Bybt shows a whopping amount of $9.98 billion liquidated in the past 24 hours alone. Somewhat expectedly, over $9 billion were from long positions – meaning 91%.  
  • Most of the liquidations took place on Binance, which is somewhat expected as it’s the leading exchange by volume. Following were Huobi and Bybit.
  • More interestingly, the largest single liquidation order happened on Binance and it had a face value of a whopping $68.73 million.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/10-billion-in-liquidations-as-the-crypto-market-cap-evaporated-360b-in-hours/

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