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OKEx Partners With Bain-Backed Crypto Exchange to Launch Leveraged Futures in India

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An Indian cryptocurrency exchange has partnered with Malta-based trading platform OKEx to offer futures products specifically for the subcontinent market.

Mumbai-based CoinDCX announced Friday that it had formed a strategic partnership under which OKEx will help it develop a new derivative facility – known as DCXfutures – in return for providing OKEx with a foothold in the Indian market.

Using CoinDCX’s new derivatives facility, Indian investors will be able to trade futures, with leverage of up to 15x provided by OKEx, on nine cryptocurrencies, including bitcoin, ether, XRP, and litecoin. Available to both institutional and retail investors, the platform will also offer perpetual futures contracts in both bitcoin and ether.

The partnership with CoinDCX – which is backed by an undisclosed amount from investors including Bain Capital – provides OKEx with insight, liquidity and connectivity to the rebounding Indian cryptocurrency scene, according to the announcement.

During the 2017 ICO boom, 5 million Indians were estimated to be trading digital currencies, but in April 2018 the Reserve Bank of India (RBI), the country’s central bank, ordered financial institutions to stop dealing with any firms involved in crypto trading in 2018, greatly restricting the market.

Local exchange Koinex was forced to close its doors last summer, claiming the RBI ban had made it economically unfeasible for them to operate as a business. Zebpay, which used to be the largest exchange in India, complained the ban had “crippled” their ability to offer crypto trading services. Some, though, have soldiered on offering crypto-to-crypto trading only.

In the coming weeks, the country’s supreme court is expected to rule on whether the RBI acted outside of its jurisdiction when it issued the banking ban. In anticipation of a favorable ruling, some cryptocurrency companies are beginning to set out their stalls. Binance entered the Indian market in November after acquiring local exchange WazirX.

“India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem,” said Zaz Zou, head of OKEx India. “We believe having a variety of options to transact digital currencies will bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.”

Credit rating and audit firm Crebaco Global calculated that the Indian cryptocurrency scene, if properly regulated, could have an immediate potential market size of $12.9 billion, with the possibility of creating anywhere between 25,000 and 30,000 jobs.

“We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants,” said CoinDCX CEO and co-founder Sumit Gupta. India could become one of the fastest-growing economies in the world just by leveraging the “huge potential of cryptocurrency markets to accelerate economic growth and wealth generation,” he added.

CoinDCX’s futures platform is currently available to limited numbers of testers, but is expected to be made available to the general public sometime in Q2 2020.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: https://www.coindesk.com/okex-partners-with-bain-backed-crypto-exchange-to-launch-leveraged-futures-in-india

Blockchain

A kormányoknak sokkal kevesebb dologba kellene beleszólniuk – állítja az amerikai képviselő

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Tom Emmer amerikai képviselővel beszélgetett Anthony Pompliano legújabb podcastjében. Szó volt többek között Bitcoinról, decentralizációról, a Twitter-hackről és persze UFO-król is.

A Bitcoin decentralizált volta az, amely a fiat valuták fölé emeli a kriptopénzt – állítja Tom Emmer, az Amerikai Egyesült Államok Kongresszusának republikánus tagja.

Az Anthony Pomplianónak augusztus 3-án adott interjújában elítélően beszélt az amerikai pénzügyi rendszerről és annak működéséről.

Az aranystandard támogatójaként azt sem tartja szerencsésnek, hogy az állam nagyobb mértékben avatkozik be az emberek pénzügyeibe, mint arra valójában szükség lenne. Mint mondta:

Úgy gondolom, most egy következő fázisba tartunk, éppen ezért izgat engem annyira a kriptó, ez a terület. Mert, azt gondolom, a kormánynak van valamiféle szerepe? Ja, nem fogom azt mondani, hogy „nincs”. Csak nem gondolom, hogy nagy szerepe lenne. Szerintem az emberek saját magukat is képesek rendszabályozni.

Friedrich Hayek közgazdász-filozófus Út a szolgasághoz c. könyve alapján Emmer rámutatott, hogy egy centralizált rendszerben mindig lennie kell valakinek – vagy valamilyen csoportnak –, akik a pénz csoportosításáról döntenek. Ez pedig soha nem egy pozitív dolog.

A beszélgetés során szóba került a nem régi Twitter-hack, amely segített rávilágítani, mennyire megbízhatatlanok is tudnak lenni néha a központosított rendszerek.

Mégis – mint mondja – reméli, a fiat rendszer túl fogja élni a megpróbáltatásokat. Amivel mindössze gondja van, az a kormányok által történő megfigyelés:

Nincs szükségem arra, hogy a kormány figyelje, mit csinálok. Nincs joguk ahhoz, hogy tudják, mit csinálok. És tudod, őszintén, már most túl sok információnak vannak a birtokában. […] Én annak a híve vagyok, hogy a kormány ne ékelődjön közbe.

Ebből kifolyólag a CBDC-kel, vagyis a központi bankok által kibocsátott digitális valutákkal kapcsolatban sem vall túl pozitív nézeteket:

Nem tetszik az ötlet […] Pomp, ne feledd, valakinek mindig irányítania kell. […] Ha kriptopénzekkel dolgozunk, te irányítod a te tárcádat, én irányítom az enyémet, és te és én hajtjuk végre a cserét egymás között. Mert nincs szükségünk a Nagy Testvérre, hogy figyeljen minket.

A beszélgetés végén amolyan felfrissülésként szó esett még földönkívüliekről, akikkel kapcsolatban nevetve elmondta, miszerint reméli, hogy léteznek.

Source: https://www.bitcoinbazis.hu/a-kormanynak-sokkal-kevesebb-dologba-kellene-beleszolnia-allitja-az-amerikai-kepviselo/

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XRP Forms Crushing Textbook Reversal Sign After 30% Explosion

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  • XRP has seen an extremely strong rally over the past few days, outperforming Bitcoin and even Ethereum on some days.
  • Since July 22nd, the asset has gained in excess of 50%, reaching highs not seen since the February blow-off top.
  • Some analysts see this price action as a precursor to a macro bull run for XRP.
  • While this may be true, the leading altcoin is printing some signs that it will reverse for a few days or weeks, then potentially it may head higher.

XRP Could Soon See Reversal: TD Sequential

XRP has been on a near-unstoppable rally over the past two weeks.

Even during last weekend’s flash crash, during which Ethereum crumpled by 26% in the span of five minutes, XRP was largely unfazed: it bounced back to multi-month highs just hours after the crash. Yet there is a textbook indicator printing a sell signal.

XRP is forming a “sell 9” candle on its daily chart, as per the Tom Demark Sequential. The sequential is a time-based indicator that prints “9” and “13” candles at the inflection points in the trend of an asset.

This “sell 9” candle that has formed on the chart of the altcoin predicts a multi-day correction.

XRP

Chart of XRP's price action over the past few months from TradingView.com

There are other signals and analysts predicting a retracement or at least a period of consolidation as XRP approaches critical resistance levels.

Cryptocurrency research firm Blockfyre published the chart below on August 3rd. It wrote that XRP is unlikely to break past the macro resistance at $0.33 at first go and will instead consolidate below this level, then potentially move higher:

“$XRP up 32% since the breakout of this downtrend and initial post but finds it self hurtling at light speed towards heavy resistance which should stall it for some time before continuation. Bulls looking for weekly close above .30-33.”

Image

Chart of XRP's macro price action with analysis by Blockfyre and Pentoshi, head of TA at Blockfyre. Chart from TradingView.com

Ripple Releases Latest Market Update Report

The cryptocurrency’s recent price performance comes shortly after Ripple Labs revealed in its Q2 market report that it has been buying XRP on the secondary market. This comes after the company faced criticism from some corners of the industry who argued that Ripple was suppressing the asset’s price.

“A healthy, orderly XRP market is required to minimize cost and risk for customers, and Ripple plays a responsible role in the liquidity process. As more financial institutions leverage RippleNet’s ODL service, more liquidity is added into the XRP market. That said, Ripple has been a buyer in the secondary market and may continue to undertake purchases in the future at market prices,” wrote the company in the report. 

Along with its purchases of the cryptocurrency on the open market, Ripple also sold $32.5 million worth of the asset over the counter over Q2.

Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
XRP Forms Crushing Textbook Reversal Sign After 30% Explosion

Source: https://bitcoinist.com/xrp-forms-crushing-textbook-reversal-sign-after-30-explosion/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-forms-crushing-textbook-reversal-sign-after-30-explosion

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This Newly Formed Structure Could Cause Bitcoin to See Major Losses

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  • Bitcoin and the aggregated cryptocurrency market are currently in a precarious position following the series of strong rejections seen yesterday evening
  • The selling pressure incurred as a result of these rejections has not yet been enough to force BTC or other assets below their crucial support levels
  • That being said, analysts are growing increasingly cautious on BTC’s near-term outlook
  • One trader explained that a recently emerged technical pattern seems to indicate downside is imminent
  • It is important to note that there is one fundamental development that could invalidate this pattern

Bitcoin rallied up to highs of $11,500 overnight before facing an influx of selling pressure that slowed its ascent.

The cryptocurrency is now trading just above its crucial support at $11,000.

Although buyers have been in firm control of Bitcoin throughout the past few weeks, ever since it posted a rejection at $12,000, its momentum has been slowing.

This may indicate that it needs to undergo another consolidation phase before it can push higher.

One pattern resulting from this recent price action is quite bearish, suggesting that the benchmark crypto could be poised to see notable downside.

Bitcoin Struggles to Maintain Momentum as Selling Pressure Grows 

At the time of writing, Bitcoin is trading down just over 1% at its current price of $11,100.

Buyers tried to spark a fresh leg higher yesterday, but only led BTC as high as $11,500 before it lost its strength and reeled lower.

This is the second firm rejection seen in the past several days – the first being BTC’s massive selloff seen when it tapped $12,000 on Saturday evening.

Analysts are now noting that the cryptocurrency could be well-positioned to see further near-term downside.

While speaking about this possibility, one trader said that the selloff recently seen at $12,000 is not “momentum to disregard.”

“I expected a stronger Monday session for BTC to be bullish, disappointing, it even dumped late Western session hours before the close. We dumped over 1’500$ [on] Sunday after tapping 12.2k, it’s not momentum to disregard, could very well be rolling in our faces.”

Bitcoin

Image Courtesy of SalsaTekila. Chart via TradingView.

Here’s What Could Work to Invalidate This Weakness

Bitcoin is in a precarious position now, but the tides may quickly shift back into buyers’ favor in the coming days.

The same trader later noted that one development that could invalidate the sentiment he shared is a $120 million Tether mint that just took place.

He even went so far as to note that this fresh stablecoin supply could help propel BTC significantly higher.

“Closed my BTC short on 11,110$: woke up to a 120MM$ tether mint, which changes my [perspective] altogether: new highs much more likely just because of it IMO. Side lined for now.”

How Bitcoin trends throughout the coming couple of hours as its daily close approaches may provide investors with greater insight into its near-term trend.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/this-newly-formed-structure-could-cause-bitcoin-to-see-major-losses/?utm_source=rss&utm_medium=rss&utm_campaign=this-newly-formed-structure-could-cause-bitcoin-to-see-major-losses

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A kormányoknak sokkal kevesebb dologba kellene beleszólniuk – állítja az amerikai képviselő

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