- Mainstream Currency Price as of 12:00 PM UTC from Coinbase Pro:
· BTC —9,290.59 USD
· ETH —186.02 USD
· EOS —3.531 USD
· XRP —0.2990 USD
2 The Fear Greed Index: 54 — Neutral
3 Crypto Updates:
• Manipulation? CME Bitcoin Futures Flash Crash to Fill $8.5K ‘Gap’
Bitcoin (BTC) trading is coming under the spotlight this week after another flash crash sparked concerns that traders are manipulating markets.
As various social media users noted, including statistician Willy Woo on Nov. 5, unusual occurrences on exchanges give reason to be critical of Bitcoin price movements.
As Cointelegraph reported, last week saw sudden erratic behavior at two exchanges — Deribit and Coinbase Pro — which appeared to influence BTC/USD.
On Tuesday, it was CME Group’s Bitcoin futures which continued the trend. In early trading, BTC/USD futures suddenly tanked to below $8,500 before rebounding to $9,300.
That lower level previously formed a gap in futures trading — when one session begins higher than where the last ended. Analysts note that Bitcoin often seeks to “fill” those gaps, but in this case, it did so with minimal resources.
“I cannot believe how crazy trading BTCUSD on the short term is right now. The gap on the CME has filled already. It's thinly traded yes. But man, I'm highly suspicious of the price action across all the exchanges of late, more so than usual,” Woo summarized.
Cointelegraph contributor filbfilb reacted similarly, noting the unusual nature of the price filling at CME.
“Don’t know what happened there!” he told subscribers of his dedicated Telegram trading channel on Tuesday.
For Twitter analyst lowstrife meanwhile, the behavior was a “good example” of market manipulation.
“If you look at my original tweet, all the volume printed before the actual dump. But on the 1 minute chart it looks like it was part of the entire move. This is called painting the tape,” the account wrote.
• Bitcoin Keeps Failing at This Key Price Hurdle
Bitcoin’s (BTC) struggle for a bullish breakout continues with a falling trendline capping gains for the fifth time in 11 days.
The top cryptocurrency is currently trading in the red near $9,300 on Bitstamp, having faced rejection near $9,470 – the resistance of the trendline connecting June 26 and Aug. 6 highs – during the Asian trading hours.
The four-month trendline sloping downwards from the 2019 high of $13,880 first came into play on Oct. 31. On that day, prices clocked a high of $10,350 but failed to print a UTC close above the resistance line.
Similar price action was seen on the following two days and on Monday when prices rose from $9,200 to a one-week high of $9,586 but failed to beat the trendline hurdle.
The repeated failure to scale the multi-month downtrend line may force some investors to question the sustainability of the recent rise from five-month lows below $9,500.
• Global Blockchain B2B Volume Expected to Hit $4.4 Trillion by 2024
The value of Business-to-Business (B2B) cross-border payments carried out on a blockchain will exceed $4.4 trillion by 2024, after reaching $171 billion this year.
According to a press release published by Juniper Research on Nov. 5, the firm’s new report revealed that financial institutions will save $7 billion by 2024 thanks to the advantages of blockchain-based systems.
More precisely, the report cites the lower cost, higher transparency, real-time settlement of blockchain transactions and automated Know Your Client checks based on self-sovereign identity. The author of the research, Morgane Kimmich, said:
“The implementation of blockchain is part of a wider strategy for financial institutions to digitally transform operations. Blockchain will enable stakeholders to reduce operational costs in a competitive market that is becoming increasingly commoditised.”
• Coca Cola Using Blockchain for $21-Billion-Per-Year Network
Coca Cola’s bottlers are implementing blockchain technology to manage their cross-party transactions.
A Business Insider report on Nov. 5 revealed that Coke One North America (CONA) — the tech firm that manages IT operations for the soda giant’s bottlers — is using a blockchain solution developed by German software firm SAP to manage its supply chain.
As the report notes, CONA manages a platform to oversee multiple franchises that manufacture, bottle and ship nearly 160,000 orders of Coca-Cola products daily. Andrei Semenov, senior manager at CONA, told Business Insider:
"There are a number of transactions that are cross-companies and multiparty that are inefficient. They go through intermediaries; they are very slow. And we felt that we could improve this and save some money.”
With blockchain, CONA expects to reduce the duration of order-reconciliation from 50 days to just a few days. An inter-organizational, transparent distributed ledger will give real-time insights into the transactions made by all the different bottlers on the network, which generates over $21 billion in revenue per year.
Semenov outlined how a decision was reached regarding the extent and nature of the data deemed necessary to share between franchises, explaining that:
"There was a negotiation and discussion, getting to a consensus of what data we wanted to share. We started with a huge list of data attributes, and we narrowed it down to the list that everybody agreed on."
• Report: Barely Any Hong Kong Crypto Funds Being Approved for Licenses
One year after launching a trailblazing licensing scheme for cryptocurrency fund managers, Hong Kong’s securities regulator has issued few and far between.
According to a Reuters report on Nov. 5, the licenses introduced by Hong Kong’s Securities and Futures Commission (SFC) in October 2018 have apparently led to few approvals, with reporters succeeding to independently identify just one licensee.
While confirming the numbers remains difficult in light of the SFC’s policy of discretion — it declined Reuters’ request for comment and does not publicly announce license approvals — industry experts have indicated that the barriers for market participants remain high.
Hong Kong-based Diginex, operator of a cryptocurrency “fund of funds” is reported to have won approval for a license back in June, with CEO Richard Byworth stating the firm believes it “vital to be regulated to build trust with our clients but also in the industry.”
Gaven Cheong — a partner law firm Simmons & Simmons, which advised Diginex on its SFC application, told Reuters:
“Last year there was a lot of excitement but since then we haven’t seen much activity. Not many new managers in this area have the background, experience or support to mount such an undertaking, and this has meant that many applications never even get started.”
Unnamed sources told Reuters the stringent nature of the licensing and broader regulatory framework had pushed some Hong Kong crypto funds offshore.
• President Erdogan: Turkey to Finish Testing Digital Lira in 2020
Turkey's President Recep Tayyip Erdogan directed that the government should finish testing the national central bank digital currency (CBDC) in 2020. The country’s national blockchain-based digital lira is planned to be issued by the Central Bank in accordance with the 2020 Annual Presidential Program, Cointelegraph Turkey reported on Nov. 5.
Published on Nov. 3, the Presidential Program specifies that the first trials of the digital lira should be conducted and finalized by the end of 2020, according to a document published by Turkey’s official national publication Resmi Gazete on Nov. 4.
Within the pilots, the government reportedly plans to develop a software platform for instant payments based on the digital lira. Alongside the central bank, the project will also involve the national tech innovation agency — the Scientific and Technological Research Council of Turkey, also known as TUBITAK.
As reported by Cointelegraph Turkey, the launch of the digital lira is part of the country’s objective to strengthen the local economy. The document reads:
"The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul's goal of becoming an attractive global financial center."
4 Trader’s View:
• TenaciousH from TradingView: BTC - November the most important month since May
November will be the most important month for BTC since May/June. Current pennant resting on the 200 with plenty of volatility . With the 200-Day as support and the 100-Day flat, BTC will likely find new support at $9k long enough to set up a 50/200 Day Golden Cross. That cascade of events causes a spike to retest at least $10k maybe up to $13,500. Google search trends suggest macro market growth of interest in Bitcoin and Crypto. Altcoin growth and mainstream news cycles suggest resilience of crypto industry.
• IgorPorokh from TradingView: Bitcoin - blows snot
The removal of the longists was now possible to go down.
But there is one thing, a gap that was not blocked by CME! closed in 5 min, with strong take-out and quick return.
If we now look at the technical part and the indicator one, then we can rest but grow.
www.DueDEX.com
Our official social platforms:
Twitter: https://twitter.com/DueDEX_Official
Telegram English: https://t.me/DueDEX_en_Official
Telegram Russian: https://t.me/DueDEX_Ru
Facebook: https://www.facebook.com/DueDEXOfficial
Steemit: https://steemit.com/@duedex
DueDEX informs readers that the views, thoughts, and opinions expressed in the content come from various sources, and does not belong to DueDEX. It does not guarantee the accuracy or possible uses of the content posted. Under no circumstances whatsoever shall DueDEX be deemed responsible or liable for any decision made or damage incurred due to the content and information posted on this social media. Every investment and trading move involves risk, doing own research should be conducted when making a decision.
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://cointelegraph.com/news/report-barely-any-hong-kong-crypto-funds-being-approved-for-licenses
Congratulations @duedex! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!