Crypto Corner: Institutional Investors May Be Buying While Prices Are Low, Nasdaq to Move Ahead with #Bitcoin Futures Next Year and #Binance Renames USDT Market to Stablecoin Market
November 27th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch
Point Roberts, WA and Delta, BC - November 26, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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Crypto Corner: Institutional Investors May Be Buying While Prices Are Low, Nasdaq to Move Ahead with #Bitcoin Futures Next Year
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Market Still Searching for a Bottom, Institutional Investors May Be Buying While Prices Are Low, Nasdaq to Move Ahead with Bitcoin Futures Next Year and Binance Renames USDT Market to Stablecoin Market
According to data from CoinMarketCap, total market capitalization is sitting at $120 billion USD, at press time. Once again, most of the top 100 coins listed by market cap are in the red, with Bitcoin (BTC) trading at $3700 USD - just about its lowest in a bit over a year.
Mati Greenspan, Senior Market Analyst at eToro, speculates that institutional investors may be buying while crypto prices are low.
"…there's been a lot of chatter lately about how institutional investors may be using this dip in crypto prices as an opportunity to buy in cheap. Of course, it would be very difficult to prove but this theory really rings true for me.
If Bitcoin was worth $20,000 in December how are so many analysts bearish at $3,700? Especially as there have been no fundamental changes to the landscape in that time.
The question then comes, if large players are accumulating, why are prices dropping?
For experts in the market, it's actually much easier than it might seem to be on the buy side without affecting prices. As I stated before, this is a buyers market."
"In any case, increased volumes over the last two weeks in the bitcoin future on the CBOE and CME exchanges suggest that the futures market on Wall Street are participating in the volatility.
Still, the volumes in the futures contracts are still only a fraction of the market. However, on November 20th they peaked at 87,278 BTC, which is about 8% of the volumes recorded on the crypto exchanges.
All this really tells us is that they're trading more when prices are moving and we've seen that before. Whether they're secretly accumulating through OTC deals and using the futures to hedge remains to be seen."
On the subject of futures, Bloomberg reports that Nasdaq is going forward with plans to list Bitcoin futures, according to "two people familiar with the matter". The sources said that Nasdaq has been working to ensure compliance with the Commodity Futures Trading Commission and that they are aiming to trade in the first quarter of 2019.
Crypto exchange giant Binance has announced a renaming of its Tether (USDT) Market to a combined Stablecoin Market (USDⓈ). This will allow Binance to list more stablecoin trading pairs, which it will announce at a later date.
Sam Mowers, Investorideas
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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (<NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/
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