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CMC welcomes Litecoin, Bitcoin Cash, and XRP to its platform

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5 years ago

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Litecoin Bitcoin Cash XRP

CMC Markets, a trading company based in Queens Land (UK) has announced to add three new cryptocurrencies Litecoin, Bitcoin Cash and XRP respectively to its platform. The firm offers a wide variety of opportunities for its users. More than three hundred global currencies, classic commodities such as oil gold, and silver, company shares, treasury notes, gilts, and bonds. They basically offer all kinds of traditional financial instruments, even spread bets.

Last March, CMC added Bitcoin and Ethereum to the mix of products they offer and, now, they decided to support three new virtual currencies in their platform (as noted above): Litecoin, Bitcoin Cash, and XRP.

Mr. David Fineberg who happens to be the Director of Group Commercial for CMC, has this to say about the company’s new move:

“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum. We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”

Fineberg also added,

“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange. However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”

This news is very important because we’re not talking about a crypto exchange at all, but about a traditional financial company that is adopting digital assets and bringing them into the mainstream. CMC’s clients are not crypto enthusiasts but people who try to make money using the company’s web platform through financial resources, instruments, and tools that are very old.

The company’s latest decision is part of its new approach to be innovative.

For instance, last June CMC trained Alexa to give its clients the latest financial news. headlines, articles, relevant tweets and market data. It’s the first provider in the market that has made on-demand insights in this particular way. The magic words are “Alexa, open CMC markets.”

A month later it brought crypto spread betting to its platform and they are now increasing the number of crypto coins they offer to their clients.

CMC is a company that seeks to empower traditional investors through the use of technology, and they’ve seen the writing on the wall: Crypto is the next wave. Because they are very keen on technological advances, including some of the most interesting digital assets in the world was, probably, an easy decision for them.

The company’s position on technology was also clarified by Mr. Fineberg:

“At CMC Markets we recognize the power of technology, so we continue to invest in a range of services to be a leader in this space. This is why we have taken proactive steps to ensure that we are the first trading company to fully utilize the potential of this software”

David Fineberg concluded saying,

“We are excited by how traders are engaging in the digital age, and the CMC Markets Skill we have developed is part of our ongoing strategy to enhance the overall experience of our clients by providing them with the information they need, when they need it.”

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Davidlee770924/Pixabay

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XRP Price Nudges Higher Defying Odds After NYDFS Exit

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1 day ago

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September 20, 2023

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XRP price has been in the green over recent trading sessions, holding above the crucial level of $0.50 despite being dropped from the NYDF’s greenlist. The digital asset has jumped by more than 7% over the past week but remains 4.30% lower in the month to date. Even so, XRP has climbed by 52% in the year to date. The asset’s total market cap has increased to $27 billion, ranking it 5th in the crypto market, while the total volume of XRP traded over the last day rose by 8%.

Regulatory Scrutiny

Like most cryptocurrencies that have been on an upward trajectory for the past few days after a period of stagnation that culminated with a significant dip, XRP price has been in the green over the period in tandem with general market movements.

The removal of Ripple’s XRP token from the NYDFS’s green list on Monday failed to dampen the recovery of XRP. While market participants and XRP holders expected a negative impact on the asset’s price, the event turned out to be a non-issue for the altcoin as it continued its recovery. The New York Department of Financial Services (NYDFS), recently outlined updates to its digital oversight regulations.

Among the changes, the financial regulator introduced new criteria for digital asset firms licensed by the agency to list various cryptocurrencies. According to a report, the NYDFS removed more than two dozen tokens from…

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Bitcoin

Bitcoin Price Climbs Above $27,000 Ahead of the FOMC Monetary Policy Meeting

Published

3 days ago

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September 18, 2023

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Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.

Fundamentals

Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.

Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.

Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…

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Bitcoin

Bitcoin Price Flips Above $26,500: What’s Next?

Published

6 days ago

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September 15, 2023

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Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.

Inflation Concerns

Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.

The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.

Retail sales data also published on Thursday…

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