Happy new month to you and all our readers! The last one month has been a tumultuous one for any crypto enthusiast, trader or hodler of any digital asset. Most of the days were filled with declining values and panic due to the news. Bitcoin BTC being the King of Crypto and being volatile during the last month, all alt-coins also suffered due to its relative instability.
A Recap Of September FUD and ETF Anxieties
First, there was the Goldman Sachs news of September the 5th that they were ditching plans to open a Bitcoin and Crypto trading desk. The news went to state that the firm was focusing on custody services that will bring the much-needed funds to the industry. In a sense, the news had stated that Goldman Sachs would not pursue digital assets as forms of investments. However, this news turned out to be fake, but the damage had been done.
Secondly, there was an air of anxiety for the SEC was scheduled to rule on the Bitcoin ETF application by CBOE, VanEck, and SolidX, by the 30th of September. However, the authority announced on the 20th of September, that it needed more time to make a decision. They also requested for the input of the public with regards to the rule change in the ETF. This, in turn, pushed the SEC decision to late December.
Thirdly, there was a bunch of Bitcoin futures contracts by the CME expiring on the 28th of September. Therefore, due to the historical past performance of Bitcoin BTC when futures contracts are about to expire, many traders had held back making any major moves for there was uncertainty. Many of the savvy traders headed to BitMex to attempt to short Bitcoin BTC and other digital assets, but Bitcoin proved to have a good support level above $6,500.
What October Holds For Bitcoin BTC
The first good thing about October, other than it being the month of good sports around the world, is that there is no pending major decision from the SEC. A Bitcoin ETF will not hover over the minds of traders as they attempt to make gains in the markets for the next few weeks.
Secondly, October comes before November and when the Bakkt firm is scheduled to launch. This then leaves the crypto space wide open for natural gains without fears of any bad news. Bakkt aims at bringing Bitcoin and crypto investing to the mainstream using existing regulation, rather than trying to change the rules like the pending Bitcoin ETF.
The firm also plans on providing custody services for the institutional investors who want to buy in bulk. Therefore, the challenge of storing large volumes of cryptocurrencies is left to Bakkt which is regulated and has all the necessary licenses.
Given the fact that the US stock market is worth an estimated $30 Trillion, Bakkt will make it possible for cryptocurrencies to bite off a small chunk of this value as investors look for alternative, untapped sources of attaining considerable gains. Bakkt recently tweeted their first investment product as follows:
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
In conclusion, and not hating on the month of September, October brings in a breath of fresh air in the crypto markets for there is no reason to be nervous in the markets. But as is always suggested, it is good to set stop losses and keep up to date with news from Global Coin Report.
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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.
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Why Chinese New Year Affects Bitcoin (BTC)
Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.
The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.
The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?
China and Bitcoin
Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…
EO.Finance Launches Highest Paying Crypto Referral Program of 2019
The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.
Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.
The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.
Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…
Is Bitcoin (BTC) Ready for Another Surge?
It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.
Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.
Projects that could have sparked the next rally
As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.
One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…
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