Europe is a pretty interesting region when it comes to cryptocurrency. Although there is no clear regulation on this front just yet, things are undergoing some big changes as we speak. Over in Ukraine, a new proposal revolves around making Bitcoin and other cryptocurrencies tax-exempt in the near future. Whether or not this bill will be approved by the country’s parliament remains to be determined. Making Bitcoin Tax-Exempt in Ukraine Considering Bitcoin and other cryptocurrencies have been around for quite some time now, one would expect most countries to have some form of Bitcoin regulation on the books by now. That is not
In a conference call updating investors and media on its third quarter (Q3) earnings, Cboe Global Markets, which owns the Chicago Board Options Exchange (CBOE) and BATS Global Markets, said it’s bullish on cryptocurrencies. It said other exchanges, such as its “competitor across town,” are also believers in cryptos.
Legacy Exchanges Get New Religion, Cryptocurrencies
A 7000 USD price point will change many minds, so will a 120 billion USD market capitalization. Cryptocurrencies, lead by bitcoin, are officially all the rage in investment circles.
In truth, Cboe Global has been more out front than most legacy outfits of its class. It recently inked a deal with Gemini Trust Company, LLC., in hopes of listing bitcoin derivatives, for example.
Continuing their pack-leading, Chris Concannon, Cboe Global’s President and COO, struck a very optimistic tone toward cryptocurrencies’ eventual place on legacy exchanges. In a Q3 conference call he explained, “Over time, we do envision (our bitcoin) ETF coming to market,” he said, “once the regulated futures market is built … we‘re encouraged by everyone‘s focus on this space.”
Bullish on Bitcoin + Former SEC Attorney = Mainstreaming on the Way
By “everyone’s focus” he could be referring to CME’s announcement. CME, the world’s largest derivatives exchange, shook the financial sector by saying it was moving forward with a bitcoin futures contract. Such a market was splashed all over media headlines, prompting another run-up in price (at least temporarily). It is widely acknowledges to be the beginning of mainstream legitimacy and acceptance of cryptocurrencies.
Mr. Concannon “is responsible for Cboe’s trading businesses – U.S. and European Equities, U.S. Options, Global Foreign Exchange and Futures – as well as Technology/Operations, Risk and Marketing,” his Cboe bio reads.
“Concannon has more than 20 years of experience as an exchange executive, trading participant and regulator,” including a stint as “a staff attorney at the Securities and Exchange Commission in the Division of Market Regulation from 1994 to 1997.”
This bodes well for Cboe’s long-term crypto mainstreaming ambitions.
“Overall, the cryptocurrency space is the space that I think we believe in and certainly our competitor across town believes in as well and I‘m just encouraged by that validation.”
What do you think of Cboe’s optimism toward bitcoin and cryptocurrencies? Is it a good sign? Tell us in the comments below!
Images courtesy of: Pixabay, Cboe Global.
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Market participants expect the RBNZ to maintain its key interest rate at 1.75% together with the neutral outlook for the monetary policy. NZD has undergone a strong influence on political risk, which seems a little exaggerated. With such a neutral position, optimistic RBNZ may be a pretext for short positions on NZD and short-term currency support.
Recently data from New Zealand has been positive since the last meeting. First of all, CPI inflation in the third quarter rose to 1.9% from 1.7% while the unemployment dropped to 4.6% with wage growth up to 1.2%. In addition, the NZD rate has clearly weakened under the influence of political uncertainty after the parliamentary elections, which will be welcomed by the RBNZ. Risk is the deterioration of business and consumer confidence indicators due to prolonged coalition negotiations. Overall, however, the state of the economy allows the RBNZ to be optimistic about the tone in the announcement, although the bank will be careful not to give a hawkish signal to the appreciation of the currency.
Let’s now take a look at the NZD/USD technical picture at the H4 time frame. The market is locked in a narrow range between the levels of 0.6882 – 0.6970. In a case of an unexpected rate hike, the price might easily break through the golden trend line around the level of 0.6970 and head higher towards the next technical resistance at the level of 0.7015 and 0.7057. Otherwise, the price should remain in the horizontal zone.
As a financial tool for blockchain companies, the ICO has already started to lose popularity in its original form. More and more, however, companies in the non-crypto economy are pondering the idea of raising money through an ICO. But, when it comes down to it, these companies don’t have the know-how, nor the willingness, to … Continue reading ICOs as a Marketing Tool for Businesses
Alt coin IOTA bulls are taking over. After periods of USD bull pressure, price action closed above the main resistance trend line above $0.40. While there have been strong moves in other alt coins, NEO remains muted. It is still trending within a narrow descending channel with mixed stochastics signal. Let’s review what happened in other “lively” trading charts
ALT COIN NEM TESTING RESISTANCE
Following that bear break out on October 31, alt coin NEM price action is within a break out trade strategy. The correction to current price levels and towards the resistance line at $0.20 appears to be a retest.
Following that long upper wick on November 6, USD bulls pushed prices lower and closed below the resistance trend line at $0.18.
Today alt coin NEM close will determine if prices will continue with the bear trend or if $0.25 and 50% Fibonacci retracement level will be our immediate resistance line. Otherwise we wait until a sell signal shows in the stochastics chart.
ALT COIN DASH TESTING MAIN RESISTANCE LINE AT $300
DASH bulls are in charge. As per yesterday’s trade plan, the price range between $335 and $370 remains our strong sell zone.
Yesterday, DASH closed with a long upper wick meaning USD bull pressure. However, as today’s price action shows, the buy momentum is high. DASH is edging higher and retesting the main resistance trend line at around $300.
Chances of our sell zone being hit remains high. This will be so especially if DASH prices close above $300.
ALT COIN IOTA CLOSE ABOVE $40
Alt coin IOTA Price action panned out as planned after yesterday’s close. There was a break and close above the main bull flag.
As we can see, alt coin IOTA reversed from $0.38 support level following an initial bull divergence. Furthermore, there is a stochastics buy signal and a double bottoms at $0.38 support level as alt coin IOTA price action shows.
Our first bull target will be at $0.60 which is a strong resistance point and an important Fibonacci correction level in August-October 2017 Hi-Los.
ALT COIN MONERO SLOWS DOWN AND REMAINS BELOW $105 RESISTANCE
Like all similar price action moves, Monero prices were bound to correct after that strong bullish candlestick. Yes, there was a strong move up from the support line of $80 moving from the 23.6% Fibonacci retracement level of August 2017 Hi-Los.
As insurance, bulls should wait for price close above our main resistance trend line at around $105. A break above $105 means a break above the main resistance trend line of the bull flag.
At current prices, Monero looks likely to correct after that close above the upper BB and resistance line below $105. In coming sessions, a correction towards the minor resistance trend line at around $90 is likely.
ALT COIN NEO IN A TIGHT $2 TRADE RANGE
Nothing has changed in matters volatility. As a matter of fact, NEO trading range is tight and within a $2 range. Yesterday’s highs of $27 was a retest of the resistance zone at around $30.
Unless there is a strong bullish move above the main resistance trend line, USD bulls are in charge. For now lets wait and see if price action will continue oscillating within this narrow and minor descending channel.