Asian Trading Moving Crypto Markets Again as Bitcoin Hits 4 Week High

In a similar move to yesterdays, has started during the session. The pump has taken prices to their highest level since mid-July as BTC tapped $12,300.

Bitcoin On Track For $13k

For the best part of the past 24 hours Bitcoin has floated around the $11,700 range with very little momentum coming from the US trading session. It is trading in the Asian session that has been driving prices for the past few days. In a pattern very similar to Monday morning’s, Bitcoin started moving a few hours ago tapping a high of $12,300 according to the charts.

bitcoin

BTC price 24 hours – Coinmarketcap.com

Daily volume has reached $23 billion and the BTC bulls are on track to push the asset to next resistance level which lies just below the $13k mark. Analysts are in agreement that the trend is now bullish with over a week of green candles recorded on the daily chart.

Crypto trader going by the handle ‘CryptoHamster’ has noted that Bitcoin price has now broken out of the daily Bollinger Bands which is a strong technical signal.

“#Bitcoin is above daily BB.
Usually, it is a sign of a continuation of a trend.
There could be a small correction, but then – a new rise.
Bullish.”

Trader and analyst Luke Martin has echoed the sentiment and has eyed the $12.9k level as the next resistance point.

“I was wrong with the hedge/taking profits at 11.8k. $BTC looks like it wants to continue blowing through resistances with barely any pullbacks.
4hr close at this level would only add confirmation.
Next major resistance I’m expecting price to move to is ~12.9k”

Many concluded that Chinese buyers were driving the rally yesterday following the devaluation of their own currency. The timing was certainly right as the move came during Asian trading after the central bank announced its daily reference rate for the Yuan/USD.

Some, such as Peter Schiff, refuted these claims however stating that speculators were driving it on the premise that China would be loading up on Bitcoin. Either way, in both instances this week, BTC has rallied during the Asian trading session and remained flat during the US hours.

Elsewhere on Crypto Markets

As usual the altcoins are getting crushed as Bitcoin’s dominance reaches 70 percent again. This is back to the market share it had in mid-December 2017 when BTC surged to its all-time high. The $10 billion inflow to total crypto market capitalization has taken it to $318 billion, but it is all Bitcoin.

Ethereum has remained lethargic with a minor move to $235 and XRP is still flat on the day. Bitcoin Cash and Litecoin are jockeying for fourth spot with a percent or two added each. LTC surged yesterday as it halved but has fallen back below $100 today. The rest are not moving much with some, including LEO, Tezos and Chainlink, starting to fall back.

Image from Shutterstock

The post Asian Trading Moving Crypto Markets Again as Bitcoin Hits 4 Week High appeared first on NewsBTC.


Source: newsbtc
Asian Trading Moving Crypto Markets Again as Bitcoin Hits 4 Week High

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Circle and Poloniex moving from the US to Bermuda due to regulatory uncertainty

Crypto conglomerate announced that it will be the majority of operations offshore, as regulatory uncertainty has made servicing U.S. customers increasingly difficult. The company received a full Digital Assets Business Act license in Bermuda for , a cryptocurrency exchange it runs.

Another crypto company leaving the U.S.

The increased regulatory uncertainty about the future of the crypto industry in the U.S. has forced many companies to move their operations to more crypto-friendly markets. Bermuda, which recently imposed a comprehensive regulatory framework regarding digital assets, has been a favorite destination for up and coming crypto companies looking for a stable environment.

Circle, a global blockchain finance company, announced that it will be moving most of its operations to the island. The mounting regulatory pressure and general uncertainty about the future of the crypto industry has made it almost impossible for the company to maintain its market share.

In a July 22 blog post, Circle said that the Bermuda government granted the company a “Class F” license under their Digital Assets Business Act of 2018 (DABA). The license will enable Circle and Poloniex, the cryptocurrency exchange it operates, to provide payment services, custody, exchange, , and various other financial services that utilize cryptocurrencies.

The company’s move to Bermuda will allow it to offer “many new digital asset services” to its non-U.S. customers. Nevertheless, Circle’s operations in the U.S., Ireland, the U.K., and Hong Kong will continue to operate normally.

Circle wants to regain its market share by moving to Bermuda

After acquiring Boston-based Poloniex in February 2018, Circle struggled to retain the exchange’s huge market share. According to data provided by crypto researcher Larry Cermak, Poloniex had a 58 percent market share in April 2017. This is a far cry from the 1 percent share it has in the crypto market it has now.

Jeremy Allaire, CEO of Circle, also cited “increased regulatory pressure” for firing at least 30 employees earlier in May. However, the company said that it plans on hiring 30 more employees to their Bermuda entity in the next 24 months.

The move to Bermuda will help the company revitalize Poloniex, with Circle saying that their Bermuda-based operations will handle almost all of the exchange’s users that are outside of the U.S. Allaire said that both Europe and Asia are “pretty significant markets” for the company and that the Bermuda move will help them better serve those markets.

Premier David Burt, a Bermudian government official working with closely with Circle, told Forbes that the country’s relationship with the company will bring more growth and innovation to the region.

The post Circle and Poloniex moving from the US to Bermuda due to regulatory uncertainty appeared first on CryptoSlate.


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