Bitcoin Today (28.11.2018)

Category: Analytics

Movement along $3500 level continues, confirming it’s supportive nature. Still, Bearish Trend Line and $4000 level are unbroken, thus the pattern stays bearish. $4000 level and Bearish Trend Line needs to be pierced to lay the foundation of reversal. $3000 level is seen as possible bottom by many traders, so,  the $3500 – $3000 zone should play as a supportive role.

Today forecast

Trading Bounds: $3000 – $4500. Breakthrough below $3500 will continue the falling, with the target at $3000.

Latest

🔹 Nasdaq and VanEck will launch Bitcoin Futures 2.0

The second largest stock exchange in the world, Nasdaq, has entered into a partnership with investment firm VanEck to launch new financial products, CoinDesk reports.

The partnership of two giants in the world of finance became known during the conference Consensus: Invest organized by CoinDesk. VanEck Director of Digital Asset Strategy Gabor Gurbacs announced the creation of “regulated futures contracts version 2.0”. According to him, new financial products will appear on the market next year.

“What I’d like to point out is we ran a few extra miles working with the [Commodity Futures Trading Commission] to bring about new standards for custody and surveillance,” – Gurbacs added.

According to him, the initiative should be viewed as a kind of “update” of the current regulatory standards in the bitcoin futures market. He also points out that the SMARTS control system developed by the Nasdaq will be used for new derivatives. The price will be formed on the basis of the MVIS index developed by VanEck. Such an approach, Gurbacs states, “will give confidence to regulators and organizations seeking to enter the cryptocurrency market.”

SMARTS is software that supports a variety of algorithms for automatically detecting suspicious market activity, including “spoofing” and “wash trading”. Gurbacs calls this system the “big cop engine”. According to him, this technology will make futures trading “fair and orderly.”

The new futures contracts are cash-settled, meaning that at expiration no “physical” bitcoins need to be moved in order to settle accounts. In contrast, a concurrent bitcoin futures product expected to launch in January of next year operated by the Intercontinental Exchange-backed company Bakkt will be physically-settled, meaning investors holding these contracts at expiration would receive payment in bitcoin.

Note that the decision of the US Securities and Exchange Commission (SEC) on the ETF provided with physical Bitcoins, developed by VanEck in partnership with the blockchain-company SolidX, should be made by February 27, 2019.

“We believe that 2018 was the year of regulation and 2019 will be the year of implementation.”

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