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Bitcoin [BTC] may not breach $6000 just yet; coin still to prove its worth at current level, claims LBX market report

Jibin M George

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Bitcoin [BTC] may not breach $6000 just yet; yet to prove its worth at current level, claims LBX market report
Source: Pixabay

Optimism has been very high in the cryptocurrency market ever since Bitcoin and other cryptos rallied and made significant gains in early April. While some have declared this rally to indicate the end of the crypto-winter, others have claimed that this is in fact, the “Altcoin season.” However, London Block Exchange’s market report may be a dampener on such optimism.

The UK-based cryptocurrency exchange’s weekly market report advises caution in the face of the market’s bullishness this month. Not only does the report warn against any proclamation of an “Altcoin season,” it also highlights the unpredictability and uncertainty associated with Bitcoin’s price movements in the near future.

LBX’s report suggested that the altcoins’ rally over Easter could have been a false start since the collective market cap pumped by only 3.4%, when compared to the 18th. While a significant pump in itself, the market cap was still 0.5% shy of the year’s all-time high that was achieved on April 10. Such pumps are a zero-sum game for altcoins, LBX stated.

LBX concurred with @Cryptorangutan’s analysis of altcoin movements over the past few months, stating that almost all altcoins (Litecoin, for instance), have retraced since surging significantly for a brief period. Additionally, some of these altcoins have bled and lost out on their gains as well. This, LBX claims, is proof that the altcoin season hadn’t dawned yet. @Cryptorangutan had this to say about the many pre-preemptively declaring the same,



“…It’s funny to see the same people who misscalled the alt season for the 10th time in the last year NOW deciding it’s not happening and reducing alt exposure”

The market report also had some interesting insights into Bitcoin’s performance. Citing Bitcoin’s recent 2019 high, LBX stated that all, except two altcoins, lost their value against BTC over the corresponding 24-hour period, with the average loss at 3.2%. This may be evidence of the crypto market not always following the lead of the world’s largest cryptocurrency.

Further, the report said, Bitcoin is unlikely to break forward and breach the $6,000 mark as the top cryptocurrency is yet to “prove itself” at the current level, which was the same level BTC hit last November before it fell down again.





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Jibin M George is a graduate in International Relations and Law with a growing interest in the world of cryptocurrency and blockchain technology

Bitcoin

TD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts

Biraajmaan Tamuly

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TD Ameritrade invests in Eris-X; crypto trading platform to offer spot exchanges and future contracts
Source: Pixabay

TD Ameritrade, one of the biggest companies in the United States offering an electronic trading platform for trading financial assets, recently announced that it was going to launch cryptocurrency trading on its parent platform.

Now, according to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

The website stated,

“TD Ameritrade will be working with the team at ErisX as they develop and launch their cryptocurrency trading products. This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”

TD Ameritrade had announced the addition of cryptocurrencies to its portfolio last month after Charlie Lee, the CEO of Litecoin, tweeted about tests conducted on its platform.

Bitcoin Futures contract trading was initiated on the official platform earlier, but was only open to high-volume traders. On TD Ameritrade’s platform, the minimum deposit required for trading BTC future contracts was $25,000, at press time. The potential traders also needed two advisory notes from CFTC and NFA to keep in check the risk associated with virtual assets.



Eris-X, a CFTC-regulated derivatives exchange, will now be open to retail crypto-traders and according to the official statement, the firm has plans to offer both spot exchanges and futures contracts based on the digital currencies.

The official statement mentioned,

“This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”





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