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Bitfinex reveals the launch of new fiat currency processing system; news comes after Bitcoin [BTC] breaks $7000

Akash Anand

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Bitfinex reveals the launch of new fiat currency processing system; news comes after Bitcoin [BTC] breaks $7000
Source: Unsplash

On 15th October, Bitfinex, a prominent cryptocurrency exchange, clarified the recent pause of fiat currency transactions on the platform. The main point of discussion occurred when the company revealed that a new and improved fiat deposit system will be available by 16th October. They have explicitly stated that the pause may have caused harm to users but it was done in the light of a few reasons.

Bitfinex said that all cryptocurrency and fiat withdrawals are being processed as usual without the slightest interference. They have also confirmed that the fiat transactions pegged to USD, GBP, JPY, and EUR are being processed as usual. Bitfinex has stated that the main goal of the recent news was to update users that the pause is only ‘temporary’ and only for certain user groups.

Cryptocurrency holders and enthusiasts have jumped on the news with various comments on Bitfinex’s social media posts.

CryptoHamster, a Twitter user commented:

“Now it would be even more funny if #Bitmex will go to maintenance…”

Weepingguitars, another user stated:

“I knew this is all just FUD, crypto cattle being driven by the shepherds in a desired direction.”

Bitfinex had earlier paused USD deposits on 11th October much to the chagrin of users. The exchange had come under scrutiny for the wide use of USD Tether stablecoin. There have not been any transparent audits that prove that the coin is actually backed by USD. This also presents a grave situation for the market, as over $2.6 billion is in USDT.

The Block, a cryptocurrency news reporting portal, revealed that the exchange had paused all of their deposits for USD. They also stated that they “expect the situation to normalize within a week”. The same portal also reported on their new partnership with HSBC Bank, after reports emerged of their previous banking partner finding difficulties to run.



Bitfinex mentioned in their blog post:

“Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organizations. However, we continue to do our utmost to minimize any waiting times associated with fiat deposits and withdrawals.”

Recent news has also shown that Kucoin, another cryptocurrency exchange, had suspended all Tether [USDT] transactions. Kucoin said in a blog post:

“Due to USDT wallet system maintenance, we have decided to temporarily close deposits and withdrawals for USDT. We apologize for any inconvenience caused during the upgrade.When everything has been resolved we will re-open deposits and withdrawals for USDT, please wait for our further updates.”





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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