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Bittrex steps up its game, invests in Malta based Palladium

Akash Anand



Bittrex steps up its game, invests in Malta based Palladium
Source: Unsplash

Bittrex, a US-based cryptocurrency exchange has been on quite a roll over the past few weeks with reports coming out on Monday, 3rd September that the company has bought a 10% stake in Palladium, a Malta-based blockchain company.

Palladium has been credited with launching the world’s first fully regulated Initial Convertible Coin Offering [ICCO].  Paolo Catalfami, the Chairman of Palladium had stated that:

“This ICCO is one of the most unique investment opportunities in the blockchain world. Institutional investors recognize the scale of the opportunity, but the lack of regulation has kept them watching from the sidelines. Palladium’s solution will change this. Cutting-edge blockchain technology will allow customers to use regulation-compliant, multi-asset accounts to manage fiat and crypto currencies.”

The convertible commodity is modulated by the Malta Financial Services Authority [MFSA]. The company has also assured users that all token sales will abide by the strict rules issued by the European Union.

Bittrex’s latest investment into Palladium makes it a major player in the Maltese blockchain company, a majority of whose shares were owned by Investar Holding, a bank holding company and Unikrn, an eSports betting platform.

Bittrex was also in the news recently when the exchange announced that it will allow users to trade in Cardano [ADA] and Zcash [ZEC] paired up with the United States dollar from 5th September.

Bittrex launched the market for USD only a month ago with Bitcoin [BTC] and a few other cryptocurrencies. This was believed to be a progress in fulfilling the goal of cryptocurrency and blockchain adoption. For USD market, the customers are provided with two options facilitating USD trading only or the withdrawal, deposit and trading of USD.

The proponents of the partnership have stated that Bittrex’s involvement will only further the cause for mass cryptocurrency adoption. Reports have shown that the 10% put in by Bittrex is still marginal compared to Investar and Unikrn, but analysts state that its entry has actually put Palladium on the map.

Catalfamo added that:

“We are excited to have such a global player on board. Bittrex’s investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”

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Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’




Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.

A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”

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