The Cryptocurrency World is Alive and Active

The Cryptocurrency World is Alive and Active


Crypto’s continue to break Wall Street norms…

Monday, Binance, which pre-announced a soon-to-come $81-M or so Bitcoin transaction via Twitter.

The world’s biggest crypto-trading platform told followers there’s “no need to FUD,” referring to the popular acronym crypto bulls use to describe unwarranted fear, uncertainty and doubt. The announcement was posted along with an emoji of a pair of shifty eyes.

Binance, recently introduced its own blockchain, is launching tokens pegged to major cryptocurrencies and will soon offer a Bitcoin-pegged coin too, according to a company spokesperson.

The token will trade on Binance and will be backed by the native coin. The Malta-based company is now creating a reserve of the exact amount needed, 9,001 Bitcoin, in this case in order to fulfill that backing.

The exchange has made a lot of changes recently. It diclosed a $40-M hack last month and amended its user agreement to bar US traders from its core platform starting in September.

Binance also updated its terms of service to say it is instead launching a separate exchange for Americans.

Within long-established Wall Street norms, its Twitter announcement is unusual, as US exchanges, such as the NYSE, CME, or the CBoE typically broadcast future block trades and do not announce them via Twitter.

Monday’s post came on a spike in the price of Bitcoin, which crossed past $9,000 to its highest since May of last year.Reports that Facebook (NASDAQ:FB) . will soon unveil its own digital currency added to optimism that digital assets are becoming more widely accepted and adopted by mainstream companies.

Bitcoin rose as much as 11% to trade at $9,420 in New York. Its closest rivals, including Litecoin and Ether each rose at least 6%.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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