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Binance Coin (BNB) Surging Above $12 Whereas BTC and ETH Tumble

Binance coin (bnb) surging above $12 whereas btc and eth tumble

Binance Coin (BNB) Surging Above $12 Whereas BTC and ETH Tumble

Binance coin (bnb) surging above $12 whereas btc and eth tumble

Binance Coin (BNB) rallied recently above the $12.00 and $12.50 resistances against the US Dollar. BNB is gaining bullish momentum while bitcoin, Ethereum, ripple and litecoin extended losses.

Key Talking Points

  • Binance coin is outpacing major cryptocurrencies as it rallied above $12.00 against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $11.50 on the 4-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
  • BNB price broke the last swing high and it could now trade towards $12.80 and $13.00.

Binance Coin Price Analysis (BNB to USD)

In the past few days, we saw a lot of bearish moves in bitcoin, ripple, Ethereum, litecoin, bitcoin cash, eos and other cryptocurrencies. However, Binance coin (BNB) remained in a bullish zone and extended gains above the $12.00 resistance.

Looking at the chart, the price corrected lower recently and tested the $11.00-11.10 support area. A new base was formed and later the price rallied above the $11.50 and $12.00 resistance levels. There was a close above the $12.00 level and the 100 simple moving average (4-hours).

Besides, there was a break above a crucial bearish trend line with resistance at $11.50 on the 4-hours chart of BNB/USD. The pair broke the last swing high at $12.10 and surged above the 1.236 Fib extension level of the last decline from the $12.16 high to $11.08 low.

The price traded to a new yearly high above $12.50 and it seems like the price could continue to move higher in the coming sessions. The next stop for buyers could be $12.80.

The 1.618 Fib extension level of the last decline from the $12.16 high to $11.08 low is near the $12.83 to act as a resistance. The next important resistance is at $13.00, above which the price could test $13.20.

Overall, binance coin is surging higher and it remains in a solid uptrend towards $13.00. If BNB price corrects lower, the previous resistances near the $12.10 and $12.00 levels are likely to act as supports in the near term.

The market data is provided by TradingView.

Published at Tue, 05 Mar 2019 04:04:45 +0000

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Thomas Peterffy on CME Futures: “A Catastrophe in the Cryptocurrency Market… will destabilize the real economy.”

Chairman of Interactive Brokers, Thomas Peterffy, has voiced concerns about the plan to launch a bitcoin Futures contract. According to their CEO, Terry Duffy, the CME Group intends to offer the listing as early as the second week in December. However, Peterffy is worried about the implications of a crypto-based Futures market. For him, the violent swings associated with digital currencies and assets could spell disaster for investors, as well as the economy as a whole.

Interactive Brokers are themselves a CME clearing member and through an open letter dated November 14, 2017, they requested that “the Commission require that any clearing organisation that wishes to clear any cryptocurrency or derivative of a cryptocurrency do so in a separate clearing system isolated from other products.”

For Peterffy, there is “no fundamental basis for valuation” of cryptocurrencies and the volatility common within markets is cause for concern. He highlighted the lack of a “mature, regulated and tested underlying market” and declared that determining the amount of funds necessary to margin such a product is “impossible”. For him, drastic movements in price could affect many more than just a few unlucky traders:

… a catastrophe in the cryptocurrency market that destabilizes a clearing organization will destabilize the real economy.

He continued:

“If the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself and its ability to satisfy its fundamental obligation to pay the winners and collect from the losers on the other products in the same clearing pool.”

However, Peterffy and Interactive Brokers did suggest a way to mitigate the risk. They advocate keeping cryptocurrency derivatives entirely separate from other financial products. To protect the members of clearing organisations from the “unique risks in clearing cryptocurrencies” they should remain “isolated”.

Before signing off, Peterffy offered his and his company’s support to help CME investigate and safeguard against such supposed dangers:

We would be happy to discuss this with you or to provide any further information at your convenience.

 

Image: ShutterStock

 

 

 

The post Thomas Peterffy on CME Futures: “A Catastrophe in the Cryptocurrency Market… will destabilize the real economy.” appeared first on NEWSBTC.

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