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Bitcoin bounces back as Bullard shares his view on crypto

Summary:

  • Federal Reserve James Bullard speaks to CNBC regarding cryptocurrencies during the conference in New York
  • CME paves the way for regulated Ethereum futures
  • Dubai-based crypto exchange halts fiat money withdrawals citing issues with a bank servicing the exchange

Digital currencies got a boost over the past hours or, and the yesterday’s speech of Federal Reseve James Bullard could have contributed to some extent. He spoke to CNBC during the Consensus conference (the even concerning cryptocurrencies) in New York, and underlined that instability in exchange rates is the biggest obstacle toward more widespread cryptocurrency acceptance. Well, it’s hard to defy his remarks as cryptocurrencies’ tremendous volatility is pure and simple. He said that heightened volatility is also likely to daunt consumers and businesses from handling cryptocurrencies. While he explicitly stressed the problem of huge price swings, he also noticed that virtual currencies facilitate trade across the globe. Bullard also referred to an issue with regard to who is going to issue the currency as it matters in terms of the credibility to the currency (in this context he even mentioned the Venezuelan bolivar highlighting that if you can’t define money issuers then the currency is going to zero). Asked whether the Federal Reserve mulls over implementation its own digital coin called FedCoin he said that it is a possibility, but at this stage there are no plans to do so. He also expressed confidence that the US dollar is not threatened by cryptocurrencies.

link do file download linkBitcoin bounced off its 50DMA yesterday partly thanks to Bullard’s comments. If this rebound proves sustained, it could lead to an extended rise toward $9700+. Source: xStation5

CME paves the way for regulated Ethereum futures

The Chicago-based exchange announced on Monday that it has teamed up with a group of large cryptocurrency exchanges in order to create an Ether Reference Rate and Ether Real Time Index which then should serve to price ETH/USD trading pairs. Do notice that the exchange keeps taking steps so as to eventually list an Ethereum futures product. The company provided us with information that the mentioned indices will be calculated by UK-based trading platform Crypto Facilities, which launched its first Ethereum futures product last week. All of this takes us closer to finally get Ethereum futures being listed on the CME on the same basis as Bitcoin. Keep in mind that the CME launched a similar reference rate and pricing index for Bitcoin in 2016, more than a year before launching BTC future.

link do file download linkEthereum managed to retain its gains made following a bullish patter, and on that account one may expect the digital currency to rise over the next hours or so. The ultimate objective can be set at around $975 once the price breaks through its latest peak. Source: xStation5

Dubai-based crypto exchange halts fiat money withdrawals citing issues with a bank servicing the exchange

BitOasis, Dubai-based exchange, has decided to suspend all fiat money withdrawals starting Tuesday citing issues with the bank servicing the exchange. If somebody missed out a chance to withdraw its fiat balances the only option for now is to convert it to cryptocurrency and send it to an external digital wallet. The exchange soothes its customers claiming that this is just a temporary issue, and once it’s solved the normal trading of virtual currencies such as Bitcoin, Ethereum or Ripple will be restored.

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