Fri. Aug 19th, 2022

Binance US Introduces Staking Rewards


Binance US has made good progress in getting former US clients to move to their US-based platform. Back in September 2019, Binance blocked US citizens from being able to trade on their primary exchange – a 90-day notice was provided on June 14th, 2019. Binance and its former US customers had significant concerns over where US traders could go to find as open and flexible a platform. Binance did open an exchange based in the US to comply with US regulatory agencies and has done well in attracting US customers back to their platform. The most recent incentive Binance is providing is staking rewards for ATOM and ALGO – two cryptocurrencies that are very popular in markets outside the US, but with not a lot of exchanges that US clients can access.


$300 Million insurance for Bittrex cold storage


U.S. based cryptocurrency exchange Bittrex announced via (using their corporate account) that they have secured $300 million in insurance against theft and – interestingly – internal collusion. I have held several cryptocurrencies on Bittrex’s exchange, so for me, this is a very, very big deal. This is terrific news for a number of reasons. First, Bittrex is protecting its investors and the continuation of its business from very real threats that exist in this sphere. It is especially positive news because Bittrex is even insuring against internal theft! That is huge! The second reason why this is such a big deal is the peace of mind; it gives investors and traders who utilize their platform. As a cryptocurrency investor and trader, I have always believed that any cryptocurrencies left on an exchange are not ‘mine’ and are vulnerable to theft and other potential events outside of my control  – so I’ve always kept a large chunk of what I trade in cold storage. With this insurance policy, I can safely store and keep my cryptocurrencies on the exchange knowing that in the event of anything horrible – I am financially protected.


Bitcoin continues to push towards 9500 and 10k

Bitcoin (BTC) nearing major breakout.


Bitcoin’s price action during the final week of January has been exceptionally bullish. News and concerns regarding the coronavirus in China have whipsawed traders in many markets. Bitcoin is one of the only markets that has maintained a strong bullish drive, despite the black swan event the virus may generate. Bitcoin blasted through the 8800 value area and is currently trading against the 9500 value area. It has been ranging between 9500 and 9200 since January 28th. Strong attempts to cause a flash crash on Bitcoin’s chart have failed. Bears are currently trapped, even though they created the single largest volume bar since January 7th. One Bitcoin breaks above the 6/8th inner harmonic at 9452.40, the 4/8th Major Harmonic at 10082.50 is the next major resistance level. Given the current consolidation against the 6/8th inner harmonic, we should anticipate a continuation move higher anytime. And unless something drastic and dramatic changes between today and tomorrow (January 31st, 2020), Bitcoin will close January with the single largest gain in January in Bitcoin’s history – all while bucking the five-year trend of January being a bearish month.