So let’s begin with Binance.
So there has been talking about exchanges adding fiat trading pairs, it turns out Binance is going to be offering BTC/ EUR (euro). Now that Binanace is in Malta, they're going to be starting with Euro then obviously dollars and everything else will come later if this is a success. The first trading pair starting with BTC/EUR will be coming out pretty soon.
I’m honestly excited to see this happen, I think this will open up the opportunity for a lot more people to get into cryptocurrency. Not just that but for you and I to make cryptocurrency purchasing easier, if we can put US dollars in Binance, for example, we can cash out to US dollars in binance and transfer it out. This would make the buying and selling of cryptocurrencies a lot easier.
I don't know how this is going to affect Coinbase and Gemini, I still think that people will use them but I will be interested to see in how the deposit the withdrawal will work with Binance. You might not be able to withdraw and deposit it, might just be like a tether just without the withdrawal and the deposit. So it could just to hold your value, I'm not exactly sure how that's going to play out but still very positive news for Bitcoin and crypto in general. I think we're going to see more fiat pairing coming and then also more cryptocurrencies - Fiat paring later.
Bittrex has also announced USD pairs, could this be the beginning of the end of BTC pairs to altcoins? What will this mean for BTCs future? Does this make them banks now?
If we look at the market today we are just below 300 billion dollars in market cap. It has been a little scary with the amount that’s been wiped of the market over the last few days but seems to of slowed down now, yesterday popping back over 300 billion briefly.
Bitcoin dominance is still at 39.7%, everything took a huge nosedive just yesterday it’s been absolutely crazy the last 48 hours, I'd say very uneasy for cryptocurrency and for the cryptocurrency market. We have seen a lot of panic selling, a lot of FUD. I think there's some market manipulation going on, I’m not exactly sure though as there is no proof of it happening, Not yet but don't forget the CFTC is looking into that and we should see less and less market manipulation coming in the future.
If we look at the last 24 hours of some of the biggest movers obviously being ETC. Ethereum classic is up 1.03% today, considering we are seeing huge losses across the board this stands out. But why what’s been going on?
So ETC has managed to reverse in this falling market and that was up 25% at its peak. Ethereum classic hasn’t been on my radar whatsoever and now it is going to be added to Coinbase! They're going to be supporting it in the coming months. They say they wanted to announce this both internally and to the public consistent with our process of adding new assets. Now the thing that kind of worries me, out of every cryptocurrency to be added to Coinbase why would they go ahead and add Ethereum classic?
Maybe it is something like we saw with Bitcoin cash with the whole manipulation and insider trading that went on. That might be the case we don't know, however, if it is then those guys made a quick 25% which with the amount of money that they have could be a significant chunk.
Say they put in a billion dollars! 23% $230 million dollars profit pretty much guaranteed because that is insider trading. With the CFTC in the house, this wouldn’t be the smartest of moves. I'm not saying it was, I'm just saying it's happened before so I would not be surprised if it happened again, especially with how random it actually was. With all the other cryptocurrencies people thought were going to be added and all the ones that I think are a better addition to go with than ETC?
We'll see how this turns out in the end and also Binance added Ethereum classic to BNB and an Ethereum classic to USDT trading pairs. This is probably because they heard the news about Coinbase, I don't know if there was communication between them or what the situation was but they added this as well. This again helped boost ethereum classic and the confidence around it helped it go up 25% as of right now we don't know how much it will continue to run up. Personally, l will not be trying to trade this pump, I don't think it would be a good idea it could by all rights go up 100%!!! I don't think so, but it could definitely could. I'm just not going to be playing those risks, I don't like buying something that’s up 25%, so I will be staying away.
I remember when the ETH fork occurred and people got ETH and the ETC wasn’t all sent out, after Dec 2016 if you hadn’t moved your ETC out it was gone (or held by coinbase) so if they have a large reserve it, it would make sense them listing it now. Literally selling off free ETC, this is just pure speculation, but I remember the support to keep your ETC after the fork wasn’t great and a lot of people that were not in the know accepted the ETH and thought nothing or ETC.
So Binance going into EUR from there new Malta home, Coinbase listing random coins just for fun it seems, Bittrex going to be using USD. Governments are poking around exchanges, CMD calling BTC an asset. Wow, what a week!
I see a lot more people entering the altcoin market, more money is good. Let me know your thoughts and comments below.
Good luck stay safe out there, keep smiling 😁