Crypto-avenues celebrate X’Mas season with good trading rallies to conclude tough time of 2018

Year-2018 has been pathetic across cryptocurrency market, we’ve seen almost more than 71% price slumps, in this year so far, from the all-time highs of BTCUSD on mixed bag of constructive and adverse news flows. The major driving force for such bearish price behaviour has been the U.S. SEC’s eagle eye on the crypto regulation that prolonged throughout year-2018, while having embraced the market even while fighting to fend off evidences of frauds.

The current state of the cryptocurrency avenue has been luring investors’ attention significantly on the prospects of the probable futures products and events.

There has been anecdote that the crypto market has lost over $18 due to the recent price dips (yet to get the authentic source of news to back this up), nevertheless, the total cryptocurrency market cap managed to gets cushionedaround the $100bn valuation level last week and rallied hard to close up around 30% at $130bn with the intensified bullish sentiments and noticeable surge in the volumes.

Optimistically, when streamlining of new blockchain projects are taking place across the industries, these figures also would certainly stimulate and boost-up the confidence of the long-term Cryptocurrency Investors’ mind-set as this would imply that the cryptocurrencies are fundamentally becoming robust. And, boom cycles (Sharp upswings and corrective downswings) of BTCUSD would remind us that the prices too would eventually show growth. Consequently, this could also silence the pessimists and critics who forecasted that price of cryptocurrencies may hit zero levels.

Moreover, we would like to reiterate some good set of news that CME BTC futures have emerged as a leader along with CBOE in BTC futures, with sizable and growing USD volume through Q3/Q4 2018.

While one can easily observe the bullish price sentiments in cryptocurrency space that have resumed especially since 15thDecember, as the new cryptocurrency start-up established by the Intercontinental Exchange (ICE, namely Bakkt), appears to be well-equipped to unveil bitcoin futures contracts which would be available for the physical delivery facilities. Now, the ball seems to be in CFTC’s court for further developments.

Bakkt would begin trading BTC futures on January 24, 2019 as they are expected to get approval by the United States Commodity Futures Trading Commission (US CFTC). That would certainly be a good reason to celebrate New Year as the CFTC will likely vote on the matter in early 2019, as per the fresh reports.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -57 levels (which is bearish), while hourly USD spot index was at 37 (mildly bullish) while articulating (at 12:25 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex