Social Networks have become a critical part of our lives and owing to its huge popularity, Bitfinex, the popular Crypto exchange also has decided to serve the needs of the social ecosystem. It has announced its own social network which initiated today.
The new social network called ‘Bitfinex Pulse’ intends for the customers and visitors to dedicatedly lock themselves in the world of trading and discover how interesting the concepts are. It aims that people look beyond conventional and explore through a range of concepts and market activities. The users will get an opportunity to interact with other exchange members and will only deepen their insights about the crypto trading world.
The product from the house of Bitfinex is not the first of its kind. Earlier EToro was launched that contained trader profile, messaging options and copy trading that allowed traders to jump along with the positions of other traders. But eToro right from the beginning focussed on social investing whereas Bifinex pulse is more specific towards the needs of the users. The network will cater to the technically superior audience with equally superior content. Here copy trading will not be hosted and further details about user verification are yet to be clarified from the company.
Trading pre and post digitalization has undergone a sea change. Earlier trading was no less than a high-octane battle of the traders who were extremely competitive to earn profits. Post digitalization, competitiveness is still there but now the trading also has included some elements of emotions and importance to the community. It is easily seen on different social media platforms. When the markets are high or low, many platforms including Twitter post trading ideas amid sentiments.
As the community expands on the social network, it will launch newer variants including data insights. As per the spokesperson, the network was launched to provide a technically sound and professional content distribution platform for traders. Once the users are verified they will be able to post publicly and could also communicate with the users through private messages. If the user is not verified then they can only access private posting.
“Just when I thought I was out, they pull me back in!” Just when we think the bulls are gathering the troops, the hackers (and exchange) bring us back down. One of the largest exchanges in the world, Bithumb, based in South Korea was recently hacked for $31 million. How did that affect the Bitcoin price? Not much. We are still holding that $6000 support, fam.
The top 5 in terms of marketcap remains unchanged but all showed weekly growth as per the Livecoinwatch image below. The overall cryptocurrency market in the past week increased from $279bln to $289bln representing a 3.5% increase in the past seven days. Your bags are not the only ones suffering. EOS is the only in the top 5 which did not recover as well week to week, likely to do with the news of the “constitutional crisis” their block producers are having.
Bitcoin: BTC dropped 4% to $6772 in the past week as of this post. Even with the news of the Bithumb hack Bitcoin held that strong $600 support and showed signs of life. How many more Bart patterns are we going to see this year? It wouldn’t surprise me if “The Bart” becomes an accepted crypto technical analysis pattern in the future.
Ethereum: Aaaaand it’s back. Or is it? ETH grew 10% over the past week settling at $537 as of this post. I don’t really see many people saying “buy ETH at $500, you will never see it again” on the social media anymore. I wonder why?
TETHER (USDT): Tether is back in the news this week so we figured we would highlight it in this weeks Dispatch. The idea behind Tether to have each USDT token backed 1:1 by USD reserves. By holding a US dollar for every USDT Tether token, Tether claim that the value is pegged to the USD and will remain stable. The very definition of a stablecoin.
This is great for people looking to secure profits from their holdings, and even better for day traders nobody wants to profit by exchanging one coin for another only to see both plummet in value. This is great idea, unfortunately the lack of transparency from Tether itself has many doubting each token is backed by a US dollar.
There is not much in terms of price to discuss, because Tether should never deviate from it’s value of $1. That’s not the case as you can see below. USDT has deviated from it’s 1:1 pegging of the dollar, most drastically when it came onto exchanges in February 2015 and again between April and June 2017.
What’s new at Crypto is Coming
Square Granted Bitcoin Trading License – Payment processing company Square has been granted a New York BitLicense, which enables them to operate a cryptocurrency exchange and allow New York residents to trade Bitcoin.
Total Dominance: The Story of Binance – The exchange has seen meteoric growth, reaching the highest volume of any exchange just six months after launch and valued at almost $2 billion within the same time frame, making it the fastest ever platform to reach tech unicorn status.
Crypto Facilities To Launch Litecoin Futures– UK cryptocurrency exchange, Crypto Facilities, is set to launch Litecoin derivatives contracts from Friday, June 22, according to rumours. The exchange will be offering both short and long positions with weekly, monthly, and quarterly maturities for LTC joining Bitcoin (BTC) and Ripple (XRP) futures. The exchange also added Ethereum (ETH) futures last month.
Underdog EOS Block Producers you should root for – The purpose of this piece is to highlight some of the best candidates at risk of not getting enough votes to earn a spot, and why you might want to support them with your vote, to have a more decentralised and stronger EOS network.
EOS leaving exchanges vulnerable to hacks? – Whoa, that’s a lot of heat for EOS aint it? Crypto enthusiast Emin Gun Sirer put up an interesting thread today on twitter predicting a massive exchange hack in the next 12 months .all because of potential EOS vulnerabilities.
Explaining Augur for Beginners (infographic) – Augur is highly touted project in the cryptocurrency industry. With its launch date approaching, we decided to take a closer look at how the platform actually works. At its core Augur is a prediction market built on top of the Ethereum Blockchain.
Goodbye, Denver Post. Hello, Blockchain – They left The Denver Post amid newsroom layoffs and interference in the editorial process by the newspapers hedge-fund owners. And now those reporters and editors are creating their own news outlet, The Colorado Sun.
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