Shortly from the Cryptoworld 16/02 | OKEx enters the Indian cryptocurrency market | BTC analyze and more

OKEx enters the Indian cryptocurrency market

Despite continuing uncertainty about the regulation of cryptocurrencies in India, the OKEx crypto exchange has started to operate in that country. OKEx has partnered with India’s largest CoinDCX cryptocurrency trading platform to launch a new cryptofutures product in India. As part of the partnership, OKEx will make a significant step in the Indian cryptocurrency market, allowing greater liquidity with its extensive development expertise.

The main innovation of the partnership is the CoinDCX DCXfutures crypto product, which will enable users to trade in futures contracts with TOP cryptocurrencies. In addition, it offers the possibility of up to 15-fold leverage. According to the firm, futures contracts will be available with at least eight cryptocurrencies, namely Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, EOS, Cardano and Tron.

The software company standing behind Cardano donated money to the University to support research and development of blockchain

IOHK, a software company standing behind Cardano, has sent a $ 500,000 donation in ADA to support and develop the Blockchain Research and Development Lab of the University of Wyoming. Professor James Caldwell, Assistant Professor Mike Borowczak and Philip Schlump to run blockchain R&D laboratory

The IOHK contribution will be used to support faculty students and graduates in the development of practical applications for the use of real-world blockchain. The company is committed to developing open-source software such as crypto currency hardware, authentication and anti-counterfeiting measures. For example, New Balance uses IOHK’s Cardano blockchain to verify its products for consumers.

Bahamas plans to adopt the CBDC by 2020 at the latest

Bahamas plans to adopt the CBDC by 2020 at the latest. John Rolle, Governor of the Bahamas Central Bank, reportedly confirmed that the Bahamian version of the digital dollar will be introduced across all islands in the second half of 2020.

Rolle introduced a product called “Project Sand Dollar”. In fact, the Bahamas started a pilot project on Exuma Island in December. The Governor of CBOB said that it would be further extended to Abaco. According to the report, the Bahamas Central Bank is still in the process of enrolling all 1,200 people who have applied to be interested in the project.

BTC analyze

Bitcoin’s collapse began quickly and hard! From High to $ 10,500, we dropped to the current $ 9,950. At Bitcoin we see a drop of almost 3%.

.Let’s take a look at the pattern I’ve been talking about for a month, and it’s called cup and handle. At $ 8,200, I thought growth would stop at $ 10,300. According to previous TAs, which now turn out to be real, you could prepare for it for a month. But now let’s look at the areas where we can expect Bitcoin to bounce up again. Needless to say, altcoins will bleed much faster than Bitcoin.

Support

We see the first areas of support at $ 9,550. So far, this is the first area where the top of the support begins, the bottom is at $ 9,100. If we do not maintain this area of ​​support, we will probably fall to around $ 8,700- $ 8,200. I consider this to be hard support. Personally, I think this slump will be fast and harder and we have to count with $ 9,100. The subsequent reflection up is likely to come just as quickly.

Resistance

We see resistance at $ 10,300 – $ 10,700. We still stand by and do not change this value. As we can see, even in this case the bulls were rejected and this resistance will probably (for a certain time) be unsurpassed for us. Now it will only depend on where we bounce on the support and then we can determine a new resistance level.