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Cryptocurrency (Coins)

Huobi Expands Operations to Japan after Purchasing BitTrade Crypto Exchange

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Huobi Expands Operations to Japan after Purchasing BitTrade Crypto Exchange

The Huobi Group will soon roll out its services in the Japanese market after the acquisition of a licensed digital asset trading platform. Recently, the Huobi Group announced that its subsidiary, Huobi Japan Holding Ltd had reached an agreement with Eric Cheng to purchase the majority stake of the BitTrade virtual currency exchange. Eric is the sole proprietor of BitTrade.

In addition to being regulated by relevant financial oversight authorities, BitTrade is also registered with the Japanese Virtual Currency Exchange Association. Upon inquiry, the Huobi Group declined to state both the cost of the deal and the percentage of the exchange's stake they have bought. Back in June, Eric Cheng acquired the whole of FX Trade Financial, a licensed forex trading company, for a reported $50 million. Notably, BitTrade is an affiliate of the forex firm.

Regarding this acquisition, Chris Lee, the chief financial officer of the Huobi Group, said that his company intends to transform BitTrade into a reckoning force in the Japanese crypto space. Chris added that the exchange's top brass along with its government license will assist significantly in the realization of this goal.

Previously, the Huobi Group had attempted to enter the Japanese market, but its deal with SBI Holdings was aborted prematurely. The two entities had agreed that Huobi would acquire a stake in SBI's VCTRADE digital exchange. However, the Japanese financial giant abandoned the agreement, citing security risks after the infamous Coincheck hacking incident earlier this year. Apparently, SBI decided to dedicate its resources to the deployment of a formidable security mechanism.

In recent times, the Huobi Group has been expanding its reach across the Asian market. Concerning this matter, Huobi recently acquired a 60% stake in a Hong Kong-based public company in a deal worth $70 million.

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Ripple (XRP)

Ripple Price Analysis: XRP/USD Primed For Further Gains

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Ripple Price Analysis XRP Chart

Ripple price surged higher recently above $0.4400 and $0.4600. XRP to USD is currently correcting lower, but the $0.4255 level is likely to act as a strong support and buy zone.

Key Takeaways: XRP/USD

  • Ripple price traded to a new monthly high at $0.4625 and recently corrected lower against the US Dollar.
  • XRP/USD is testing the $0.4320 support and a major bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is also correcting lower from well above $9,400 and Ethereum price is currently below $270.00.

Ripple Price Analysis

Earlier this week, bitcoin price extended gains above $9,300 and $9,400. It helped ripple and its price recently started a strong rise above the $0.4200, $0.4320 and $0.4400 resistance levels. XRP even broke the $0.4500 level and traded to a new monthly high.

Looking at the 2-hours chart, ripple price even traded above the $0.4600 level and settled well above the 50 simple moving average (2-hours, purple). A high was formed at $0.4625 and recently, the price started a sharp downside correction.

Ripple Price Analysis XRP Chart

There was a break below the $0.4520 support and the 50% Fib retracement level of the recent wave from $0.4254 to $0.4625. Moreover, the price broke the $0.4400 support level.

It is currently testing the $0.4320 support and a major bullish trend line on the 2-hours chart. The 76.4% Fib retracement level of the recent wave from $0.4254 to $0.4625 is also acting as a support.

If there is a downside break, the price could test the main support near the $0.4255 level. As long as ripple price is above $0.4255, it is likely to bounce back in the near term.

An initial resistance is near the $0.4400 level, above which ripple is likely to continue higher towards the $0.4480 and $0.4500 levels. If the bulls regain strength, XRP price could even retest the $0.4625 swing high.

Overall, ripple price is trading with a strong bullish bias above $0.4255 and $0.4150. Therefore, there are high chances of a fresh increase above the $0.4400 and $0.4480 resistance levels in the coming sessions.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Surging, Next Stop Could Be $9,750

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Bitcoin Price Analysis BTC Price

In the past few days, there were strong gains in bitcoin price above $9,000. BTC to USD is surging and it seems like it could even trade towards the $9,750 or $9,800 level in the near term.

Key Takeaways: BTC/USD

  • Bitcoin price is surging higher and is positioned nicely above the $9,000 level against the US Dollar.
  • BTC/USD broke a crucial barrier near $9,200 and a contracting triangle resistance on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gaining traction and moving higher.

Bitcoin Price Analysis

After setting above the $8,500 resistance, bitcoin price started a strong upward move. BTC surpassed many hurdles near the $8,850 and $9,000 levels to continue higher in the past few sessions.

Looking at the 2-hours chart, bitcoin even settled above the $9,100 level and the 50 simple moving average (2-hours, purple). The bulls gained traction and the price recently traded to a new 2019 high at $9,403.

Bitcoin Price Analysis BTC Price

It corrected lower from $9,403 and declined below the $9,200 and $9,100 levels. However, the price found support near $8,825 and it remained well above the 50 simple moving average (2-hours, purple).

Recently, it climbed back above $9,100 and broke a crucial barrier near $9,200 plus a contracting triangle resistance on the same chart. It is now trading above the 76.4% Fib retracement level of the recent correction from $9,403 to $8,826.

An immediate resistance is near the last swing high at $9,400, above which the price could accelerate towards the $9,500 and $9,550 levels.

The main resistance above $9,500 is near the $9,750 level. The 1.618 Fib extension level of the recent correction from $9,403 to $8,826 is near the $9,750 level. Above $9,750, the bulls are likely to target the key $10K level.

On the downside, an initial support for bitcoin price is near the $9,200 level. If there is a fresh downside correction, BTC to USD might retest the $9,000 pivot level. If there are more losses, the downside extension could lead the price towards the $8,800 or $8,750 level. Overall, BTC price is likely to accelerate towards $9,750 or $10K.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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