All the news from the crypto world this week including crypto trader news, institutional news, trading tips and market updates. Written, exclusively for Xtrd.io, by Steven Aitchison from the CYTCrypto Youtube Channel CYT Crypto.

This Week In The Crypto Market

The CBOE futures produced a little downside on the BTC price on the 19th September reaching a low of $6,120 but it quickly bounced back to go higher at $6,500.

The SEC has also delayed the decision on the VanEck Bitcoin ETF until the 29th December 2018, however the markets did not react to this news and actually started going higher.

As at the time of writing the BTC price has gone through the $6,700 level and looking to make it’s way up to the next resistance line of $6,800 then onto $7,000 and then $7,400. If BTC can go through those resistances we may say $8,500 and the next psychological barrier of $9,000 for the end of the month and into October.

This has helped the overall markets and a little positivity has returned with alts going sharply higher most notably XRP which hs jumped 76% in the last few days. Cardano is following suit and a few of the alts starting to rise as well.

Top gainers of this week include:

Ripple: 64%

Aurora: 61%

Monacoin: 39%

Chainlink: 35%

Electronium: 35%

Top losers of this week include:

Mixin: -17%

Elastos: -9%

Futuro Coin: -8%

Populous: -6%

Dogecoin: -5%

Top News Stories

U.S. SEC Sets 29 December 2018 As New Deadline for Decision on VanEck-SolidX Bitcoin ETF

In an unsurprising decision the SEC have announced they will delay the decision for the VanEck Bitcoin ETF until the 29th December 2018.

On Thursday (20 September 2018), the U.S. Securities and Exchange Commission (SEC) announced that it needed more time to make a decision regarding the VanEck-SolidX Bitcoin ETF, and it set 29 December 2018 as the new deadline.

(Source: CryptoGlobe.com)

Morgan Stanley to Launch Bitcoin Swap Trading

Morgan Stanley are set to launch their own product which will be tied to the price of Bitcoin.

“An anonymous person working at Morgan Stanley revealed to Bloomberg on Sept. 13 that the multinational investment bank and institutional service company will soon launch a Bitcoin derivative product aimed at offering traders and investors synthetic exposure to the leading cryptocurrency’s performance.

The proposed derivative product will work as price return swaps allowing market participants to take a short or long position on trades. The New York based bank will be charging a spread for each transaction.”

(Source: Blokt.com)

Binance to Launch a Fiat-to-Crypto Exchange in Singapore

On Saturday September the 15th CEO of Binance, ChangPeng Zhao(CZ), let slip that they plan to offer a fiat-crypto service in Japan.

In a later tweet CZ said:

Fundstrat: Bitcoin Hashrate Has Doubled, $7,300 Breakeven Mining Cost

“Cryptocurrency investors have had a rough year, to say the least, with the collective value of all crypto assets declining by over 80% in the span of eight months. In spite of this violent sell-off, miners have still been upping their investment into this nascent asset class.

As recently tweeted by Sam Doctor, Fundstrat Global Advisor’s quantitative strategist and analyst, the hashrate (hashpower) of the Bitcoin network has doubled since May, from ~28 quadrillion hashes per second (EH/s) to approximately 57 EH/s as it is today.”

(Source: EthereumWorldNews.com)

“Goldman Sachs, Morgan Stanley, Citigroup and NYSE Owner Prepare to Back Bitcoin and Cryptocurrency

Goldman Sachs, Morgan Stanley, Citigroup, and the owner of the New York Stock Exchange (ICE) are all reportedly gearing up to launch Bitcoin products and services for institutional investors.

Goldman, one of the largest investment banks in the world, gave cryptocurrencies a major Wall Street boost earlier this month when its chief financial officer, Mark Chavez, affirmed the development of a Bitcoin derivative. He also called reports that Goldman is abandoning plans to open a crypto trading desk “fake news.”

(Source: DailyHodl.com)

Pro Crypto Trader Says Bitcoin will Descend to $4,000 and Ethereum to $100 before 2019

Bitcoin_Macro, a pro crypto trader tweeted that Bitcoin would go to the low $4,000s by the end of this year.

In the tweet he stated:

Major Russian Banks Highly Interested in ‘Working With Crypto,’ Local Sources Say

“Several large Russian banks have expressed their strong interest in working with the industry of cryptocurrency and blockchain during a closed-door meeting held at the Moscow Exchange, sources told Russian news site RBC September 19.

As an unnamed source familiar with the matter told RBC, the demand for cryptocurrencies in Russia is very high, but the banks are not able to meet it due to the lack of clearly defined regulations.”

(Source:CoinTelegraph.com)

Crypto Institutional News

Goldman Sachs Opens Bitcoin To Institutional Investors

In an article from Bitcoinist.com:

“Following a slew of inquiries from hedge funds, foundations, and endowments benefiting from Bitcoin millionaires, Goldman Sachs has become the first regulated financial institution to afford clients the ability to trade Bitcoin futures via one of its New York desks, according to Forbes.

What this means is that the Wall Street titan will essentially help shepherd the herd of institutional investors into the trading of Bitcoin.

Goldman Sachs will not actually trade Bitcoin, of course. Rather, the bank will trade Bitcoin futures contracts for clients using its own funds, in addition to non-deliverable forward futures.”

(Source: Bitcoinist.com)

Reserve Bank of India Faces Lawsuit For Trying to Ban Cryptocurrency Trading

India’s Central Bank could Be facing Legal Difficulties With their decision to ban cryptos.

In an article from Coindoo.com:

“India has had a difficult relationship with Bitcoin and other cryptocurrencies from the beginning. And it appears that the situation will not be improving anytime soon. Even though the Reserve Bank of India is attempting to get cryptocurrency activity banned, it seems their efforts may prove to be pointless and even create more problems for them.

The Reserve Bank of India delivered a decree averting creditors from engaging financially with cryptocurrency exchanges. That is a big issue for such exchanges, especially those that have to deal with fiat currency deposits and withdrawals. Banks were instructed to gradually end their associations with exchanges in the period between April and July of this year. It is yet unknown how many banks have applied this so far.”

Source: Coindoo.com)

Another Feather in Ripple’s Cap: Saudi Arabia’s National Commercial Bank Joins RippleNet

“Ripple has announced that the National Commercial Bank (NCB) has joined RippleNet. NCB is known to be the first bank of Saudi Arabia, as well as the largest financial institution of the Middle East. Through this partnership, Ripple seeks to make a big entry in the Middle East.”

(Source: LiveBitcoinNews.com)

3 Steps Bakkt Will Take To Become a ‘Regulated Institution,’ According To CEO

In a blog post of September 18, Kelly Loeffler, CEO at Bakkt, revealed the project’s intended steps to address the “unique requirements of regulated institutions, their clients and stakeholders.”

The steps that she mentioned were:

1. PHYSICALLY DELIVERED BITCOIN VIA REGULATED INFRASTRUCTURE

2. INCREASED SECURITY

3. A BRIDGE FOR FINANCIAL INSTITUTIONS

(Source: Bitcoinist.com)

ECB Has ‘No Plans’ to Issue a Digital Euro, Says Mario Draghi

In an article from Coindesk.com:

“The chief of the European Central Bank (ECB) said Friday that the institution sees no “concrete need” to issue a digital version of the euro, Reuters reports.

In a letter to a member of the European Parliament, ECB President Mario Draghi said a lack of robustness in the technology that would underlie such an endeavor, as well as the high levels of physical cash use cross the EU, meant the option is not on the table at present.

“The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he said.”

(Source: Coindesk.com)

Crypto Trading Tips

5 Projects That Could Bring 100% ROI In The Next Few Months

Over the last few weeks I have looked at a few projects that could potentially give you 100% roi on your investment.

A few of these have already reached that 100% level I was talking about: Holo chain shot up to 23 Satoshi from 10 Satoshi, Dent shot up to 59 Satoshi from 29 Satoshi, XRP has now shot up by around 70%, Cardano has shot up by around 25%

I have a few more projects that could do well over the next few weeks:

Ncash: Current Price 86 Satoshi SiaCoin: Current Price: 83 Satoshi IOST Token: Current Price: 196 Satoshi Ziliqua: Current Price: 538 Satoshi Ambrosus: Current Price: 2,100 Satoshi

**DISCLAIMER**: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.

For more daily calls like the ones above please check out CYT Crypto Premium

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