Crypto markets suffered a serious drop this week. Bitcoin led the market downwards, as it slipped below its support level of $10,000. Bitcoin’s falling dominance is perhaps a result of stablecoins holding steady during this market decline.
Binance.US, the American arm of cryptocurrency exchange giant Binance, has announced it is starting trading fiat-crypto and crypto-to-crypto trading pairs this week. The trading platform lists seven cryptocurrencies immediately upon launch; including Bitcoin, Binance coin (BNB), ethereum, XRP, bitcoin cash, litecoin and Tether. Users who already have deposits with Binance.com will not see their funds automatically transferred to the U.S. platform.
The Bakkt Futures exchange, offering futures contracts backed 1:1 with BTC, finally launched last week after much delay. Institutions may now trade Bitcoin on Bakkt, an exchange operated by the same company that runs the New York Stock Exchange. 165 BTC have been traded on Bakkt thus far.
It was reported that by the end of March 2020, over 25,000 French stores will be joining those already accepting Bitcoin. These 30 brands include major international franchises like Foot Locker. The outlets are partnering with EasyWallet and Easy2Play Payment to offer Bitcoin purchases, with all crypto received instantly converted to Euros.
The Digital Exchange of the Stuttgart Stock Exchange now offers Bitcoin trading. Initial trading will be restricted to a few selected participants, with plans to expand it to institutional investors.
That’s what happened this week in Bitcoin. See you next week.