Cryptocurrencies and Digital Assets: Back to School Update on Recent Developments in Canada

It may be hard to imagine a world without cryptocurrencies, yet Bitcoin was first launched only a little over a decade ago. Since then, blockchain, digital assets, cryptocurrencies, and related technologies have developed at explosive rates and continue to pervade more and more of our everyday life – from El Salvador becoming the first sovereign nation to adopt Bitcoin as legal tender – to the landmark sale in March, 2021 by Christie’s auction house of an entirely digital artwork in a US$69 million transaction in Ether, a cryptocurrency.

As summer vacation comes to an end, this bulletin provides a “back to school” refresher on recent highlights and developments in Canada in this fast-paced and innovative industry.

Bitcoin ETFs

Canada has continued to keep up with the innovative trends in the cryptocurrency industry. Earlier this year, the world’s first Bitcoin exchange-traded fund (ETF) began trading on the Toronto Stock Exchange: the Purpose Bitcoin ETF, soon followed by the Evolve Bitcoin ETF. Although there are retail-level Bitcoin exchange-traded products available in Europe, this was the first vehicle of its kind in North America, and the first globally to be designated as an “ETF”.

Securities Regulatory Developments

Cryptocurrencies and digital assets are a key focus for the Canadian securities regulators, and the Canadian Securities Administrators (CSA) have in place a three year business plan to modernize the regulatory regime for crypto trading and crypto assets in Canada.

On March 11, 2021, the CSA published Staff Notice 51-363 – Observations on Disclosure by Crypto Assets Reporting Issuers, summarizing the regulators’ observations and recommendations with respect to disclosures by reporting issuers (excluding investment funds) that are materially engaged in the business of holding, trading, or mining cryptocurrencies and other digital assets.

On March 29, 2021, the CSA and the Investment Industry Regulatory Organization of Canada (IIROC) published Staff Notice 21-329 – Guidance for Crypto-Asset Trading Platforms: Compliance with Regulatory Requirements, which sets out how securities legislation applies to crypto asset trading platforms that facilitate the trading of crypto assets that are securities and instruments or contracts involving crypto assets. For more details, please see our separate bulletins on this Staff Notice and on previous developments in the Canadian securities regulatory space in respect of crypto asset trading platforms.

The Ontario Securities Commission (OSC) concurrently issued a press release notifying all crypto asset trading platforms that they must bring their operations into compliance with Ontario securities laws, with a deadline of April 19, 2021 to contact OSC staff to initiate compliance discussions. The OSC’s threat of potential regulatory enforcement was followed with swift action, with statements of allegations published against Polo Digital Assets, Ltd. (Poloniex), Mek Global Limited and PhoenixFin Pte. Ltd. (KuCoin), Bybit Fintech Limited (ByBit), and Aux Cayes Fintech Co. Ltd. (Aux Cayes). As of June, 2021, over 70 platforms had initiated compliance discussions with the Canadian securities regulators, with almost one quarter of them based outside of Canada. McMillan has acted in both publicly disclosed and non-publicly-known settlements with the OSC involving a range of client-focused outcomes. Indeed, McMillan represented clients in the very first public settlement with the OSC regarding such platforms.

On August 10, 2021, the OSC published OSC Staff Notice 33-752 – Summary Report for Dealers, Advisers and Investment Fund Managers. This Staff Notice noted that compliance review activity of the OSC will prioritize “Registration as the First Compliance Review” for crypto asset trading platforms.

Consistent with this focus, the OSC released its 2021 – 2022 Statement of Priorities for the fiscal year ending March 31, 2022, which includes strengthening oversight of crypto asset trading platforms and other dealers as a component of its goal to promote confidence in Ontario’s capital markets.

Other Regulatory Developments

In addition to securities regulatory developments, other recent regulatory developments in Canada include:

  • Office of the Superintendent of Financial Institutions (OFSI): A public consultation paper on the prudential treatment of crypto asset exposures was released by the Basel Committee on Banking Supervision on June 10, 2021. This was followed by a letter published by OFSI on July 5, 2021 requesting feedback from Canadian federally regulated financial institutions on the consultation questions raised in the paper. In addition, earlier this May, the Bank of Canada noted that volatility in cryptocurrency assets is an emerging vulnerability to the country’s financial system, noting that although crypto markets are not yet of systemic importance as an asset class or method of payment, this could change if a large technology firm (or “Big Tech”) with a sizeable user base decided to issue a cryptocurrency that became widely accepted as a means of payment.
  • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): Updates to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations took effect June 1, 2021 and extended various compliance obligations with respect to transfers exceeding C$10,000 and know-your-client recordkeeping to “virtual currencies”.
  • Canada Revenue Agency (CRA): In March, 2021, the Federal Court authorized the CRA to issue an “unnamed persons requirement” (UPR) to Coinsquare Ltd. for information and documentation relating to users of Coinsquare, a cryptocurrency exchange operating in Canada. This is part of an ongoing CRA project, led by the CRA’s specialized “Cryptocurrency Section” of the CRA’s Digital Compliance and Audit Support Division, which focuses on taxpayers who have failed to properly report income from cryptocurrency transactions.

Crypto and ESG

A significant issue facing cryptocurrencies with respect to ESG (environmental, social, and governance) is the concern with respect to the energy consumption required to fuel certain cryptocurrency activities, such as mining certain cryptocurrencies. Famously, the annual energy consumption of Bitcoin has been cited as rivaling or exceeding the annual energy consumption of entire countries, such as the Netherlands or Argentina. The price of Bitcoin crashed by more than fifty percent during one week in May, arguably fueled by a tweet from Elon Musk citing concerns around the fossil fuel energy consumption of Bitcoin.

Some claim that the benefits of cryptocurrencies could outweigh this problem, or point to other cryptocurrencies that use different technologies that arguably use less energy. For example, some argue that cryptocurrencies present social advantages (the “S” in ESG) by democratizing financial markets by removing intermediaries or by reducing the cost of remittance corridors between richer and poorer countries through which, for example, migrant workers can send funds home to their families.

The industry continues to grapple with this issue, including the launch of new products that aim to address this concern, such as through the purchase of emission offsets or wrapping cryptocurrencies with carbon credits that trade together as a single asset. Government action may also affect how this area develops. For instance, in March, 2021, the provincial government of Inner Mongolia, where a large amount of cryptocurrency mining was conducted, announced that it would ban all cryptocurrency mining operations in a bid to achieve carbon-reduction targets set by the central government. As both ESG and cryptocurrencies develop, it will be interesting to see how the market responds to these concerns.

The Rest of 2021 and Beyond

As the cryptocurrency and digital assets industry marches forward, it will continue to grapple with existing and new issues, including bridging the gap between crypto securities and crypto commodities, the potential development of central bank digital currencies (CBDCs), and how jurisdictional matters for an intangible product without borders can or should be addressed. It is clear that this industry is and will continue to be a key priority for the regulators, and that addressing the unique issues raised will continue well beyond 2021.


Top Cryptocurrencies See Red After Bitcoin Suffers Flash Crash

A number of prime cryptocurrencies fell after bitcoin crashed. (Picture by Jack Taylor/Getty Photos)

Getty Photos

A number of main cryptocurrencies suffered losses as we speak, pushing decrease after bitcoin declined considerably in a comparatively brief time period.

Of the 1o prime digital belongings listed on Messari, 9 had been within the crimson on the time of this writing.

Bitcoin, ether and cardano’s ada, the highest three cryptocurrencies, had been all down no less than 10% within the final 24 hours on the time of report, further Messari figures present.

XRP and Polkadot’s dot token had been down much more, having plunged greater than 20% throughout the identical 24-hour interval.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Bitcoin’s Flash Crash

These across-the-board losses happened after bitcoin fell sharply, dropping under $43,000 round 11:30 a.m. EST after buying and selling north of $52,000 earlier within the day.

A number of market observers emphasised that bitcoin suffered this draw back amid sturdy promoting exercise.

Joe DiPasquale, CEO of cryptocurrency hedge fund supervisor BitBull Capital, spoke to this, noting that “as we speak’s BTC crash was a results of vital promoting with excessive volumes.”

He additionally spoke to the affect that this downward motion had on different cryptocurrencies, including that “Bitcoin’s sharp decline shook market confidence, leading to losses throughout.”

El Salvador

Apparently sufficient, main digital currencies suffered widespread declines the very same day that El Salvador began adopting bitcoin as authorized tender, making it the primary nation to take action. Whereas many welcomed this milestone, it coincided with vital volatility.

This occasion launched better uncertainty into the cryptocurrency markets, mentioned John Iadeluca, founder & CEO of multi-strategy fund Banz Capital.

“I believe there was uncertainty related to the reception of Bitcoin as authorized tender in El Salvador just lately which appears to be pushing Bitcoin’s, and subsequently the broader crypto markets’ costs downward,” he acknowledged.

Markets responded strongly, and the scenario devolved into panic promoting, mentioned Iadeluca.

David Schwartz, undertaking director of the Litecoin Foundation, additionally weighed in, stating that whereas no matter began this complete market downturn was “most likely coordinated,” the entire scenario “spilled into some panic promoting.”

Disclosure: I personal some bitcoin, bitcoin money, litecoin, ether and EOS.

XRP and Polkadot’s dot token had been down much more, having plunged greater than 20% throughout the identical 24-hour interval.


Yankees Trade Luis Cessa, Justin Wilson to Reds; What it Means Ahead of Deadline

ST. PETERSBURG — The Trade Deadline is fast approaching and the Yankees are making changes to their bullpen.

New York dealt right-hander Luis Cessa and left-hander Justin Wilson to the Cincinnati Reds late Tuesday night in exchange for a player to be named later.

The trade was announced not too long after New York closed out a series-opening victory over the Rays at Tropicana Field, leaning heavily on their ‘pen in a close game over the final few innings.

Interestingly enough, Cessa and Wilson have been involved in a trade together before. The Yankees traded Wilson to the Detroit Tigers in the winter leading up to the 2016 season. In return, New York added Cessa and right-hander Chad Green, two hurlers that have been a constant presence in the Bombers’ pitching staff ever since.

Over six years with the Yankees, making his MLB debut in 2016, Cessa has posted a 4.17 ERA in 292 innings. Early on, the right-hander was making some starts, going through ups and downs as he began to develop at the big-league level. Once he was moved to the bullpen full-time in 2019, however, Cessa has blossomed in his role as a versatile reliever.

In the last two years alone, Cessa has pitched to the tune of a 3.00 ERA in 45 games, striking out 48 batters. In that span, he’s made 13 appearances of two-plus innings in relief.

Wilson, on the other hand, has been a disappointment in his second tour with the Yankees. The southpaw was signed this offseason to bolster the bullpen, but injuries and inconsistencies have turned him into more of a headache than a contributor.

The southpaw has permitted 15 earned runs to score in 18 innings this season (7.50 ERA), missing time due to two separate stints on the 10-day injured list.

This time of the year is hard to predict when it comes to transactions, but odds are Tuesday night’s move is a precursor to something else before Friday’s Deadline.

Trading these two relievers suddenly allows New York to open a pair of spots on the 40-man roster (possibly foreshadowing another move) while shedding some salary. Wilson is making $2.85 million this year—with a player option worth $2.3 million next season—while Cessa is due just over $1 million. Those financial implications give the Yankees a little more flexibility as they hover close to the luxury tax threshold.

Plus, acquiring Pirates reliever Clay Holmes earlier in the week provides the bullpen with another controllable right-handed reliever, filling in for Cessa going forward.

Surely more moves are on the way after this latest deal. The question is, how big will those trades be?


Follow Max Goodman on Twitter (@MaxTGoodman), be sure to bookmark Inside The Pinstripes and check back daily for news, analysis and more.


With cryptocurrencies the US government will pay for information related to the defense of its national security

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, With cryptocurrencies the US government will pay for information related to the defense of its national security, Forex-News, Forex-News

, With cryptocurrencies the US government will pay for information related to the defense of its national security, Forex-News, Forex-News

The United States government announced that it will pay with cryptocurrencies to those who provide useful information that helps protect their national security. Specifically, the State Department would contribute an equivalent of $ 10 million dollars to the platforms that provide information on cyberattacks prepared by foreign governments.

This measure stands out for being the first time that the North American nation has appealed to cryptocurrencies for payment of rewards for services received. It should be noted that this measure clearly refers to China. Recently, the European Union, the United States and NATO accused China of attacking the company Microsoft.

That attack on the tech giant, according to Western nations, was planned by the Chinese government itself. In this way, this group of nations, joined by Australia and New Zealand, would be creating a defense network against cyber threats supposedly coming from and organized by Beijing.

United States government will pay for services with cryptocurrencies

The fact that the United States government itself, through the State Department, will pay with cryptocurrencies is momentous. It is the first precedent in which the authorities of that country use digital currencies. In this case, to access sensitive information related to the defense of your national security.

This fact makes it clear that the US authorities are using all possible methods and forms in the face of external threats. It should be remembered that recently the Colonial pipeline was successfully attacked by Russian hackers. This fact cast doubt on the defense capacity of the United States against such threats.

«This is the first time that the justice-oriented information rewards program uses cryptocurrencies“Explained a spokesperson quoted on CoinDesk. This institution of the North American government, would be proceeding through the dark web to protect the informant source.

, With cryptocurrencies the US government will pay for information related to the defense of its national security, Forex-News, Forex-News

That would be, at the same time, the purpose of the United States government, when announcing that it will pay the rewards precisely with cryptocurrencies.

, With cryptocurrencies the US government will pay for information related to the defense of its national security, Forex-News, Forex-News

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Here’s How Your Trade BHP Group (BBL) Aggressively Right Now

BHP Group (NYSE:BBL) went up by 1.88% from its latest closing price compared to the recent 1-year high of $68.04. The company’s stock price has collected 3.80% of gains in the last five trading sessions. Barron’s reported on 10/20/20 that BHP Reported a Rise in Iron Ore Output. Here’s How Chinese Stimulus Helped.

>> 7 Top Picks for the Post-Pandemic Economy << Is It Worth Investing in BHP Group (NYSE :BBL) Right Now?

BHP Group (NYSE:BBL) scored a price-to-earnings ratio above its average ratio, recording 21.67 x from its present earnings ratio. Plus, the 36-month beta value for BBL is at 1.08. Opinions of the stock are interesting as 3 analysts out of 4 who provided ratings for BHP Group declared the stock was a “buy,” while 0 rated the stock as “overweight,” 1 rated it as “hold,” and 0 as “sell.”

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The average price from analysts is $81.00, which is $20.96 above the current price. BBL currently public float of 1.04B and currently shorts hold a 0.27% ratio of that float. Today, the average trading volume of BBL was 1.69M shares.

BBL’s Market Performance

BBL stocks went up by 3.80% for the week, with a monthly jump of 1.57% and a quarterly performance of 6.36%, while its annual performance rate touched 47.82%. The volatility ratio for the week stands at 1.86% while the volatility levels for the past 30 days are set at 1.55% for BHP Group. The simple moving average for the period of the last 20 days is -1.13% for BBL stocks with a simple moving average of 9.59% for the last 200 days.

BBL Trading at -3.37% from the 50-Day Moving Average

After a stumble in the market that brought BBL to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -12.50% of loss for the given period.

Volatility was left at 1.55%, however, over the last 30 days, the volatility rate increased by 1.86%, as shares surge +0.46% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -3.00% lower at present.

During the last 5 trading sessions, BBL rose by +3.80%, which changed the moving average for the period of 200-days by +36.53% in comparison to the 20-day moving average, which settled at $60.23. In addition, BHP Group saw 12.28% in overturn over a single year, with a tendency to cut further gains.

Stock Fundamentals for BBL

Current profitability levels for the company are sitting at:

  • +37.15 for the present operating margin
  • +47.58 for the gross margin

The net margin for BHP Group stands at +18.53. The total capital return value is set at 20.37, while invested capital returns managed to touch 11.29. Equity return is now at value 14.50, with 6.80 for asset returns.

Based on BHP Group (BBL), the company’s capital structure generated 56.43 points at debt to equity in total, while total debt to capital is 36.07. Total debt to assets is 25.81, with long-term debt to equity ratio resting at 45.97. Finally, the long-term debt to capital ratio is 29.39.

>> 7 Top Picks for the Post-Pandemic Economy <<

When we switch over and look at the enterprise to sales, we see a ratio of 2.88, with the company’s debt to enterprise value settled at 0.22. The receivables turnover for the company is 11.68 and the total asset turnover is 0.42. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.45.


Cryptocurrencies Latest INR Price News June 24 2021: Bitcoin still in RED, Ethereum co-founder Charles Hoskinson comment on Dogecoin and rates of top coins TODAY— check all DETAILS here

Cryptocurrency INR Worth As we speak- Although cryptocurrencies have began to get well after buying and selling in unfavourable territory for nearly per week now, high cash seem to have nonetheless struggling to get their mojo again. Majority of them have been both buying and selling in crimson or have been marginally up at 1:05 pm as on Thursday, June 24. The world cryptocurrency market noticed big correction within the final seven days on the again couple of reports, together with China’s aggressive stance in opposition to cryptocurrency buying and selling. The foremost set off, as per consultants, behind this downfall was mentioned to be ‘loss of life cross’ on technical chart. It’s a technical chart sample indicating the potential for a serious sell-off. ‘Dying cross’ is when a short-term common trendline crosses under a long-term common trendline – signaling a change in worth momentum, Says Investopedia.

See Zee Enterprise Reside TV Streaming Beneath:

Bitcoin and different cash costs

On Thursday, Bitcoin was nonetheless hovering round Rs 25 lakh mark. The highest cryptocurrency on the planet was buying and selling at Rs 25,52,264, down 2.53 % after hitting day’s excessive of Rs 27,15,102, confirmed CoinSwitch Kuber information. As per the identical information, total crypto market was buying and selling almost 2 per cent (1.89 %) larger.

Equally, Ethereum was down 3.53% and was buying and selling at Rs 1,48885. The quantity two coin achieved day’s excessive 1,58,585 and lowest of Rs 1,46,989.
Tether, sitting at third place, continued to commerce within the restricted vary and was barely in inexperienced (up 0.03%). Tether was buying and selling at Rs 77.543 and it attained day’s excessive of Rs 81.3425 and low of Rs 77.2521 as on Thursday.

One of many standard cash, Polka dot, ranked 9, was additionally down 3.23% and was buying and selling for Rs 1206.03 a bit. It day’s vary assorted between Rs 1154.67 and Rs 1316.29.
Dogecoin, which noticed huge correction prior to now one week, was up 9.66 at Rs 18.184900, whereas Shiba Inu was buying and selling at Rs 0.000522, down 1.70%

High Cryptocurrency information

In the meantime, Dogecoin has discovered a brand new taker in type of Charles Hoskinson, the co-founder of Ethereum. Advocating House X and tesla Chief Elon Musk-backed meme coin, Hoskinson in a podcast mentioned says the coin has potential and if builders get on board, it may see extra actual world makes use of that make it extra viable.
Elon Musk has again and again reiterated that he will not be promoting off his tokens as he’s the ‘final holder of Dogecoin’

What RBI says

The Reserve Financial institution of India has mentioned that “There is no such thing as a change in RBI’s place so far as buying and selling in cryptocurrencies are involved. “Now we have main considerations round cryptocurrency, which we’ve conveyed to the federal government, “RBI Governor Shaktikanta Das had just lately mentioned.

The Supreme Courtroom had earlier put aside an order handed by the RBI, barring Banks and monetary establishments from indulging in crypto enterprise.

Equally, Ethereum was down 3.53% and was buying and selling at Rs 1,48885. The quantity two coin achieved day’s excessive 1,58,585 and lowest of Rs 1,46,989.
Tether, sitting at third place, continued to commerce within the restricted vary and was barely in inexperienced (up 0.03%). Tether was buying and selling at Rs 77.543 and it attained day’s excessive of Rs 81.3425 and low of Rs 77.2521 as on Thursday.


Cryptocurrencies archive news by date

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  • Bitcoin Will Dominate 21st Century, Has Zero Threats to Existence: Michael Saylor
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    U.S. stock futures flat ahead of jobless claims data and earnings


    Stocks seen opening in the green

    Wall Street futures were muted early Thursday as traders prepared for the release of the latest report on initial jobless claims.

    The report, due at 8:30 a.m. ET, is likely to set the direction for trading today. Expectations are for another 540,000 jobless claims to have been filed in the week ended week ended May 1.

    The jobless claims data comes before a broader jobs survey from the Labor Department due out Friday. Economists are projecting that U.S. employers added about 988,000 jobs in April, down from a gain of 916,000 in March.

    By 5:30 a.m. ET, Dow futures, S&P 500 futures and the tech-heavy Nasdaq 100 futures were all little changed.

    Moderna, Peloton, Beyond Meat, Dropbox earnings awaited

    Earnings seasons continues to roll on although we are now at a time where small and mid-cap companies are dominating the calendar, which may impact their individual shares and sectors but have a lesser weight on the broader market.

    Today, traders are expecting earnings from several companies, with Moderna (NASDAQ: MRNA), ViacomCBS (NASDAQ: VIAC), II-VI (NASDAQ: IIVI) Papa John’s (NASDAQ: PZZA), Regeneron (NASDAQ: REGN), Tapestry (NYSE: TPR) and Kellogg (NYSE: K) scheduled to report ahead of the market open.

    Beyond Meat (NASDAQ: BYND), Peloton Interactive (NASDAQ: PTON), Square (NYSE: SQ), Datadog (NASDAQ: DDOG), CarGurus (NASDAQ: CARG), (NASDAQ: STMP), Roku (NASDAQ: ROKU) and Dropbox (NASDAQ: DBX) will report after closing bell.

    Uber tumbles as Labor Department scraps Trump-era rule on gig workers

    In other news, shares of Uber (NYSE: UBER) fell in pre-market trading after the Labor Department said it is officially revoking a Trump administration rule that would have made it easier for businesses to classify workers as independent contractors as opposed to employees, effective on Thursday.

    The department’s action allows for workers considered “gig workers” to have overtime compensation and minimum wage protections under the Fair Labor Standards Act.

    Worker classification has huge impact for Uber and rivals such as Lyft (NASDAQ: LYFT) and DoorDash (NYSE: DASH) that rely on gig workers.

    As of this writing, Uber stock was indicated 4.03% lower to $49.12 a share.

    SEC boss takes aim at Robinhood and other trading apps

    Meanwhile, U.S. Securities and Exchange Commission Chairman Gary Gensler has raised concerns that Robinhood and other online trading apps could be taking advantage of game-like features to keep customers trading.

    Gensler, who will appear before the House Financial Services Committee later today on a hearing focused on the GameStop (NYSE: GME) trading mania, says in a prepared statement that many of the SEC’s “regulations were largely written before these recent technologies and communication practices became prevalent.

    “I think we need to evaluate our rules, and we may find that we need to freshen up our rule set,” he is expected to tell lawmakers.

    The jobless claims data comes before a broader jobs survey from the Labor Department due out Friday. Economists are projecting that U.S. employers added about 988,000 jobs in April, down from a gain of 916,000 in March.


    Major Bitcoin Trading Ideas That Will Change Your Trading Experience

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    Dow Jones Holds Gain on Dovish Fed, Nikkei 225 and ASX 200 Trade Mixed


    • Dow Jones, S&P 500 and Nasdaq 100 closed +0.05%, +0.15%, and +0.28% respectively
    • The FOMC minutes suggested that accommodative monetary policies are here to stay
    • Nikkei 225 futures dipped while ASX 200 futures climbed, setting a mixed tone for APAC at open

    FOMC Minutes, USD, Yields, Asia-Pacific at Open:

    The Dow Jones and S&P 500 indexes hovered near record highs after the release of the March FOMC meeting minutes, which underscored the Federal Reserve’s dovish stance. The central bank will stick to its “outcome-based guidance” and will wait until the economy shows “substantial further progress” towards its full employment and inflation targets before considering tapering. The Fed intends to communicate well in advance of the time when progress could be judged “substantial enough to warrant a change in the pace of purchases”.

    The minutes wrote “Since the January meeting, the date of the first increase in the target range for the federal funds rate implied by a straight reading of market pricing moved notably earlier to the first quarter of 2023, and the implied target rate at the end of 2023 rose around 50 basis points. However, responses to the Open Market Desk survey suggested more modest changes to policy rate expectations. The probability-weighted mean survey expectation for the target rate at the end of 2023 rose only around 5 basis points”. It suggests that the Fed officials are more tolerant to the prospects for a transitory rise in inflation and they may be more patient than markets thought.

    Meanwhile, Treasury Secretary Janet Yellen revealed details of a tax plan to raise funds for President Joe Biden’s $2.25 trillion infrastructure plan, although skepticism remained on whether the bill could be passed in Congress.

    The DXY US Dollar Index edged slightly higher alongside 10-year Treasury yields, suggesting that risk appetite is leaning towards the cautious side. The commodity-linked Australian and Canadian Dollars, as well as the Norwegian Krone, led the decline among their G10 peers. The VIX volatility index fell to 17.2, the lowest level seen since February 2020 before the Covid-19 outbreak hit the markets. Draining volatility underscores market confidence, but at the same time renders equities vulnerable to a technical pullback should negative surprises kick in.

    DXY – US Dollar Index

    Dow Jones Holds Gain on Dovish Fed, Nikkei 225 and ASX 200 Trade Mixed

    Chart by TradingView

    Asia-Pacific markets look set to open mixed on Thursday, with futures across Japan, mainland China, Hong Kong, Taiwan, Thailand and Indonesia pointing to trade lower, whereas those in Australia, South Korea, Singapore, Malaysia and New Zealand are in the green.

    Australia’s ASX 200 index opened up by 0.66%, led by materials (+0.64%), information technology (+0.57%) and utilities (+0.45%) sectors, while healthcare (+0.01%) lagged behind. Japan’s Nikkei 225 index traded half a percent lower at open, extending a three-day decline as investors awaited consumer confidence data to be released later today.

    Looking ahead, the ECB’s monetary policy account headlines the economic docket alongside the US weekly initial jobless claims data. Find out more from the DailyFX calendar.

    Looking back to Monday’s close, 4 out of 9 Dow Jones sectors ended higher, with 53.3% of the index’s constituents closing in the green. Energy (+0.59%), information technology (+0.49%) and financials (+0.44%) were among the best performers, while materials (-0.94%) and communication services (-0.92%) lagged behind.

    Dow Jones Sector Performance 07-04-2021

    Dow Jones Holds Gain on Dovish Fed, Nikkei 225 and ASX 200 Trade Mixed

    Source: Bloomberg, DailyFX

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    Dow Jones Index Technical Analysis

    The Dow Jones indexbroke above the ceiling of the “Ascending Channel”, opening the door for further upside potential with an eye on 33,954 (127.2% Fibonacci extension). The overall trend remains bullish-biased, as suggested by the upward-sloped moving averages. A bearish MACD divergence however, suggests that a near-term pullback is possible.

    Dow Jones Index – Daily Chart

    Dow Jones Holds Gain on Dovish Fed, Nikkei 225 and ASX 200 Trade Mixed

    Nikkei 225 Index Technical Analysis:

    The Nikkei 225 index failed to breach the 30,214 resistance (the 127.2% Fibonacci extension) for a third attempt, potentially forming a “Triple Top” chart pattern. Immediate support levels can be found at 29,508 ( 20-day SMA), 29,347 (50-day SMA) and then 28,357 (100% Fibonacci extension). The MACD indicator is trending lower, suggesting that near-term momentum is tilted to the downside.

    Nikkei 225 Index – Daily Chart

    Dow Jones Holds Gain on Dovish Fed, Nikkei 225 and ASX 200 Trade Mixed

    Chart by TradingView

    ASX 200 Index Technical Analysis:

    The ASX 200 index breached above the ceiling of the “Ascending Channel” that formed since the end of November, and thus opened the door for further upside potential. A daily close above 6,935 – the 200% Fibonacci extension level – would likely intensify near-term buying pressure and pave the way for further upside potential towards a psychological resistance at 7,000. The MACD indicator is trending higher above the neutral midpoint, underscoring upward momentum.

    ASX 200 Index – Daily Chart

    Dow Jones Holds Gain on Dovish Fed, Nikkei 225 and ASX 200 Trade Mixed

    — Written by Margaret Yang, Strategist for

    To contact Margaret, use the Comments section below or @margaretyjy on Twitter

    DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

    Meanwhile, Treasury Secretary Janet Yellen revealed details of a tax plan to raise funds for President Joe Biden’s $2.25 trillion infrastructure plan, although skepticism remained on whether the bill could be passed in Congress.