• Bitcoin (BTCUSD on xStation5) saw a short-lived pullback on Wednesday as the biggest broker for BTC futures is to start allowing its customers to bet against the digital currency
  • Ripple (XRPUSD) keeps surging on the back of the upcoming tests of a Ripple-based payments system by Asian banks
  • A possible pullback could take place in Ethereum (ETHUSD) as the cryptocurrency reaches the target

A buying spree has continued across the cryptocurrency market as the major coins have surged to their fresh highs of late. However, before we pay closer attention to those markets let’s explain the yesterday abrupt sell-off seen in Bitcoin which came out of nowhere while investors were impatiently awaiting the FED decision.

link do file download linkBitcoin saw quite a relevant pullback on Wednesday possibly due to the announcement from Interactive Brokers. Source: xStation5

The Bitcoin price slumped 9% during a few hours which wasn’t something stunning to be honest. However, that move could be ascribed to the report that the biggest broker for Bitcoin futures – Interactive Brokers – announced it would start allowing its customers to bet against the cryptocurrency by the end of this week. Notice the move could influence the balance of trading at CBOE which began offering BTC futures on Sunday as well as at CME where a launch of trading contract is scheduled to kick off next week. On the other hand the broker will demand a massive margin up to five times the value of clients’ futures contracts in order to cover potential losses as there is no limit to the potential losses on shorts once the price keeps on shooting up.

link do file download linkRipple remains close to its historic highs while a possible reason for a spike might have come from Asia. Source: xStation5

Ripple has been one of the most impressive cryptocurrency lately as it soared above $0.55 during the yesterday’s session. The spike could be the ramification of revelations that banks in Japan and South Korea are going to begin tests of blockchain technology from US developer Ripple this Friday in the hope that it could trim costs by nearly 30%. According to the statement the tests will involve many of the Japanese financial institutions including Sumitomo Mitsui Banking and Resona Bank as well as two major South Korean banks. That said, once all goes well a Ripple-based payments system could carry its first real funds between Japan and South Korea as early as spring 2018.

link do file download linkEthereum has already realized a reach resulting from a broken upward channel, hence a likelihood for a pullback could increase. Source: xStation5

Las but not least, Ethereum has already reached the target set based on a broken channel, the move which might lift a probability for a correction move. Once bears take control on the market, they might try to take the price toward an upper boundary of the broken channel, however one may assume it won’t be an easy task. On the flip side a resumption of the ongoing pick-up could see the price crossing a $800 mark.