FX.co ★ Bitcoin analysis for 08/06/2018

The American global trade and technology company Susquehanna International Group begins trading cryptocurrencies, initially in the form of Bitcoin futures contracts, reports the New York Times. It is one of the largest financial companies in the world, trading traditional assets, such as shares, options and ETFs.

This private company based in Bala Cynwyd, Pennsylvania, over the past two years has also built a sales office to buy and sell cryptocurrencies in private transactions. Now it plans to start offering digital currencies for a small group of its 500 clients, but in the future, it wants to expand this group.

Bart Smith, head of the Susquehanna digital asset group, said that Bitcoin and other virtual currencies have a wide range of applications, including becoming a digital payment method on the Internet: "We believe that this technology and class of assets will change some aspects of financial services and we think that it will exist forever" - Smith said.

Susquehanna will start trading Bitcoin futures and will allow customers to buy and sell real Bitcoins and other digital currencies, such as Ethereum and Bitcoin Cash. In order to trade cryptocurrencies that US regulators classify as securities, the company has recently modified its license by confirming that it is registered with regulators. Susquehanna also built its own cryptocurrency storage systems. Private keys are stored in devices in a separate facility, which is not connected to the company's computer system, which apparently makes them more resistant to hacker attacks.

The company first dealt with Bitcoin in 2014 after the Winklevoss brothers asked the company to get involved in the Bitcoin ETF fund.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still developing the horizontal corrective cycle between two important levels: the support at $7,304 and the resistance at $7,752. A breakout in either direction will likely occur soon and the market will give traders more clues regarding the further directions. The key level to the upside remains at $7,890 and the key level to the downside remains at the level of $6,984.