Stellar News and Price Analysis: Stellar Lumens to trade in New York! IBM impacts the cryptocurrency. Sunday, June 17

Important Stellar News

Stellar Lumens to trade in New York

Stellar Lumens cryptocurrency got the approval of New York Financial regulators, as itBit exchange applied for expanding their financial services. itBit is a global crypto asset exchange platform for institutional and active traders to buy and sell crypto assets securely. With the New York State Department of Financial Services approval they are able to start offering custody, escrow and OTC trading services for new assets, with platform exchange trading to follow. "This is an important milestone for itBit as we create a broader platform for crypto asset investors. We are committed to the growth and evolution of this ecosystem, and DFS approval allows us to offer more trading and custody services across a wider range of crypto assets," said Chad Cascarilla, CEO of itBit. They acknowledged Stellar as a promising cryptocurrency: "That’s why we’ve added them to the exchange. If they were a security, you’d have to go through a different process."

IBM Partnership

Even though the IBM partnership has been announced in last year, it's still worth noting that the company which has been at the heart of several technological revolutions already decided to take a closer look and research and use the technological solutions provided by Stellar Lumens. The company uses Stellar's blockchain in their carbon credits exchange and are actively persuading banks to use XLM for international transfers. Such activity and news can have a significant impact on the global recognition of Stellar and faster adaptation of cryptocurrencies and blockchain in the mainstream.

XLM Price Analysis

Lumen Price has been heavily impacted by the negative market movements and has dropped from almost $0.5 in May to $0.21 in June. However, many cryptocurrencies experienced the same situation. Last week was rather stable for XLM with a slight but noticeable negative downtrend. On June 10th, XLM was trading for $0.28, while the lowest point was achieved on June 13th with $0.21. It has recovered very little since then but has been very stable during last days. The price chart moves sideways with XLM steadily sitting at $0.23. It may be a good resting point before any other notable events and price movements happen. Last time this price range was achieved was in March this year.

XLM/USD Price Chart, Sunday June 17th:

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