Ripple price failed to recover and extended losses below the $0.3100 support against the US dollar.The price settled below the $0.3100 support and the 100 hourly simple moving average.Yesterday’s major contracting triangle was breached with support at $0.3095 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could decline towards the $0.3000 support where buyers are likely to emerge.Ripple price is grinding lower towards key supports against the US Dollar and bitcoin. XRP/USD is likely to find a strong buying interest near the $0.3000 support level in the near term.Ripple Price AnalysisAfter ripple price failed to break the $0.3160 resistance, it started a fresh decline against the US Dollar. The XRP/USD pair declined and broke the $0.3120 and $0.3100 support levels. There was even a close below the $0.3100 support and the 100 hourly simple moving average. Later, the price found support near the $0.3070 level and recovered above $0.3100. However, the $0.3140 level acted as a resistance and the price moved lower once again. It broke the 76.4% Fib retracement level of the last wave from the $0.3076 low to $0.3158 high.Moreover, yesterday’s major contracting triangle was breached with support at $0.3095 on the hourly chart of the XRP/USD pair. The pair even broke the $0.3076 swing low and the $0.3070 support level. At the moment, the price is trading near the 1.236 Fib extension level of the last wave from the $0.3076 low to $0.3158 high. Therefore, there is a risk of more losses below the $0.3050 support level.On the upside, the previous supports at $0.3075 and $0.3100 are likely to act as resistances. Besides, the 100 hourly SMA is also near the $0.3100 level to prevent gains. If there is a successful close above the $0.3100 resistance, the price could recover towards the $0.3140 resistance. On the downside, the next support is at $0.3025. It represents the 1.618 Fib extension level of the last wave from the $0.3076 low to $0.3158 high. The main support is at $0.3000, where buyers are likely to take a stand in the near term.Looking at the chart, ripple price is trading in a bearish zone below the $0.3100 resistance. There is a clear risk of more losses below $0.3050. Having said that, the $0.3025 or $0.3000 support is likely to act as a strong buy zone in the coming sessions.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined heavily below 40 and it is approaching 30.Major Support Levels – $0.3040, $0.3025 and $0.3000.Major Resistance Levels – $0.3075, $0.3095 and $0.3100.
Archives for March 11, 2019
ETH price extended declines and traded below the $131 and $130 support levels against the US Dollar.The price is back above the $130 level, but it remains below the key $134 resistance.Yesterday’s key bearish trend line is intact with resistance at $134 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains in a bearish zone and it may continue to move down towards $128 or $126.Ethereum price is trading with a bearish bias against the US Dollar and bitcoin. ETH/USD is likely to extend losses below $130 as long as it is trading below the $134 resistance.Ethereum Price AnalysisYesterday, we saw a bearish wave below the $136 and $134 supports in ETH price against the US Dollar. Later, the ETH/USD pair corrected a few points, but the $134 level acted as a solid resistance. Finally, the price declined again and broke the $131 and $130 support levels. The price spiked below the $130 level and settled well below the 100 hourly simple moving average. A low was formed close to the $129 level and recently the price corrected above the $130 level.It is currently trading near the 23.6% Fib retracement level of the recent decline from the $135 swing high to $129 swing low. However, there are many hurdles waiting on the upside near the $132 and $134 levels. The $132 level represents the 50% Fib retracement level of the recent decline from the $135 swing high to $129 swing low. The $134 resistance was a support earlier and now it is likely to act as a solid hurdle. Moreover, yesterday’s key bearish trend line is intact with resistance at $134 on the hourly chart of ETH/USD. Besides, the 100 hourly simple moving average is also positioned just above the $134 resistance level.Therefore, if the price continues to move higher, it could face a strong resistance at $132 or $134. Selling rallies could be an option as long as the price is below $134 and the 100 hourly simple moving average.Looking at the chart, ETH price is clearly trading in a bearish zone below the $134 resistance. In the short term, there could be an upside correction, but the $134 level is likely to prevent gains. On the downside, the $129-130 support area may act as a buy zone. However, a close below the $130 level will most likely trigger more losses towards the $128 or $126 level.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is about to move back into the bullish zone.Hourly RSI – The RSI for ETH/USD is currently below the 40 level, with a bearish angle.Major Support Level – $130Major Resistance Level – $134
The U.S. Securities and Exchange Commission (SEC) is going on tour in hopes of meeting with crypto entrepreneurs who otherwise might not engage with the regulator.
FinHub, the SEC’s branch dedicated to interacting with tech startups, posted a notice last week that it would be visiting major U.S. cities, allowing individuals or teams to set up face-to-face meetings with agency staffers to ask questions or provide feedback about issuing tokens or other issues under the regulator’s purview.
The road trip begins in San Francisco on March 26, at the SEC’s local office, with the next visit planned for Denver.
While FinHub staffers at the meetings are able to answer questions about startups’ projects, they will not be able to provide legal advice, said Valerie Szczepanik, the SEC’s senior advisor for digital assets and innovation and associate director of the Division of Corporation Finance.
“We can’t give legal advice to any individual or member of the public, but we often give guidance to folks as they talk us through their proposed projects,” Szczepanik, who will attend the San Franciso event, told CoinDesk.
Some of the SEC’s past enforcement actions have come about after crypto startups self-reported possible securities law violations to the regulator. Gladius Network LLC, one such project, settled charges of running an unregistered securities offering without admitting to (or denying) the charges, and the SEC did not fine the startup because the company reported itself to the agency.
Another startup, CoinAlpha, did receive a $50,000 fine after the SEC reached out about its unregistered securities offering, but the company settled the charges and did not admit to or deny the allegations.
As such, the penalties imposed on these firms that cooperated are relatively light.
SEC goes ‘P2P’
The purpose of these face-to-face meetings – dubbed “Local P2P” on the FinHub website – is to help crypto startups “put a human face on the regulator,” Szczepanik explained:
“We really do want to engage with folks that are seeking to innovate in this area and they should know that it’s typically a positive experience. I’m hoping to keep this going at the local level too, recognizing that not everyone can travel to D.C. or New York.”
The number of startups that have reached out to FinHub to ask for a review of its token offering process or more general advice since its launch last October is not public, and it is unclear how many startups have scheduled meetings for March 26.
However, only a few startups have provided feedback to the branch so far. As noted by SEC Commissioner Hester Peirce last week during the DC Blockchain Summit, only “five or six letters” have been submitted to the group’s request for feedback on a letter issued by Dalia Blass, director of the Division of Investment Management.
The letter effectively bars firms from launching exchange-traded funds (ETFs) which derive value using cryptocurrencies under the Investment Company Act of 1940 (most bitcoin ETFs filed to date have been filed under the Securities Act of 1933).
“We really need people to be writing in,” Peirce said.
On Monday, Szczepanik said the SEC was seeing positive interest with FinHub.
“We’re pleased with the kind of engagement that we’ve gotten through FinHub,” Szczepanik said. “It helps when people tell us about friction points so we know what those points are and what we might need to address as we think through the gamut of appropriate regulatory responses.”
Valerie Szczepanik image via TechCrunch
Bitcoin has dropped nearly 1% today and has led the entire crypto markets to slide, with many major cryptocurrencies trading down 2% or more. Despite today’s drop, trading volumes on major exchanges has been holding steady, and are up significantly from where they were in early-February.Now, one popular cryptocurrency analyst explained that he believes most major cryptos will plunge as Bitcoin begins making bigger price swings.Bitcoin (BTC) Holds Above Support Around $3,900At the time of writing, Bitcoin is trading down just under 1% at its current price of $3,900. This price level has proven to be a region of relative support, but BTC currently has significantly greater levels of support down towards $3,700.Bitcoin has continued to struggle to break above the $4,000 price level, which has proven to be a strong level of resistance that will require a significant influx of buying pressure to break decisively above.Despite the less-than-positive trading action the cryptocurrency has experienced over the past several weeks, it is important to note that the overall crypto markets have seen a notable rise in trading volume, while BTC’s volume only accounts for a fraction of the overall market’s volume.Mati Greenspan, the senior market analyst at eToro, spoke about the market’s current trading volume in a recent email, explaining that Bitcoin’s slight volume decline may be partially due to smaller cryptos incurring significant amounts of trading volume in recent times.“Global volume across crypto exchanges is holding steady at around $30 billion per day, yet bitcoin’s volume is less than a third of that figure. Sure, bitcoin exchange volumes are still about double what they were in early February, but some coins like Litecoin, EOS, and BNB have more than tripled their daily volumes in the same time frame,” Greenspan explained, also noting that the decline in Bitcoin’s trading volume is “very telling of the current market conditions.”Crypto Markets Likely to Sink as Bitcoin Begins Making Larger SwingsAlthough Bitcoin has been seeing a decline in trading volumes along with a decline in volatility, one analyst believes that the overall markets will begin incurring greater volatility as Bitcoin begins making larger price swings in the near-future.“$BTC update: This is the range I’m currently watching. The only reason why I think BTC is important right now is that I expect a big altcoin dump the moment BTC starts making bigger moves. Altcoins are safe as long as BTC stays lethargic. I don’t expect that to last though,” DonAlt, a popular cryptocurrency analyst, explained to his over 85k followers.$BTC update:This is the range I’m currently watching.
The only reason why I think BTC is important right now is that I expect a big altcoin dump the moment BTC starts making bigger moves.Altcoins are safe as long as BTC stays lethargic.
I don’t expect that to last though. pic.twitter.com/ZkAPhpQzS9— DonAlt (@CryptoDonAlt) March 11, 2019As the week goes on it is very likely that traders and analysts alike will gain a greater understanding of where the market are heading next as the patterns surrounding trading volumes becomes clearer.Featured image from Shutterstock.
A bill proposed by the Texas legislature will require that all receivers of cryptocurrency in regular transactions verify the identity of the cryptocurrency sender before accepting any payment. If passed, the measure will go into effect on September 1, 2019.
In its current form, the text of the bill itself is brief, providing very few clues as to how such an ambitious task will be carried out. Apart from definitions of basic terms, the bill’s most concrete requirement is that “before accepting payment by a digital currency, a person must verify the identity of the person sending payment,” with an exception to be made if both parties are already using “digital currency that allows the true identities of the sender and the receiver to be known before a person has access to another person’s digital wallet.”
The bill also lays some vital groundwork for developing the tools to eventually carry out this plan. It indicates that, if passed, it would have “the Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety, and State Securities Board” collaborate to develop the identification tools, and in cooperateion with law enforcement agencies.
Regulators in several countries have had an ongoing struggle to reckon with this technology and integrate it into their financial regulations and legal systems. This Texas bill, for instance, could be incredibly difficult to enforce, even with the cooperation of several regulatory agencies, given the censorship-resistance of cryptocurrency transactions.
Instead of trying to police the development of cryptocurrency, other states have attempted to accommodate cryptocurrency into their state’s financial business laws. On multiple occasions, Wyoming, for example, has shown a willingness to become a regional hub for crypto-asset businesses. In February, the state’s legislature enacted two cryptocurrency laws, one that allows individuals and businesses to directly own crypto-assets without needing an intermediary for custody, and one that deems that “virtual currency is intangible personal property and shall be considered money.”
As a somewhat incredible cross-party cooperation in these politically fractious times, many crypto-friendly initiatives in Wyoming received bipartisan support, with bills being proposed jointly by representatives from both major parties.
There’s no question that the relatively small and niche nature of cryptocurrencies in their current state leads them to have a strong community of avid supporters backing them, but on multiple occasions the crypto community has seen itself be divided along the lines of individual digital currencies.Despite this occasional tribalism, the Gemini co-founders, Cameron and Tyler Winklevoss, recently explained that they believe crypto could ultimately be one of the strongest social networks in existence, and they hope to play a role in making that happen.Winklevoss Twins: Money is Currently One of the Strongest Networks of ValueThe twin’s recent comments regarding the future of cryptocurrencies as a highly social and uniting force came about during an interview with CNN, where the twins discussed their exchange – Gemini – as well as the relatively recent release of their exchange’s mobile app.With regards to the perceived riskiness of the cryptocurrency industry, the twins explained that their goal is to provide users and investors with a highly regulated platform that is conducive to eliminating at least a portion of the risk that is inherent with all nascent markets.Although this sentiment may seem reasonable to those who are new to the industry, crypto purists frown upon such sentiments, as a small sect of the crypto community believes that cryptocurrencies are a means to bypassing – and ultimately eliminating – the very centralized institutions that impose regulatory frameworks.Recently, a Gemini ad campaign raised the eyebrows of these individuals – whose views tend to lean towards Libertarianism or in extreme cases, anarchism – as the exchange claimed that “crypto needs rules.”Nick Foley, a former support representative at Coinbase and a Bitcoin enthusiast, reacted to the ads earlier this year in a tweet, saying that crypto doesn’t need increased government intervention via regulations.“Rules like mathematics? Sure. Crypto needs that. Rules like ‘KYC AML licencing taxation Patriot Act bitlicense bullshit?’ No. Crypto doesn’t need that.”Rules like mathematics? Sure. Crypto needs that. Rules like “KYC AML licencing taxation Patriot Act bitlicense bullshit?” No. Crypto doesn’t need that. pic.twitter.com/8azzqCKlwa— Nick Foley (@BookofNick) January 4, 2019Despite this, Gemini’s mission is clear, and as explained in the interview, their goal is to allow users to “engage with crypto in a regulated, compliant, trusted way.”Building Trust is Critical for Positive Market GrowthWhile speaking at the South by Southwest conference in Austin, Texas, the two brothers doubled down on their credo that regulation is a key element of increasing trust in the industry, and pointed towards the recent QuadrigaCX imbroglio as a key example of why investors will continue to be weary of the industry so long as it remains an unregulated frontier.“There are a lot of carcasses on the road of crypto that we’ve seen and learned from… At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes,” Cameron Winklevoss explained, further adding that increased oversight and compliance will positively affect Bitcoin’s price.Although it may be a controversial view amongst a few select Bitcoin and crypto enthusiasts, with the increased hype surrounding large financial institutions entering the rapidly evolving industry, as well as continued talk about the distant prospect of a Bitcoin ETF being approved, it is clear that investors are widely looking towards events that largely based on increased regulation as catalysts for the next bull run.Featured image from Shutterstock.
In a bit of an obvious troll move, Motherboard used the testnet version of a Lightning Network message embedding service to embed the closing lines of the Communist Manifesto on the testnet Bitcoin blockchain. Obvious trolling is obvious: many in the crypto community are vehemently anti-communist. A strong contingent prefers no government at all, outside of crypto consensus.
Communist Manifesto Now Immutably Embedded in Bitcoin Testnet
Journalist Jordan Pearson writes:
“I used a satellite service from blockchain technology company Blockstream. In 2017, Blockstream launched a service that beams the Bitcoin blockchain down from satellites covering North and South America, Africa, Europe, and Asia. This could, for example, be used as a backup link for Bitcoin businesses in case the internet goes down. In January, Blockstream released an API that added the ability to broadcast messages using the satellite service and the “testnet” version of the experimental Lightning payment network for Bitcoin.”
Bitcoin blocks have contained messages since block 0, where Satoshi Nakamoto embedded the following message:
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”
The Bitcoin blockchain doesn’t offer much space for messages. It’s prohibitively expensive, as well, to do it on the real main chain. Lightning Network will change this situation, and we wonder what sort of services might be built on it. Unlike other blockchains, Bitcoin doesn’t necessarily want to store all kinds of data. Already hundreds of gigabytes in size, many argue that the larger the chain gets, the less decentralized it will become.
Nevertheless, a service called Spacebit made Pearson’s trolling possible. It works on the testnet version of Lightning Network and eventually plans to go live on the main version. Lightning enables low-cost transactions which can also contain messages. Thus, such a service might actually be popular and profitable.
Blockchain Messaging is Old Hat By Now
What sort of messages would it be used for? Blockstream’s Dan Williams thinks it could be useful for some kind of decentralized Twitter service. The blockchain is immutable, permanent, and has incentives to exist for a very long time. That being the case, people in regions suffering censorship might find it more useful than those with some degree of personal freedom.
Alternative chains like Bitcoin SV have entire active messaging services, like Bitchat, which sees dozens of messages sent through the blockchain every hour. Users embed the messages in the transactions themselves, with little effort.
The blockchain cannot be censored except by its miners. As such, it’s been used for various types of content. In a recent example, someone protested the US government’s banning of an Iranian Bitcoin address.
Other Uses of Blockchain Data
People embed everything from graffiti (“so and so was here”) to love messages to ASCII art. There is also CryptoGraffiti, which provides a live stream of messages as they appear. It used to work on Bitcoin, but moved to Bitcoin Cash and then Bitcoin SV at some point.
Blockchains are useful for many types of data verification beyond simple financial transactions. Some people think it might be the best way to verify time travel. If a person claims to be from the future, they only need to provide future blockchain data to prove it. Going back in time might also be provable.
Then again, if one could go back to 2010, spending as much as possible investing in Bitcoin would be the obvious move, rather than worrying about proving you went back in time.
According to a client note issued by Barclay’s internet analyst Ross Sandler, Facebook’s launch of its own digital currency could yield billions in additional revenue for the firm. The social network has been reportedly developing its own stable-coin, although precise details of the project remain limited.Sandler estimates that the launch of “Facebook Coin” could add as much as $19 billion in revenue by 2021 and “change the story for Facecbook shares.”Could Facebook’s Digital Currency be a Boon for the Social Network?In the note issued today and originally reported by CNBC, Sandler gave both an upper and lower estimate of the opportunity presented by the launch of the new digital currency. Whilst not quite the almost $20 billion upper estimate, the internet analyst’s conservative reckoning was still an impressive $3 billion over the same two year period.Sources reported by the New York Times claim that the social network plans to initially make its stable-coin available through its instant messaging application, WhatsApp. However, Facebook itself is yet to detail the project.Sandler believes that the launch of a digital currency will give the company huge opportunity to grow. The Cambridge Analytica scandal last year impacted Facebook’s share price negatively. Sandler commented that the addition of an alternate revenue stream provided by offering payments is “sorely needed at this stage of the company’s narrative.”The analyst went on to note that the inclusion of a native payment method would allow for more premium content appearing on the site. He then speculated on the nature of the eventual digital currency:“Based on our checks, the first version of Facebook Coin may be a single purpose coin for micro-payments and domestic p2p money transfer (in-country), very similar to the original credits from 2010 and Venmo today.”During the client note, Sandler also drew attention to the social network’s previous efforts to launch a digital currency. In 2010, the company issued its first attempt at a form of electronic cash – “Facebook credits”. The profitability of this early scheme was questionable and it was ultimately shelved, however.Sandler notes that the current effort into the payments space by Facebook is much more grandiose than that previous. He highlighted this with mention of the team of blockchain specialists being assembled at Facebook – amongst them, David Marcus, the former president of PayPal.However, the Barclays analyst did admit to one or two challenges looming for the social network. He noted that “Facebook coin” would need to prove itself as more useful than existing methods of payments. This, if well-executed, should help the multi-billion-dollar company inspire greater investor confidence following the issues it faced in 2018.Finally, Sandler speculated on the future. He stated that he could see the social network “eventually” getting into remittance payments and consumer lending.Crypto Community Divided on “Facebook Coin”The potential launch of Facebook’s digital currency has divided the opinion of the crypto space. Some believe that it represents a major milestone for general adoption and that billions of people could be about to be turned on to crypto:Mark my words, if Facebookcoin (or Zuckbucks) is actually listed on crypto exchanges and is made accessible to 2.5 billion people, we’re in for a helluva ride.— Jeremy Gardner (@Disruptepreneur) February 28, 2019Meanwhile, legend of the crypto community Andreas Antonopoulos commented at length on many of the issues with such centrally-issued digital tokens in a video he posted to Twitter:When Facebook launches a coin, many people will use these candy-colored financial surveillance systems.The question is, what will you use? https://t.co/qQWAtw0OF1— Andreas M. Antonopoulos (@aantonop) March 1, 2019 Related Reading: Don’t Count Facebook’s Crypto Or JPM Coin Out, They Could Boost BitcoinFeatured Images from Shutterstock.
CU Ledger, a consortium of U.S. credit unions that’s been experimenting with a range of private blockchains, has added one more to the list: IBM’s Hyperledger Fabric solution.
The consortium will use IBM’s tech to create “an immutable audit trail that can be used to create new business models and transform existing business processes for credit unions,” Big Blue said Monday.
In particular, the new solutions will be built for such services as identity authentication, compliance with know-your-customer (KYC) regulations, lending and payments, the tech giant said. The first blockchain-based services will be available to CULedger members “later in 2019,” IBM said.
However, the consortium told CoinDesk it will keep its relationships with previously announced partners R3, Hedera and Evernym.
“The use of a specific blockchain platform will be dependent on each particular application or use case that is being developed. Our partners, such as IBM, Evernym and Sovrin, each play a role within our overall strategy and solutions,” Julie Esser, CULedger’s chief experience officer, told CoinDesk.
“We are not replacing any of the relationships that we have previously announced,” she said. “CULedger is building a network of networks that will facilitate the peer-to-peer exchange of anything digital. As we continue to develop our solutions, there will be applications better suited for different networks, and CULedger will enable those networks to interact with each other.”
For example, CULedger is building an identity solution for its members leveraging the Hyperledger Indy platform (the code for which was developed by Evernym and contributed by the Sovrin Foundation). But the new KYC-related product will use Fabric (which IBM contributed to Hyperledger), Esser said.
Last May, the consortium announced it was going to use Hedera’s Hashgraph distributed ledger technology (DLT) to build a public system for cross-border payments. In December, CULedger also announced it was joining R3’s global network of companies building on the open-source Corda platform. The group also said earlier its identity solution MyCUID was developed with Evernym, an identity-focused blockchain company.
At the moment, CULedger isn’t building on Corda, Esser explained, but “there is an opportunity in the future” for the consortium to leverage R3’s tech. Evernym remains a key partner, providing the front-end solution for MyCUID. As for Hedera, CULedger “doesn’t have a specific use case at this time” in the works for Hashgraph, including the earlier mentioned cross-border payments, Esser said, but, “it is still on our roadmap.”
According to Esser, eight credit unions participating in CULedger now are piloting different use cases using MyCUID, including one for call center user authentication. The consortium has 38 member institutions overall, according to its website.
CULedger was first unveiled in 2016, led by the Credit Union National Association with 55 credit unions on board at the time. The consortium managed to hire away Mastercard’s executive vice president of North America markets, John Ainsworth, who became CULedger’s president and CEO in December 2017.
At the end of January, CULedger announced that it had successfully closed a $10 million A Series funding round.
Hyperledger image from Consensus 2018 hackathon, image via CoinDesk archives.
The latest TT-Miner Version 2.1.15 comes with improved support and performance for ZCoin (MTP algorithm) mining on NiceHash and that makes it attractive for use on NiceHash at the moment where MTP is among the most profitable algorithms. The expected performance is up to about 3.5 MH/s for GTX 1080 Ti and stability wise things seem good, though direct mining of ZCoin might also be worth it long term. It is interesting to note that other popular miners with MTP support are still lacking support for NiceHash mining, so the latest TT-Miner might still be the best option you have, not to mention that performance wise it could also be currently the fastest miner for MTP thanks to the latest optimizations.
TT-Miner supports ProgPOW, Ethash, UBQhash, MTP and Myriad-Groestl algorithms on Nvidia GPUs and is available for Windows only, a closed source miner with 1% developer fee for all of the supported algorithms.
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