Category Archives: Altcoin
Ripple, Binance and Gemini Get Exemption In Singapore – Cryptocurrency Regulation – Altcoin Buzz
Ripple Labs, Coinbase, Binance, Gemini and other cryptocurrency firms, have received a permit to operate in the country without obtaining a license by The Monetary Authority of Singapore (MAS). The exemption is applicablefor a limited period of time.
Singapores financial regulator, MAS, has granted license exemption to some cryptocurrency firms that allows them to offer specific digital payment services until July 28, 2020.
At the end of this period, the firms are to apply for the relevant license in order for them to carry out their offers and services.
Apart from CoinBase, Ripple, and Binance, other recognized cryptocurrency firms have been granted exemptions. They include the Singapore entities of AAX Exchange, Cumberland, DRW, LedgerX, GSR, OKCoin, Pundi X, and few others.
The Chief Legal Officer of Pundi X Labs, David Ben Kay, said: In compliance with the PS Act, we will be filing our license application to operate account issuance and digital payment token services by 28 July 2020.
Some other crypto firms were offered a longer period of exemption. A 12-month exemption was granted to BitGo, a subsidiary of one of the biggest Bitcoin payment processors. As well as, to Gemini Trust Company led by the Winklevoss twins.
According to MAS, these firms can offer domestic money transfer, account issuance, and inward cross-border money transfer services in Singapore until January 28, 2021.
The regulators said: Please note that these entities are not licensed under the PS [Payment Services] Act to provide the specific payment services, but are allowed to continue to provide the specific payment services, said the regulator.
Some local crypto companies in Singapore have also praised PSA for serving as a legal instrument that encourages blockchain-related businesses.
At the beginning of 2020, the Payment Services Act, which represents the law regulating payments in Singapore, was established. The Act came into force when the MAS aired its interest concerning cryptocurrencies because of their anonymity, which can lead to laundering of money. Due to this fact, all cryptocurrency firms must possess the relevant license in order to operate in the country.
Besides, under the Act, there are three classes of licenses that should be granted and this includes:
Each service provider needs to hold only one of the three licenses, said MAS.
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Ripple, Binance and Gemini Get Exemption In Singapore - Cryptocurrency Regulation - Altcoin Buzz
Bitcoin Dominance Could Soar to 90% amid Economic Crisis, Crashing Altcoin Market – newsBTC
More and more traders would dump their altcoin investments to seek shelter in bitcoin amidst a deepening financial crisis, according to Qiao Wang, head of product at Messari.
The New York-based angel investor said Wednesday that he expects bitcoins dominance to rise above 90 percent by the end of the ongoing economic slowdown. The term Bitcoin Dominance refers to bitcoins market value relative to that of the broader cryptocurrency market comprising of more than 5,000 assets.
Mr. Wang took cuesfrom the US dollar, a global reserve currency that behaves as a hedge for emerging economies in times of a worldwide financial crisis, notingbitcoin could offer similar protection to traders with extreme exposure in highly volatile and illiquid crypto assets. He wrote in a tweet published Wednesday:
Bitcoin is to [alternative cryptos] as the USD is to EM currencies, except the Bitcoin Open Miners Committee cant unilaterally inflate the supply enough to offset the relative increase in demand.
Mr. Wangs statements came at the time when almost every higher-, medium-, and lower-cap digital assets logged losses against bitcoin. For instance, the second-largest token by market cap, Ethereum, was trading more than 25 percent lower against bitcoin from its year-t0-date top. Similarly, the third-largest XRP was down by circa 24 percent.
Overall, about $58 billion worth of capital flew out of the altcoin market from February 15 until today. Part of it reached the US dollar market as investors sought cash to cover their margin calls. And the other ended up in bitcoin that pushed its market dominance up from its YTD low of 61.98 percent to as high as 67.91 percent this Wednesday.
Bitcoin Dominance inching higher as economic crisis looms | Source: TradingView.com
Bitcoins market capitalization, on the other hand, plunged from $189 billion to $121 billion within the same timeframe. It shows that cash remained an indisputable hedge against the worsening macroeconomic sentiment, further validated by the upside bias of the US Dollar Currency Index (Ticker: DXY). It was up 5.83 percent from its YTD low at the time of this writing.
Following the US governments $2 trillion coronavirus relief package, DXY has plunged by up to 2.86 percent. At the same time, bitcoin is up by a modest 1.94 percent.
The upside move has followed a bullish narrative that projects the cryptocurrency as a deflationary alternative to an open-ended dollar supply system. As central banks and governments introduce major stimulus programs to safeguard their economies from Coronavirus-induced crisis, some top analysts believe part of the free cash would make its way into the bitcoin market.
As for altcoins, they are most likely to feel sidelined as investors feel the real market pressure in the coming weeks or months. While bitcoin could feel the same owing to higher cash demand, its likelihood of stealing capital from the altcoin market seems higher owing to its relatively lower volatility and higher liquidity.
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Bitcoin Dominance Could Soar to 90% amid Economic Crisis, Crashing Altcoin Market - newsBTC
Top 3 Price Prediction Bitcoin, Ether, Ripple: Altcoin segment Houston, we have a problem – FXStreet
The crypto ecosystem seems to be satisfied with the price increases that are taking place in the vast majority of crypto assets. Bitcoin reacted with a 10% price improvement, followed by Ether and already in today's Asian session by XRP.
This feeling remains in the headlines, as a more in-depth insight makes it clear that the crypto board will continue to be under stress as long as prices manage to escape the current bearish scenarios.
The reflection of this worrying situation is in the market sentiment measure published by alternative.me, which reaches level 12 in other words, extreme fear.
One of the most apparent reasons to be concerned is the behaviour of the Bitcoin dominance chart. In my opinion, this graph is one of the critical indicators of the health of the crypto market. The other is the ETH/BTC chart.
The Bitcoin dominance chart shows how the king of cryptocurrencies has been regaining market share since the end of the bullish stretch that started in January (A). During February and early March, there were two attempts to recover the trend line (B).
Today, the daily chart shows how Bitcoin faces a significant technical challenge that can define the future of the entire crypto market in the short and medium-term.
As you can see in the image below, the dominance indicator is located just below an essential technical junction, formed by two significant trend lines and also by the presence of the SMA200 (C). If the dominance level exceeds these obstacles, it will be favourable for the survival of Bitcoin. Still, it can drag the whole crypto segment into a critical situation that could end up with many projects.
A healthy market needs multiple investment options, and too much dominance of one endangers the rest.
If, on the other hand, Bitcoin's market share increase stops here, it could be the start of a recovery from the upward trend seen since the beginning of the year.
The ETH/BTC pair is currently trading at the price level of 0.0209and is moving dangerously below the SMA200, reinforcing the momentum of the Bitcoin dominance chart.
Above the current price, the first resistance level is at the price level of 0.021, then the second at 0.022 and the third at 0.023.
Below the current price, the first support level is at 0.020, then the second at 0.0186 and the third one at 0.018.
The MACD on the daily chart shows a decrease in the bearish momentum, with a flattening of the curve approaching a possible upward cross.
The DMI on the daily chart shows bears losing support from the ADX line, a sign of weakness that supports the momentum expressed by the MACD. The bulls do not see it the same way, and at the moment, they are not interested in challenging the bears for the lead.
The BTC/USD pair is currently trading at the price level of $6708, trapped between price congestion support and resistance lines densely positioned on the chart.
Above the current price, the first resistance level is at $6825, then the second at $7000and the third at $7175. Above this last resistance level, BTC/USD would again enter a favourable scenario in the medium term.
Below the current price, the first support level is at $6500, then the second at $6350 and the third one at $5850.
The MACD on the daily chart shows the development of the bullish cross that occurred at the end of last week. The slope is a bit too steep, so a slight drop in the price can be expected in the next few hours.
The DMI on the daily chart shows bears losing trend-line strength as the bulls are increasing it, another fact that reinforces the importance of the timing over the next few hours.
The ETH/USD pair is currently trading at $140and is slowing down sharply after yesterday's gains. The relative technical simplicity of the Ether chart gives an idea of how dependent it is on what Bitcoin is doing.
The first resistance level is at $145, then the second at $150 and the third one at $155.
Below the current price, the first support level is at $135, then the second at $130 and the third one at $125.
The MACD on the daily chart shows a bullish cross developing, which would support a possible positive resolution for the Ether and Altcoin segment against Bitcoin and its dominance level.
The DMI on the daily chart shows that the bears are losing trend strength but without excessive competition from the bulls.
The XRP/USD pair is currently trading at a price level of $0.158 and is unable to exit the consolidation zone it began building last week.
Above the current price, the first resistance level is at $0.171, then the second at $0.19 and the third one at $0.20.
Below the current price, the first support level is at $0.15, then the second at $0.14 and the third one at $0.13.
The MACD on the daily chart shows a bullish cross developing, which would support a positive outcome for the Altcoin segment of the event on the Bitcoin dominance chart.
The DMI on the daily chart shows the bears are losing traction, while the bulls are also dropping a bit. The buy-side shows a lack of confidence in the short term.
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Top 3 Price Prediction Bitcoin, Ether, Ripple: Altcoin segment Houston, we have a problem - FXStreet
Litecoin Could See Another Price Crash Soon, Will Bitcoin Follow? – Bitcoinist
The crypto market remains volatile, with analysts actively trying to seek insight into its next moves. Litecoin now appears ready for a notable correction. Such a move could set off a similar drop in Bitcoin and other cryptos, as it has done before.
As crypto traders attempt to find patterns in the present market environment, many look to altcoins which have lower liquidity and tend to be traded by more experienced players. Analyst Benjamin Blunt asserts that Litecoin may soon see a price drop. In a recent tweet, he stated:
Should Blunts prediction prove true, and Litecoin does tank to the low 20s, Bitcoin may soon follow. Litecoins curious relationship with Bitcoin dates to the earliest days of crypto adoption, with market action between the two frequently working in tandem. In fact, Litecoin moves can often be used as predictors for Bitcoin.
As with the rest of the cryptocurrency market, Litecoins price has swung wildly over the past several days. It is down two percent over the past twenty-four hours. This decline is understandable, as profit takers are now selling to reap the rewards of yesterdays big gains.
Much has been made of the uniform movement of all coins within the cryptocurrency market. Despite the tremendous differences between different platforms, they all seem to rise and fall together. Before the introduction of stablecoins, altcoins tended to move opposite of Bitcoin. More recently however, the market tends to move as one.
Litecoin critics have long claimed that its similarity to Bitcoin makes it unnecessary, and thus doomed to fail. Nevertheless, it has remained resilient, with a large group of dedicated advocates that have stood by the project even after founder Charlie Lee sold off his huge LTC stash. Longevity notwithstanding, Litecoin remains primarily a speculator coin used almost entirely for trading.
Altcoin advocates repeatedly assert that mass adoption of blockchain technology will lead some platforms to challenge Bitcoin for the top spot in the market rankings. However, Bitcoin remains by-far the most valuable and best-known blockchain asset, worth far more than all others combined. It has been almost three years since another coin presented a serious threat to this hegemony.
Following altcoin prices as a metric to gauge Bitcoin will no doubt continue. Such a strategy may be useful, yet all crypto trading remains risky. Blockchain adoption and mass use of cryptocurrency as a new asset class is a near certainty, but more time is needed for the space to become fully mature.
Do you think Litecoin is heading towards another crash? Let us know your thoughts in the comments section below!
Images via Shutterstock, Twitter @SmartContractor
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Litecoin Could See Another Price Crash Soon, Will Bitcoin Follow? - Bitcoinist
CoinDCX Raises $3 Million – Finance and Funding – Altcoin Buzz
Mumbai-based cryptocurrency exchange, CoinDCX, announced the raising of $3 million in Series A Funding. BitMEX HDR Group, Polychain Capital and Bain Capital Ventures, alongside other undisclosedparticipants led this funding round.
CoinDCX has definitive plans regarding the utilization of this funding. It is looking to expand its products and services, which may also lead to the hiring of more workers.
With crypto space in India growing at breakneck speed, we plan to create a new fiat integration solution, algorithm-based trading, crypto to crypto trading and introduce new trading pairs, Sumit Gupta, the CoinDCX co-founder and CEO, said.
According to reports, the exchange plans to double its workforce to function in the areas of marketing, support, growth, and technology.
Speaking on the occasion, the co-founder and CEO of BitMEX and HDR Group, Arthur Hayes, expressed his appreciation of the recent developments in favor of cryptocurrency in India. He said that the situation was encouraging. In his opinion, it was likely to boost adoption and innovation in this space.
Hayes added that BitMEX investing in CoinDCX underlined the belief that their team and technology were ably suited to propel them as the leading cryptocurrency site in the region.
The Mumbai-based exchange, founded in 2018, claims to have experienced rapid user growth. The Supreme Courts ruling against the RBI ban of cryptocurrencies has triggered this expansion of the customer base.
The CoinDCX CEO revealed that they previously had over 35,000 users, but the number jumped by 10 times. He also named Surat, Mumbai, Chennai, Bangalore, and Delhi as the top five stock markets in the country.
Earlier this month, CoinDCX launched a project to spend $ 1.3 million on cryptocurrency education in India. CoinDCX aims to increase the total number of Indians using cryptocurrency from 5 to 50 million through its TryCrypto Project.
As a result of this effort, CoinDCX is also confident of contributing to Indias growth in a projected $5 trillion economy by 2025.
Gupta pointed out, To achieve this goal, Indias minimum annual growth rate will have to be more than 10.8% each year. With Indias current GDP growth down sharply from 8% last year to 5% in the second quarter of 2019, it is clear that our economy needs a big boost to reach our goal to be a $5 trillion savings.
According to him, the target was realistic and the country could achieve it by being more open to crypto adoption.
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CoinDCX Raises $3 Million - Finance and Funding - Altcoin Buzz
Bitcoin, Ether, and XRP Weekly Market Update March 23, 2020 – BTCMANAGER
The total crypto market cap added $23.6 billion for the last seven days and now stands at $166.9 billion. The top 10 currencies were all in green for the same time frame with and Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performing assets with 31.5 and 16 percent of gains respectively. By the time of writing Bitcoin (BTC) is trading at $5,917 while Ether (ETH) climbed to $125. Ripples XRP is hovering around $0.151.
Bitcoin formed a fresh green candle to $5,337 on Sunday, March 15 and added $180 to its value closing the seven-day period with 33.2 percent loss.
The BTC/USD pair started trading on Monday by once again breaking below the long-term uptrend line we drew last week. The coin dropped as low as $4,441 during intraday, but bulls managed to minimize the losses and ended the session at $5,020.
On Tuesday, March 17, we saw the exact same candle being formed on daily, but in the opposite direction. The most popular cryptocurrency moved up to $5,336, but not before peaking at $5,557 in the early hours of trading.
As mentioned, a few times already, the $5,400 $5,500 zone will be crucial for the short-term recovery. Trading volumes, however, are still not stable enough to trigger a proper uptrend and at the current state neither bulls nor bears are able to take over control and establish a continuous trend.
Bitcoin continued with its good performance on the third day of the week and registered a small increase to $5,408.
On Thursday, March 19, the BTC/USD pair skyrocketed all the way up to $6,168. It peaked at $6,448 during intraday but was rejected near the very important level at the low-end of the mid-$6,000s.
The last trading day of the workweek was extremely volatile. Bulls were trying their best to continue the upward movement while bears were struggling to reverse it. The coin was trading in the wide range between $7,163 $5,624, but only registered a small gain to $6,205.
Nothing changed on Saturday as bitcoin remained stable near the trading levels from Friday. On Sunday, March 22, however, we saw a drop to $5,812 as the coin was rejected at $6,400 for a second consecutive day.
The Ethereum Project token ETH registered a small price increase to $123 on Sunday, March 15 after peaking at $134 during intraday. It closed the week 38.5 percent lower.
The leading altcoin opened the new trading period on Monday by dropping below the $120 line. It suffered a 7.5 percent loss and ended the session at $111. Bears managed to once again push the price to the psychological level of $100 without actually breaking it.
On Tuesday, March 17, the ether was less volatile and was moving in the $120 $110 range. It found itself on a positive territory in the evening, stopping at $116.
The mid-week session on Wednesday was again a good one for bulls and Ethereum continued to rise. It extended gains to $118 after testing down the $110 line earlier in the day.
On Thursday, March 19, the ETH/USD pair followed bitcoin and the rest of the top currencies and formed a solid green candle on the daily chart. It grew by 17.7 percent and reached $136 in its third straight winning session.
Friday was quite a ride for the market participants as we saw the ether moving in the $153-115 zone before closing with a small loss to $133.
We saw no change in the price of the altcoin on Saturday, March 21 as it remained in the above-mentioned zone. On Sunday, it made a step back to $120, losing 9 percent.
The Ripple company token XRP ended the trading session on Sunday, March 15 with a short green candle to $0.153, above the $0.145 $0.15 support zone. It registered a 24 percent loss on a weekly basis.
The popular altcoin started the new seven-day period with a drop to $0.14 on Monday. It erased another 8.5 percent of its value as bears were strong enough to even push the price down to $0.126 during intraday.
On Tuesday, March 17 the XRP/USD pair climbed up to $0.146, partially compensating for the negative previous session. The move was followed by a low volatility trading day on Wednesday and the coin remained relatively stable, hovering around $0.147.
On Thursday, March 19, ripple bulls showed some activity and the XRP token formed a solid green candle to $0.165. The good performance, however, could not be extended on the last day of the workweek, when the altcoin dropped down to $0.156 after it was rejected near the next support line $0.17.
The weekend of March 21-22 started with a relatively calm session on Saturday. The Ripple token closed with a small gain to $0.158.
On Sunday, March 22, it returned back to the zone below $0.15 after suffering a decline to $0.147.
Our Altcoin of the week is Numeraire (NMR). This little-known cryptocurrency startup for market predictions more than doubled in value for the last seven days. It registered a 110 percent increase for the period and is also 31 percent up on a biweekly basis.
The NMR peaked at $15.46 on Friday, March 20 and is currently ranked at #61 on GoinGeckos Top 100 chart with a total market capitalization of approximately $55 million.
The reason for the surge is unknown, yet it can be related to the recent launch of Erasure Bay, smart-contract based marketplace for information and the post-launch euphoria around it.
As of the time of writing, NMR is trading at $12.16 against USD on Bittrex.
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Bitcoin, Ether, and XRP Weekly Market Update March 23, 2020 - BTCMANAGER
Top 10 Business Gurus of Crypto – Bitcoin & Crypto Guide – Altcoin Buzz
There have been so many great people in the crypto industry. There are also people who only create noise. Previously, we named Top 10 Tech people who have made significant contributions to the crypto industry.Technology, however, can not survive alone. It needs backing from a business. These two combine to form a go-to-market strategy. In this article, we will talk about the Top 10 business people who shaped the Bitcoin and Blockchain space.1. Jack Dorsey
Jack Dorsey is one of the most loved people in the crypto space. He is also one of the most powerful. Dorsey is the co-founder and CEO of Twitter.
Dorsey has been very vocal about his support for Bitcoin. Apart from the high visibility that he gives to Bitcoin, his other notable contributions include
Michael Arrington is a cryptocurrency investor. He is the founder of Arrington XRP Capital. Arrington XRP Capital is a digital asset management firm in blockchain-based capital markets. Arrington also founded TechCrunch, Zip.ca, and Pool.com. His venture investments include Uber, Airbnb, and Pinterest.
Magazines such as Times Magazine, Wired and Forbes have named Arrington one of the most powerful people on the Internet. Important investments of Arrington Capital in the field of crypto include:
Brian Armstrong co-founded Coinbase in June 2012. Armstrongs main contribution to the industry is to bring trust and transparency to crypto investors. Coinbase has made significant contributions to accelerating global adoption for crypto.
Chris Dixon is an internet entrepreneur and investor. He is a general partner at the venture capital firm, Andreessen Horowitz. Dixon joined VC superpower, Andreessen Horowitz, in 2013.
a16z crypto (Andreessen Horowitz) is a $350M venture fund that invests in crypto companies and protocols. a16z crypto fund holds investments for 10+ years. This brings trust to the projects they support. a16z crypto also provides operational support to entrepreneurs. Under Dixons guidance, a16z crypto has made some solid investments. Major investments of a16z crypto include:
Cameron and Tyler Winklevoss, popularly known as the Winklevoss twins are considered as the first Bitcoin billionaires. They claim to own nearly 1% of all Bitcoin in circulation. Their notable contributions include:
Jesse Powell is the co-founder and CEO of Kraken. He is an expert in virtual currencies, online/international payments and fraud. Kraken is one of the most trusted and one of the largest Bitcoin exchanges in the world. It is also one of the earlier cryptocurrency exchanges.
Powell has been a great advocate of cryptocurrency adoption since the earlier days. When Mt. Gox was hacked, Powell traveled to Japan to assist with the investigation of lost bitcoin and the process of returning the remaining funds to creditors. Powell has been a strong critic of any attempts to regulate crypto.
Coinmarketcap is the most popular website for tracking and analyzing everyones favorite cryptocurrencies. It is also influential in developing various analytical matrices to baseline and measure the nascent crypto industry. Brandon Chez is the founder of CoinMarketCap.
Coinmarketcap is the most-visited website in the blockchain/cryptocurrency industry with 3.6 billion sessions and 125 million active users globally. In 2018, Alexa ranked it in the Top 100 most-visited website. It continues to rank above websites like the Wall Street Journal and CNBC.
Dan Morehead is the founder and CEO of Pantera Capital. Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto-assets. It is the first U.S. Bitcoin investment firm. Prior to founding Pantera, Morehead was Chief Financial Officer and head of macro trading at Tiger Management. He previously held executive roles at Deutsche Bank in London, Bankers Trust, and Goldman Sachs. Pantera Capital has made some excellent investments till now, the notable ones include
Edward Moncada is the Co-Founder and CEO of Blockfolio. Blockfolio is the market leader in mobile portfolio tracking and management for the cryptocurrency and blockchain industry. With over 6000 cryptocurrencies or blockchain assets across almost 300 exchanges, Blockfolio is a must-have among most crypto investors.
Moncada is an advisor to InstaDApp and a former DASH Foundation Board Member. Moncada and his team were instrumental in helping Dash (then Darkcoin) listed on Bitfinex, back in the Summer of 2014. He also played a major role in creating the Darkcoin Foundation.
Erik Voorhees is the popular founder of ShapeShift.io, a Bitcoin and altcoin exchange company that offers global trading of a variety of digital assets via web and mobile platforms. He is a dedicated supporter of Bitcoin and is a frequent speaker at related conferences and meetings. He is associated with multiple organizations which include:
You can also read about our list of hand-picked tech gurus who made a huge impact on the crypto space in the first part of our 2-article series: Top 10 Tech people who made significant contributions in developing Blockchain Technology.
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Top 10 Business Gurus of Crypto - Bitcoin & Crypto Guide - Altcoin Buzz
This Altcoin Surged 80% in Three Weeks Amid Bitcoin (BTC) and Crypto Market Reversal – The Daily Hodl
A lesser-known cryptocurrency has rallied this month, despite the widespread Bitcoin (BTC) and crypto market downturn.
Tachyon Protocols IPX token went from $0.0539 on March 1st to a high of 0.0971 on Thursday a jump of 80%. IPX is currently valued at $0.0922 with a market capitalization of $24.7 million, making it the 111th largest cryptocurrency.
In contrast, practically the entire crypto market is fighting to recover from a historic reversal.
Bitcoin began the month at $8,564 and rose to $9,136 on March 7th, before plunging as low as $4,121 as global markets collapsed amid fears of the coronavirus. Bitcoin is currently at $6,228, a 27% decrease since the start of the month.
Whether Tachyon Protocols rally is sustainable remains to be seen.
The new crypto asset launched on February 25th and is now supported on Bithumb, OceanEX and HitBTC. New cryptocurrencies are especially risky and volatile in a space thats already notoriously dangerous to invest in, with many assets having lost 90% or more of their value since their inception.
The team at Tachyon Protocol says its working to create a decentralized internet protocol. The token is unavailable in countries such as the US, where the company says it could be viewed as a security. Tachyon Protocol released a next-generation virtual private network on the App Store and Google Play last week.
According to the white paper, the IPX token is designed to be used as a means of payment between users on the network.
It will also be used for staking, which allows people who own the native cryptocurrency to help power the network and process transactions in return for rewards.
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This Altcoin Surged 80% in Three Weeks Amid Bitcoin (BTC) and Crypto Market Reversal - The Daily Hodl
One Altcoin Is Pumping Amidst the Red Crypto Market – Bitcoin Exchange Guide
March has been a rollercoaster in the cryptocurrency market. After crashing down hard last week, the market is finally picking up speed again.
Small-cap cryptos are actually the ones leading the market, now only down 23% in March having bounced off of the lows from last week. Last Friday, the small-cap index was down over 40%, only to make a strong recovery.
One of the very few crypto assets that are currently in the green in the crypto market that has yet again turned red is Dash.
Source: Coin360
The 18th largest cryptocurrency by market cap of $670 million is currently trading at $70.22 with 24 hours gains of 4.12%. Earlier this week, the digital asset went down to $39.80 but is up 48.80% in the past 7 days. During the past week, the digital asset jumped 30% against BTC and over 44% in the ETH market.
Up over 62% so far in 2020, Dash, however, is down 96% from its all-time high of $1,726 hit in January 2018 during the bull run.
The digital asset has also started to record an uptick on its blockchain. Recently, 614.72k DASH was transacted on-chain recently.
Active addresses that fell to 42.6k at the beginning of the second week of March bounced to 181k earlier this week and are currently around 76.5k.
New addresses created have also risen to 83.2k while the number of addresses in the money increased from 19% to 23%, noted crypto analysis company IntoTheBlock.
The most important update has been the release of v0.11. The new Dash Platform release os the testing environment for platform functionality with a significant update to Evonet. Other updates Include register public data contracts, DAPI now works in web browsers, distribution package for local development and Evonet, insecure endpoints have been removed, and updated Dash core to v0.15.
Besides Dash, in the past 24 hours, Zcash is also up 1.21% while Enjin Coinis barely in the green. Top altcoins meanwhile are struggling with Ethereum and XRP down 7.44% and 6.77% respectively.
Small cap coins like Curecoin up 54.81%, Bluezelle 32.69%, Blockmason 25.77% are experiencing gains. However, these coins have extremely low volume, some having as low as $1,500.
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One Altcoin Is Pumping Amidst the Red Crypto Market - Bitcoin Exchange Guide
Tether Now on Bitcoin Cash Network – Blockchain Technology – Altcoin Buzz
The worlds largest stablecoin by market value Tether USDT has launched on the Bitcoin Cash (BCH) network.
While the entire crypto space is experiencing bearish trends, Tether has recorded a significant increase in value. The stablecoins market cap is now more than $5.7 billion and about $180 million worth of USDT was created a few days ago.
According to a YouTube interview by Cryptofinder with Roger Ver made on Wednesday, March 18, 2020. The stablecoin will be making use of BCH Simple Ledger Protocol (SLP). The SLP is the generic token of BCH and is quite similar to Ethereums ERC-20 tokens. One of Tethers main goals is to be valued at 1:1 with the United States dollars.
Prior to this time, Tether was already available on six other blockchains. They include Ethereum, Algorand, Liquid Network, Omni, Tron, and EOS blockchains.
BCH is the seventh blockchain on which USDT has home live. Joining the BCH ecosystem, USDT will be able to effectively issue tokens with SLP. The launch will also enable bitcoin.com wallet users to send and receive USDT using SLP without the need for third-party applications.
According to treasury data, Tether currently has a market cap of over $5.6 billion. Although Tether began its journey on Omni layer protocol, a large percentage of its mode is on Ethereum. With Ethereum quite close to maxing out last year, moving a substantial portion of Tether to Bitcoin Cash is a step in the right direction. BCH also allegedly has larger blocks and lower transfer fees, making it possible to send small amounts quickly.
Paolo Ardoino, Chief Technology Officer of Tether is optimistic about the launch of the stablecoin on BCH. Pointing out that the launch will yield various benefits. Among which is easy adoption and more applications on BCH blockchain, with Tether facilitating payments for these applications.
BCHs also recently upgraded its Bitcoin.com wallet so as to create more room for its 10 million users to access SLP using the app. Users can now also gain access to USDT using the app too.
Speaking on the launch, Ger Ver said: Its extremely exciting to hear that the worlds biggest stablecoin will be using the Bitcoin Cash Blockchain. Adding that Bitcoin.com users all over the world will be able to send and receive Tether using SLP tokens.
Roger Ver, is the Executive Chair of Bitcoin.com.
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Tether Now on Bitcoin Cash Network - Blockchain Technology - Altcoin Buzz