Category Archives: Cryptocurrency
XRP on the Verge of Free Fall – Crypto Briefing
XRP prices were slashed to levels not seen since May 2017. Despite the already painful sell-off, one prominent crypto analyst estimates that Ripples main asset could enter free fall.
Peter Brandt, a 45-years trading veteran, recently said that XRP is sitting on top of white space. Looking at prices since August 2016, Brandt shows there are no support levels that could help XRP if theres a further decline.
The lack of support is a result of price action following its $3.3 peak in January 2018. Since then, the coin entered a relentless downtrend, destroying 96% of its value.
Another way to look at it, according to Brandt, almost everyone who has bought XRP since May 2017 has a loss.
Although he didnt predict the exact price trajectory of XRP, he is not optimistic. Brandt pointed out that XRP is not a true crypto. Instead, he explained that it could serve as a financial instrument for those who believe crypto is a religion.
Regardless of its status, XRP could bounce back. It seems like its price action was contained in a descending parallel channel since mid-February. These patterns contain the price action of a coin within the upper and lower bounds of the channel.
A further increase in buying pressure could push Ripples coin to the middle or upper boundary of its channel. These support barriers sit at $0.17 and $0.2, respectively.
Its worth noting that a spike in volume could ignite another sell-off, adding credence to Brandts bearish position.
If this happens, Ripples cryptocurrency should prepare to make a new low. On its way down, the next levels of support to watch out for sit at $0.03 and $0.01, representing a 70-90% price drop.
Even Ripples notoriously rabid investor-base is concerned by the possibility of a large drop. Tiffany Hayden, previously one of its most passionate supporters, sold her holdings and disassociated herself with the community.
XRP needs momentum, and soon, or it could end in disaster for bag holders.
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XRP on the Verge of Free Fall - Crypto Briefing
Cryptocurrency exchange CoinDCX invests $1.3M in education initiative ‘TryCrypto’ – YourStory
Mumbai-based CoinDCX, a cryptocurrency trading platform and liquidity aggregator, has invested $1.3 million in TryCrypto, its own initiative, which is working to make blockchain and cryptocurrency more accessible to mainstream users.
The funds will be used towards educational initiatives, seminars, online courses, roadshows and awareness campaigning, meetups, community events, community engagement, and to product trials.
Founders Neeraj & Sumit
As part of the initiative, CoinDCX will roll out DCXlearn, a full-fledged crypto learning program, on TryCrypto.
Sumit Gupta, CEO and Co-founder, CoinDCX, says,
According to CoinDCX, its education-led approach is geared towards giving first-time crypto users a sufficient knowledge base to help them navigate the cryptocurrency market safely and securely.
DCXlearn will consist of an online learning program along with massive open online courses (MOOCs). The cryptocurrency exchange is already in conversation with a number of top Indian universities to promote crypto education and the TryCrypto initiative within campuses.
In addition to DCXlearn, CoinDCX will also organise meetup events, educational seminars, and consumer campaigns to encourage large-scale cryptocurrency adoption and awareness targeting Indias 50 largest cities in the first iteration of the TryCrypto campaign.
To ensure the success of the TryCrypto initiative, CoinDCX said it will be working with industry partners, including Inblox Network, Amesten Assets, and Cashaa, to promote greater awareness and understanding of digital assets among mainstream audience. It added that leading Indian online media outlets and cryptocurrency news providers such as Cryptokanoon and CoinCrunch have also dedicated themselves to support the TryCrypto initiative.
CoinDCXs investment in TryCrypto follows the landmark ruling by the Supreme Court of India on March 6, which struck down the Reserve Bank of Indias (RBI) ban on financial institutions providing banking services to cryptocurrency businesses, as well as the announcement that CoinDCX became the first cryptocurrency platform in India to integrate bank account transfers just six hours after the Supreme Court decision was made public.
With one of the youngest populations in the world, India requires solutions which are modern and novel for millennials who are looking for better instruments to manage their finances. Crypto is fast becoming a preferred choice for these young, technologically savvy consumers. However, an initiative like CoinDCX's TryCrypto campaign has the potential to bring the benefits of cryptocurrencies to a larger audience than ever before, said Kashif Raza, Co-founder of CryptoKanoon.
(Edited by Megha Reddy)
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Cryptocurrency exchange CoinDCX invests $1.3M in education initiative 'TryCrypto' - YourStory
Rise in trading volume a positive sign for cryptocurrency – BTC Wires
Mar 13, 2020 11:05 UTC
| Updated:
Mar 13, 2020 at 11:05 UTC
By Evie Harrison
It is very important to understand all the metrics that are involved in evaluating the investment potential of a particular cryptocurrency. There are various basic and important terms that are related with everyday trading of various cryptocurrencies, the terms being volume , market cap and supply.
Today we are going to emphasise more on the volume, that is trading volume, because trading volume can make or break your trades. It is very important to know when to pass on an investment that doesnt seem to be of good use in future.
Trading volume
Trading volume is the amount of activity that is surrounding a coin or a token. The volume will allow you to see how popular an asset is and how frequently it is being shuffled among its users. The ledger that is generated by the buying and selling activity surrounding each coin or token, can be very useful for planning your trades.
Investors should keep in mind that this is only the publicly traded volume and it is possible that large sums of cryptocurrency are being traded privately through OTC markets, and what is shown is not the entire market.
The volume of a token that is listed on CoinMarketCap is quite simple to understand. It is the amount of the coin that has been traded in the last 24 hours. For example, roughly $3.5 billion worth of Bitcoin has changed hands in the last day. You can break this down in various ways; you could also list it as 3,039,787,668 Euros. Or, in crypto terms, 642,566 Bitcoins.
You can also slice and dice it by exchange. In the last 24 hours,
XBOND.IO a full-featured spot trading platform for major digital assets & cryptocurrencies, including Bitcoin, Ethereum, EOS, Litecoin, Ripple, NEO, Monero and many more, experienced a surge in Trading Volumes within the exchange.
XBOND offers a variety of trading platforms from Web Based, Mobile to Desktop Platform, XBOND will also launch its P2P Platform XBONDP2P.COM in March 2020 to facilitate P2P transactions in the market which is presently turbo charged with enthusiasm and also with the lifting of curbs on the cryptocurrency trading in India, this news has sent a positive wave of emotions in the global trading community as well.
Essentially, volume underscores how many people are buying and selling the coin. If the price of Bitcoin goes up and it shows a hefty volume, that tells us lots of people are making moves. Thus, it will likely keep going up. If the price of Bitcoin drops, but theres minimal volume, that could tell us only a small amount of people back the trend. Lets go into more detail on the ramifications.
Arguably trading volume is the most important metric because of the sole reason it can be broken down into various ways. From volume, you can infer the direction and movements of a coin. Its an essential metric for traders. Volume can be examined in minute detail. You can track volume on CoinMarketCap by the last 24 hours, last week, or last 30 days. This helps reveal if a coins recent swings are an aberration or the norm. A coin with frequent heavy movements wont attract attention if it has high volume. If a coin normally has less volume, heavy trading in the last 24 hours could indicate theres some support behind the move it may be making.
Despite cryptocurrencies having fallen off their record highs, the sector is expected to experience double-digit growth in trading volumes next year suggesting that trader enthusiasm in the nascent asset class has not waned, crypto trading volume will grow
words from Anurag Singh, CEO of Xbond.io
You can also examine which exchanges had what volume. This matters because exchanges frequently have different prices. As well, many exchanges are geographically-focused. Kraken, for instance, is largely a European exchange. OKCoin functioned in China until the Peoples Bank of China cracked down recently. Volume by exchange can reveal where the buyers or sellers of a coin are. CoinMarketCap does not, however, reflect exchanges with no fees. Exchanges that dont charge a fee allow traders and bots to send coins back and forth for free, imitating a high volume.
When you closely observe the trends that are generated over a period of time considering all the metrics such as volume and other. It can be clearly observed that the coins with the biggest popularity are traded the most. When you go on CoinMarketCap and observe the data generated what youre going to see is crucial informatin; for example just by studying the snippet below (which is from coinmarketcap) what can be observed in this trend is whenever the prices of Bitcoin surges the price of ethereum goes down and vica versa. Like everything, trading also has its own pattern and after observing them closely and by taking in mind all the metrics, viable information can be derived that would help one in making profits a nd predicting future trends.
With the constant increase in the trade volume of cryptocurrencies. It is very much evident that people are getting more and more involved in the transactions regarding these cryptocurrencies, which is obviously a very good indicator because the more the hands are exchanged with these cryptocurrencies, more is the volume of total transaction going to increase. Which would clearly indicate that more and more people are getting involved.
Evie harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs. Find her on Twitter:@iamevieharrison
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Rise in trading volume a positive sign for cryptocurrency - BTC Wires
Elon Musk and Daniel Craig Featured in Cryptocurrency Scam Promising Massive Returns – The Daily Hodl
YouTube is reportedly taking action against a cryptocurrency advertising scam featuring fake endorsements from Elon Musk and Daniel Craig.
The false advertisements were discovered by Business Insider and promised huge returns to investors who bought Bitcoin Era an automated trading app that claims to be backed by high-profile entrepreneurs including Richard Branson, Elon Musk and Bill Gates.
The advertisement purports to be from Blitz News promoting an article called Bond franchise comes to an end. However, when users click the ad, they are redirected to a post with the headline SPECIAL REPORT: Brits are listening to 007s Daniel Craig and theyre raking in millions from home.
The article says readers can take advantage of a wealth loophole that can turn anyone into a millionaire in three to four months.
Crypto scammers have a rich history of targeting celebrities. Since 2017, schemers have created phony accounts designed to look like Elon Musks official profile in an attempt to trick users into giving away their digital assets. Last year, schemers promoted a similar wealth loophole featuring Elon Musk, Kate Winslet, Richard Branson and Bill Gates.
As for this new advertising scam, YouTube has declined to comment. However, a source at the company says the ad has been removed. So far, theres no comment from Musk or Craig.
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Elon Musk and Daniel Craig Featured in Cryptocurrency Scam Promising Massive Returns - The Daily Hodl
South Korea passes one of the worlds first comprehensive cryptocurrency laws – TechCrunch
The South Korean National Assembly passed new legislation today that will provide a framework for the regulation and legalization of cryptocurrencies and crypto exchanges.
In a unanimous vote during a special session of the legislature convened amidst the countrys worsening novel coronavirus situation, the representatives passed an amendment to the countrys financial services laws that would authorize Koreas financial regulators to effectively oversee the nascent industry and develop rules around anti-money laundering among other processes.
South Korea has been on the forefront of the cryptocurrency boom and bust over the past few years, and its one of the few countries with wide-scale adoption of the technology. Surveys at the height of the crypto craze in 2017 showed that more than a third of the countrys workers were active investors in cryptocurrencies, like Bitcoin, Ethereum and other systems. The countrys largest city, Seoul, led a government initiative to introduce its own cryptocurrency S-coin that was designed to capture the zeitgeist of the frenzy.
During that period, South Koreas government moved quickly to push new regulations and clamp down on the spread of blockchain, which caused large gyrations in the price of Bitcoin as investors observed how the countrys investors would react.
Todays vote in the legislature just a few years later is a relatively quick turnaround for regulators, and shows the increasing acceptance of blockchain and, more specifically, cryptocurrencies in the context of financial services both locally and across the world. One of the countrys largest technology companies, Kakao, has continued to invest in blockchain initiatives, and the local ecosystem remains relatively robust in innovation in the sector.
The passage of the cryptocurrency legislation is a victory for the Korean startup ecosystem, but other major questions remain about the sector.
Among the most heated topics today is the fate of Tada (), the indigenous ride-hailing startup that competes with the traditional and regulated taxi industry. Since the companys launch in late 2018, the company has faced constant threats of shut down by regulators, before a reprieve a few weeks ago by the countrys top constitutional court approved its operations.
Yet, in the same special session that saw the cryptocurrency bill pass, the National Assembly a day ago approved in committee a bill that would effectively ban Tada and mandate that it receive an operating license from the government. Expect further action on Tada in the weeks ahead.
As for the cryptocurrency law, its passage and presumed signing by South Korean president Moon Jae-in starts a months-long rulemaking process that will also provide time for existing startups and exchanges to transition into the laws new regulatory apparatus.
Koreas parliamentary elections are coming up in just a few weeks (on April 15th), and, while the situation around the novel coronavirus is taking a lions share of the local headlines, votes on tech measures are a way for representatives to position themselves on other salient issues before voters decide.
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South Korea passes one of the worlds first comprehensive cryptocurrency laws - TechCrunch
Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague – Forbes
Bitcoin and cryptocurrency prices have crashed in the face of the global market rout sparked by the spreading coronavirus.
But one new bitcoin-rival, created by a group of mostly unknown cryptocurrency developers last month and styling itself as "the world's first crypto backed by death," allows traders to bet on the coronavirus epidemicwith the token's value rising as more people fall ill or die.
The World Health Organization has said more than 70% of those infected with coronavirus in China ... [+] have recovered but the virus is still spreading around the world, bringing global stock markets and commodities, as well as bitcoin and major cryptocurrencies, to their knees.
Coronacoin, which is currently being priced at less than $0.01 according to its developer's website, will see its supply fall every two days based on the rate of new cases and the number of people the virus has killed.
There is a fixed supply of the coronavirus-fueled token based on the world's human population: just over 7.6 billion.
"Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest," said Sunny Kemp, who was named as one of the developers of the morbid bitcoin-alternative by Reuters, adding: "There are currently active pandemic bonds issued by the World Health Organisation. How is that different?"
The coronacoin team currently counts seven developers, mostly in Europe, according to Reuters, with Kemp indicating more are about to come on board.
Coronacoin is being traded on the allegedly decentralized cryptocurrency exchange Saturn Network, with coronacoin making up almost 60% of its meager volume.
An investigation by cryptocurrency news and analysis website Decrypt found Saturn Network to fall well short of common standards and recommended against using it.
Coronacoin claims that as tokens are burnt when the number of people infected with the coronavirus ... [+] or killed by it rises means it is likely the token will increase in value.
The number of coronavirus infections worldwide is now more than 111,000, with about 3,890 deaths, however the spread of the virus appears to be slowing in China, where it originated.
Italy yesterday extended its coronavirus quarantine measures, which include a ban on public gatherings, to the entire country, while in the U.S. the number of confirmed cases now exceeds 500.
The World Health Organization (WHO) has warned that the threat of a pandemic is "very real."
Despite the virus spreading around the world in recent weeks, governments are working hard to contain and minimize it.
Coronacoin is a macabre gimmick, designed to make its developers a quick bucknot to serve as a long-term store of value.
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Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague - Forbes
Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge – CNBC
A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.
Jordan Mansfield | Getty Images News | Getty Images
Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.
The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on.
Bitcoin, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.
The violent sell-off in the cryptocurrency market comes after international oil benchmarkBrent crudefutures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.
Meanwhile, stock markets in Japan and Hong Kong fell sharplywhile U.S. stocks are set for a steep drop at start of trading on Monday.
The other big digital coins ethereum, XRP and bitcoin cash, posted double-digit percentage point losses.
Despite the losses posted Monday, bitcoin is up around 9% year-to-date.
Huge moves in cryptocurrency prices are not unusual and these digital coins are known for their volatility. Market players however said this could be an opportunity to buy some bitcoin.
"For those who have long term investment horizons, bitcoin is absolutely a buy during these dips," Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups toldCNBC. "We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it's key asset Bitcoin will be a winning strategy"
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Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge - CNBC
View: Why it’s better for RBI to just wait and watch on cryptocurrency – Economic Times
By Ateesh TankhaImagine an Indian hotel chain thats mortally afraid of the coronavirus. No cases have yet been reported at any of its properties, but, lacking sufficient information and medical infrastructure, the chain instructs its properties to cancel all guest bookings in line with what hotels abroad have done. A set of disgruntled guests take the hotel to court, claiming that the chain has taken disproportionate action.
Should the law rule be in favour of the guests because the hotel lacks empirical evidence that proves that the properties would have suffered reputational or other damage if the bookings had not been cancelled? A March 4 Supreme Court judgement overturning an earlier 2018 Reserve Bank of India (RBI) ruling on cryptocurrencies seems to suggest as much.
In April 2018, after five years of unregulated trading in cryptocurrencies, RBI issued a ruling to its member banks not to deal in virtual currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs.
Subsequently, a governmental committee urged GoI to ban and criminalise the use of unofficial virtual currencies in India. The reasons for this are neither so outrageous nor so far-fetched.
There are two parts to a cryptocurrency. First, theres the distributed ledger technology (DLT), like blockchain, thats a system of replicating, sharing and synchronising digital data personal details, transactions, etc without the need for a centralised authority or trusted service provider. The many advantages of this technology relate to activities ranging from the efficient collection and authentication of KYC (know your customer) and batch-processing micro-payments, to expediting cross-border payments and sharing defaulter data.
In short, DLT can make many processes in the world of payments and financial services cheaper, faster and more reliable. But then, theres the token, the actual virtual currency. As a store of value and as a medium of exchange, there are a few challenges that exist.
The least of these relates to the creation of technology integration and transaction processing speed. Over time, and with enough investment and innovation, these issues will be overcome. Far greater concerns exist in two principal areas fraud, and money laundering and illegal transactions.
Consumers have been the victims of virtual currency fraud for some time now. Let alone the 2018 Gain Bitcoin scam that defrauded the public of Rs 2,000 crore, there have been scams like OneCoin that make the former look like loose change. Add to this the fact that even legitimate exchanges like Bitpoint and Binance have had tens of millions of dollars stolen by cybercriminals. It is estimated that $4.2 billion was stolen from cryptocurrency users and exchanges in 2019. Its no wonder that RBI wishes to err on the side of caution.
An even greater regulatory and oversight challenge, however, exists when it comes to controlling transactions related to money-laundering and other nefarious activities.
Early on in the cryptocurrency saga in the US, it quickly became apparent that VCs were mainly used for completing transactions related to narcotics. Similarly, thanks to the Dark Web, many regulators have banned, or severely restricted, the use of VCs to control activities like terrorist financing, sanction circumvention, and other forms of illegal trafficking.
Which brings us back to RBI. As the official entity that oversees the health of the financial system in India, it is only to be expected that it will take a more conservative approach to enabling and regulating something as protean as cryptocurrency.
Critics complain that RBI does not fully understand the technology, or the power of VCs. This may be true. They also say that the purpose of RBI is to build a regulatory infrastructure around technology so that consumers are not defrauded.
This is true, but easier said than done. The recent debacles with both public and private sector banks should serve as cautionary tales for those advocating less stringent oversight.
And until RBI is comfortable with a way forward, it should not need to show empirical evidence of how its member banks have suffered any loss or adverse effect directly or indirectly on account of enabling VC transactions. There is sufficient global evidence and precedence for the stance taken by RBI.
As with the coronavirus, if you dont know what you dont know, and you are still likely to be held liable for an outbreak, enforcing a quarantine may be the best way to wait and watch developments.
(The writer is former head, partnerships and Citi merchant service, Citibank, US)
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View: Why it's better for RBI to just wait and watch on cryptocurrency - Economic Times
Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency | Chief Investment Officer – Chief Investment Officer
Two Chinese nationals were charged by the US Justice Department with laundering more than $100 million worth of cryptocurrency that was part of more than $230 million hacked from a virtual currency exchange by North Korean co-conspirators.
According to an indictment unsealed in the US District Court for the District of Columbia, Tian Yinyin and Li Jiadong were charged with money laundering conspiracy and operating an unlicensed money transmitting business.
The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system, US Attorney Timothy Shea said in a statement.
Nearly $101 million was laundered through hundreds of automated cryptocurrency transactions in order to prevent law enforcement from tracing the funds.
According to the legal complaint against Yinyin and Jiadong, in 2018, an employee of the exchange communicated with a potential client via email. While communicating with the potential client, the employee unwittingly downloaded malware that attacked the exchange. The malware provided remote access to the exchange and unauthorized access to private keys controlling wallets to seven virtual currencies.
Yinyin and Jiadong engaged in nearly $101 million in virtual currency transactions, which primarily consisted of their exchange of virtual currency traceable to the hack of the exchange, the complaint said. The two allegedly converted the virtual currency into fiat currency and transferred it to customers for a fee. The funds were laundered through hundreds of automated cryptocurrency transactions aimed at preventing law enforcement from tracing the funds.
The North Korean co-conspirators circumvented multiple virtual currency exchanges controls by submitting doctored photographs and falsified identification documentation, according to the complaint. A portion of the laundered funds was used to pay for infrastructure used in North Korean hacking campaigns against the financial industry.
North Korea continues to attack the growing worldwide ecosystem of virtual currency as a means to bypass the sanctions imposed on it by the United States and the United Nations Security Council, IRS-Criminal Investigation (IRS-CI) Chief Don Fort said.
The complaint also alleges that the North Korean co-conspirators are tied to the theft of approximately $48.5 million worth of virtual currency from a South Korea-based virtual currency exchange in November. As with the prior theft, they allegedly laundered the stolen funds through hundreds of automated transactions and submitted doctored photographs and falsified identification documentation.
The civil forfeiture complaint specifically names 113 virtual currency accounts and addresses that were used by the two defendants and unnamed co-conspirators to launder the funds. The forfeiture complaint seeks to recover the funds, a portion of which has already been seized.
The US Department of the Treasurys Office of Foreign Assets Control also imposed sanctions on Yinyin and Jiadong for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, a malicious cyber-enabled activity.
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Tags: Chinese, Cryptocurrency, hack, Li Jiadong, North Korean, Tian Yinyin, virtual exchange
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Chinese Nationals Charged with Laundering More Than $100 Million in Cryptocurrency | Chief Investment Officer - Chief Investment Officer
Will Japan have a National Cryptocurrency? – Asia Crypto Today
Countries around the world are increasingly formulating or finalising plans to launch a national cryptocurrency. From China to Palestine, nations are seeing the benefits of digital currencies.
One country that had been surprisingly slow in its steps towards a national cryptocurrency in Japan. Often seen as the home of cryptocurrencies, with a population that is crypto-friendly and a decent regulatory framework in place, it would seem that this would be the leading nation in future nation based crypto.
Yet, since the past few months, Japan has been relatively quiet on the national cryptocurrency front. However, with Asian rivals China increasing the pace of its digital RMB plans which will be implemented by the Peoples Bank of China, Japan has looked to counter it.
The Bank of Japan is leading the talks, with meetings held in January between them and the Ministry of Finance (MOF), and Financial Services Agency (FSA). Notable names were in attendance. These include Ryozo Himino, FSA vice-minister for international affairs, Yoshiki Takeuchi, vice-minister of finance for international affairs, and Shinichi Uchida, BOJ executive director for international affairs.
Bank of Japan Governor Haruhiko Kuroda has expressed the intentions of the Bank in its central bank digital currency (CBDC) plans but said there was not a huge motivation or need currently:
We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.
Overall, it would appear that Japan is joining an ever-growing list of nations and their central bans looking to add a central bank digital currency to their ecology.
The Bank of England, the European Central Bank, the Central Bank of Sweden, Canada and the Swiss National Bank have all announced their crypto intentions alongside Japan after signing a group partnership with the Bank of International Settlement.
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Will Japan have a National Cryptocurrency? - Asia Crypto Today