Category Archives: Cryptocurrency
Cryptocurrency Pioneer Jeff Garzik Launches NextCypher Productions; Focus On Emerging Technology of Web3 – Deadline
EXCLUSIVE: Cryptocurrency pioneer Jeff Garzik has launched NextCypher Productions (NxC), a new independent entertainment company that will focus on using the emerging technology of Web3 (NFTs, crypto, blockchain applications) to empower the sci-fi community to turn fantasyinto reality.
NxC is more than just a mere production company. It is a passionate community, defined by the people and projects that it interacts with, said Garzik, who is best known as one of the pioneers of cryptocurrency, having worked on the Bitcoin Core project the first blockchain node as well as Bitcoin mining projects and the Linux operating system. One of our core principles is to enable sci-fi and fantasy fans to do more than simply consume content from the worlds we construct, but to allow them to truly participate in beloved properties in ways they never thought possible. Above all, NxC pledges to always put the needs of the audience first as we create consistently great entertainment.
As part of the launch, Garzik is announcing the companys first two television projects. The first is a one-hour action-drama series calledDeathlands thats based on the bestselling book series. Its being developed for television by showrunner/executive producer Mark A. Altman (Pandora, The Librarians, Agent X) and executive producer Thomas P. Vitale (57 Seconds, Slasher, Pandora).
Deathlands isMad Max: Fury RoadmeetsYellowjacketsin an epic post-apocalyptic sci-fi adventure, said Garzik.Deathlandstells the story of a world ravaged by violence, destruction, and death. Now, only the most smart, cunning, and capable survive as they attempt to navigate the new normal of a world turned upside in the hopes of building a new, more just society for the future.
The other project in the works is Looking Glass thats based on an original concept from Garzik. He describes it as an exciting and thought-provoking new sci-fi action/adventure series in which a young woman whose memory was erased goes on a quest to discover her true identity as agridrunnerwho must save the outcasts of society from a deadly conspiracy that threatens to destroy the future.
Looking Glassmade its premiere as a graphic novel through the NxC subsidiaryNext Cypher Words + Art. The new comic book publisher announced the first issue of theLooking Glassgraphic novel at San Diego Comic-Con last week.
NxC will be announcing its next projects soon with production on Deathlands anticipated to begin in early 2023 in Bulgaria and Looking Glass later in the year.
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Cryptocurrency Pioneer Jeff Garzik Launches NextCypher Productions; Focus On Emerging Technology of Web3 - Deadline
Do you need to report cryptocurrency on your taxes? Heres what you should know: – RochesterFirst
ROCHESTER, N.Y. (WROC) As cryptocurrency becomes more popular, its important to know whats required of you on tax forms. While some people may see cryptocurrency as a virtual currency, in the eyes of the IRS, its not a true currency.
So what does this mean when it comes to reporting cryptocurrency on tax forms? News 8s Ally Peters spoke with CPA David Young, with the New York State Society of CPAs, to know more.
The IRS has taken a very keen interest in cryptocurrency, so keen that on the front page of your tax return, theyre asking: At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in virtual currency? Yes or no?, Young said.
Young says this means if youve transacted with cryptocurrency, you must report it. The IRS considers cryptocurrency to be a property and capital gains and losses should be reported on Schedule D and Form 8949 if necessary.
If you held on to a crypto for more than a year, its a long-term capital gain, and if its less than a year, its a short-term capital gain, which has to be reported on your tax return on your Schedule D, Young said.
Young adds for long-term capital gains, the long-term capital gains rate applies, which varies from 0% to 20%, depending on your ordinary income tax rate. For short-term capital gains, the capital gains from your crypto or Bitcoin transactions are added to your income and taxed at your ordinary income tax rate.
No. If you buy crypto, you do not, Young said. But when you need to report crypto on your taxes is if you were to say you bought crypto a couple of years ago, now you sold the crypto, maybe you sold it, just exchange it, or if you go from one set of crypto to another set of crypto, went from a to b, thats a sale and it does have to be reported on your Schedule D on your tax returns, Young said.
Young said if you dont report crypto on your tax return, its a problem because the IRS is getting a record.
A lot of times the places that hold your crypto, report to the IRS and they should be sending you a 1099 and so the IRS knows you have this crypto. And even if the IRS didnt know it, its still the right thing to do, Young said.
So if you didnt report it in the past, you need to go back and amend, because if you did not, youre setting yourself up for an IRS audit, which means you could have penalties and interest and additional taxes.
Young said a lot of companies will give you the option to go to their portal or website and download everything into a CSV format, which you can put into Excel.
That way you can parse out all your gains and losses, Young said. Now, ultimately, theyre going to give you a 1099, but if you go to their website, many of the larger exchanges will help you as their customer, parse out all your gains and losses. And you can use that spreadsheet or data to prepare your correct income tax return.
To learn more about cryptocurrency and taxes, or to contact a CPA, visit the New York State Society of CPAs website.
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Do you need to report cryptocurrency on your taxes? Heres what you should know: - RochesterFirst
Offshore cryptocurrency exchange obtains clarity from the English High Court on ownership and control of trading account – JD Supra
In HDR v Shulev and Nexo, the High Court considered the entitlement to a cryptocurrency trading account, and the ownership of its contents, as part of stakeholder proceedings brought under CPR 86 by the operator of a cryptocurrency exchange.1
Stakeholder applications (made under CPR 86) are used as a means of determining entitlement to money or goods held by an entity that does not itself have a claim to the money or goods. Among other things, it permits a stakeholder to apply to the court for a direction as to whom it should pay a debt or money to, in circumstances where competing claims are made, or are expected to be made, in respect of that debt or money by two or more persons. Such proceedings are typically brought by financial institutions where multiple claims are made for a sum of money which they hold.
In this case, stakeholder proceedings were commenced by HDR Global Trading Limited ("HDR"), a company incorporated in the Republic of Seychelles, which operates BitMEX, a cryptocurrency-exchange platform, in order to resolve a dispute over the control and ownership of the contents of a cryptocurrency trading account opened in the name of the First Defendant ("Mr Shulev").
The Second Defendant, Nexo Capital Inc. ("Nexo") is a Cayman Islands company, which operates acryptocurrency-backed lending platform, cryptocurrency exchange and wallets. In May 2019, Mr Shulev(co-founder of the Nexo group, and then a director of Nexo), opened an account on BitMEX (the "Account") using his Nexo email address. Thousands of bitcoin were subsequently transferred into the Account from other Nexo accounts, and various futures contracts were traded on the Account. As at the judgment date, the total value of the Account was approximately 30 million. In September 2019, Mr Shulev's appointment as a director was terminated and his access to the Account was withdrawn.
A dispute then arose between Nexo and Mr Shulev as to the ownership of the assets held in the Account. Mr Shulev claimed that he had opened the Account in his personal capacity, and that some of the crypto-assets held there belonged to him. Nexo, however, argued that the Account was opened by Mr Shulev solely in his capacity as a director of Nexo; it was considered by Nexo to be a corporate trading account used for corporate purposes, and it held corporate assets.
In response to the competing claims, HDR froze the Account and in 2020 commenced stakeholder proceedings under CPR 86 against both Mr Shulev and Nexo.
On the day of the hearing of HDR's stakeholder application, Mr Shulev and Nexo entered into a settlement agreement (the "Agreement"), which purported to resolve the question of ownership of the Account. However, almost immediately the parties fell into a further dispute over the Agreement, disagreeing as to whether it had been complied with, and what effect it had on the stakeholder proceedings.2 After discussing with the parties, the Court allowed HDR to exit the proceedings by ordering HDR to hold the balance on the Account as stakeholder and directing it to transfer the balance (after deducting its costs) to such address as the Court ordered.
While His Honour Judge Henshaw ultimately determined that the question of entitlement to the Account and ownership of its contents had already properly been resolved by the Agreement, the judgment contains an interesting discussion as to how English law approaches these issues.
Nexos central claim was that while it was not expressly or fully identified to HDR as the contracting party, it was still entitled to enforce the Account agreement against HDR as an undisclosed principal.3 Under English law, an undisclosed principal may sue and be sued on a contract made by an agent on his behalf, acting within the scope of his actual authority,4 provided that:
(i) in entering into the contract, the agent intends to act on the principal's behalf, and
(ii) the terms of the contract do not, expressly or impliedly, exclude the principals right to sue, and his liability to be sued.
There was no suggestion by either Defendant that point (ii) applied here. HDR's terms of service for the Account expressly envisaged the possibility that an individual might open and operate an account as agent for another entity. Similarly, neither party claimed that opening a crypto-trading account for Nexo on BitMEX was outside the scope of Mr Shulev's actual authority as a director of Nexo.
The main point in issue was factor (i), namely whether Mr Shulev intended to act on Nexo's behalf when opening the Account, or whether he intended to act in his personal capacity.
The High Court ultimately found that the Agreement was valid, and resolved who was entitled to the Account. However, it also held that (if it were wrong with respect to the validity of the Agreement) Nexo would have been entitled to the Account and its contents. This conclusion was based on a number of key findings:
(a) The purpose of setting up the Account appeared to have been to enable Nexo to obtain a better rate than it was receiving on its other corporate accounts;
(b) Deposits into the Account came from other existing Nexo corporate accounts;
(c) The Account was opened using Mr Shulev's Nexo corporate email address, as opposed to any personal or private email address;
(d) Other employees at Nexo had access to the Account and executed transactions on it, whereas there was no evidence of Mr Shulev having executed any transactions on the Account; and
(e) Various communications sent by Mr Shulev were expressed in terms ("we") which suggested that he viewed the Account as a Nexo account rather than a personal account.5
Overall, HHJ Henshaw considered that these factors indicated that "whether judged objectively or subjectively, Mr Shulev intended to open the Account on Nexos behalf and to hold Nexo assets".6 As such, in relation to the Account Mr Shulev owed, and owes, to Nexo the duties of an agent to his principal, including the duty to act on Nexos instructions and to hold the Account and its contents as fiduciary for Nexo.7
With the English courts increasingly considering crypto-asset related disputes, this decision forms part of a developing body of English case law in this fast moving area. It serves as a valuable reminder of the utility of stakeholder applications, including for cryptocurrency exchanges who may need to resolve disputes over account ownership where various competing claims to assets are made.
1[2022] EWHC 1685 (Comm).2 These matters were also considered as part of the judgment, but are beyond the scope of this summary.3In the alternative, Nexo claimed as disclosed but not (fully) identified principal, on the basis that in using his Nexo corporate email address, Mr Shulev represented to HDR that he was opening the Account in his capacity as a director of Nexo. This secondary claim was not considered in the judgment.4Siu Yin Kwan v Eastern Insurance Co Ltd [1994] 2 AC 199, [207].5 [2022] EWHC 1685 (Comm), [103].6 [2022] EWHC 1685 (Comm), [111].7 [2022] EWHC 1685 (Comm), [112].8 See, for example, Tulip Trading Limited v Bitcoin Association for BSV [2022] EWHC 667 (Ch), our analysis of which is available here.
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Offshore cryptocurrency exchange obtains clarity from the English High Court on ownership and control of trading account - JD Supra
Cryptocurrency Bitcoin Cash Up More Than 4% In 24 hours – Benzinga
Over the past 24 hours, Bitcoin Cash's BCH/USD price rose 4.29% to $138.28. This continues its positive trend over the past week where it has experienced a 16.0% gain, moving from $119.15 to its current price. As it stands right now, the coin's all-time high is $3,785.82.
The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has increased 248.0% over the past week while the overall circulating supply of the coin has increased 0.47% to over 19.14 million which makes up an estimated 91.12% of its max supply, which is 21.00 million. The current market cap ranking for BCH is #31 at $2.64 billion.
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Cryptocurrency Bitcoin Cash Up More Than 4% In 24 hours - Benzinga
What Is The Affinity Among Blockchain And Cryptocurrency? – Inventiva
We all have been hearing about Blockchain and Cryptocurrency for a long time of Bitcoin investment , both these terms are quite popular. Also, the use of these two is connected. While these two technologies are different, they are inherently intertwined with each other. Essentially it is a decentralised, digitised, blockchain-linked information, public ledger, as well as it is understood to constitute a block, and is thereby stored along with the computer network that makes up the database. When a verifiable transaction is made, all the information is stored with the block and when it is complete, it is then combined with a chain. The same thing about cryptocurrency has been operated with blockchain, mainly because it is completely decentralised as well as a digital system. Virtual is also defined as a digital currency. If they want the security of crypto, then they can use cryptography for this as well as there is no ownership of any special authority in it, so it will be difficult for the government to manipulate it in any way.
Bitcoin (BTC) was the first and extremely popular crypto, but gradually its list has increased to more than 8000. If we talk about blockchain technology, then bitcoin is by far the most popular currency. There is no doubt that both these technologies are a very important part. A lot of changes have been seen in recent years which are considered quite advanced, but at the same time, it has many conditions due to which confusion still exists. This confusion needs to be reduced, which requires learning how to evaluate the feasibility of a crypto project with a cryptocurrency course.
The Future of Blockchain and Cryptocurrencies
It is estimated that blockchain world spending could reach $104.9 billion by 2030. Blockchain and cryptocurrencies are providing many disruptions to the financial services sector, seizing the rapid pace that blockchain technology has to offer traditional institutions. The development of blockchain technology has shown no signs of slowing down yet. Some people are still uncertain about its future. 2022 may prove to be a good and successful year for investment by the people. Whether it is considered a long-term investment or perhaps is still to be determined. Similar to those who view bitcoin as a fixed supply, blockchain platforms are being developed to enhance its value over a long period in an ecosystem with decentralised applications.
How Blockchain and Cryptocurrency Work Together
As opposed to being an elective technology to crypto, blockchain is a crucial component of it. At last, the development and improvement of blockchain have been powered by digital forms of money, as crypto relies upon its network to exist. However, blockchain goes past crypto applications. Not restricted to the financial area, innovation gives numerous arrangements that have and will keep on disturbing the generally assorted markets long into the future. Blockchain technology was first implemented in the year 2009, at that time no one knew it as much as it is now. The cryptographic form of blocks is completely secure, it was developed rapidly in the 1990s, but revolutionary cryptosystems came to prominence.
Conclusion
In conclusion, we would like to point out that some other industries and developers are still building to expand cryptocurrency and blockchain with their initial flexibility. It is a popular technology that is supporting other innovations such as IoT, AI and Big Data, and it has emerged with Blockchain. It is correct to say that with the changes and developments taking place in it, Blockchain has become the future of people, if you also want to have good career growth then you have to prepare yourself to invest in it.
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What Is The Affinity Among Blockchain And Cryptocurrency? - Inventiva
Cryptocurrency Cosmos Hub Up More Than 4% In 24 hours – Benzinga
Over the past 24 hours, Cosmos Hub's ATOM/USD price rose 4.18% to $10.4. This continues its positive trend over the past week where it has experienced a 10.0% gain, moving from $9.43 to its current price. As it stands right now, the coin's all-time high is $44.45.
The chart below compares the price movement and volatility for Cosmos Hub over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has tumbled 35.0% over the past week while the circulating supply of the coin has risen 0.51%. This brings the circulating supply to 292.59 million. According to our data, the current market cap ranking for ATOM is #28 at $3.03 billion.
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Cryptocurrency Cosmos Hub Up More Than 4% In 24 hours - Benzinga
The rise of fake cryptocurrency apps and how to avoid them – Cointelegraph
Scammers have been taking advantage of blockchains decentralized and immutable nature to swindle crypto investors since the advent of the technology.
And, according to the latest FBI fraud report, fraudsters are using fake crypto apps to steal money from unsuspecting crypto investors. It highlights that American investors have lost approximately $42.7 million to swindlers through fake apps.
The schemes reportedly take advantage of heightened interest in cryptocurrencies, especially during bull market runs, to beguile crypto users.
Fake crypto app scammers use myriad techniques to entice investors. The following is a breakdown of some of them.
Some fake crypto app scammer networks use social engineering strategies to entice victims.
In many cases, the fraudsters befriend the victims through social platforms such as dating sites and then trick them into downloading apps that appear to be functional cryptocurrency trading apps.
The scammers then convince users to transfer funds to the app. The funds are, however, locked in once the transfer is made, and the victims are never allowed to withdraw money.
In some cases, the scammers lure victims using outlandish high-yield claims. The ruse comes to an end when the victims realize that they cant redeem their funds.
Speaking to Cointelegraph earlier this week, Rick Holland, chief information security officer of Digital Shadows a digital risk protection firm underscored that social engineering remains a top strategy among crooks because it requires minimal effort.
Relying upon the tried-and-true method of social engineering is far more practical and lucrative, he said.
The cybersecurity manager added that social engineering makes it easy for scammers to target high-net-worth individuals.
Some fake crypto app scammers have resorted to using recognizable brand names to push fake apps because of the trust and authority that they wield.
In one case highlighted in the latest FBI crypto crime report, cybercriminals posing as YiBit employees recently hoodwinked investors out of some $5.5 million after convincing them to download a bogus YiBit crypto trading app.
Unbeknown to the investors, the actual YiBit crypto exchange firm ceased operations in 2018. Fund transfers made to the fake app were stolen.
In another case outlined in the FBI report, phishers using the Supay brand name, which is associated with an Australian crypto company, swindled 28 investors out of millions of dollars. The ploy, which ran between Nov. 1 and Nov. 26, caused $3.7 million in losses.
Such schemes have been going on for years, but many incidences go unreported due to the lack of proper recourse channels, especially in jurisdictions that shun cryptocurrencies.
Recent:How NFTs can boost fan engagement in the sports industry
Besides the U.S., investigations in other major jurisdictions such as India have in the recent past uncovered elaborate fake crypto app schemes.
According to a report published by the CloudSEK cybersecurity company in June, a newly discovered fake crypto app scheme involving numerous cloned apps and domains caused Indian investors to lose at least $128 million.
Fake crypto app scammers sometimes use official app stores to distribute dodgy applications.
Some of the apps are designed to collect user credentials that are then used to unlock crypto accounts on corresponding official platforms. Others claim to offer secure wallet solutions that can be used to store a diverse range of cryptocurrencies but pilfer funds once a deposit is made.
While platforms such as Google Play Store constantly review apps for integrity issues, it is still possible for some fake apps to slip through the cracks.
One of the latest methods used by scammers to accomplish this is registering as app developers on popular mobile app stores such as the Apple App Store and Google Play Store and then uploading legitimate-looking apps.
In 2021, a fake Trezor app masquerading as a wallet created by SatoshiLabs used this strategy to get published on both Apple App Store and Google Play Store. The app claimed to provide users with direct online access to their Trezor hardware wallets without needing to connect their Trezor dongle to a computer.
Victims who downloaded the fake Trezor app were obligated to submit their wallet seed phrase to start using the service. A seed phrase is a string of words that can be used to access a cryptocurrency wallet on the blockchain.
The submitted details allowed the thieves behind the fake app to loot user funds.
According to a statement provided by Apple, the fake Trezor app was published on its store through a deceptive bait-and-switch maneuver. The app developers are alleged to have initially submitted the app as a cryptography application designed to encrypt files but later on converted it to a cryptocurrency wallet app. Apple said that it was not aware of the change until users reported it.
Speaking to Cointelegraph earlier this week, Chris Kline, co-founder of Bitcoin IRA a crypto retirement investment service said that despite such incidents, major tech companies in the space were resolute in fighting fake crypto apps because of the potential damage to their integrity. He said:
That said, the fake app problem is more prevalent in non-official app stores.
Fake cryptocurrency apps are designed to resemble legitimate apps as closely as possible. As a crypto investor, one should be able to discern between legitimate and fake apps to avoid unnecessary losses.
The following is a breakdown of some of the things to look out for when trying to ascertain the authenticity of a mobile crypto application.
The first step in ascertaining whether an app is legit is checking out the spelling and icon. Fake apps usually have a name and icon that looks similar to the legitimate one, but something is usually off.
If the app or developer names are misspelled, for example, the software is most likely phony. A quick search about the app on the internet will help to confirm its legitimacy.
It is also important to consider if the app has a Google Editors choice badge. The badge is a distinction provided by the Google Play editorial team to recognize developers and apps with outstanding quality. Apps with this badge are unlikely to be fake.
Counterfeit apps usually request more permissions than necessary. This ensures that they glean as much data as possible from victims devices.
As such, users should be wary of apps that require off-center permissions, such as device administrator privileges. Such authorizations could give cybercriminals unfettered access to a device and allow them to intercept sensitive data that can be used to unlock financial accounts, including crypto wallets.
Intrusive app permissions can be blocked via a phone systems privacy settings.
The number of times that an app has been downloaded is usually an indicator of how popular it is. Apps from reputable developers typically have millions of downloads and thousands of positive reviews.
Inversely, apps with just a few thousand downloads require greater scrutiny.
If unsure about an application, contacting support through the companys official website could help to avoid financial losses due to fraud.
Furthermore, authentic apps can be downloaded from a companys official website.
Related:Crypto contagion deters investors in near term, but fundamentals stay strong
Cryptocurrencies are underpinned by relatively new technology, so it is only natural that there are teething problems when it comes to use and adoption. Unfortunately, in recent years, black hats have targeted nave crypto enthusiasts using fake crypto apps.
While the problem is likely to persist for several years, increased scrutiny by tech companies is likely to temper the issue in the long run.
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The rise of fake cryptocurrency apps and how to avoid them - Cointelegraph
Celebrities and Banking Industry Pushed Cryptocurrency Market To Its Collapse, Now is the Time to Truly Learn – Black Enterprise
Two years ago, cryptocurrency was all the rage, as companies quickly jumped into digital currency, and celebrities from rapper Jim Jones to actress Reese Witherspoon touted the financial technology and their currencies.
Since then, things have changed. From May until now, more than $700 billion has been lost as the value of cryptocurrency has fallen. Making matters worse those losses have been disproportionately felt by Black investors.
Black Americans embraced cryptocurrency as a way to work around the U.S. banking system and its regulations, which have discriminated against and marginalized them for generations. However, a lack of oversight has allowed many users to be taken advantage of.
But as MSNBC reports, things didnt have to be this way. Since cryptocurrency became mainstream, there have been opportunities to have meaningful conversations about the future of digital currencies. However, celebrities and those in the entertainment industry quieted those voices to push their products.
Now that cryptocurrency has fallen to the bottom, this is the time for those meaningful conversations. Digital currency is not going away and the technology used to keep track of transactions, known as blockchain, is designed to work best in the Metaverse, which is still largely in development.
True financial literacy and learning the ins and outs of cryptocurrency as both creators and consumers are paramount to avoiding another billion-dollar loss. Teaching those interested in financial technology will not only protect users, but it can create opportunities for experts to make money from sharing financial technology and how to avoid becoming victims of another crash.
Digital currencies, like cryptocurrency and NFTs, are the foundation of the economy of the future, but if we dont learn the basics and how to use them effectively, it will have the same effect as payday loans and other credit rip-offs taking advantage of those in the most need.
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Celebrities and Banking Industry Pushed Cryptocurrency Market To Its Collapse, Now is the Time to Truly Learn - Black Enterprise
Can the cryptocurrency market remain bullish on the first days of August? – FXStreet
Most of the coins faced a correction period on the last day of the week.
Despite the slight decline, the rate of Bitcoin (BTC) has risen by 5.19% over the last 7 days.
BTC/USD chart by TradingView
On the weekly chart, Bitcoin (BTC) looks bullish as the rate stays above the $23,000 mark. If bulls can hold the initiative, one can expect a continued rise to the $25,000 zone on the first days of the upcoming month.
Such a scenario is relevant until mid-August. Bitcoin is trading at $23,710 at press time.
Ethereum (ETH) has gained even more than Bitcoin (BTC) as the rate has grown by almost 8%.
ETH/USD chart by TradingView
Ethereum (ETH) has continued the rise after the false breakout of the mirror level at $1,476. In this case, the more likely scenario is a test of the $1,900-$2,000 area within the next days. Ethereum is trading at $1,711 at press time.
XRP is showing the same growth as Ethereum (ETH), rising by 8%.
XRP/USD chart by TradingView
XRP is trading near its resistance level at $0.3893 on the weekly chart. If the candle closes above this mark, there is a high possibility to see a sharp upward move to the $0.40 zone soon.
XRP is trading at $0.3895 at press time.
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Can the cryptocurrency market remain bullish on the first days of August? - FXStreet
Looking back on the cryptocurrency horse race – Axios
Cryptocurrency might change the world, but, until then, it's a horse race. Mainly, coins are fighting to get to third place.
Why it matters: Coins that get a lock in their position at the top are likely to have found what tech people call "product-market fit." That is, some set of people has found them decisively useful in some way.
Details: This chart looks backward from the top 10 cryptocurrencies by market cap today, and where they have stood in the CoinMarketCap rankings every summer going back to 2017.
Of note: Bitcoin has always led this chart. Ethereum is solid but if you go back a little farther, it traded places with xrp a few times.
Stablecoins jump out. Note the rapid ascents of tether, usd coin and binance usd.
Also, note the white space to the left. Empty rankings on the chart are where once buzzy but now mostly forgotten cryptocurrencies sat when they still looked interesting.
What we're watching: DOGE, crypto's comeback coin, keeps on hanging on in the rankings. Much wow!
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Looking back on the cryptocurrency horse race - Axios