Bitcoin News — Ripple

Crypto Markets See Mixed Signals After Recent Downturn

Posted by Ana Berman on

Major cryptocurrencies are seeing mixed signals after a few days in the red, with Bitcoin hovering around $6,400.

Sunday, Nov. 8: crypto markets are seeing mixed signals after a recent downturn, with the top 20 cryptocurrencies mostly in the green, as data from Coin360 shows. Bitcoin (BTC) faces minor losses, while Stellar (XLM) is the only major coin to grow steadily throughout the weekend.

Market visualization from Coin360

Market visualization from Coin360

Similar to most of the major currencies, Bitcoin (BTC) is seeing mixed signals with its price fluctuating around $6,400 as of press time. During this week, the top cryptocurrency had its main peak on Wednesday, Nov. 7, trading over $6,500 at the time, and then mildly declining by the end of the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

The second largest currency, Ethereum (ETH), is in the green after several days of decline throughout the week, trading at around $212 at press time. On Tuesday, Nov. 6, Ripple (XRP) briefly overtook Ethereum by market capitalization, repeating a pattern that has occurred several times this year. However, the next day, Nov. 7, the coin regained its position.

 

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP) is hovering around zero percent change on the day with its price at $0.50 as of press time. After a short take-off in the beginning of the week with the peak at Nov. 6, when XRP was trading at $0.55, the coin is back to the moving averages.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $213 billion at the press time, surpassing $214 billion throughout the weekend and then going slightly backwards, but still above the $207-210 billion levels it held holding in October. The daily trading volumes on Nov. 11 have reached $11.7 billion as of press time.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

Stellar (XLM) is one of the top 20 currencies that gained the most in price — up 5 percent as of press time trading at $0.26 — while Cardano (ADA) has gained more than 2 percent on the day. Monero (XMR), in its turn, is in the red, seeing the most visible loss — down 2.5 percent on the day to press time— among the leading currencies.

The weekend is marked by ongoing legal battles with unregistered crypto-related companies in several countries.

In the U.S., the Colorado State Securities Commissioner issued a cease and desist order to four Initial Coin Offerings (ICOs) for allegedly offering unregistered securities. Meanwhile, Germany’s financial regulator ordered the partial cessation of activities by a U.K.-based crypto-related firm that offers cross-border trading on its platform. And in South Korea, crypto trading platform Zeniex has been forced to close amid the recent government crackdown on unregistered crypto exchanges.

Chinese mining giant Bitmain has also initiated litigation in U.S., suing an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 9

Posted by Rakesh Upadhyay on

Following a breakout earlier this week, some coins have returned to their range-bound action. Let’s see what the charts forecast.

 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

While many experts and investors view the current crypto bear market as a negative, economist Tyler Cowen, professor at George Mason University, believes that a crash is positive because it helps clean up the system. The dotcom bubble, though painful, wiped out the bad companies, paving the way for today’s leaders like Amazon and Google.  

Previously, the naysayers pointed to the sharp volatility in cryptocurrencies as a deterrent for mass adoption. However, since September, Bitcoin has traded in a tighter range than the Argentine peso, the Turkish lira, the Brazilian real, the Mexican peso, and the South African rand. In fact, its range was only 2.7 percent greater than that of the safe haven currency, the Swiss franc.

Both on the way up and on its way down, Bitcoin has been the leader, whose price action is followed by the altcoins. However, some analysts believe that this might change in the future and the next bull market might be led by one of the top altcoins. Let’s see what the charts forecast.

BTC/USD

Bitcoin has failed to attract buyers at higher levels. It turned down from $6,600 levels and easily broke below both the moving averages. This is a sign of weakness. The next stop is a fall to $6,250–$6,200.

BTC/USD

A break below $6,200 will threaten the critical support zone at $6,075.04–$5,900, which has not been breached in 2018. Any break of this support can result in a sharp liquidation of long positions, dragging the BTC/USD pair to $5,450 and $5,000 within a short span of time. Therefore, traders can keep the stops at $5,900.

If the bulls support $6,200 levels, the leading digital currency can extend its stay in the range for a few more days.

ETH/USD

Absence of follow up buying has pushed Ethereum to the 20-day EMA. If this support breaks, it can slide to the lower support of $200 and $188.35. The downtrend will resume if the bears sink prices below the Sept. 12 lows of $167.32.

ETH/USD

If the bulls defend the 20-day EMA, the ETH/USD pair might attempt to rise above $225.12 once again. We will turn positive on a breakout and close above $249.93. The flat moving averages and the RSI close to 50 suggests that consolidation might continue for a few more days.

Price action inside the range is usually volatile and can hit stops quickly. Therefore, positional traders can wait for a breakout and close above $249.93 before initiating any long positions. On the other hand, aggressive traders can buy close to the bottom of the range, near $188.35, after the digital currency shows signs of moving up.

XRP/USD

Ripple is not finding buying support at higher levels. After breaking out of the tight range, it has corrected back to the moving averages that are sloping up. We anticipate the bulls to offer strong support at current levels.

XRP/USD

If the XRP/USD pair bounces off the moving averages or from the breakout levels of the tight range, it will attempt to breakout of $0.565 once again. If successful, the digital currency can reach $0.625 and $0.7644.

On the other hand, if the bears sink prices below the moving averages and the tight range, a fall to $0.37185 is probable. For now, traders can retain the stops at $0.425, a level below which our bullish assumption fails.

BCH/USD

Bitcoin Cash has turned down from the critical overhead resistance of $660.0753. We were expecting this, hence, we recommended booking partial profits in our previous analysis.

BCH/USD

The current pullback can extend to the moving averages, which have completed a bullish crossover; hence, we anticipate a strong support at the 20-day EMA. The RSI has also corrected its overbought levels, therefore, the BCH/USD pair might try to breakout of $660.0753 once again. If the attempt fails, traders can close their positions.

Our bullish view will be invalidated if the bears continue to pound the digital currency, sinking it below the moving averages and $400.

EOS/USD

EOS has turned down from close to the top of the tight range. It is currently back at the midpoint. If the bears push prices below the 20-day EMA, a fall to the bottom of the range is probable. Traders can keep the stops on their long positions at $4.90.

EOS/USD

A breakdown of $5 can sink the EOS/USD pair to $4.49 and below that to the critical support at $3.8723. However, we expect the bulls to offer strong support at $5.

The virtual currency will show signs of strength if it breaks out of $6. A reversal will be signaled when the bulls sustain the price above $6.8299. Following a breakout, the target levels to watch on the upside are $9.1668 and $11.4.

XLM/USD

Stellar continues to trade above the moving averages and the downtrend line of the descending triangle. As the virtual currency is consolidating after breaking out of the downtrend line, we shall retain our buy suggested in the previous analysis.

XLM/USD

If our buy gets filled, the target objective if $0.36, with a minor resistance at $0.304. Though we expect this level to be scaled, in trading, we should be ready for any eventuality. Therefore, if the bears defend $0.304, traders can either close their position or raise their stops to breakeven. The initial stop loss can be kept at $0.2, which can be quickly trailed higher after the position gets filled.

Our bullish view will be invalidated if the XLM/USD pair breaks below both the moving averages and re-enters the downtrend line of the triangle. The downtrend will resume on a breakdown of $0.184.

LTC/USD

Litecoin turned down from the downtrend line. It has broken below both moving averages and is likely to retest the support zone between $49.466–$47.246. Traders, who are left with partial positions can maintain their stops at $50.

LTC/USD

The LTC/USD pair remains bearish as long as it trades inside the descending triangle pattern. The downtrend will resume if the bears break below $47.246.

The pattern will be invalidated if the bulls breakout of the downtrend line of the triangle. Such a move can push prices to the top of the range at $69.279. We expect a trend change if the virtual currency breaks out and closes (UTC time frame) above $69.279.

ADA/USD

Cardano is largely trading inside the tight range of $0.082207–$0.068989 since Oct. 12. After finding support at $0.068989 on Oct. 31, the price rallied to the top of the tight range at $0.082207 on Nov. 6.

https://lh5.googleusercontent.com/NUsGYm3gTshcqQCB1WUsAs1weYRjKw8ZvNd36ltX5a9xYNriVUDrXR7O0koboL-AZ6C8l2nNCbGCAn8BgwTE8p6nAOKfTiFpPH2Kx9wGt2lt7MZM1wYEoSGHJx1BXHx7R4ixCVyq

However, both these levels held out strongly. While the bulls defended the bottom of the range, the bears defended the top of the range.

With both moving averages flat and the RSI at the midpoint, the ADA/USD pair is not giving any clear insight about the next move. We anticipate a new uptrend if the bulls push prices above $0.094256. Until then, we suggest trades remain on the sidelines. If the virtual currency breaks down of $0.060105, it will resume the downtrend.

XMR/USD

After failing to breakout of the $112.44 level for four days, Monero has turned down and broken below both moving averages.

XMR/USD

Unless the bulls scale the moving averages quickly, a decline to the bottom of the tight range at $100.453 is probable.

The flat moving averages and the RSI close to 50 suggests that the range bound action is likely to continue. The XMR/USD pair is not showing any reliable buy setups; hence, we are not recommending any trade.

TRX/USD

TRON has been trading inside the $0.02815521–$0.0183 range since Aug. 8. Between Aug. 8 and Oct. 15, the price rose to the top of the range thrice and fell to the bottom of the range on two occasions.

TRX/USD

However, since then, the TRX/USD pair has largely been gravitating close to the midpoint of the range. Any deviation from the center gets pulled back quickly.

A new trend will form either on a breakout or a breakdown from the range. A rally and close (UTC time frame) above $0.02815521 can result in a move to $0.04158193. Below $0.0183, the downtrend will resume.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Drug Barons, Rogue States and Terror Groups Use Banks – Can Blockchain Stop Them?

Posted by Connor Blenkinsop on

Banks have been intentionally – and unwittingly – doing business with drug kingpins and rogue nations. A blockchain network says it can help them avoid eye-watering fines.

 

Scathing reports by regulators have accused traditional banks of inadvertently helping “drug kingpins and rogue nations” – enabling them to commit money laundering, make questionable transfers and evade economic sanctions and taxes.

It is a problem that dates back decades. Indeed, an article in The New York Times from 1989 estimated that $100 billion in revenues from cocaine sales in the US alone were ending up in the hands of a violent drug cartel in Colombia. The advent of electronic wire transfers was to blame, with one politician warning: “The bankers are unconsciously and haphazardly and lazily acting in complicity by failing to do enough.”

Come 2012, HSBC was in hot water and fined almost $2 billion because it had failed to prevent criminals from using its infrastructure. Its division in Mexico had inadequate money laundering controls, with a US senate committee report accusing it of being reluctant to close suspicious accounts. The report also concluded it had circumvented strict rules to do business with the likes of Iran, North Korea and Burma, which the US defines as “rogue states.” Two of HSBC’s divisions were found to be altering transaction details to remove references to one forbidden nation. On top of this, it was claimed HSBC had links to organizations that funded terrorism.

A blockchain financial technology startup has pointed to these examples – as well as several others – as proof that current regulatory regimes are not working as they should be, and compliance is patchy. The Ivy Network says the know-your-customer (KYC) and know-your -transaction (KYT) checks on its platform have the potential to be better than what banks currently use, speeding up transactions without increasing costs or reducing transparency.

Online and mobile banking, automated currency conversions and an emphasis on the same-day clearance of transactions have been great news for normal consumers who want simpler payments, but at times have been a haven for criminals. Ivy Network cryptocurrencies present a “new and promising frontier for the future of digital payments” – with blockchain technology streamlining regulatory compliance and preventing major breaches for banks in future (as well as the eye-watering fines that go along with them.)

FYI: KYC and KYT

KYC checks are often used to help both parties in a transaction ensure they comply with regulators and avoid intentional or unintentional involvement in major financial crimes such as money laundering. For financial institutions, this normally involves verifying the identity papers of customers, checking their name against blacklists, examining their risk of committing crimes such as identity theft or money laundering, and monitoring transactions for suspicious activity.

Meanwhile, KYT checks provide granular details on individual transactions – ensuring that ever-stringent financial and legal obligations are met.

According to the Ivy Network, it can offer 74 know your customer” data points and more than 120 “know your transaction” data points. Although the company concedes cryptocurrency is an “unknown for many people and traditional institutions,” it believes that the transparent and thorough nature of blockchain’s infrastructure can give everyone greater peace of mind.

“Better than other digital currencies”

Ivy says it offers several advantages over traditional payment networks, in addition to rival cryptocurrencies. Its infrastructure enables more KYC and KYT data to be embedded into a transaction when compared with old-fashioned financial institutions, which in theory can make it harder for illegal activities to be carried out for all parties. In an attempt to reach out to these legacy brands, the startup says its systems can be integrated into existing banking systems – and embedded into software that’s used for accounting purposes.

From a cryptocurrency perspective, the Ivy Network, Ivy’s flagship product, believes it offers “architectural improvements” over Ripple, its closest rival. This is because KYC and KYT checks, as well as anti-money laundering mechanisms, are not included in Ripple’s core design – and in any case, such data is not associated with digital currency.

A token generation event for Ivy, the native token on the network, took place in the first half of 2018. Looking ahead to the rest of the year, it is building a live test network and working to forge key partnerships with financial institutions interested in trying out its beta product. Fiat and crypto conversions have gone live with IvyPay, paving the way for a minimal viable product to be fully developed.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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The Daily: Binance Launches Analysis Division, Cobinhood Adds 4 Stablecoins

Posted by Lubomir Tassev on

The Daily: Binance Launches Analysis Division, Cobinhood Adds 4 StablecoinsIn this edition of The Daily, we cover the launch of Binance Research, a new analysis division that will produce in-depth reports for customers of the leading cryptocurrency trading platform. We also look at Cobinhood’s decision to add several stablecoins to its platform and the reasoning behind the move. In addition, we focus on Swift’s […]

The post The Daily: Binance Launches Analysis Division, Cobinhood Adds 4 Stablecoins appeared first on Bitcoin News.

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Crypto Markets See Visible Drop Off as Major Coins Are in The Red

Posted by Ana Berman on

13 of the 20 top cryptocurrencies are in the red, with Bitcoin Cash and Ripple losing up to 4 percent over the day.

Wednesday, Nov. 8: most cryptocurrencies have seen a drop-off today, with the most visible losses seen by Bitcoin Cash (BCH) and Ripple (XRP), as data from Coin360 shows. As of press time, the markets are seeing mixed signals, mostly staying in the red.

Market visualization from Coin360

While in the beginning of the week Bitcoin (BTC) was mostly in the green, up almost to 2 percent on the day Monday, Nov. 5, today the major coin is hovering around zero, mostly staying in the red and trading around $6,450 as of press time.

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH) is also about 2 percent down on the day, being traded slightly over $213 as of press time. The coin is seeing some stability after it has regained its second spot, bypassing Ripple (XRP) by market capitalization.

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP), in its turn, is currently trading at $0.50, dropping as much as 5.6 percent over the day as of press time. As per its weekly charts, the currency has seen its peak on Tuesday, Nov. 6, when the coin temporarily overtook Ethereum as the second largest altcoin.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $215 billion at the press-time, falling from $219 billion over the last 24 hours. According to daily trading volume, it has also dropped in comparison to yesterday, Nov. 7, hovering around $13.5 billion as of press time.

Weekly total market capitalization chart. Source: CoinMarketCap

18 of the 20 major cryptocurrencies are in the red, with Bitcoin Cash (BCH), Ripple (XRP) and NEM (XEM) seeing the biggest drops in last 24 hours according to CoinMarketCap. BCH has lost a distinctive 4.8 percent after almost a week-long growth following its upcoming hard fork, which is backed by major crypto exchange Binance. As of press time, the coin was traded at around $589.

Dash (DASH) is the only crypto to see a slight growth among top 20 coins, up to 1 percent on the day and trading at around $167 as of press time.

Meanwhile, today, Nov. 8, two countries in Asia have called for clearer crypto regulation. The Deputy Prime Minister of Thailand, Wissanu Krea-ngam, urged to lawmakers to amend the existing legal framework for crypto — set in May 2018 — to meet the development of the technology, warning about possible dangers for consumers. In the meantime, South Korea’s lawyers have lobbied the local government to speed up its work and expedite a legal framework for cryptocurrencies as well.

Yesterday, Nov. 7, crypto Twitter saw an extensive discussion in response to William Shatner’s positive tweet about Ethereum (ETH) co-founder Vitalik Buterin.

The Canadian actor, most known for his role of captain James T. Kirk in Star Trek, posted a thumbs-up emoji tagging Buterin on Twitter, sharing the post to his 2.5 million followers.  Shatner was then drawn into a debate over the ETH network’s decentralization, showing familiarity with ERC standards in his rebuttal to “crypto troll[s].”

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