EOS Developer Block.one Releases Version 2.0 of EOSIO Protocol

EOS developer Block.one announces the release of version 2.0 of the EOSIO open source protocol with improved smart contract processing and security.

EOS developer Block.one has announced the release of version 2.0 of the EOSIO open source protocol, according to an official press release shared with Cointelegraph on Oct. 8.

EOSIO is a blockchain-based smart contract protocol used to develop and host decentralized applications (DApps). It employs a consensus model called delegated proof-of-stake.

Protocol updates: smart contract efficiency and security

According to Block.one’s announcement, the core of EOSIO 2.0 includes various improvements to EOS VM — a high-performance WebAssembly engine specialized for blockchain applications that enables more efficient use of system resources when processing smart contracts.

Block.one claims that the updated EOS VM offers up to a 16x performance gain over EOSIO 1.0, thereby greatly improving smart contract efficiency.

Other major developments include the adoption of WebAuthn authentication standards, allowing to use a hardware device for authenticating and signing transactions in browsers without extensions or extra installed software for EOSIO applications.

This will improve security without users needing to keep track of private keys or other account information, the press release claims.

For the network’s block producers Block.one has also developed what it dubs “weighted threshold multi-signature block production” — a way for them to “securely sign blocks by utilizing a permission layer that allows for multiple block signing keys in a flexible scheme without sharing any sensitive data.”

New developer tools

The release also includes a new web-based development tool dubbed EOSIO Quickstart Web IDE — currently at an alpha support stage — which aims to decrease the complexity and system requirements for building EOS.io applications.

As Cointelegraph reported on Sept. 14, a hacker had allegedly stolen over $110,000 in cryptocurrency through an exploit of EOS gambling game EOSPlay.

Industry developers have subsequently contextualized the hacker’s exploits amid a purportedly wider problem: an inexpensive technique that allegedly allows hackers to “congest” the network — or put it into a low-efficiency mode — with just a few dollars worth of EOS.

Block.one executives have rejected this claim and contended that the network is operating correctly.

NIXT – Nexinter Launches Exchange Offering Using SLP

NIXT - Nexinter Exchange Offering

Today, NextHash and Bitcoin.com have entered a technical partnership to design and structure the NIXT utility token.

NIXT token is being listed in its fully operational exchange Nexinter on top of Bitcoin Cash, using the Simple Ledger Protocol (SLP) framework. The Simple Ledger Protocol whitepaper was published last July and the project launched in August 2018.

NIXT token is being launched as part of the ongoing IEO by Nexinter, that is a global digital trading Exchange that belongs to NextHash Group. NIXT token holders will receive the immediate utility to trade digital assets at discounted fees, get a branded debit card and more importantly they will be able to participate in private placements of Digital Security Offerings.

Private placement of digital securities, is the early step for investors to buy a new category of digital asset called “tokenised stocks” at the best possible market price before trading occurs. Throughout the Nexinter IEO, anybody that holds NIXT token will be allowed to join at early stage into Tokenised stock offerings. Only KYC and AML are required, because compliance is of utmost importance at NextHash and Nexinter.

Bitcoin Cash token-issuers greatly benefit from SLP because the token system does not interfere with the BCH chain’s consensus rules. SLP tokens and their transactions have metadata attached to them, which gives greater data transparency and verification.

As part of the partnership, Roger Ver, Executive Chairman and Founder of Bitcoin.com and industry expert, has agreed to join the Advisory Board of Nexinter to oversee and facilitate the launch of the NIXT utility token on top of Bitcoin Cash.

Daniele Mensi, CEO of Nexthash, commented on the partnership: “We are very excited to partner with Bitcoin.com, being among the first to leverage the great potential of SLP-based token because our priority is to pave brand new avenues of customer interactions being focused on compliance and transparency. We believe SLP is the perfect framework to start delivering this promise on our NIXT utility token and we are very excited to work together with Roger and the rest of the Bitcoin.com team!”

About Bitcoin.com

Bitcoin.com is a company that provides Bitcoin Cash (BCH) related services across various premium world wide web domains including but not limited to bitcoin.com. It has lately launched its own exchange that predominantly trade BCH and BTC, and lauched a world class mobile wallet to allow immediate payments by crypto across retails stores of many countries.

About Roger Ver

Roger Ver is the first investor in bitcoin and bitcoin-related startups and an early promoter of bitcoin. He has been known as “Bitcoin Jesus” for his prominent support of bitcoin adoption. He is one of the most influential industry leader and now chairman of Bitcoin.com.

Follow us on social channels:
Linkedin: https://www.linkedin.com/company/nexinter
Twitter: https://twitter.com/NexinterDigital
Telegram https://t.me/Nexinter
Email: support@nexinter.com

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FTSE 100 Sweats as UK Faces £92 Billion Brexit Recession Bomb

The FTSE 100 was on a knife-edge on Tuesday morning, swinging in and out of the red in the first hour of trading. The UK stock market index took a hit as the full financial impact of a no-deal Brexit begins to take hold. The Institute for Fiscal Studies (IFS) warned that government borrowing would […]

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Bitcoin Price, Altcoins Losing Bullish Momentum

Recently, there was a decent rebound initiated in bitcoin price above the USD 8,000 resistance area. BTC/USD even climbed above the USD 8,100 and USD 8,200 resistance levels. However, the price struggled to gain bullish momentum above USD 8,300 and it is currently (08:00 UTC) correcting gains. Also, there was a strong rise in most major altcoins, including ethereum, ripple, EOS, bitcoin cash,

Kon’nichiwa! Ethereum Devcon 5 Festivities Begin in Japan

Hosted by the Ethereum Foundation (EF) with support from dozens of cryptocurrency ecosystem stakeholders, this year’s Devcon convention — where Ethereum’s best and brightest meet annually to foster innovation — is officially a-go.

Held in Osaka, Japan, the fifth installment of the conference opened on October 8th and will end on October 11th.

Devcon

“This is a conference for builders of all kinds: developers, designers, researchers, client implementers, test engineers, infrastructure operators, community organizers, social economists and artists,” the Devcon 5 website explains.

Speakers, Lightning Speakers, Workshops, Oh My!

With no shortage of intrigue and activities in store for the week-long gathering, the hardest part for many Devcon goers will be choosing which of the conference’s many events to go to.

Heading up the convention’s main speaking slots include figures who have been and will continue to be influential in building Ethereum’s future, including EF Executive Director Aya Miyaguchi and some of the project’s key technical visionaries, like Vitalik Buterin, Vlad Zamfir, and Karl Floersch.

Yet these are just some of the more familiar faces among the many noteworthy main presenters scheduled to speak in Osaka. Other influential figures who are also presenting include EF community relations maestro Hudson Jameson, economic theorist Zoe Hitzig, Gitcoin founder Kevin Owocki, cryptography researcher Benedikt Bünz, hacktivist Amir Taaki, MyCrypto CEO Taylor Monahan, and beyond.

Shorter presentations from “Lightning Speakers” will also be lined up throughout the week, for example from Augur’s Joey Krug and Ethereum 9¾ creator Wanseob Lim, as well as numerous workshops on topics like human readable contracts, decentralized derivatives, and the ins-and-outs of the new Lira coding language.

Enterprise Ethereum Alliance (EEA) Outlines New Token Work

The EEA — the enterprise-focused consortium comprised of Ethereum ecosystem mainstays like ConsenSys as well as traditional industry powers like Cisco, Intel, IBM, and Microsoft — has created a new token reward system to incentivize collaborative work among organizations, e.g. a consortium like the EEA.

Notably, the nonprofit body is highlighting the new system, which was spearheaded in part by teams at Intel and Microsoft, on the second day of Devcon 5 events.

Specifically, the system uses reward, reputation, and penalty tokens to allow partnering organizations to reward code contributions and penalize shortcomings, like drop offs in participation. It’s the inaugural effort to result from the Token Taxonomy Initiative, which the EEA announced back in the spring as a bid to standardize tokenization work around Ethereum.

Additionally, the EEA will be holding an Open Forum and a separate interactive discussion at Devcon 5, with both events focused on how to boost wider community collaboration.

“I encourage all Ethereum developers to come to the workshop and open forum to engage with us and discuss how EEA specifications can help drive overall Ethereum adoption,” said Paul DiMarzio, the EEA Director of Community.

All Eyes on Next Year

While this year’s Devcon 5 hasn’t come and gone yet, a point of focus at the conference will be 2020 — or rather the Ethereum community’s planned transitional steps to actualize the “Ethereum 2.0” blockchain, which is set to roll out at some point next year.

EF researcher Justin Drake made waves back in July when he made the first public indication that the genesis block of ETH 2.0 could launch as soon as early 2020. It remains to be seen if that rollout will be pushed back to Q2 or Q3, but the general consensus among Ethereum developers is that the platform’s evolution will begin next year.

Recent interoperability developments among the top ETH 2.0 clients makes Q1 more feasible. While nothing has been finalized for now, it’s clear that optimism is running high among the Ethereum community’s various stakeholders ahead of the major Serenity upgrade.

The post Kon’nichiwa! Ethereum Devcon 5 Festivities Begin in Japan appeared first on Blockonomi.

“The Largest Bubble”: Tether (USDT) Backers Hit With New Class Action Lawsuit

Plaintiffs have filed a class action lawsuit seeking damages worth more than $1.4 trillion USD against the backers of tether (USDT) and multiple affiliates of the stablecoin project.

Launched by five cryptocurrency traders and “all others similar situated,” the suit alleges that Bitfinex, Tether, and others used USDT issuances to “artificially [inflate] demand for cryptocurrencies,” causing “prices to spike” and later crash in the 2017-2018 cryptoeconomy market cycle.

Tether

Filed on October 6th in the U.S. District Court for the Southern District of New York, the class action marks only the latest legal hurdle faced by iFinex Inc., the operators of Bitfinex and Tether. iFinex has been mired in a separate high-profile lawsuit with the New York Attorney General’s office since the spring, with the NYAG alleging that $850 million in lost Bitfinex funds were partially and inappropriately covered using Tether’s cash reserves.

The new class action is more grandiose in scope, as the plaintiffs’ attorneys — Vel Freedman and Kyle Roche, the lawyers who recently bested Bitcoin SV proponent Craig Wright in federal court — argue that the defendants committed bank fraud, money laundering, and more in fostering an unprecedented market bubble:

“As the cryptocurrency market reached a fever pitch, Tether’s mass issuance of USDT created the largest bubble in human history. When it burst, over $450 billion of value disappeared in less than a month. The fallout continues to affect the cryptocurrency market, including by causing prices to be lower than they would have been but for the manipulation.”

It’s because of that massive proposed scope that the plaintiffs are seeking major damages. And while it’s too early for exact damages to be specified in the case, Freedman and Roche suggested it could be many hundreds of billions of dollars.

“[The defendant’s] liability to the putative class likely surpasses $1.4 trillion U.S. dollars,” the plaintiffs’ lawyers said.

Bitfinex Preempted Filing: “Meritless and Mercenary Lawsuit”

Bitfinex caught wind of an impending action against them, as a post published on the exchange’s announcements page on October 5th noted the company was specifically anticipating an “opportunistic lawsuit” based on market manipulation claims:

“Bitfinex is aware of an unpublished and non-peer reviewed paper falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market. Bitfinex vigorously disputes the findings and conclusions claimed by that source, which rely on flawed assumptions, incomplete and cherry-picked data, and faulty methodology.”

In beating the latest action’s filing by one day, Bitfinex wasted no time in contesting the legal salvo they correctly anticipated was coming.

“In advance of any filing, we want to make clear our position that any claims based on these insinuations are meritless, reckless and a shameless attempt at a money grab,” the exchange added.

So Bitfinex was able to get out in front of the suit PR-wise, though it remains to be seen how the class action will fare in court.

Not an Open and Shut Case?

Bitfinex and Tether are as controversial as any entities in the cryptoeconomy, but facts are still facts. Cases against them will need to be well structured and underpinned by accurate data, though this latest class action appears to fall short of those standards per Larry Cermak, Director of Research at The Block.

“[The suit] uses a lot of outdated or just wrong information and doesn’t back up a lot of the claims,” Cermak said on Monday.

So iFinex and its affiliates might have their work cut out for them if their attorneys can successfully pick through the class action’s shortcomings. Yet if the case does end up reaching the discovery stage, things could get more complicated for the defendants. Only time will tell for now.

The post “The Largest Bubble”: Tether (USDT) Backers Hit With New Class Action Lawsuit appeared first on Blockonomi.

DeFi Boosted Ethereum Dapps Despite Market Slump

Decentralized finance dapps are experiencing “huge growth,” per a new report – with Ethereum-powered services leading the way. A Dapp.com report found that in Q3 “over USD 525 million was performed by finance services dapps” (decentralized apps). And 27.6% of dapp users began using decentralized apps so they could access financial service offerings.

Massive ‘Woke’ NBA Backlash Against Un-Woke China is Just Starting

Typically, when fans and social media are being highly critical of a professional sports league, at the center of the discussion is usually the NFL. But not this time. This time, the recipient of all the backlash is the socially aware NBA. It appears that a league that has prided itself at being at the […]

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‘Closer Than Ever’ to Bitcoin ETF, Says Bitwise Ahead of SEC Deadline

Executives at Bitwise Asset Management are highly optimistic as the deadline for the U.S. SEC’s decision on their proposed Bitcoin exchange-traded fund nears.

Executives at Bitwise Asset Management are highly optimistic as the deadline for the United States Securities and Exchange Commission’s (SEC) decision on their proposed Bitcoin (BTC) exchange-traded fund (ETF) looms on the horizon.

Days ahead of the Oct. 13 deadline, an Oct. 7 CNBC report cites Matt Hougan, managing director and global head of research at Bitwise, saying:

“We’re closer than we’ve ever been before to getting a Bitcoin ETF approved.”

“No more ways to postpone it at this point”

As Cointelegraph reported, Bitwise filed its latest application for a physically held Bitcoin ETF with the SEC  in January. In August, the regulator postponed its decision on the proposal — together with two other crypto ETF applications — until Oct. 13. It now has no mechanism that allows to postpone any longer, Hougan underscored:

“Sometime before Monday, the SEC has to give its decision: yes or no. They have no more ways to postpone it at this point. We will hear clearly between now and Monday what they think.”

Despite the regulator’s repeated pushback against previous proposals, Hougan is positive about the prospects this time:

“Two years ago, there were no regulated, insured custodians in the Bitcoin market. Today, ... there are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd’s of London.”

He added that, in contrast with two years ago, six of the ten major crypto exchanges are now regulated by the New York Department of State (NYDS) and have market surveillance technologies in place.

Foremost, he argued, today’s market sees over $200 million in volume, with regulated Bitcoin futures traded every day — again, a stark change from a formerly “one-sided, inefficient market,” according to Hougan.

The involvement of major market makers such as Jane Street Capital and Susquehanna has transformed Bitcoin into one of the “most efficient institutional markets in the world,” he added.

Benefits of a Bitcoin ETF

Hougan argued that ETF approval would herald a major opportunity for everyday investors to access the Bitcoin space securely. He noted:

“While big institutions have safe, secure ways to buy Bitcoin in private funds that are available only to the ultra-high-net-worth people, regular investors don’t have a safe way.”

An ETF would enable financial advisors to bring Bitcoin to their clients easily “instead of them going rogue,” Hougan added.

This August, Bitwise CEO Hunter Horsley took a similar perspective to Hougan, citing positive developments in the industry such as Susquehanna’s entrance, improved arbitrage and new spreads, and access to extensive insurance policies.

2019’s Token Sales Have Produced a Handful of Winners

2019’s Token Sales Have Produced a Handful of Winners

2019 has proven a challenging year in which to launch a crypto startup, with the most successful tokens recording only modest returns. Investors chasing the sort of double-digit returns that were one commonplace have been mostly frustrated by a markedly more conservative market in which picking a winner has called for a combination of shrewdness and serendipity.

Also read: 4 Noncustodial Bitcoin Cash-Powered Payment Button Generators

Then and Now

In crypto, timing is everything, and for traders smart enough to sell at close to the all-time high (ATH), considerable profits are still possible. The trouble is, the ATH only becomes evident after the fact. Most of the ICOs and IEOs of 2019 can hardly be considered moonshots, but there have still been a few good performers that have at least skimmed the upper atmosphere, if not broken through the stratosphere.

In April, when news.Bitcoin.com examined the first wave of IEOs in Moon Landing or Misfire? we reported that Kamari (KAM), which was issued on ZBG Launchpad, had an ROI of 7X in USD terms, making it the best performing token at that time. Today Kamari is still the best performer of that initial group with an ROI of 4.7X, down from an all-time high of 12X. Meanwhile Bittorrent (BTT), one of the most publicized and highly anticipated tokens of the year, is also still performing well at an ROI of 3.6X, down from an ATH of 15.35X. Of the rest, only Lichang (LC) is showing a positive returns of 4.27X while also boasting the highest ATH of 16.45X.

The market has not been kind to hodlers however, as seven out of the 10 best performing tokens of Q1 are now showing negative returns for anyone still holding coins from launch date. Of these, the worst performer has been Global Trading System (GTS) which launched on ZBG launchpad and has fallen from 5.3X returns in April to 0.02X today. That means for every $100 you put into the startup on launch you’d now only have $2.

2019’s Token Sales Have Produced a Handful of Winners
How April’s 10 top performing IEOs look in October, six months on

Averaging these figures shows that the ROI across this initially promising group of IEOs would return a measly 1.53X, with a median ROI of 0.58X, or just over half your initial investment. The average ROI for exiting at an all-time high in every case would have been 8.57X.

The Bigger Picture

Since we last looked at the top 10 IEOs of Q1 2019, there has been a huge proliferation in initial exchange offerings, making it possible to glean a much broader understanding of how the overall market is behaving. From 40 IEOs across seven exchanges including Binance, OKEX and Huobi, 23 now show a negative ROI, with 16 showing a positive return, and one sitting at break even. It is a measure of how difficult the market is when IEOs on some of the largest exchanges are struggling, a sign which does not augur well for the smaller exchanges with less trading volume and traffic.

2019’s Token Sales Have Produced a Handful of Winners

Looking at the ICO market, the 10 largest projects to have listed this year have performed reasonably well, but with the exception of Cosmos there have been few truly exciting gains to be had. Cosmo (ATOM), which is the best performer of the group, sits at a very healthy 26X on ROI. Then there are Binance IEOs Matic at 4X and Bittorrent at an ROI of 3.5X. Only Sero on Gate at 8.6X (second best performer) and V Systems on Kucoin with 3.1X (fifth best) break Binance’s stranglehold on the top five positions. A wider analysis shows that the average ROI for the top 10 ICOs was 5.6X with a median ROI of 2.95X.

Even Exchange Coins Have Struggled

In a year that has proved challenging for the little guys, it is hard to know whether the big guns failing is cause for schadenfreude or even greater concern. In any case, even Bitfinex, which launched its own exchange token, LEO, this year, is now below its private sale price of $1, trading at $0.95 at time of press. After reaching an all-time high of $1.99 on June 26, the token has been on a steady downturn, before finally drifting beneath its offering price on October 7.

Although the wider controversy which surrounds Bitfinex could be attributed to the decline of LEO, other exchanges have similarly found their proprietary tokens struggling. Investors who have managed to turn a profit in 2019 can consider themselves lucky, skilled or a combination thereof. The days when any fool could profit from playing the crypto markets are long gone.

Do you think the quality of 2019’s projects has been lower, or has the market just been tougher? Let us know in the comments section below.


Images courtesy of Shutterstock and ICO Analytics.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Instagram Update Makes it Way Harder to Stalk Your Ex

The latest Instagram update removes the activity tab from the app. You can no longer see when the accounts you follow like and/or comment on a photo or follow another account. Privacy rules the day People care about their digital privacy now more than ever. This latest move by Instagram means that users of the […]

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Bitcoin Price (BTC) Rebounding But $8.5K Resistance Holds Key

  • Bitcoin price started an upside correction above the $8,000 resistance against the US Dollar.
  • The price is currently up around 5% and it recently tested the $8,350 area.
  • There was a break above yesterday’s highlighted declining channel with resistance near the $8,060 level on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently consolidating gains and it could correct lower towards $8,150 or $8,050.

Bitcoin price is currently rebounding above $8,200 against the US Dollar. However, BTC is still facing a lot of hurdles on the upside near $8,400 and $8,500.

Bitcoin Price Analysis

Yesterday, BTC traded to a new weekly low near $7,770 against the US Dollar. Later, the price started an upside correction above the $7,850 and $7,920 resistance levels. Moreover, there was a break above the $8,000 resistance and the 100 hourly simple moving average. During the rise, there was a break above yesterday’s highlighted declining channel with resistance near the $8,060 level on the hourly chart of the BTC/USD pair.

The pair even climbed above the $8,200 resistance and tested the $8,350 level. A swing high was formed near $8,348 and the price is currently correcting gains. It is trading towards the 23.6% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high. It seems like there is a rising channel forming with support near the $8,200 level on the same chart.

If there is a downside break below the channel support, the price could correct lower towards the $8,150 level. The main support on the downside is near the $8,050 level and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high is close to the $8,060 level to provide support.

Therefore, dips towards the $8,050 level might find support in the near term. Any further declines could push the price towards $8,000 or the 61.8% Fib retracement level of the recent rebound from the $7,770 low to $8,348 high. On the upside, there are many hurdles near $8,350, $8,400 and $8,500. A successful close above the $8,500 resistance is must for the price to move into a positive zone.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin is rebounding from the $7,770 swing low. However, the price is still trading well below the main $8,500 resistance area. In the short term, there could be another dip towards $8,150 or $8,050 before the price climbs above $8,350.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower towards the 60 level.

Major Support Levels – $8,150 followed by $8,050.

Major Resistance Levels – $8,350, $8,400 and $8,500.

The post Bitcoin Price (BTC) Rebounding But $8.5K Resistance Holds Key appeared first on NewsBTC.

Reddit Crypto Tipping Service TipJar Shuts Down

Ethereum-powered Reddit micropayments service TipJar shuts down, its developer urges users to withdraw their funds as soon as possible.

TipJar, an Ethereum (ETH)-powered service that allowed redditors to send micropayments to each other in Ether and ERC-20 tokens, was shut down on Oct. 7. Its website is still operational but will be also closed on April 10, 2020.

In a Reddit announcement published on the same day, TipJar’s developer cited “very little activity on the bot” as the main reason for the shutdown. He also urged users to withdraw their already deposited funds via TipJar’s website as soon as possible, adding:

“The TipJar reddit bot is being shut down immediately, so tipping other users on reddit is no longer possible. The TipJar website will be shutting down on April 10, 2020. After that point, TipJar accounts will no longer be accessible and funds cannot be transferred. If you have an existing balance in your TipJar account, you should withdraw as soon as possible.”

Crypto winter for smaller projects

The developer of TipJar also noted that he has “been paying the monthly server fees for several years, and although they are pretty minimal, at this point it doesn't make much sense” for him to continue funding the service that sees little interest from users.

Recently, this sentiment was also echoed by the team behind altcoin trading platform Coinexchange.io. As Cointelegraph reported on Oct. 2, the exchange is closing its doors due to low trading volumes and financial difficulties. 

Furthermore, according to Coinexchange’s official announcement, the “costs of providing the required level of security and support now outweigh” its earnings.

eToro Review: The Social Trading & Investment Platform

While eToro is a key player in the world of CFDs and cryptocurrency trading, the company also offers a lot more than this now. They have led the fintech revolution for over a decade and built up a reputation as the leading social trading platform in the world.

The company began as a general trading platform but has added cryptocurrency and other trading instruments to keep up with changing markets and growing demands. They are one of the pioneers in adding social features to their platform in the form of CopyTrading and CopyPortfolios.

Today, there are over 6 million users registered on eToro, cinching its status as an industry leader.

eToro Review

Visit eToro

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

eToro at a Glance

Broker eToro
Regulation FCA (UK), ASIC (Australia), CySEC (Cyprus)
Minium Initial Deposit
$200
Demo Account
Yes
Asset Coverage CFDs, ETFs, Forex, Cryptocurrency, Shares, Commodities, Indices
Leverage 20:1
Trading Platforms Proprietary Web, Mobile Apps

What Is the History of eToro?

eToro actually began back in 2007 with three entrepreneurs who wanted to make trading more accessible for every day users.

At the same time, they wanted to reduce dependency on banks and other traditional financial institutions. eToro started off as an online trading platform with graphs representing financial instruments and an intuitive interface.

In 2009, eToro launched the trading platform, WebTrader, with a range of professional tools for traders of all skill levels.

About eToro

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

  • A big step forward came in 2011 with OpenBook, the first social trading platform in the world. This included the then-new CopyTrader feature, which let anyone copy successful traders.
  • In 2012, eToro added stocks to its other assets, like currencies and commodities.
  • The eToro mobile app launched in 2013 for both Android and Apple, expanding the reach of the platform. This is also when eToro dipped into crypto, making it possible to trade Bitcoin via CFDs.
  • In 2015, the platform updated the interface for an even more innovative and intuitive experience.
  • In 2016, it added CopyPortfolio, managed portfolios that bundle various assets or top traders within a market strategy.
  • In January of 2017, eToro expanded its reach in the world of cryptocurrency by adding support for trading crypto to the platform. It began with a range of popular cryptocurrencies, including Ethereum, Litecoin, and XRP.
  • In 2019 they launched eToroX, a full crypto to crypto exchange.

Which Cryptocurrencies Does eToro Support?

Compared to other platforms, the options for supported cryptocurrencies on eToro are relatively limited.

This is a result of its nature as a general trading platform as opposed to one focused solely on cryptocurrency.

Even so, you can short or own the most popular cryptocurrencies. Supported options include Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, and Ripple.

Cryptocurrency Markets

Cryptoassets are highly volatile unregulated investment product. No EU investor protection. Your capital is at risk. Indicative prices; current market price is shown on the eToro trading platform

What Sets eToro Apart from Other Platforms?

One of the biggest ways that eToro stands out from other platforms is the sheer number of investment and trading options available. Thanks to the numerous ways to invest and trade, users can take advantage of the same platform for their cryptocurrency trading needs as for traditional assets.

The social elements of eToro also make it unique. An example is CopyPortfolios, which is a long-term thematic investment in the form of a managed portfolio bundling assets and top traders with a predetermined strategy. The ability to copy the investments of successful traders is also innovative, as is the Popular Investor program.

What Extra Trading Tools Does eToro Offer?

This platform aims to educate traders as well as provide them with a platform for investment. Unfortunately, nearly all of these tools are geared toward those trading traditional assets as opposed to crypto.

Even so, they can be useful for those who want to expand their portfolio to include more than just cryptocurrency.

Upon registration, eToro users get “virtual-money accounts” with $100,000 so they can work on strategies and skills before investing any real money. It also provides multiple other tools to help with actual trading, such as an economic calendar. Simply input the dates and time zone you want to look at and the assets you trade. The calendar will then display how events are likely to impact your assets.

Additionally, it provides regular market analyses that include great detail as well as quick overviews, so you can utilize as much or as little information as you want.

What Are CFDs?

A CFD, or contract for difference, is a type of derivative trading. With a CFD, investors can speculate on whether fast-moving global financial markets will rise or fall. This can be done with cryptocurrencies as well as indices, shares, fiat currencies, treasuries, and commodities.

The important thing to note about CFD trading is that you will not be buying or selling the asset underlying it, in this case, cryptocurrency. Instead, you sell or buy a certain number of units for that instrument based on your prediction of if the price will rise or fall.

When the instrument moves in your favor, you get multiples of the existing CFD units you already sold or bought. You make a loss for every point it moves against you. CFDs require caution since it is possible for losses to exceed deposits.

You can read more about CFDs in our Beginner’s Guide here.BTC Trades

Highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.

On eToro, CFD trading and cryptocurrency go hand in hand. As mentioned earlier, eToro first entered the world of cryptocurrency by offering Bitcoin trading via CFDs in 2013, making it one of the earliest players in the world of crypto investments.

CFD trading continues to play a key role on eToro since many of the trades involving crypto are still CFDs instead of dealing with the actual asset.

Starting on Sept. 3, 2017, those who invested in the BUY position for crypto on eToro actually own the asset underlying the transaction. Before this, they owned a CFD, not the asset. Additionally, eToro offers actual cryptocurrency trading. If you choose to open short or SELL positions for cryptocurrencies on eToro, this is still a CFD position.

What Are CopyPortfolios?

CopyPortfolios were added to the eToro platform last year. This feature is available for cryptocurrency trading as well as traditional fiat trades. This creates a single tradeable asset that is made up of carefully selected assets or traders of a predetermined strategy.

The eToro Investment Committee composes the CopyPortfolios and rebalances them periodically. There are several cryptocurrency CopyPortfolios available for investors to choose from.

Copy Portfolios

One of these is simply called “Cryptocurrency” and delivers exposure to Ethereum and Bitcoin.

In the cryptocurrency bull run of May 2017, the fund had a 66 percent increase. Within the first three months, that fund generated over 125 percent in profits. Another option is called “Crypto CopyPortfolio.”

This is a more recent CopyPortfolio made up of a balanced crypto portfolio containing Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dash, and Ripple.

What Is CopyTrading?

Another exciting option on eToro that you can use for crypto and fiat investments is CopyTrading.

Copy trading is an innovation that allows users to look through the track record of other traders and copy them, which means they will mirror their trades.

Traders have the ability to become “Popular Investors” if they have a low-risk score and deliver consistent returns.

They then receive rewards for sharing wisdom. By taking advantage of CopyTrading and copying an investor who includes cryptocurrency in your portfolio, you can get exposure to the market without having to do too much research yourself.

Copy Trading

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision. This is not investment advice.

Who Can Use eToro?

eToro can be used by anyone, as long as it is legal to do so in their country. eToro keeps a running list of countries where the platform is blocked due to changes in the regulations that conflict with trading laws.

This means that those in the United States, Canada, Cuba, Japan, North Korea, Iran, Syria, Turkey, Serbia, Albania, and Sudan cannot legally use eToro.

Does eToro Have a Minimum Trade Size?

eToro prides itself on offering tools that investors and traders of all levels of experience can take advantage of, so it tries to limit the use of minimum trades.

  • Even so, you must have $200 to participate in CopyTrading and make a minimum investment of $5,000 for CopyPortfolios.
  • The minimum quantities for manual positions are based on the instrument. For currencies (such as cryptocurrencies) and commodities, it is just $25.
  • For stocks, it is $50. F
  • inally, for ETFs and indices, it is $200.

For those who registered on April 2, 2017, or after, the size of a minimum trade depends on exposure, in the form of leverage times the invested amount. For cryptocurrencies, this total minimum amount is $200.

The minimum for ETFs and stocks is $500, for commodities is $2,500, and for indices and Forex is $5,000.

As an example of this exposure-related policy, if you open a crypto trade with a leverage of x1, you must invest at least $200. If, however, you chose to invest $100, you must have a minimum leverage of x2.

eToro Fees

As an exchange, eToro makes its profits from the various fees that it charges. On eToro, no fees are charged when opening a position, instead generating the fee based on the spread. It has a list of minimum spreads for each cryptocurrency, and those rates are not guaranteed.

The team points out that the spread can vary based on liquidity and market conditions.

The daily break spreads are as follows: 1.5 percent for BTC, 5 percent for BCH, 3 percent for DASH, 2 percent for Ethereum, 5 percent for ETC, 3 percent for LTC, 5 percent for NEO, 5 percent for XLM, and 3 percent for XRP.

Instrument Market Hours Daily Break Spread SELL BUY
BTC
Bitcoin
24/7
1.5 % -0.471233 -0.471233
BCH
Bitcoin Cash
24/7
5 % -0.14 0
DASH
Dash
24/7
3 % -0.039452 0
ETHEREUM
Ethereum
24/7
2 % -0.036712 -0.036712
ETC
Ethereum Classic
24/7
5 % -0.001726 0
LTC
Litecoin
24/7
3 % -0.006575 0
NEO
NEO
24/7
5 % -0.012383562 0
XLM
Stellar
24/7
5 % -0.0000416 0
XRP
Ripple
24/7
3 % -0.000022 0

 

Because of the nature of cryptocurrency trading, it is available 24/7, and there are no fees for overnight or weekend trades. Instead, eToro only charges fees for users who hold leveraged Ethereum or BTC positions or for shorting cryptocurrencies. The team does point out that the various fees are subject to change.

eToro Customer Reviews & Reputation

Users and reviewers of the platform generally agree that eToro is very easy to use. It was designed to be intuitive, so those without trading experience could get the information they need and make trades.

You can use the platform on PCs, Macs, Android, or iOS devices, always taking advantage of its intuitive functionality and readily displayed information regarding cryptocurrencies and other assets via graphs and more.

In general eToro has a good reputation online, the company is large and well established so you can be sure your funds are safe there. Complaints from people online are generally about traders they have copied not performing as well as they thought they would.

This isn’t the fault of the traders themselves, trading is a complicated business as everyone experiences losses as well as gains.

Other issues revolve around the fact that eToro advertises heavily that you can buy Cryptos with them, when in fact you don’t actually hold the assets themselves. This is the same for all brokers of this type, if you want to physically own the crypto asset then you will need to purchase them on an exchange that offers this, like Coinbase or Binance.

How Do You Deposit and Withdraw Money on eToro?

There are multiple deposit methods for eToro, so you can choose the one that best meets your needs, keeping in mind that different methods have varying minimum deposits.

You can choose to deposit via wire transfers, bank transfers, Visa, MasterCard, NETELLER, PayPal, Yandex, Webmoney UK, Skrill, and others.

To withdraw, you must fill out a form and then typically receive the money via PayPal, a bank transfer, or your credit or debit card. To withdraw, you will need a copy of your signature, color passport copy, and proof of address.

How to Fund Your Account

Cryptocurrency Expansion

eToro has recently added approximately 35 new fiat pairs to its platform which sees a total of around 44 trading pairs available to its users. The new pairs cover a number of different regions and currencies and are aimed at the inhabitants of countries such as Canada, Australia, and Japan. The updated pairs are as follows:

  • Australia BTC/AUD, ETH/AUD, XRP/AUD, ETC/AUD, BCH/AUD, LTC/AUD,
  • Canada BTC/CAD, ETH/CAD, XRP/CAD, ETC/CAD, BCH/CAD, LTC/CAD
  • Japan ETC/JPY, BCH/JPY, LTC/JPY
  • New Zealand BTC/NZD, BCH/NZD, ETH/NZD, ETC/NZD, LTC/NZD XRP/NZD
  • Switzerland BTC/CHF, ETH/CHF, XRP/CHF, LTC/CHF, BCH/CHF, ETC/CHF
  • United Kingdom BCH/GBP, ETC/GBP, LTC/GBP, XRP/GBP
  • The EU BCH/EUR, ETC/EUR, LTC/EUR, XRP/EUR

Furthermore, eToro has officially announced a cryptocurrency focused trading platform aimed at customers in the U.S., alongside a crypto wallet, and integrated mobile app which allows cryptocurrency purchases by credit card.

The service was unveiled in May and enables U.S. customers from 32 states and territories to trade a growing number of different cryptocurrencies including popular assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Dash (DASH), Neo (NEO), and EOS.

At the same time, the multi-signature crypto wallet supports six cryptocurrencies, namely Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), Litecoin (LTC), Stellar (XLM) and XRP with additional currencies set to be added in the future.

The team have also announced that their cryptocurrency mobile wallet has been made available for both iOS and Android device users.

Existing eToro users are currently able to log into the wallet directly in order to transact and store cryptocurrencies, while in-wallet asset conversion is also possible with just few clicks, additionally, funds can also be received and sent out by sharing the wallet address or using a QR code.

The eToro Wallet allows users to:

  • Manage and store multiple cryptocurrencies
  • Exchange crypto for crypto
  • Transfer cryptos from their eToro accounts (limited to certain coins and to Gold accounts and above)

How to Buy Crypto with a Credit Card

eToro customers can also buy cryptocurrencies directly from the eToro wallet by using a credit card. The investment platform has partnered with well renowned third-party payment provider Simplex, with allows eToro to integrate Visa and MasterCard payments.

Here’s how to buy some cryptocurrency using your credit card:

  • Open your eToro Wallet
  • Click on the “BUY CRYPTO” section of the wallet and select your preferred coin and amount that you would like to buy
  • Enter your payment details into Simplex’s billing form.

Upon successfully completing the process, your purchased coins will be transferred to your eToro wallet.

It’s important to note that Simplex can choose to immediately approve or decline your request, as well as request further documentation or proof of identity. These may include official government issued documentation or a selfie photo. This service is also subject to the following fees and limitations.

eToro Wallet Fees

Fiat to Crypto Conversion Fees

  • eToroX fee 1%
  • Simplex fee 4%
Currency Min transaction Max transaction Max / Day Max / Month
GBP £96 £7,350 £14,700 £36,750
EUR €112 €8,624 €17,248 €43,120
USD $125 $10,000 $20,000 $50,000

 

The actual market rate is determined by eToroX once the transaction is approved by Simplex, and blockchain fees are deducted from the crypto purchased in addition to the above fees and are applied to every crypto transaction.

It’s worth noting that additional fees may also be accrued as a result of charges applied by your bank or credit card issuer.

These may include cash advance or foreign transaction fees to your card transactions, and any transactions carried out will appear on your credit card or banking statement as eToroX LTD, with the credit card descriptor being Simplex_eToroX, however, a confirmation email will also be sent Simplex.

Any pending payment may be cancelled, with customers advised to open a ticket directly on the Simplex website or to use the Live Chat feature on the bottom right side of the Simplex.com website.

It’s also important to note that once a payment has been approved it can’t be cancelled. The approval process is actually authorised by Simplex, and as a result, questions about the transaction process should be first directed to the Simplex customer service team. However, the eToro Customer Service team is also available to deal with any issues.

eToroX Review

eToroX, the blockchain subsidiary of eToro’s more traditional investing platform has officially launched in Gibraltar and is being regulated by the Gibraltar Financial Services Commission (GFSC). The exchange aims to cater to specialist crypto traders and incorporate many of the features found on their social trading platform.

The crypto to crypto exchange features an intuitive user interface, a mobile wallet app, is regulatory compliant, and makes use of cutting edge security protocols, and aims to provide crypto enthusiasts in a number of region with enhanced trading options.

eToroX Review

You can read our full review of eToroX here.

Supported Currencies

The platform originally launched with a limited number of cryptocurrencies, however, 16 digital assets and 37 crypto-to-fiat pairs are currently available, and eToroX also incorporates eight branded stablecoins that allow traders to protect themselves from the volatility of the market without having to “cash out” into fiat.

The eToro-branded tokens pegged to fiat currencies include the eToro United States Dollar (USDEX), eToro Japanese Yen (JPYX), eToro Euro (EURX), eToro Pounds Sterling (GPBX), eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX),  eToro New Zealand Dollar (NZDX), and the eToro Swiss Franc (CHFX).

In addition to these stablecurrencies, digital assets pegged to the price of commodities also feature and these include the GOLDX and SLVRX coins which respectively remain pegged to the prices of gold and silver.

The inclusion of these digital assets help eToroX to remain a crypto to crypto exchange, and more familiar cryptocurrencies such as Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH), Litecoin (LTC), Dash (DASH), and XRP also feature with more cryptocurrencies, stablecoins, and tokens scheduled to be added in the coming weeks.

Exchange Fees and Limits

eToroX doesn’t charge for deposits, and withdrawal fees are as follows:

Currency Quick withdraw limit Withdrawal fee
AUDX 50,000 3.75000
BCH 166 0.01000
BTC 10 0.00060
CADX 50,000 3.90000
CHFX 50,000 3.00000
DASH 400 0.02500
ETH 278 0.01700
EURX 45,000 2.65000
GBPX 40,000 2.30000
JPYX 5,500,000 330.00000
LTC 555 0.03300
NZDX 50,000 4.25000
USDEX 50,000 3.00000
XRP 166,667 8.50000

 

The exchange uses a tiered approach with regards to trading fees and the fees for all transactions (under a monthly volume of $100,000) are calculated according to Tier 1.

When the monthly trading volume grows beyond Tier 1 (over $100,000), a rebate will be applied during the first week of the month, and depending on the Tier Level, the rebate will be calculated based on the percentages in the following table.

  • The calculation will be done for each calendar month.
  • The rebate will be given in ETH
  • The Rebate will be given during the 1st week of the month.

eToroX also incorporates Maker and Taker fees, and the former are charged for trades where Maker orders add liquidity to the exchange, while Taker orders remove liquidity from the order book and incur their own charges.

As a result, Maker fees are lower in comparison due to these orders helping the exchange to remain liquid.

An example of a Maker trader order includes placing an order for pending execution, such as a limit order which is not automatically filled (partially or fully).

This action helps “make” the market and adds liquidity to the order book, while a Taker order can take the form of placing an immediate order that doesn’t go on the order book, by being filled partially or fully for example. This type of activity “takes” liquidity off of the order book.

How Secure is eToroX?

The exchange incorporates a number of cutting edge security protocols and these include data encryption by default, with a dedicated secured mechanism being used to prevent CSRF attacks.

In addition, the team have developed their own backlog analytic mechanism, based on N.N machine learning algorithm which assists in decision making, and incorporate multiple PT and Code reviews as well as a bug bounty program.

User accounts are further secured as all eToroX customers are required to complete Level 3 Identity Verification, and updating financial account information requires dual-process verification.

Furthermore, the platform makes use of two factor authentication (2FA), limits login attempts and uses whitelisting attribution models to prevent automation attacks.

More stringent security examples include all employee workstations being protected and verified based on multiple security mechanisms that include deception and traps, while the exchange’s custody solution is based on a three level military grade FIPS140 custodian process with multi separation between the different environments.

These include a warm environment, or process engine secured solution, a cold, secured isolated gap environment, and a deep, military grade secured isolated environment.

On top of this, eToro has been operating in Fintech since 2007 and has established regulated entities in Cyprus, UK, USA, Australia, and South Africa, with Gibraltar now becoming its sixth jurisdiction.

The Government of Gibraltar and the Gibraltar Financial Services Commission (GFSC) have set out regulations covering distributed ledger technology (DLT) businesses and eToroX operates under the framework administered by the GFSC.

The company is one of the more transparent in the cryptocurrency sector, and ETORO X LIMITED is a limited liability company incorporated in Gibraltar with a registration number 116348, and a registered office at 57/63 Line Wall Road, Gibraltar.

The company is authorized by the GFSC as a Distributed Ledger Technology Provider under the Financial Services (Investment and Fiduciary Services) Act, with a license number of FSC1333B.

Account Verification

Gibraltar’s regulatory requirements ensure that each new account must be verified as part of the registration process, and the exchange aims to simplify the verification process as much as possible.

After submitting all your information and uploading all the necessary documents, it can take up to two business days to verify your account.

New users are required to upload documents to help prove their identity and residence, and the following documentation will be asked for.

Proof of Identity (POI) Document

This POI document must include your name, date of birth, a clear photo, the issue date and expiry date of the document. Accepted forms of POI documents include a passport, a government-issued ID or driving license.

Proof of Identity and Selfie (POIS)

It’s necessary to upload a selfie that includes you holding the proof of identity document you have uploaded.

Proof of Address (POA) Document

The POA document must include your full name, address and issue date, and also feature the name or logo of the company that issued the document. The POA documents must be no older than 6 months and all four corners of the document must be visible.

Your POA document can be one of the following:

  • Bank Statement
  • Utility Bill: Electricity, Water or Gas
  • Tax: Council, State or Country Tax Bill

Financial Questionnaire

The last step in the verification process involves completing a financial questionnaire which covers your financial suitability for investing. The questionnaire is made up of nine 9 questions and takes just a few minutes to complete.

How beginner friendly in eToroX?

As with any trading platform, eToroX takes some getting used to, however, the learning curve will be steeper for anyone completely new to the world of cryptocurrency trading.

In order to try and offset this, the team have a Help Section which aims to answer the most common questions, and can be contacted by their customerservice@etorox.com email address.

The team can also be contacted via their Twitter account, Telegram group, and Facebook page. In addition to the Help Section, eToroX also aims to educate its users and incorporates a Blockchain Academy and Glossary Section which include a range of clearly written guides and definitions that help users to both navigate the platform and gain a better understanding of blockchain technology.

Depending on your background, the more limited selection of trading pairs should make it easier for new entrants to the market to start trading on the platform, while the unique selection of stablecoins should also help newer traders to gain an understanding of how to make profitable trades when dealing with digital assets.

eToro Competitors

eToro is in competition with our similar brokers which have covered before, as follows:

Is eToro Safe?

To provide users with peace of mind, eToro takes steps to provide security. The company as a whole is fully regulated and adheres to guidelines of FCA and CySEC. To help traders make responsible decisions, it offers a range of tools for all experience levels, such as guidance for the first steps and risk-management features.

eToro also takes precautions to ensure the funds and personal information of clients are safe. Traditional funds remain secure in European banks of tier 1.

With all that in mind, you should remember that there are no regulations for cryptocurrencies. Because of this, if you engage in cryptocurrency trading or other crypto-related investments, there is no insurance from the investor compensation schemes within the UK or Cyprus.

The lack of regulations also means that if you have a complaint, you cannot file it with your financial ombudsman service.

Despite this, eToro takes pride in working to resolve issues as seamlessly as possible. In addition, there are numerous social platforms where you can register complaints, which may influence other users.

Conclusion

Although eToro focuses on more than just cryptocurrency trading, it is a useful platform for those who invest in crypto. The lack of supported cryptocurrencies is somewhat disappointing. However, there is support for all the major ones that you are most likely to invest in.

The additional features of eToro are what give it an edge, such as CopyPortfolios and various graphs. The platform is also highly intuitive, something that will appeal to everyone. While eToro will not be ideal if you want to trade less-popular cryptocurrencies, it is an excellent option for those who only care about the major ones or who want to use the same platform for both fiat and crypto trades.

This review was updated in April 2019, with the launch of eToroX, Cryptocurrency investors now have the ability to purchase and hold crypto assets directly. This is a great addition to the platform and positions them well within the space now.

eToro have proven themselves trustworthy within the industry so we recommend you check them out.

Visit eToro

Risk Warning:  eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendations.

The post eToro Review: The Social Trading & Investment Platform appeared first on Blockonomi.

Bitcoin And Crypto Market Facing Hurdles: BCH, EOS, TRX, ADA Analysis

  • The total crypto market cap is currently recovering, but it is facing resistance near $220.0B.
  • Bitcoin price is up around 5%, but it is also facing hurdles near $8,300 and $8,350.
  • EOS price extended its gains above the $3.000 resistance and tested $3.200.
  • BCH price is up around 5% and it is trading near the key $240 resistance area.
  • Tron (TRX) price rallied 10% and broke the $0.0160 resistance level.
  • Cardano (ADA) price rebounded 5%, but it is still well below the $0.0450 and $0.0500 levels.

Bitcoin and the crypto market cap are rebounding, but facing hurdles. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are showing positive signs.

Bitcoin Cash Price Analysis

After forming a support base above the $205 level, BCH price corrected above the $220 level against the US Dollar. The price even surpassed the $225 and $230 levels. The price is now testing the $240 resistance area, which is acting as a strong barrier for more upsides.

If there is a downside correction, the price could test the $230 level. The main support on the downside is near the $220 level, below which the price could test the $205 support.

EOS, Tron (TRX) and ADA Price Analysis

EOS price remained in a positive zone above the $2.850 support area. It broke the key $3.000 resistance and recently gained bullish momentum above the $3.100 level. The price is now testing the $3.200 resistance and it might correct a few points in the near term.

Tron price started a strong rise above the $0.0150 resistance area. TRX price gained more than 10% and it recently surpassed the $0.0160 resistance area. The price tested the $0.0165 resistance and it is currently consolidating gains. The main supports on the downside are near the $0.0160 level.

Cardano price started a slow recovery and it recently climbed above the $0.0400 resistance. ADA price is now trading near $0.0420 and it is facing a strong resistance near the $0.0450 level. If there are more gains, the price could test the key $0.0500 resistance area. The main support on the downside is near $0.0400 and $0.0395.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Looking at the total cryptocurrency market cap 4-hours chart, there was a steady recovery from the $200.0B support area. The market cap climbed above the $208.0B resistance and a connecting bearish trend line on the same chart. However, it is now facing a strong resistance near the $220.0B level and the 100 SMA. If there is an upside break above the $220.0B resistance, there could be more gains in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

The post Bitcoin And Crypto Market Facing Hurdles: BCH, EOS, TRX, ADA Analysis appeared first on NewsBTC.

CNBC Crypto Analyst Suggests Bitcoin Price Will Rally Higher

CNBC crypto trader Big Cheds says bullish divergences on multiple indicators could lead to a short-term bounce in Bitcoin price.

The $8,000 mark seems to be an important price point for crypto’s market leader, Bitcoin (BTC). Since its breakdown from $9,400, the digital asset has lost and regained the $8,000 level several times, sitting at $8,300 at press time. Much of the time, altcoins follow Bitcoin’s lead in terms of price, making the digital asset’s activity a strong indication of the current market state as a whole. 

After a stark $1,700 drop in price on Sept. 24, Bitcoin and the rest of the cryptocurrency market seem to have taken a few steps back regarding the overall trend, which showed significant exuberance in June 2019. According to popular crypto-Twitter analyst Big Cheds, the upcoming days are likely bearish for the crypto space in the short term but the analyst remains bullish over the long term.

Daily crypto market performance. Source: Coin360.com 

Big Cheds predicts a price reversal

Big Cheds pointed out that on Oct. 6 Bitcoin closed out another weekly candle with a tweezer bottom. This candlestick pattern occurs when two price candles have lower or upper wicks that align to form the shape of tweezers, a common cosmetic tool. 

At times, tweezer patterns can be an indication of a reversal in the price of an asset. Candlestick patterns and formations generally possess strength based on their candle time frame length, with larger time frame candles holding more weight. 

Closing out a weekly candle in the form of a tweezer pattern holds a fair amount of significance in terms of this pattern, seeing as weekly candles are one of the higher time frame outlooks. 

The analyst noted the tweezer pattern occurred near the bottom arm of the weekly Bollinger Band indicator, which shows that Bitcoin’s price is relatively low. Big Cheds also said the above signs show oversold conditions, although he added that Bitcoin’s most recent weekly candle did not close with strength. 

Big Cheds said:

“There is support here from July 2018 as well as May 2019, so it is not unlikely that we will see a short-term bounce. In addition there is a hidden bullish divergence with OBV’s lower low versus price, suggesting bullish continuation.”  

Such support and divergence are clearly seen on the chart Big Cheds provided to CoinTelegraph. 

BTC USD daily chart. Source: TradingView

Altcoins decline and find a bottom

Since Bitcoin’s multi-month consolidation began, altcoins have suffered significantly, posting lower numbers by the day. Altcoins are largely reliant on Bitcoin’s price action and have been unable to gain momentum. To date, alt season continues to elude investors but some relief could be around the corner. 

Regarding the current outlook of the altcoin market, Big Cheds noted bits of positivity matched with uncertainty. According to the analyst, “Alts, in general, have been improving, with several of them forming bottoming patterns, while others have been uptrending, including LINK, XRP, and TNT.” “That being said, many of them still are weak and look to continue further down, and I reject any categorization of alt season.’" 

LINK USDT daily chart. Source: TradingView

The crypto market look bearish and bullish

On a macro scale, Big Cheds believes the cryptocurrency markets will perform well. The “crypto market, in general, continues [to grow] as technology improves and we see exchanges adapting to fluctuating retail and institutional market,” the analyst said. “I am very bullish long term.”

On a midterm scale, regarding the cryptocurrency market’s performance over the next year or so, Cheds noted he has more of a neutral stance, slanting bullish. At present, however, the analyst is bearish in terms of crypto’s performance in the coming months, noting that the crypto space is no longer in a bull market in the short term. 

Weekly Bitcoin price chart

As the largest player in the new and developing digital asset space, Bitcoin often dictates the strength of the entire market. On lower time frames, such as the daily and hourly candle charts, Bitcoin’s price situation looks less than ideal for continued upside momentum. Panning out to the weekly time frame, however, shows a case for both bullish and bearish outcomes. 

BTC USD weekly chart. Source: TradingView

Bearish scenario

After months of consolidation, a strong market likely would have seen Bitcoin break out to the upside, which did not happen. The digital asset broke down in a strong move without providing a significant bounce or reversal. Bitcoin’s price also has not had enough strength to retest the consolidation pattern from which it broke down. 

Additionally, Bitcoin’s recent price action appears slightly similar to the digital asset’s capitulation back in Nov. 2018, which was followed by further downward pressure, and eventually led to a severe lack of volatility.

Interestingly, as Bitcoin price broke down on Sept. 24, popular trader Tone Vays made the argument that no new retail funds had entered the crypto space. The lack of interest and funding from retail investors could be a reason for the lackluster continuation of momentum. 

Bullish scenario

On the bullish side, the weekly chart reveals that Bitcoin has not yet touched the 0.618 Fibonacci retracement level. Such a level is often viewed as a prime level of interest. Looking at this view, recent downward price action seems fairly normal before another move up. 

Bitcoin price is also near a multi-week support level around $7,500. Additionally, this correction may be, in part, the result of the parabolic price move Bitcoin sustained between April and July 2019. 

The views and opinions expressed here are solely those of (@benjaminpirus) 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.

Ripple Price (XRP) Upsurge Facing Key Resistance, Can Bulls Make It?

  • Ripple price remained in a positive zone and rallied another 5% above $0.2750 against the US dollar.
  • The price is trading in an uptrend, but it is now facing a strong resistance near $0.2850.
  • There is a rising channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could correct in the short term, but it might find support near $0.2780 or $0.2750.

Ripple price is up more than 5% against the US Dollar, and it recovered vs bitcoin. XRP price remains well supported on the downside near the $0.2750 level.

Ripple Price Analysis

Yesterday, we saw a nice upward move in ripple price above the $0.2560 resistance against the US Dollar. Later, Ethereum and bitcoin followed and started a nice upward move above $180 and $8,200 respectively. It sparked more gains in XRP/USD above the $0.2750 resistance and the 100 hourly simple moving average. Moreover, the price broke the $0.2800 and $0.2820 resistance levels.

Finally, ripple traded to a new weekly high at $0.2853 and it seems like it could correct higher. The stated $0.2850 area is a major resistance, suggesting a possible downside correction. The price is currently trading below the $0.2820 level. Moreover, it broke the 23.6% Fib retracement level of the recent wave from the $0.2716 low to $0.2853 high.

It seems like there is a rising channel forming with support near $0.2780 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the recent wave from the $0.2716 low to $0.2853 high. If there is a downside break below the chancel support, ripple price could correct lower towards the $0.2750 support area. Any further losses may perhaps start an extended downside correction towards the key $0.2650 support (the previous resistance).

On the upside, the key resistance area is near the $0.2850 level. If there is a clear break above the $0.2850 resistance, the price could rise another 5% and trade towards the $0.2920 and $0.2950 resistance levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading nicely above the $0.2780 and $0.2750 support levels. However, the $0.2850 level is a key barrier for more gains. Therefore, there are chances of a short term downside correction towards $0.2780 or $0.2750. On the upside, a solid rally above $0.2850 could even set the pace for a move towards $0.3000.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 60 level.

Major Support Levels – $0.2780, $0.2750 and $0.2720.

Major Resistance Levels – $0.2850, $0.2920 and $0.2950.

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Dow Futures Cling to Gains as China’s Economy Averts Disaster

Futures on the Dow and broader U.S. stock market advanced in overnight trading Tuesday after a closely-watched report of China’s economic output improved slightly in September, alleviating fears of a more protracted downturn in the world’s second-largest economy. Dow Futures Rise; S&P 500, Nasdaq Follow Futures contracts on all three major U.S. indexes rose during the […]

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Ethereum (ETH) Price Rallies 10% But Can It Break $185?

  • ETH price is climbing higher and it recently broke the $175 and $180 resistances against the US Dollar.
  • The price is currently trading near a crucial resistance area at $185 and $186.
  • There was a break above a key bearish trend line with resistance near $175 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might correct a few points lower, but it is likely to climb higher towards $190 or $192.

Ethereum price is up close to 10% versus the US Dollar, and climbed nicely vs bitcoin. ETH price could soon attempt to surpass $185 and climb towards $192.

Ethereum Price Analysis

After forming a support base near $170, Ethereum started a decent rebound against the US Dollar. As a result, ETH price traded above the $175 and $180 resistance levels. Moreover, there was a close above the $180 level and the 100 hourly simple moving average. The price is currently up around 10% and it even tested the main $185 resistance, where the bears took a stand.

During the rise, there was a break above a key bearish trend line with resistance near $175 on the hourly chart of ETH/USD. The price is currently consolidating gains below the $185 resistance. An immediate support is near the $182 level. Moreover, the 23.6% Fib retracement level of the recent rise from the $167 low to $185 high is also near the $181 level.

If there is an extended decline or correction, the price could test the $178 and $175 support levels. The 50% Fib retracement level of the recent rise from the $167 low to $185 high is positioned near the $176 level to provide support in the near term. Any further losses might push the price back in a bearish zone towards the $170 support area.

On the upside, the main resistances are near the $185 and $186 level. The current price action suggests high chances of an upside break above the $185 resistance. In the mentioned case, the price could test the $190 and $192 resistance levels. The next key resistance area is near the $198 and $200 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is trading with a nice bullish bias above the $180 level. Having said that, the bulls need to gain strength above the $185 and $186 resistance levels to push the price into an uptrend. If not, there are chances of a fresh decline towards the $175 level.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $180

Major Resistance Level – $185

The post Ethereum (ETH) Price Rallies 10% But Can It Break $185? appeared first on NewsBTC.

Banking Giant HSBC Set to Fire 10,000 More Employees

The banking sector continues to suffer drastic layoffs as the global economic outlook remains uncertain. The latest financial institution reported to be set for cutting a massive amount of workers is HSBC, which has already announced firing thousands of people just a few weeks ago.

Also Read: Bitfinex Braces for Imminent Lawsuit Alleging Tether Manipulates Crypto Market

HSBC to Cut High-Paying Jobs in Europe

London-headquartered multinational investment bank HSBC is planning to let go of up to 10,000 of its employees as a new cost-cutting measure, British media reported on Monday. The latest round of downsizing will target mostly high-paid roles and will be mainly focused on shrinking the bank’s operations in Europe.

This news comes just a few weeks after the investment bank announced the previous firing of up to 4,700 employees, about 2% of its global workforce. Those cuts were said to be focused on management roles and were in response to a bleak global outlook. They also coincided with the sudden and unexplained exit of HSBC’s former CEO.

Banking Giant HSBC Set to Fire 10,000 More Employees

“We’ve known for years that we need to do something about our cost base, the largest component of which is people – now we are finally grasping the nettle,” an unnamed HSBC insider told the Financial Times. “There’s some very hard modelling going on. We are asking why we have so many people in Europe when we’ve got double-digit returns in parts of Asia.”

A Global Banking Industry Contraction

The new restructuring plan at HSBC is being attributed to economic uncertainty due to Brexit as well as the trade war between the U.S. and China hurting global growth. However, it can not be delinked from the historically low interest rates around the world that make it difficult for banks to profit from their traditional loans businesses. Ever since the financial crisis of 2008, investment banks have been hit with limiting regulations and major fines with regards to their trading practices.

Banking Giant HSBC Set to Fire 10,000 More Employees

As we recently reported, prior to the latest news from HSBC, banks have announced nearly 60,000 job cuts so far this year. The contraction in the banking sector is spread around the world but is most strongly felt in Europe. The top financial institutions by the number of job cuts are Banco Santander, Commerzbank, HSBC, Barclays, Alfa Bank, KBC, Societe Generale, Caixabank, and the National Bank of Greece, with Deutsche Bank leading the pack with 18,000 job cuts.

What do you think about HSBC firing so many employees? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Crypto Market Continues to Show Green Candlesticks, BTC Recovers to $8,200

The cryptocurrency markets continue to show green candlesticks, while Bitcoin recovers to the $8,200 price mark.

Monday, Oct. 7 — Bitcoin (BTC) continues its rebound together with most of the other cryptocurrencies, with notable gainers Chainlink (LINK) and Tron (TRX) breaking 10% gains on the day.

Cryptocurrency market daily overview. Source: Coin360

The world’s most popular crypto coin closed the week with a selloff, pushing its price well below the $8,000 mark and recording a close down 2.5% for the week. However, Monday seems to be bearing gifts.

Bitcoin started the trading day at around the $8,000 price level and has been slowly crawling upward to its current price point of $8,234, showing a gain of 5.35% in the last 24 hours.

Bitcoin seven-day price chart. Source: Coin360

German bank BayernLB recently published a report on Bitcoin versus gold, in which it predicts a big leap for the cryptocurrency in 2020, stating:

“If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000.”

Ether (ETH), in the meanwhile, has been showing an impressive gain of more than 6.6% on the day. The altcoin hit its intraday low in sync with Bitcoin at the beginning of the day and has since found its way to $181.12 per coin at press time

Ether seven-day price chart. Source: Coin360

Ripple’s XRP continues to show impressive gains of more than 9% over the past 24 hours and is trading at about $0.277 at press time. Cointelegraph previously reported that the altcoin has seen significant growth over the past seven days following news of a partnership between Ripple’s investment arm Xpring and major cryptocurrency payment processor BitPay.

XRP’s seven-day price chart. Source: Coin360

Top-20 coins see nothing but green, except one

XRP is not the only coin among the top-20 that is seeing significant gains. Chainlink, the 15th coin by its market cap, is up by 13.5% on the day and takes the title of the biggest gains among the top cryptos at press time. Tron follows closely and takes second place with 12.53% gains.

Unus Sed Leo (LEO) is the only top-20 altcoin in the red at press time, down 1.25%.

The overall cryptocurrency market cap increased from $214 billion to almost $221 billion, with Bitcoin making up 66.6% of the total.

Keep track of top crypto markets in real time here

Economic Dept. of Dubai Unveils Blockchain-Based Business Registry

The Dubai Department of Economic Development has announced a blockchain-based business registry platform.

The Department of Economic Development in Dubai has announced its move to a blockchain-based unified business registry platform (UBRP).

According to a Saudi Gazette report on Oct. 7, the platform aims to improve the ease of doing business in Dubai and enable license issuers to manage trade licenses and corporate registries.

The Silicon Oasis Authority, the Dubai Electricity and Water Authority, and Dubai Multi Commodities Centre have already joined the platform. The UBRP eventually aims to host a total of 40 government entities. 

The solution is hosted on the blockchain-as-a-service platform called Dubai Pulse, which is a joint initiative of Smart Dubai — Duba’s smart city initiative — and telecommunications firm du. Dubai Pulse is also part of the broader Emirates Blockchain Strategy 2021, which was announced in April 2018.

The UAE has set a goal to make sure that 50% of government transactions will be blockchain-based by 2021.

Dubai to launch Know Your Customer-focused blockchain association

Cointelegraph reported in July that a partnership between the Dubai International Financial Centre, Mashreq Bank and fintech firm Norbloc was planning to launch a blockchain-based Know Your Customer (KYC) data-sharing association in 2020, with the intention to combine the KYC efforts of participating financial institutions and government bodies.

Enterprise Ethereum Alliance’s Reward Token System Backed by Microsoft, Intel

The Enterprise Ethereum Alliance has created a new system of reward tokens that receives the backing of software giant Microsoft and Intel.

Microsoft and Intel are backing a new system of reward tokens created by the Enterprise Ethereum Alliance (EEA).

EEA creates new reward token system

The EEA, which sets standards for Ethereum-based blockchain applications in business, shared the developments in a statement with Cointelegraph on Oct. 7.

The organization said that it has created a new system of reward tokens that has the support of both software giants.

The EEA is a blockchain consortium with over 450 enterprise business members such as Microsoft, JPMorgan Chase, Santander, Accenture, ING, Intel and Cisco. Its newly created token aims to incentivize and reward companies who are actively participating in a consortium. 

Intel’s blockchain program manager Michael Reed told Coindesk that there are three types of tokens — a reward token, a reputation token and a penalty token — adding:

“It really can be applied to any consortium to incentivize teamwork. The example we are using is a software development consortium like EEA, where we are trying to motivate activities like editing and contributing to specifications, developing and adding code. Then, of course, you could apply penalties for negatives, such as lack of contribution, lack of review, missing deadlines and so on.”

Cointelegraph has previously reported on the use of tokens to align and reward companies and individuals for their efforts. The Austrian capital of Vienna was reported to be developing a blockchain-based token as a part of a local incentive program in early 2019.

The so-called Vienna token would be granted in return for providing feedback about the city, in an application designed to pay for parking or for rewarding citizens for riding their bikes. The tokens might later be exchanged for something valuable, such as theater tickets.

EEA’s published use cases for telecommunications

In August, the EEA published a set of use cases for blockchain technology in telecommunications.

The list provided information on how blockchain technology could streamline business transactions and internal operations in the telecommunications industry.

Use cases included blockchain-based telecom call roaming user authentication, blockchain-based telecom call roaming reconciliation, and data privacy and monetization.

XRP Surges as Bitcoin Dominance Drops, Sparking Altcoin Season Hopes

After facing a sharp sell-off yesterday, Bitcoin was once again able to find support within the upper-$7,000 region, and its recovery back above $8,000 has triggered a notable XRP rally, which is sparking hopes that the next “altseason” is inbound.

XRP’s rally today has led analysts to note that its technical strength is currently building, which could mean that significantly further gains are imminent in the near-future.

XRP Surges Over 7% as Bulls Roar

At the time of writing, XRP is trading up nearly 8% at its current price of $0.275, which is up significantly from its daily lows of $0.25 – a region of significant support that has held strong for the past several days and weeks.

It is important to note that analysts have previously explained that the $0.25 region had proven to be an incredibly strong long-term level of support that had been formed in 2018 after the crypto plummeted from its early-January highs of over $3.00, and its bullish response to its recent bout of consolidation within this region seems to confirm the fact that this is a critical support level.

Today’s upwards movement has allowed XRP to begin forming some technical strength, and Josh McGruff, a popular crypto analyst on Twitter, noted in a recent tweet that he expects XRP to incur further gains in the near-future.

“OBV downtrend has been broken, Guppy flipping to green should be on the horizon. Still inside the cloud, considered consolidation still. Breaking above the cloud, Kumo Twist, and breaking the 200MA, I’d consider this a complete trend shift from Bear to Bull. $XRP,” he noted.

Will Other Altcoins Begin Incurring Bullish Momentum? 

Today’s XRP surge has come about as most major altcoins have posted slight gains and as Bitcoin’s dominance over the markets has begun to recede – dropping from monthly highs of over 70% to its current levels of 66%.

Assuming that BTC’s dominance continues to drop, it is highly probable that more capital will begin flowing into major altcoins, which could be a catalyst for the next altseason.

McGruff also spoke about this possibility in a tweet, explaining that most major altcoins are beginning to form bullish technical formations alongside Bitcoin’s dominance downturn.

“$BTC dominance is at 66% but starting to see the major alts break into their 1D clouds and breaking their downtrend OBVs. Volume is coming into them. Would be exciting to see that dominance start to drop as folks get FOMO about the altcoin markets. $XRP $ADA $EOS $TRX,” he explained while pointing to the charts of the multiple altcoins listed above.

Analysts will likely be closely watching to see how Bitcoin’s dominance trends in the near-term, as it could provide significant insight into whether or not altcoins will be able to extend their newfound momentum over the mid-to-long term.

Featured image from Shutterstock.

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GE Pension Failure Could Send Investors into Arms of Bitcoin

General Electric (GE) has decided to freeze its pension plan, removing two of the key features that have come to be associated with retirement savings – secure and guaranteed – for tens of thousands of employees. GE isn’t the first company to pull the plug, but as one of the oldest traditional companies in corporate […]

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UK Regulator Ramps up Crypto Investigations and Considers KYC for Wallets

Crypto Investigations Rise in 2019 According to UK Regulator

The U.K.’s Financial Conduct Authority (FCA) has been relentlessly scrutinizing cryptocurrency startups and investigations are up 74% from last year. Meanwhile, proponents of decentralized software development models and open collaboration are upset about the FCA aiming to extend KYC/AML regulations to the publication of open source and zero-knowledge software.

Also Read: McAfee to Launch Decentralized Token Exchange With No Restrictions

Since 2018, FCA Investigations Into Crypto Companies Increased by 74%

The Financial Conduct Authority in the U.K. has been ramping up regulations toward digital currency operations based in the region. It started escalating last year when a few eminent U.K.-based wealth management firms asked the FCA to add strict regulatory policy toward digital currency companies. At the time, Simon Miller, Scalable Capital’s CEO, showed his dislike for the crypto industry. “People see the explosion of digital currencies and say ‘I can make a lot of money quickly.’ But that’s not investing — that’s gambling. It needs to be looked at,” Miller explained. Two other wealth management firm executives from Wealthify and Nutmeg agreed with Miller. The regulatory watchdog had already been setting guidelines and standards for the crypto industry and warned the public about cryptocurrency-based CFDs (contracts for difference).

Now reports show the FCA has increased its investigations into digital currency operations by 74% and is currently investigating 87 crypto startups this year. Last year, the percentage of investigations was lower, but the initial coin offering (ICO) phase was still in full swing. Pinsent Masons executive David Heffron supplied the research to the Financial Times which reported on the “sharp rise in watchdog scrutiny of U.K. cryptocurrency groups.” The FCA has been contemplating banning digital currency-based derivatives products as well and discussed the subject on October 3. Orrick law firm’s Jacqui Hatfield called the FCA conversation a “knee-jerk reaction” and emphasized that “crypto-derivatives are just as risky as other derivatives.”

UK Regulator Ramps up Crypto Investigations and Considers KYC for Wallets

The FCA’s Guidance on Crypto Assets Raises Concerns

The latest news from the FCA’s investigations follows the regulator’s recent “Guidance on Cryptoassets” report published in the summer. The FCA’s research, feedback and final guidance statements show the regulator isn’t too keen on digital currency operations. In the report, the FCA proposes extending KYC/AML and CTF (anti-money laundering and counter-terrorism financing) rules to crypto companies residing in the U.K. The regulations would mandate companies like exchanges, wallet operators, and token issuers to collect user information. “A combination of market immaturity, volatility, and a lack of credible information or oversight raises concerns about market integrity, manipulation and insider dealing within cryptoasset markets,” the FCA’s report declares. “This may prevent the market from functioning effectively and damage its reputation.” The FCA’s researchers continued:

The aim of the Guidance is to clarify what is regulated by the FCA, where regulation applies and what this means for firms. This means that firms that carry on regulated activities will need to be authorised. Firms and other market participants will also need to make sure they know, and comply with, the relevant regulatory obligations that apply to them.

UK Regulator Ramps up Crypto Investigations and Considers KYC for Wallets
FCA’s Guidance on Cryptoassets” report

Extending KYC/AML Practices to Open Source Publication and Noncustodial Operations

In addition to the operations that deal with cryptocurrencies, the FCA is concerned with crypto-related open source and zero-knowledge (noncustodial) software. The FCA wants to target “the publication of open-source software” the report suggests and the open collaboration mandate includes “but is not limited to, noncustodial wallet software and other types of cryptoasset related software.”

Essentially the regulator wants crypto firms to divulge user information even if the platform is noncustodial. This means companies that don’t even have oversight of people’s stored cryptocurrencies and have no idea how these individuals transact must comply with the FCA’s strict rules. It will be interesting to see how they can apply this regulation to a wallet operator, when the platform creator has zero knowledge of its user base. The U.K. watchdog’s report also said that many groups from the “financial services sector and beyond” supported the FCA’s proposals. The guideline proposal shows that not only were wealth management firms begging the FCA for strict guidelines last year, but also large banks, trade associations, consultancies, technology firms, academia, and other government entities.

What do you think about the FCA’s stringent action toward cryptocurrency company investigations? What do you think about the FCA extending AML regulations to the publication of open source software and zero-knowledge noncustodial operations? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Wiki Commons, Fair Use, FCA, Pixabay, and Twitter.


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Has XRP bottomed? Crypto analysts weigh in

As a bullish impulse is underway some of the most prominent crypto analysts believe that XRP has bottomed against BTC.

Crypto analysts weigh in

XRP recently reached price levels that have not been seen since 2017. After plunging over 35 percent in less than a week, this cryptocurrency hit a low of $0.21 on Sept. 24.

Meanwhile, its BTC pair traded at its lowest point on Sept. 6 at 2,365 satoshis. According to 40-years trading veteran Peter Brandt, the swing low provided “some evidence” that XRP is bottoming against Bitcoin.

Brandt noticed on Oct. 4 that an ascending triangle formed on XRP/BTC 1-day chart. This is considered a bullish pattern that estimates an 18 percent upswing (determined by the height of the triangle) that could take XRP to 3,700 satoshis. Thus far, this crypto surged approximately 12 percent from the breakout point of the ascending triangle, 3,100 satoshis, to reach a high of 3,500.

Along the same lines, Luke Martin, host of the Coinist Podcast, distinguished a rounded bottom developing under this time frame. As XRP began reaching higher highs, Martin said that 4,000 satoshis could be a potential take profit point for investors before XRP continues its uptrend.

However, when looking at higher time frames other analysts believe that XRP is bound for an exponential upswing.

@GalaxyBTC, for instance, evaluated the moving average convergence divergence (MACD) on XRP/BTC 1-week chart, which is commonly used to follow the path of a trend and calculate its momentum. The popular trader on Twitter found that since its inception XRP has had three bullish MACD crossovers.

The first one happened on March 20, 2017, when the 12-week exponential moving average moved above the 26-week exponential moving average triggering a 50x price increase. The second one took place on Dec. 11 of the same year catapulting XRP up 1,900 percent. Finally, the last bullish MACD crossover began in Sept. 18, 2018, and was followed by a 180 percent upswing.

Now, the MACD could be forecasting another significant price movement since it recently had a bullish crossover on the week of Sept. 9. If history repeats itself, XRP could surge up to around 7,000-117,000 satoshis.

Taking into consideration the concept of fractals, which proposes that patterns are made up of smaller, self-contained patterns, Eric Thies thinks XRP has a strong chance of going up from current price levels. Since this cryptocurrency is down nearly 80 percent from the high of 11,465 satoshis on Sept. 21, 2018, it could soon start a new uptrend as significant as the previous ones.

Overall sentiment

Despite the recent report by the Crypto Rating Council that concluded that XRP has a high probability of being classified as a security by the U.S. Securities and Exchange Commission, its BTC trading pair seems bullish. At first hand, this cryptocurrency is signaling a move to around 4,000 satoshis, but when deeply scrutinized the upswing could be more significant.

If the outlook presented by the MACD on the 1-week chart is correct, XRP could be preparing for a 180 to 4,700 percent price increase. Therefore, the 100-week moving average could be used as an indicator to confirm this scenario. If XRP moves below it a further correction could be expected, invalidating the bullish views previously analyzed.

The post Has XRP bottomed? Crypto analysts weigh in appeared first on CryptoSlate.