Day: September 11, 2018

Despite rampant XRP sellers, fundamentals are bullish just like as predicted by SVP Customer Support of Ripple in Q1 this year. In fact Ripple and their core products have caught on that the RBC Capital Market did mention the benefits of Ripple solutions when financial institutions use them. This is positive for Ripple and could help XRP recover in the short term even if the coin—acting a liquidity tool—should be by design, cheap.

From the News

That the ride has been smooth for Ripple the company is a lie. Brad Garlinghouse led Ripple is obviously trying hard to purge off misconceptions about its leadership structure, the legitimacy of XRP and pleasing the SEC. Not surprising, are mute about the whole security—utility saga which in turn is negatively affecting the third most valuable currency in the world.

Besides the wave of social pressure–which induced a split in the company in Q2 2018, there are disgruntled investors and partners who think Ripple–and XRP in that case–is a security. In recent court proceedings complainants insist that they are now in loss territory because the marketing team fed them lies. A stand out in all this is the cease fire between Ripple Labs, the creators of XRP and R3 Consortium.

In a press release that circulated yesterday, the two decided to find an amicable off-court solution after a year of court battles and unnecessary attention. R3 argues that Ripple did breach a coin purchase agreement that could have seen R3 Consortium purchase 5 billion XRPs, in part or as a lump sum, at $0.0085 by Q3 2019.

On the other hand, Ripple the company said the consortium did not live to its expectation neither did they progress to the “end game” of seeing commercial scale adoption of XRP and Ripple products. After coming to terms that the partnership was a failure, Ripple pulled out and terminated the contract.

The details of the settlement are under the wraps for now but once they begin permeating through the web, the community shall get to know what concessions the company made.

XRP Technical Analysis

Weekly Chart

XRP Weekly Chart by Trading View

If anything, a single glance in the weekly chart hints of a market in decline. Week over week, XRP is down 22 percent with last week’s losses confirming the bear break out of week ending Aug 12. Then, XRP prices closed below 40 cents after a two-month horizontal consolidation between 40 cents and 55 cents on the upside.

The same move was replicated last week when prices did breach the 30 cents mark—our minor support line, triggering sellers as a result. Considering these two-high volume, wide trading range printing in the last month or so, it’s clear that the path of least resistance is southwards.

Therefore, we suggest selling on every high in lower time frames with targets at 15 cents. Safe stops should be at 30 cents while any appreciation above 40 cents nullifies this XRP sell projection.

Daily Chart

XRP Daily Chart by Trading View

Back in the daily chart, yesterday’s three percent loss did steel bears. While sellers didn’t breach and close below the main support line at 25 cents, it’s likely that conservative trades might go live today.

However, that depends on if sellers drive prices below Aug 14 lows at 25 cents in the process triggering sells. Once that happen, the risk on traders can always search for unloading opportunities in lower time frames with targets at 25 cents and stops at 30 cents. On the other hand, aggressive can short at spot rates and place stops at 30 cents.

Overly, we remain cognizant that any move above 40 cents reverses Sep 5 losses nullifies this forecast.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

The post XRP Price Analysis: As Long as Banks Adopt xRapid, XRP Will Always be under Pressure appeared first on NewsBTC.

The U.S. states of Arizona and Illinois have asked Indian authorities to seize the property of BitConnect promoters, who are suspected of embezzling $5.6 billion from investors

The past seven days has been another interesting week for Bitcoin Cash (BCH) proponents. After wrapping up a successful Stress Test Day with a record 2.2 million transactions confirmed in 24-hours there’s been a lot more happening within the BCH ecosystem.

Also read: Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test

Bitcoin Cash (BCH) Market Action

The Bitcoin Cash (BCH) community recently celebrated the successful Stress Test Day on September 1 and continued flooding the network with transactions until September 6. As far as BCH trading markets are concerned the spot price of bitcoin cash has been pretty low as the cryptocurrency is now trading at $437 per coin. At the time of publication, the bitcoin cash market capitalization is $7.6 billion and commands $345 million in 24-hour trade volume. Data stemming from the price and market statistics website Satoshi Pulse details that the top exchange today swapping the most BCH is the trading platform Lbank. This is followed by cryptocurrency exchanges Coinex, Huobi, Okex, and Hitbtc. As far as money flow traded against BCH the top pairs today include tether (USDT 46%), BTC (29.3%), ETH (12.7%), USD (7%), QC (1.9%), and KRW (0.88%).

Online Pharmaceutical Service Accepts Bitcoin Cash 

Besides the dreary crypto-markets, there’s been lots of good news taking place within the BCH ecosystem. One specific merchant adoption announcement bitcoin cashers enjoyed was from the online pharmacy service from Canada called Script.care. The pharmaceutical vendor has announced the company now accepts bitcoin cash for payments. Script.care says the company is pleased to accept BCH to fulfill prescription orders and their pricing is significantly lower than average prices in the US. Unfortunately being an online pharmaceutical vendor the company cannot deal directly with Canadian citizens. “We can import and export medications but not sell them to Canadians directly,” explains a Script.care representative.

Bitcoin Cash Powered App Matter.cash Adds Arbitrarily Long Comment Abilities

Back in June news.Bitcoin.com reported on the long form blogging application Matter.cash and this week the platform has added some new features. The application is a platform that allows people to publish long-form posts using the Bitcoin Cash chain’s op-return feature. The Matter.cash creators explain this week that users can now add arbitrarily long comments as replies to posts on the website. The platform’s developers say that there will be ‘Submatters’ soon which will be similar to Reddit-style communities.

“We’re launching the ability to create, and grow your own community while earning Bitcoin Cash — Owners will have full support for managing the look and feel as well as have special administration rights in a permissionless fashion,” the developer explains.

North Queensland Rock Fest Sponsored by BCH Proponents 

Another BCH adoption story stems from the North Queensland Australia region, where BCH merchants in the area are sponsoring the North Queensland ‘Country by day Rock by Night’ rock festival. Lately, bitcoin cashers have been hearing a lot about the North Queensland BCH community and the Coffee Pedlar a Bitcoin-Cash-only cafe that supports zero-confirmation transactions. The rock festival will feature artists such as Troy Cassar-Daley, The McClymonts, Judah Kelly, Homegrown, Brooke ‘Josie’ Roberts, and Tony Cook. According to the North Queensland BCH community, tickets are also discounted to $40 if paid in bitcoin cash.

Lots of Things Happening and Many More Bitcoin Cash Developments on the Way

Lastly, BCH supporters were excited to hear that the NBA’s Houston Rockets owner, Tilman Fertitta, has revealed his luxury automobile dealership Post Oak Motor Cars will now accept bitcoin cash. This means BCH fans can now purchase a Bugatti, Bentley, or Rolls Royce by using bitcoin cash for payment. Overall there’s been a lot happening within the BCH community and many more developments are on the way. For instance, the developer Unwriter has revealed that Bitdb 2.0 is coming soon which will upgrade the global NoSQL database powered by the BCH chain. “Not just an upgrade, but a quantum leap,” Unwriter explains.

What do you think about the Bitcoin Cash ecosystem this week? Let us know what you think about this subject in the comment section below.

Disclaimer: Bitcoin.com does not endorse these products/services. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images via Shutterstock, Reddit, Matter.cash, Script.care, and Satoshi Pulse. 

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs appeared first on Bitcoin News.

Has the blockchain and cryptocurrency industry hit a glass ceiling? Are the days of unprecedented overnight growth for startups in the industry behind us? This is something not even two of the biggest names in the crypto industry can see eye to eye on. Just two days ago, Ethereum’s co-founder Vitalik Buterin expressed his belief that the days of “1,000-times growth” had come to an end. However, his fellow co-founder Joseph Lubin disagrees, stating today, September 11 that this is just the beginning. According to Lubin, the world is only beginning to appreciate the potential that blockchain technology holds and that a time will come when almost every asset will be tokenized.

We’re Only Scratching The Surface

“Vitalik is brilliant, but I would have to disagree with him on that,” Lubin began on an interview with CNN. While blockchain technology has experienced great growth in the past few years, we’re only just scratching the surface. Blockchain technology will restructure the social, economic and political systems over the next few decades, Lubin explained. The technology is still quite immature currently and will experience great growth and evolution in the coming years. He believes that almost every asset will be tokenized in the near future which further points to the great potential for growth in the industry.

Lubin, who is also the founder of blockchain technology software company Consensys is not worried about the volatility that has become characteristic of the crypto market. The booms occur as a result of “a lot of people understanding the promise of the technology,” he explained. These booms attract a lot of attention to the industry, an effect he believes is ultimately good for the industry as it brings in developers who contribute to the growth of the industry.

Users of decentralized applications should not have to understand much about blockchain technology, Lubin stated. Developers who build these applications must ensure that they are simple enough to use for the final consumer, with Lubin lauding a number of games that have been developed that are driving huge numbers of users to decentralized applications. These games also bring in their own scalability technologies which facilitate hundreds of thousands of transactions per second and once integrated into the layer one Ethereum network, they will lead to its development.

The recent announcement that the Winklevoss twins would be launching the Gemini Dollar, a U.S dollar-backed stablecoin is a great step in the right direction for the industry, Lubin continued. The Gemini Dollar will be backed on a one-to-one ratio by U.S dollars held in an FDIC-insured account with State Street. Paxos also announced the launch of their stablecoin, the Paxos Standard Coin which will also be backed by U.S dollars held in four different banks. Lubin further pointed out that fintech firm Circle will also be launching its stablecoin, the USD Coin, which he believes will be an even bigger project. Their importance can’t be overstated, Lubin explained:

This is just one of the many components that we need in order to build more sophisticated applications and really build out the crypto economy.

A few days ago, Vitalik Buterin had pointed out that he believes the days of exponential growth in the blockchain industry are behind us. In an interview with Bloomberg, Buterin explained that currently, almost every educated person is aware of blockchain technology and this denies blockchain startups the room to grow over 1,000 times as they’ve done in the past.

The post Joseph Lubin Differs With Fellow Ethereum Co-Founder Vitalik Buterin on the Industry’s Growth Capacity appeared first on NullTX.

A look at the mutually reinforcing relationships between miners, developers, and users in the Bitcoin community.

Aside from news of Stellar Foundation acquiring Chain, a San Francisco blockchain start up for a figure believed to be above $40 million, Litecoin developers are back. This time, they have plans of launching a web based Litecoin wallet that will be secure enough to fend off attackers. Though positive, these two didn’t change the market trajectory and instead sellers are dominant printing new lows in Cardano (ADA).

Let’s have a look at these charts:

EOS Price Analysis

EOS Daily Chart by Trading View

Oscillating between $5.5 on the upside and $4.5 support, EOS is obviously trading within a very tight trade range. Unless there is an influx of buyers lifting prices above $5.5 and $7 or Sep 5 highs, we retain a  bearish stand as we trade in line with yesterday’s EOS trade plan.

After all, yesterday’s five percent drop did nothing but cap gains bending prices according to the sell trend set in motion by Sep 5 rejection of higher highs.

Going by this development, aggressive traders can add to their shorts at spot price while conservative traders can wait for a conclusive, high volume break and close below our main support zone at $4. Targets are constant at $1.5 as highlighted in yesterday’s EOS price analysis.

Litecoin (LTC) Price Analysis

From the News

• Litecoin is developing a web-based wallet

Technical Analysis

Litecoin Daily Chart by Trading View

By dropping three percent in the last day, not only are sellers gravitating towards $50 trigger line but with every decline–the trend resumption phase confirming early Aug bear break out pattern, becomes solid.

From yesterday’s preview, our recommendation was to take a neutral to bearish stand only initiating sell trades once we see a high volume, bear candlestick breaking and closing below the $50 minor support line.

At the moment, taking short traders at current prices isn’t favorable from a risk reward point of view. Besides, $50 is an important level marking Aug 2018 lows and prices might react at this level.

Stellar Lumens (XLM) Price Analysis

From the News

• Chain, a San Francisco blockchain start up, has been acquired by Stellar Foundation for an undisclosed amount though to be in excess of $40 million in cash. According to people familiar with the matter, the deal was concluded on Sep 5 and the new merger—InterStellar will be headed by Chain CEO, Adam Ludwin with Jed MacCaleb acting as project CTO.

Technical Analysis

Stellar Lumens Daily Chart by Trading View

Relative to recent movements, Stellar Lumens (XLM) is literally flying right. Prices are up five percent in the last day but still today could see further gains.

Though our previous trade plans holds true despite yesterday XLM gains, we recommend exiting shorts position because yesterday’s bull momentum could spill over to today. After all, we now have a nice three bar reversal pattern printing at around 2018 lows meaning odds of confirmation is pretty high. Regardless, we shall only recommend buys only when prices print above 25 cents.

Cardano (ADA) Price Analysis

Cardano Daily Chart by Trading View

By shedding eight percent in the last 24 hours, Cardano (ADA) did print new record lows. This, according to our last ADA trade plans, means a close below a critical support line and ADA’s ATLs at 7 cents and a probable trigger of a new wave of sellers driving prices lower.

Our trade recommendation in light of this event is simple and straight forward: sell at spot rates with stops at around 8 cents. For those who did sell after Sep 5, they can lock in some profits and let the trade run till firm evidence of a bottom prints.

Monero (XMR) Price Analysis

Monero Daily Chart by Trading View

Odds are we might see a break below the minor support trend line at around $100 that will ultimately see prices edging towards $70, our main support line and bear target as spelled out in our last trade plan.

Evidently, like all coins under our preview, the path of least resistance is southwards and Monero though boosting of superior fundamentals as well as features is tagging alone shedding two percent in the last day. Our opinion is simple, sell at spot price with stops at $110 and target $70 or lower in the coming days.

A more cautious approach will be to initiate sells once there is a break below $100 and support trend line today. Afterwards, sells should be executed on every high in lower time frames.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

The post Litecoin, Stellar Lumens, EOS, Cardano, Monero Price Analysis: Sellers on Overdrive, But Stellar Lumens Gains Could Slow Price Erosion appeared first on NewsBTC.

Wuhan General Group (China), Inc. is looking to transform a U.S. Defense Department data center into a cryptocurrency mining farm

The authorities of two U.S. states have reportedly asked Indian officials to seize the property of the promoters of Bitconnect since citizens of their states have invested in the company and lost money. One promoter has already been arrested and the investigators are tracking down another promoter.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

US States Want Bitconnect Promoters’ Property Seized

The authorities of the U.S. states of Illinois and Arizona wrote to India’s Criminal Investigation Department (CID) officials in the state of Gujarat, “asking them to seize the property of the promoters of a cryptocurrency investment firm, Bitconnect,” the Times of India reported on Tuesday, September 11.

The promoters are “suspected to have made off with Rs 41,000 crore [~US$5.66 billion] of investors’ money,” the publication noted and quoted a CID official saying:

Authorities of the US states of Illinois and Arizona wrote to us asking us to seize the property of the promoters of Bitconnect, as citizens of these states have invested in the company and lost money.

800% Annual Return Promised

The CID investigators say two Bitconnect promoters, Satish Kumbhani and Divyesh Darji, began their crypto operations in December 2016, after the country’s demonetization.

Investors transferred their BTC to the firm and “were issued bitconnect coins in return, which they could trade and on which they received interest,” the publication described, elaborating:

[The promoters] lured in thousands of investors by promising 800% returns per annum on investments.

Darji made a commission of 10% on investments he brought in, the CID official detailed. “He was fluent in English and ran several social welfare programmes. He had a big following and Kumbhani hence roped him in,” the news outlet conveyed. “Darji had brought in investments of Rs 4,100 crore [~$566 million] while the total amount invested in Bitconnect could be around Rs 41,000 crore.”

“At the time, one bitconnect coin was worth about $360 and people invested their bitcoins due to the attractive returns promised,” the CID official said. On September 10, bitcoinnect was delisted from crypto-to-crypto exchange Tradesatoshi, the last exchange that the coin was trading on, TNW reported. According to Coinmarketcap, the last recorded price for the bitconnect coin was approximately $0.68.

One Promoter Arrested, One Being Tracked Down

Darji was arrested at the Delhi airport on his way back from Dubai, as news.Bitcoin.com previously reported. As for Kumbhani, a senior CID official explained, “We have begun the process of getting a warrant issued against Kumbhani and will then press for a red-corner notice (RCN) to track him down.” An RCN is issued by Interpol at the request of a member state to urge other member countries to detain or arrest an accused. The official added:

Kumbhani was tracked down to South Korea some time ago, but by the time we could react, he had flown back to Dubai. He supposedly handled the worldwide operations of the company and may have possession of a large amount of money in bitcoins, which belongs to investors.

What do you think of the two U.S. states asking Indian officials to seize the property of Bitconnect promoters? Let us know in the comments section below.

Images courtesy of Shutterstock and Pixabay.

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The post US Authorities Ask India to Seize Property of Bitconnect Promoters appeared first on Bitcoin News.

A number of major cryptocurrency firms are forming the Blockchain Association to lobby Washington, D.C. lawmakers on regulations in the space.

Leading French professional football club Paris Saint-Germain (PSG) has partnered with blockchain startup Socios.com to enrich the club’s interaction with its fans through a tokenized voting platform. The current French Ligue 1 champions joined the project as part of a broader strategy to integrate distributed ledger technology in business operations and relationship with fans.

PSG Partners With Socios As Part of Broader Strategy

PSG fans will be given a direct voice in some of the club’s decisions through mobile voting and polling platform as well as being granted access to exclusive rewards, content, and experiences. Socios.com has become the official branded cryptocurrency partner of Paris Saint-Germain and will help the club leveraging the technology in a number of fronts, including fan engagement.

The club’s Fan Token will be listed on the platform. The platform will use chiliZ tokens, developed by Socios founder and former gambling site-operator Alexandre Dreyfus.

“We admire the Club’s vision in being the first club in world football to adopt this new technology and set a new standard in fan engagement.” Socios.com will create a new connection between Paris Saint-Germain and its global fanbase, helping the club to integrate blockchain technology as part of its fan engagement strategy.”

PSG fans will be able to buy, trade and execute voting or ‘crowd-manager’ rights for their team. The French club is reportedly the first to join the platform, but Socios will soon announce more. The company aims to connect the 4 billion football fans worldwide to the 1000 UEFA clubs and 2000+ professional football teams in existence through its mobile solution.

Paris Saint-Germain intends to use the platform to give greater voice to its fans throughout the season as well as to innovate its business strategy, Chief Partnership Officer Marc Armstrong said.

“Always at the forefront of digital innovation, Paris Saint-Germain is determined to leverage the opportunities that cryptocurrency can provide. This revolutionary technology will have an important impact on the Club’s overall business strategy and the way we engage with our fanbase. We are very pleased to welcome Socios.com in the Paris Saint-Germain family.”

By using the Socios platform, elite football clubs are able to better manage the desires and needs of their large fan bases. For example, Real Madrid and FC Barcelona have 90,000 and 145,000 fans, while FC Bayern Munich has 290,000. Even a smaller league like Portugal’s Liga NOS has an impressive number of fans: SL Benfica and Sporting CP have 184,000 and 160,000, respectively.

Image from Shutterstock

The post Paris Saint-Germain to Offer Tokenized Voting Platform to Fans appeared first on NewsBTC.

This article originally appeared on Bitcoin Magazine.