Ripple’s class-action lawsuit takes a step further as court sets schedule for next year

Ripple’s long-pending class action lawsuit has taken a step further as the courts have denied the plaintiff’s motion to move the case to the state courts and asked the plaintiffs to appoint a lead plaintiff/class representative.
There are four cases against Ripple that allege that XRP is a security and that Ripple violated state and federal laws by failing to register it as a security. The four cases were brought forward by Zakinov, Oconer, Coffey, and Greenwald.
Jake Chervinsky, a lawyer at Kobre & Kim LLP, tweeted the developments:
“Last month, the federal court denied the plaintiffs’ motions to return to state court, so the case will now stay federal.
At the time, I called this a “minor but meaningful” victory for Ripple. It’s a battle they fought hard to win, but a small one at the start of a long war.”
The judgment on the class action suit as explained by Jake Chervinsky is binding on the whole class. If Ripple resolved one class action, it would mean that XRP wouldn’t be labeled as “security” for all the plaintiffs.
The court has set a schedule for the litigation this year and the next phase of litigation include appointing a lead plaintiff, re-filing a consolidated complaint, and responding to the complaint. The court has provided the plaintiffs until May 20, 2019, to appoint a lead plaintiff and select a counsel for representing the class lead plaintiff.
Jake Chervinsky explained the next step in his tweet:
“… after lead plaintiff & lead counsel are appointed, the Court’s order gives them 45 days to file a new consolidated complaint asserting every legal violation that the class believes Ripple committed. At the very earliest, the consolidated complaint will be due in July.”
Ripple will be provided 45 days to respond to the consolidated complaint by the lead plaintiff, and it could take until September 2019 for Ripple to come up with a response on the matter. As suggested by Chervinsky, Ripple could also respond to the complaint by motion to dismiss, giving Ripple 30 additional days to reply.
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Source: AMB Crypto

xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts

XRP, the cryptocurrency closely related with the company Ripple, has been at the center of speculation and arguments, with respect to xRapid and XRP’s price.
There have been a lot of accounts on Twitter promoting the fact that the price of XRP will rise and shoot to the moon, after banks and financial institutions start using xRapid for cross-border payments.
The most famous theory put out by people was the price of XRP hitting $589 by the end of 2018, which didn’t happen.
However, a recent conversation started by prominent XRP enthusiasts, has suggested that xRapid would not massively affect the price of XRP.
Nayer Malik [@sinjunsmyth], a Twitter user, stated,
“@galgitron @Hodor @jungleincxrp @C3_Nik …Guys what r ur thoughts on Bob Way’s view regarding X-Rapid usage not increasing the price in and of itself?”
In response, Galgitron [@galgitron], a prominent XRP enthusiast and a contributor to the XRP community, added that he had “been saying that all along.” In one of his blogs Galgitron stated,
“Sure, there may be some massive FOMO buy-in once banks announce they are starting to use xRapid, and that will send the monkey [price action] hundreds of feet into the air, but, only speculation creates parabolics..”
C3|Nik [@C3_Nik] acknowledged the above and replied,
“It was seen like blasphemy to say that xRapid would not move prices that much by itself (e.g. “not the flip-the-switch kind of event”). It is interesting that the people who spread that narrative and misled others still have so many followers. Selling dreams.”
A Twitter user, @Crypt_Megalodon, voiced his opinion, which was different from the others. He tweeted,
“Well when you consider the US money supply being 15 trillion alone, the XRP cap doesn’t worry me. If/when XRP becomes the standard world wide, inflation will be rapid with mass adoption. I agree, with years, but, the value can be prodigious! The cryptoloution has already started.”
Considering the price of XRP at press time was only $0.31, and that there were more than a couple of Ripple customers that had already started using xRapid for cross-border transactions, the increase in the price of XRP due to xRapid seemed highly unlikely.
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Source: AMB Crypto

XRP/USD Price Analysis: Coin stagnates even after massive adoption news

The third largest cryptocurrency, XRP, was moving sideways for almost two months, without any price surge or drop. The price was stuck between a support and a resistance, and it didn’t look like it will break out any time soon.
The price of XRP at press time was $0.3217, while the market cap was at $13 billion. The 24-hour trading volume was $801 million. A huge chunk of the trading volume for XRP was coming from ZBG exchange. It contributed a total of $92 million in trading volume, via the XRP/USDT trade pair.
Source: TradingView
The hourly chart for XRP showed an uptrend that extended from $0.3072 to $0.3187, while the downtrend extended from $0.3445 to $0.3257. The immediate support was at $0.31608, while the subsequent supports were at $0.3038 and $0.2928. The immediate resistance was at $0.3260.
The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of XRP. The price was dipping into the simple moving average, and indicated that the market was bearish.
The Stochastic RSI indicator showed a bearish scenario as well, but a stronger one when compared to the Bollinger Bands.
Source: TradingView
The one-day chart of XRP showed a downtrend that extended from $0.9027 to $0.3220. The price of XRP in the longer time frame showed the support at $0.2587. The resistance points for XRP were at $0.5836, $0.6880, and $0.9027.
The MACD indicator showed a declining uptrend i..e, the green Aroon line. The Aroon downtrend line was also reducing.
The Chaikin Money Flow indicator showed a subzero CMF line, which signified that money was flowing out of the XRP market.
The Relative Strength Index showed a stagnant RSI line at the 50-line, where the momentum of sellers and buyers were equal.
The one-hour chart showed bearish pressure for XRP incoming, as indicated by the Bollinger Bands and Stochastic RSI indicators. The CMF, Aroon and the Relative Strength indicator showed a bearish trend for XRP as well.
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Source: AMB Crypto

XRP: Coin gets adoption push as developments in ecosystem reach all-time high

XRP, the third largest cryptocurrency in the world, is fast approaching massive adoption as developers and other creators huddle together and add value to the XRP environment.
Rain is a Sharia-compliant cryptocurrency exchange in the Middle East, and XRP made its way onto the platform on 21 March, 2019. XRP is the fourth cryptocurrency listed on the exchange, after Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC].
According to the Saudi Gazette, Rain graduated from the Central Bank of Bahrain’s (CBB) Regulatory Sandbox on 26 February, 2019. The Saudi Gazette stated,
“To add more legitimacy and gain the trust of its customers, Rain also announced that it had passed a Sharia compliance certification. The Sharia-compliance certification was completed by Shariyah Review Bureau (SRB). SRB is licensed by the Central Bank of Bahrain as a Sharia Advisory firm authorized to issue Sharia compliance certifications.”
XRP Adoption
Microsoft Outlook
A developer, SchalaubiDev, recently developed an add-on for Microsoft Outlook, which would allow users to send XRP to other users easily. This add-on is currently up and running on Outlook 2016, with support for Office 365 in the works. The developer also added that the same functionality would be added to Gmail as well.
XRP is being accepted by various exchanges around the world, the most recent in the ecosystem being the coin getting added to PayGlobal’s ATM bank card payouts.

UPDATE: Community asked for it, and they now get it. XRP is now live on @Payglobalme You can easily exchange XRP to fiat and send to your existing bank card or bank account and in the UK you can get cash at ATM's with no bank card needed. #XRP #buidl #Crypto
— PayGlobal (@Payglobalme) March 19, 2019

The addition of XRP on its platform came nine days after a poll conducted by PayGlobal. With PayGlobal, users can directly shift from crypto to fiat using their existing bank cards.
Price of XRP 
David Schwartz, the CTO of Ripple, spoke at the SXSW Conference recently, giving his insights on Ripple, XRP, and the things that the company is focusing on. He wanted XRP’s price to be linked not to the company Ripple, but to the ecosystem concerning XRP and Ripple. He added that the price of XRP might be tied to the success of Ripple.
An XRP enthusiast, XRP Research Center, tweeted,

This week
17@SchlaubiD TipBot-Outlook
18@coinberryio @2gether_global add XRP@BinanceJE XRP soon
19@Payglobalme @digitec_de @Galaxus @VALRdotcom add XRP@WietseWind XRP Fund suggestions@InstaReMit raises 20M
20@travalacom @rainfinancial add XRP@MoneyNetInt: @ThePaypers
— XRP Research Center (@XrpCenter) March 20, 2019

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Source: AMB Crypto

SBI Holdings Inc. establishes separate subsidiary to increase promotion of MoneyTap

SBI Holdings Inc., a Japan-based company that is solely focusing on improving the payment infrastructure in Japan, recently announced the establishment of a subsidiary, Money Tap Ltd., to increase promotion of the MoneyTap application.
The subsidiary was set up on March 19, 2019, in Tokyo, and Katsumi Kawashima will be the president and representative director of the subsidiary. The establishment was granted ¥100 million as capital during the time of establishment, which would be increased in the future.
The blog on SBI Group’s website stated:
“The newly established Money Tap will evolve its domestic and foreign exchange consolidation consortium developmentally and take over its role, as well as for banks and general users to drive the rapidly expanding cashless flow. Plan to provide service more quickly.”
In addition, the blog stated that SBI Group started offering MoneyTap application for smartphones, which is based on distributed ledger technology and allows real-time transfer of money to users and banks.
It is powered by DLT to allow a quick, safe, and comfortable money transfer in a country where transactions can only occur on weekdays between 8:30 am and 3:30 pm., with heavy delay otherwise. The app promises 24/7 payments, thus offering customers of the Japan Banking Consortium, which holds over 80% of all the banking assets in the country, a way to transfer value with ease.
The launch of MoneyTap is aimed to reduce the drastic wait times by eliminating archaic transfer methods. MoneyTap allows users to make transfers to bank accounts, phone numbers, or QR codes linked to the accounts.
The blog stated:
“Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium, other financial institutions.”
@bechokoy_betts, a Twitter user, commented:
“Money tap going to be the next venmo… Instead of venmo me itll be send me a tap or tap it to me.”
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Source: AMB Crypto

Bitmain’s overproduction of ASIC miners led to lower mining profits, claims miner

Bitmain and other crypto companies suffered massive losses during the bear market. However, Bitmain’s effect on Bitcoin’s price, performance, and its decentralization was discovered to be more than what was previously anticipated.
James McAvity, a Bitcoin enthusiast and miner, posted a series of tweets explaining how Bitmain’s overproduction of ASIC miners ultimately affected the coin’s miners.
Source: Twitter | James McAvity
When the Bitcoin frenzy reached its peak in 2017, so did the price. This resulted in the relentless production of Bitmain’s famed, top of the line, ASIC miners, that came to be used by most of the miners.
McAvity also pointed out the increase in Bitcoin mining’s electricity usage from 2017 to 2019. The electricity usage at the start of 2017 was around ~$250,000, which later surged exponentially to $4,000,000 a day [McAvity assumed 75 watts/TH]. The graphs attached below show the same correlation,
Source: Twitter | James McAvity
Source: Twitter | James McAvity
Bitmain controlled massive amounts of the hash rate for Bitcoin, at one point in the past. However, decisions taken by the company resulted in its dominance over Bitcoin mining weakening. According to some reports, Bitmain even sold most of their crypto holdings to survive the crypto winter that enveloped the coin market.
In a subsequent thread, McAvity tweeted,
“BITMAIN is the gift that keeps on giving.
Not only did they (in)voluntarily give up their position as the leading mining manufacturer, fostering greater decentralization.. but they also flooded the market with ASICs, sentencing their customers to waning profitability.”
As a result of the above, McAvity suggested that Bitcoins so purchased, would be from a “distressed miner” who would have to sell those BTCs to keep the mining farm alive. Most Bitcoin enthusiasts attributed the drop in BTC’s price from $6,000 to $3,000, to a reallocation of hash power by Bitmain during the hash wars.
McAvity tweeted,
“Look at the drop from $6400 BTC to $3300, at the time that was 10c KW/H breakeven to ~5c. Hashrate got crushed as high OPEX production got REKT. I predict we would drop to 20mm TH/s if the halving happens today, cutting network-wide miner electrical OPEX by 60%.”
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Source: AMB Crypto

XRP adoption goes mainstream: Users can send XRP via emails with a simple add-on

XRP adoption has been slowly gaining traction as developers are looking to integrate XRP and develop new applications which have actual use-cases.
A developer, SchalaubiDev [@SchalaubiD], posted on Twitter that he developed an add-on, which when installed would allow users to send XRP via email.
The developer posted a screengrab of the add-on installed on Microsoft Outlook, which also showed the XRP received. Wietse Wind, the developer of TipBot and the lead for XRPL Labs, which is funded directly by Ripple, helped him with the API on the project.
Source: Twitter | SchlaubiD
However, the project is not open source yet, but the developer said he had plans to make it open source in the future. With the add-on, users can send and receive XRP directly to other users via email and the receiver doesn’t need to have an XRP address.
The sender needs to enter the desired amount of XRP, which will be sent to the receiver via the XRP TipBot after the email is sent. The recipient will immediately receive an email from MoneyMessage with the access data. The XRP received can be withdrawn by the user at any time to the desired XRP wallet.
The only necessity is that the users should have XRP TipBot to use the aforementioned facilities. Moreover, the maximum amount of XRP that can be sent is limited to 20 XRP.
This add-on is currently up and running on Outlook 2016 with support for Office 365 in the works. The developer also added that the same functionality would be arriving in Gmail as well.
@John_S_cothill, a Twitter user, commented:
“Congrats, this looks ace! Possible Gmail extension in future for the businesses that have moved away from Outlook (its a growing proportion), and personal users?”
@bigbuckor, another Twitter user, commented:
“This would be yet another revolution in the way we send money…with this, who would need Western Union?!”
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Source: AMB Crypto

Stellar Lumens [XLM] Price Analysis: Bulls come out of the woodwork

Stellar Lumens, in partnership with IBM, successfully launched World Wire which will be a direct competition to Ripple’s solutions for cross-border payments. Stellar Lumens saw a spike after this announcement and has since subdued.
The price of XLM at press time was $0.02303, while the market cap was $2.2 billion.
Source: TradingView
The one-hour chart of Tron showed a downtrend that extended from $0.0277 to $0.0236, while the uptrend extended from $0.0220 to $0.0229. The price found support at $0.0221 and bounced in an upward direction. The price even struck the immediate resistance at $0.0242 on March 16, 2019.
The Parabolic SAR markers developed above the price candles, which indicated that the short uptrend rally had stopped and was reversing.
The MACD indicator showed a recovering uptrend for the signal and the MACD lines after a bullish crossover.
The Relative Strength Index showed that the RSI topped at 55 and was reversing as well. The momentum of the sellers ran out as the RSI collapsed.
Source: TradinView
The longer time frame showed an uptrend that extended from $0.0129 to $0.02245, while the downtrend ranged from $0.04982 to $0.02593. The prices tried to cross the resistance at $0.0267, not once, but twice. Eventually, the prices failed to breach the resistance and headed downwards.
The Bollinger Band showed a squeeze, indicating the reduction of volatility for XLM in the longer time frame. The prices were above the SMA, which indicated a bullish presence for XLM.
The Chaikin Money Flow showed the CMF line above the zero-line, which indicated that money was flowing into the market. The sellers were dominated by the buyers.
The Stochastic RSI showed the topping of XLM markets as it was in the oversold zone. The Stochastic RSI also showed a bearish crossover that had begun.
The one-hour chart showed a bearish cycle in progress as indicated by the Parabolic SAR, MACD, and the Relative Strength Index. The one-day chart indicated a bullish view for Stellar Lumens as confirmed by Bollinger Bands, CMF, and Stochastic RSI.
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Source: AMB Crypto

60% of the world’s top 100 crypto exchanges fake trading volumes, says The Tie report

Exchanges have faced a tough time since the onset of the crypto-winter. However, as an investigation by The Tie suggests, some exchanges have taken to faking trading volumes and attracting users to their platform.
The Tie tweeted the report of their investigation, a report that concluded by stating very few exchanges did not fake trading volume, while most of the exchanges faked trading volumes. Most of the users’ go-to page for info about cryptocurrencies and exchanges was CoinMarketCap. Hence, exchanges listed on CMC faked volume to attract more users to its platform.
The Tie fetched the number of web views using Similar Web, and divided the same with the trading volume reported by these exchanges. This gave the reported volume per visit. To create a standard for comparison,  The Tie selected Binance, Coinbase Pro, Poloniex, Gemini, and Kraken, and calculated the weighted average of trading volumes, which amounted to $591, per web visit.
The obtained figure, $591, was then multiplied with web views, which gave the expected volume of the exchanges. Comparing this to the reported volume provided proof of how exchanges fake their trading volumes.
The attached report showed the same. Some of the culprits, according to The Tie’s report, included BitMAX, Lbank, BW, and ZBG. In fact, the investigation found that the expected volume was lower than 1% of these exchange’s reported volume.
The Tie stated,
“When we divided the top 100 exchanges’ expected by their reported volumes, we found that 59% of exchanges’ reported volumes were over 10 times higher than what we would have expected had they similar volume per visit to Coinbase, Binance, Kraken and others.”
The chart attached below shows the same, with the bars colored in red indicating the exchanges whose reported volume was double the expected volume. Exchanges with a better ratio of reported and expected volume were colored in green.
Source: The Tie | Twitter
Binance CEO, CZ, retweeted The Tie’s report, and commented,
“Why do exchanges fake volumes?
@CoinMarketCap is highest traffic website in our space, and biggest referrer for all exchanges. Ranked high on CMC has benefits for getting new users. BUT at the expense of DESTROYING CREDIBILITY with pro users. Many forget the later part.”
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Source: AMB Crypto

IBM and Stellar Lumens [XLM]’s World Wire ready for cross border payments in over 72 countries

IBM announced the launch of World Wire on 19 March 2019, in more than 72 countries. World Wire aims to reduce the friction associated with money transfer all around the world.
Jesse Lund, the Head of blockchain and digital currencies at IBM, elucidated on the same with Stanley Yong, the CTO at IBM. According to Lund, World Wire was an “entirely new type of payment,” designed for regulated financial institutions, including banks and non-banks.
Yong explained that World Wire works by connecting participants in a p2p network, for sharing “financial messages” and digital assets, both of which would be issued on the same network. The results of the settlement and messages are then stored on the blockchain for “audit-ability” and “transparency”.
Lund stated,
“IBM is announcing that it is open for business in payments was support for 72 countries, 47 distinct currencies  and 44 unique banking endpoints and a wide range of pay in and pay out locations around the world.”
Yong added,
“The two main assets that will be available for live transactions on IBM blockchain will wire on day one are the stronghold US dollar and the Stellar Lumens”
Apart from the above, World Wire will help financial institutions communicate with each other on the network, and help fulfill payments in real-time. Additionally, payment data and the value/money will move together on the same network. Lund also explained that the focus of World Wire was to make money move faster than information today.
Furthermore, any financial institution that provides payment services, and requires the movement of money across borders, would be a candidate for IBM’s World Wire, said Lund.
Lund also explained that World Wire would immediately focus on Europe and the Asia Pacific, with support for North America being introduced later this year.
Jed McCaleb, the co-founder and CTO of Stellar Lumens, stated,
“It gives consumers the flexibility to use whatever kind of currency they want, wherever they are in the world so if you have dollars and you’re traveling you can use those dollars seamlessly in any any place in the world. You can pay out in any payout Network in the world, it makes essentially everything interoperable, makes it fast, makes money move much more like email…”
Additionally, Yong confirmed that IBM was working with central banks to help with processing faster payments.
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Source: AMB Crypto

Bitcoin [BTC]: Andreas Antonopoulos rejects the idea of China launching 51% attack on BTC blockchain

Andreas M. Antonopoulos, the author of Mastering Bitcoin, explained why the Chinese government couldn’t launch a successful 51% attack on the Bitcoin blockchain.
The argument whether China could launch a 51% attack on the BTC blockchain erupted from a tweet posted by Anthony Pompliano on March 16, 2019.
Pomp tweeted:
“The Lightning Network hit a new all-time high of over 1,000 BTC in network capacity today.
Don’t listen to the noise. Bitcoin is going to scale just fine ”
Galgitron, a prominent person in the XRP community, requested Pomp to compare the use of Lightning Network to XRP. This comment led to the age-old topic that “XRP does everything that Bitcoin can and better”. Some of the users argued that Bitcoin could become a store of value if not peer-to-peer cash.
Galgitron replied:
“What you fail to understand is that once Bitcoin loses first spot, the price will drop, miners will defect, a 51% attack will occur, confidence will be lost, and it will collapse. Bitcoin isn’t a rookie baseball card”
@ptothehyphen disagreed with Galgitron as he replied:
“That price action and 51% attacks are correlated….also even if a party managed a takeover of bitcoin, the power needed to mantain the attack for a prolonged period is astronomical (but anything can happen in crypto)”
Although 51% attack on the Bitcoin blockchain is widely debated, it certainly is not impossible. However, the amount of resources required to do the same is massive and it does not make any sense considering the upsides of the attack.
Before the BCH hash wars and the bear market of 2018, the mining pool of Bitcoin came eerily close to being completely dominated by the Chinese miners. Bitmain played a very important role and held a subsequently large stake of the mining pool. However, the stake in the mining pool by the Chinese counterparts has since reduced down.
Galgitron commented:
“Ya, @aantonop isn’t the best authority to elucidate PoW attacks. In this video, sure, the attacks he describes are ludicrous, but he conveniently sidesteps the Chinese govt commandeering 4 mining pools to double-spend Bitcoin, which can be done literally today with zero warning.”
Andreas Antonopoulos addressed these topics in-depth and explained how a 51% attack by China was not possible. Antonopoulos replied to the comment:
Jason A. Williams, a founder of Morgan Creek Digital, added:
“I have thought a lot about the 51% attack. Technically possible, yes. Financially improbable. 3 real threats –
1. Hardware maker attack (state)- they run their inventory already and sell used gear
2. Hardware backdoors –
3. Spying technology – access users private keys”
Antonopoulos jumped in and replied to Galgitron:
“I feel comfortable knowing that China *cannot* instantly destroy Bitcoin.
Trying to destroy bitcoin this way will not only fail, but it will demonstrate its resilience by failing. That’s a worse scenario than simply throwing shade at BTC with propaganda”
Antonopoulos also elucidated that the 51% attack would not be over in an hour but would take an hour to start and even if the attack did start, those pools would be abandoned by the users.
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Source: AMB Crypto

Bitcoin [BTC], Ethereum [ETH], XRP, Litecoin [LTC]: A hindsight view of the prices from all-time highs

The bull run of cryptocurrencies ended as 2017 came to an end. The coins that had pumped by massive amounts eventually plunged due to a market correction, which was the beginning of the bear market.
The bear run has taken its toll on the users and companies that were launched during the bull run. Several companies shut down, while others like Bitmain are struggling to stay afloat. The bear market also showed the true nature of certain altcoins as they plunged.
Bitcoin, the poster child for all cryptocurrencies, collapsed by a massive 81% from its all-time high, at press time. However, other altcoins weren’t so fortunate as they plunged by more than 81%.
A Twitter user, @CharlieBilello, tweeted:

Crypto, % Below all-time high…BitConnect: -100%Qtum: -98%NEM: -98%ICON: -97%Bitcoin Gold: -97%Bitcoin Cash: -97%Cardano: -96%Lisk: -96%NEO: -95%IOTA: -95%Dash: -94%zCash: -94%TRON: -92%XRP: -92%Ethereum: -91%Monero: -89%Litecoin: -84%EOS: -83%Bitcoin: -80%
— Charlie Bilello (@charliebilello) March 17, 2019

From the list above, it can be seen that the second largest cryptocurrency, Ethereum [ETH], collapsed by a massive 91%, while the third largest coin, XRP, dropped by 92%.
Other cryptocurrencies like BitConnect were subject to lawsuits and termed as Ponzi Schemes by Texas State Securities Board.
Bitcoin Cash faced the same fate as it underwent a hard fork due to a disagreement between Roger Ver and Calvin Ayre. After the fork, both the cryptos, BCH and Bitcoin SV, suffered, but BCH trumped BSV in terms of price.
The Tron ecosystem has faced a lot of developments in recent times, but dropped by 92% since its all-time high. Some users in the community believe that the bear market would wash out the weak projects so that the ones that are truly devoted to cryptocurrencies remain.
The next bull run is awaited by the community and some users speculate that the prices would shatter the previous highs in the upcoming bull rally.
@jposhaughnessy, a Twitter user, commented:
“I fear BitConnect is going to have a hard time coming back from this.”
Another Twitter user, @FVNate, commented:
“It’s deep value, Jim! The price/book ratio tells you everything.
(I seriously heard someone present the P/B ratio for crypto.)”
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Source: AMB Crypto

Bitcoin [BTC/USD] Price Analysis: Price on a roller coaster ride after briefly crossing $4,000-mark

Bitcoin reclaimed the $4,000 level in a show of great market sentiment as it was a resistance level the coin hadn’t crossed in over two months.
Bitcoin’s price, at press time, was $4,004, with a market cap of $71 billion. The coin’s 24-hour trading volume also surged due to the recent pump, hitting $10 billion. Most of the trading volume for Bitcoin came from BitMEX exchange, which contributed to a whopping $1.47 billion in trading volume.
Source: TradingView
The one-hour chart indicated bullish momentum for Bitcoin as the downtrend inclination suddenly changed due to the rally. The downtrend extended from $4,163 to $4.013, while the resistance at $3,953 was tested during the rally.
The Parabolic SAR markers formed below the price candles and indicated a bullish presence in Bitcoin’s one-hour chart.
The MACD indicator underwent a bullish crossover, reaching the 30-line.
The RSI struck the oversold zone, and was heading down towards the 70-line. This indicated a shift in momentum for Bitcoin.

Source: TradingView
The one-day chart showed a downtrend that extended from $9,800 to $4,000. The support line at $3,122 was holding well, but the resistance at $4,111 was about to be tested. The subsequent resistance was seen at $7,641.
The Aroon indicator showed a strong uptrend for Bitcoin, while the downtrend line was headed to the bottom. This indicated a change in trend in the longer timeframe.
The Stochastic indicator also showed a strong bullish crossover heading towards the oversold zone.
The Chaikin Money Flow tool was above the zero-line and indicated a massive money influx into the Bitcoin markets.
The one-hour chart showed heavy bullish momentum for Bitcoin, as indicated by the SAR and the MACD indicator. However, the RSI indicated a slight decrease in bullish momentum. The one-day chart for Bitcoin showed unanimous massive bullish momentum, unlike the one-hour chart.
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Source: AMB Crypto

Poloniex enables GrinMW withdrawals by donating 1.27864 BTC to Grin General Fund

Grin is a privacy and security-focused cryptocurrency that is completely community-driven and Poloniex was the first exchange to list it. Withdrawals for Grin have finally started on the exchange, according to their recent tweet.
Poloniex tweeted,
“Grin withdrawals are now live and we’ve made our first monthly donation—1.27864 BTC—to the @grinMW General Fund. #grin #mimblewimble”
Poloniex was satisfied with their decision to list the coin after seeing it develop over the months. In their blog, Poloniex stated,
“When we listed Grin, we pledged to provide a portion of our transaction fees to the Grin General Fund for a year — 50% for the first month and 25% for the next 11 months.
We are committed to providing monthly donations because we believe in supporting crypto projects which encourage distributed voluntary development and fair, decentralized methods of token distribution.”
As a result, Poloniex plans to support Grin developers by donating funds to the project. Grin’s mainnet launched on 15 January, 2019, and the community welcomed it with open arms.
Grin is focused on privacy, security, scalability, and fungibility, and is built by implementing MimbleWimble technology, which was proposed by Tom Elvis Jedusor in July 2016. The proposed technology gained a lot of traction in the Bitcoin community.
Poloniex is all for new crypto projects that are promising, as it stated in the blog,
“Grin is just one asset that represents our dedication to moving the crypto space forward. You can expect more from us in the weeks and months ahead …”
A Twitter user, @JEhrenhofer, commented,
“Great! Will you donate a fraction of profits to other projects without founder rewards?”
@21xHipster, another Twitter user, commented,
“What is #GRIN ?
Compact 5mb file that syncs full 2-month chain in 10 (!) minutes on dubious connection in the hotel …
Amazing, respectful, state of an art piece of software that pursue existential purpose of ultimate privacy.
All involved, @grinMW, @grincouncil thanks”
The post Poloniex enables GrinMW withdrawals by donating 1.27864 BTC to Grin General Fund appeared first on AMBCrypto.
Source: AMB Crypto

Ripple/XRP: David Schwartz on regulatory uncertainty hanging over XRP, Ripple

There have been a lot of wars fought on Twitter on the nature of XRP and Ripple’s relationship with the cryptocurrency, with tonnes of articles speculating what XRP is. David Schwartz, the CTO of Ripple, put the speculation to rest in his recent interview at the SXSW Conference.
The CTO clarified that Jed McCaleb, Chris Larsen, and a couple of other people got together and created the XRP ledger. Subsequently, the developers gifted some of the 100 billion XRP created to themselves, and the company Ripple, which are both independent of each other.
He also added that holding XRP did not mean that the person held a stake in the company, Ripple. Schwartz continued by saying that security laws aren’t fully clear as to what rules have to be applied to the nascent technology. He also added,
“Security law has not changed with respect to blockchain technology… the SEC recently has talked about how they are going to think about how these tokens meet security laws. But they haven’t given a black and white test. They’ve given a test but it’s filled with vague terms.”
Additionally, Schwartz said that they were confident and “pretty comfortable” that XRP was not a security, and that it would ultimately be the SEC and the courts that’ll decide whether XRP was a security or not.
He further commented that the biggest hindrance to development in the crypto ecosystem were regulation/laws. Schwartz explained that Ripple and other companies in the space were lobbying regulators about the same.
John Bev, a YouTube user, commented,
“XRP should be used by Men/Women in the Military, who are stationed overseas, to send money back quickly to support their loved ones. We should pay homage for creating ARAPNET, now INTERNET, and allow them to use XRP!”
The post Ripple/XRP: David Schwartz on regulatory uncertainty hanging over XRP, Ripple appeared first on AMBCrypto.
Source: AMB Crypto