EOS Technical Analysis: Bears gain the power to pull down the cryptocurrency further

The bearish hit which led to the destruction of the crypto market looks very strong even after 2 weeks since it began. It can be noticed that most of the major digital assets have completely moved to the bearish zone. In the top 10 cryptocurrencies Bitcoin Cash [BCH], Cardano [ADA], Monero [XMR] have declined the most with up to 54% loss.
At the time of writing EOS is trading at $3.94 with a market cap of $3.5 billion. The cryptocurrency has seen a massive breakdown in the past week with a 26% decline in its value. It is also being noticed that EOS had touched the lowest point today since the beginning of 2018. The coin had dropped to $3.46 a few hours back, however, it is slowly gaining its momentum back with a hike of 2.21% in the past 1 hour.
1 hour:
EOS 1 hour chart | Source: TradingView
The 1-hour chart of EOS has a downtrend ranging from $5.31 – $4.6 – $4.07 with a resistance point fixed at $4.8. Though the cryptocurrency experienced an uptrend ranging from $4.2 – $4.5 earlier today, it has broken the support levels created at $4.2 and $3.6 and moved further downwards.
The Bollinger Bands demonstrate that EOS went through a price breakout a few hours ago. Right now the candlesticks are neither close to the upper band nor to the lower band. However, the expanded Bollinger bands depict that there is a high chance of volatility in EOS’ price in the coming hours.
In the Aroon Indicator, we can see that the Aroon Up line has touched the 0 level and moving sideways. The Aroon Down line is moving towards the 0 line at present, which can be considered as a positive sign for EOS traders and a trend reversal can be expected anytime soon.
The Klinger Oscillator has shown an insignificant bullish crossover with the reading line moving very close to signal line.
24 hour:
EOS 24-hour chart | Source: TradingView
The 1-day chart of EOS shows a completely bearish market for the cryptocurrency on a long run. In this timeline, EOS has a downtrend ranging from $14.99 – $5.3 – $4.5. The resistance points are at $10.50, $6.3 and $5.7.
The Parabolic SAR is clearly on the bearish end for EOS as the dotted lines are forming above the candlesticks and moving downwards along with them.
The MACD is also showing a negative trend in this timeframe. The moving average has taken a bearish crossover with the histogram forming red bars.
The Relative Strength Index [RSI] is currently moving below the oversold line indicating the selling pressure has increased in the market since mid-August when the cryptocurrency gained its momentum back and secured its position within the RSI zone.
Conclusion:
The short-term indicators are showing a highly volatile market in the future. However, the long-term indicators in this Technical Analysis are strongly in favor of a bearish market.
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Source: AMB Crypto

Bitcoin Cash ABC’s hash burst was rented from Bitcoin [BTC] network, says nChain’s CEO

Jimmy Nguyen, the CEO of nChain, recently spoke about the truth and consequences of Bitcoin Cash [BCH] hash war between the miners voting between Bitcoin Cash SV and Bitcoin Cash ABC. He began the talk by stating that the hash burst which took place in the network from Bitcoin Cash ABC’s side was rented or subsidized from the BTC network.
This, according to him, was done ‘in order to artificially boost the support for Bitcoin Cash ABC far higher than it had ever been in the days and weeks leading up to the hard fork’.
Jimmy further explained why nChain did not bring more hash to support Bitcoin Cash SV. Though the team had access to thousands of petahash worth of support for Bitcoin Cash SV, they decided not to go with it to avoid the consequences it would have in the future for the Bitcoin Cash community.
According to him, it is hypocrisy to move hash for a day or two from the rival network that most of the community do not like, and use that to claim victory. Jimmy said:
“The whole reason that such hash was available on the BTC network to move onto BCH is because the people who should have fought Bitcoin Core did not, and splintered off to create the Bitcoin Cash network, and allowed BTC to continue on. That’s perfectly fine. But now they’re borrowing hash, renting it, subsidizing it from the very network they so vehemently oppose many of them to try and claim a victory on the BCH network.”
It is important to think about the governing model when there are disagreements. When the Nakamoto Consensus was written in the Bitcoin whitepaper, there was supposed to be only one Bitcoin network. Bitcoin Network has its magic in its economic incentives. Currently, the Nakamoto Consensus is being tested for the first time, he added.
Jimmy said:
“Satoshi Nakamoto could not have envisioned, at the time the white paper was written, that there was going to be some splintered-off network using the same hash algorithm. And with the idea of one CPU equals one vote, or miner hash power equals the vote, it was designed.”
He also said:
“I’m sure most logical people can agree with it to recognize that the people who have an ongoing continuous invested interest in the network are the ones that should vote on a rule set.”
The ABC supporters have been very quick to declare that they are the winners in this hash was by moving BTC hash by Bitmain and other sources. However, nChain’s Craig Wright and Coingeek’s Calvin Ayre is taking an alternate path to achieve genuine and legitimate sustained hash that supports the network, said Jimmy Nguyen.
He added:
“And that is why, if you notice, over the days leading up to the hard fork., the CoinGeek, SVPool, and BMG pools started gradually increasing the hash they were devoting to the network.”
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Source: AMB Crypto

Ethereum [ETH] Technical Analysis: The cryptocurrency is still pining for a bull run

The volatility in the crypto market has begun as most of the coins are thriving to gain momentum in the past 24-hours. The downfall of Ethereum [ETH] seems to continue for a longer period. The market capitalization gained by XRP appears to be a great barrier for ETH to gain its 2nd position back on the charts.
At the time of writing, Ethereum [ETH] is trading at $175.55 with a market cap of $18.13 billion. The 7-days statistics of ETH still shows a red signal with a 16.68% decline. The 1-day chart depicts an insignificant growth of 1.15%. The coin is being traded on various exchanges such as LBank, BitForex, Huobi etc., with the highest volume of 4.84% from OEX on ETH/BTC trading pairs.
1 hour:
ETH 1 hour chart | Source: TradingView
The 1-hour chart of ETH shows a downtrend extending from $210 to $178 and the resistance points fixed at $210.28 and $200.63. The uptrend in this time frame is from $172 – $174 – $176 with a recent support point set at $172.
The Bollinger Band is forming a narrow path indicating less volatility in the ETH market. It is also being noticed that a similar trend was followed by Bollinger Band on 14th November, which led to a negative price breakout.
The Awesome Oscillator has gradually started to form the green lines on the histogram. The indicator is trying to recover from the previous bear trend.
The Chaikin Money Flow depicts that there is less inflow of money in the ETH market as the indicator continues its journey below the zero line.
24 hours:
ETH 1 day chart | Source: TradingView
The 24 hours chart of ETH shows a downtrend ranging between $519 – $214 – $177 with a resistance set at $285. The support formed at $188 has been broken and the price continues its downward correction.
The MACD shows a bearish crossover with the moving average lines traveling below the signal line. The histogram is also forming negative bars depicting the beginning of a bearish trend.
In the Aroon indicator, the Aroon Up line has taken a bearish crossover and moving towards the 0 line showing that the bullish trend is exhausting. The Aroon Down line has touched the maximum point and is currently moving in the opposite direction.
The Relative Strength Indicator [RSI] has crossed the oversold line and moving back to the RSI region. According to the chart, it can be noticed that buying pressure has been overtaken by selling pressure in this timeframe.
Conclusion:
Considering the previous market trends of ETH and the signs of the indicators in the above-mentioned timeframes, there is a high chance of a persistent bearish zone.
The post Ethereum [ETH] Technical Analysis: The cryptocurrency is still pining for a bull run appeared first on AMBCrypto.
Source: AMB Crypto

XRP Technical Analysis: The short term bull trend stays stronger with 8% hike in a day

The cryptocurrency market seems to be slowly gaining traction after the massive bear hit which took place last week. The price of Bitcoin [BTC], which had touched as low as $5,358 on 15th November is gradually increasing. At the time of writing, BTC is trading at $5,593 and has shown approximately 1% gain in the past 24-hours.
However, the 7-day chart still shows a 12.59% decline. The case remains the same with other cryptocurrencies, as they are moving out of the bear’s claws.
However, XRP continues to maintain its 2nd position on the market list with a bright green signal. At the time of writing, XRP is trading at $0.51 with a market cap of $20 billion approximately. The 24-hour and 7-days chart shows a gain of 8.32% and 1.57% respectively.
1 hour:
XRP 1 hour chart | Source: TradingView
The 1-hour chart of XRP looks bullish with upwards trend lines extending from $0.43 – $0.47 – $0.49 and $0.48 – $0.52. The resistance point created $0.51 on 14th November has been broken and the price has moved further to reach the current rate.
The Parabolic SAR depicts a highly positive outlook for XRP at the moment. The dotted pattern is clearly aligned below the candlesticks and moving towards the bullish end.
The Awesome Oscillator is forming red bars above zero line of the histogram, depicting a slight downtrend in this 1-hour time frame.
The Chaikin Money Flow graph demonstrates an upward momentum with buyers maintaining their position in the XRP market with a good amount of inward money flow.
24 hours:

In the 24 hours chart of XRP, we can see an uptrend formed from $0.26 to $0.47 with the recent resistance point set at $0.58.
The Bollinger Bands are forming a slightly narrow path, indicating that there will be less volatility in the XRP market.
The MACD is experiencing a bearish crossover with the moving average line continuing its journey closely aligned with the signal line. The histogram has also formed negative bars below the zero line in this time frame.
The Aroon Indicator shows a bearish trend as the Aroon Up line is moving toward the zero line. The Aroon Down line has hit the maximum and is currently showing a trend reversal. This might let the bulls take over the market at the end of this trend.
Conclusion:
According to the above Technical Analysis, the price of XRP will continue the bullish trend for a short time as the indicators are strongly in favor of a bull run in the 1-hour chart. On the long run, the indicators are not highly supporting the bull run, however, a positive trend reversal can be expected.
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Source: AMB Crypto

Stellar [XLM/USD] Technical Analysis: Bull tries to make an appearance in bear’s realm

The entire cryptocurrency market is seeing a strong bearish trend in the 24-hour statistics as per CoinMarketCap. At the time of writing, Stellar [XLM] is trading at $0.26 with a market cap of approximately $4.9 billion. XLM moved one position ahead by overtaking EOS yesterday and continues to retain its 5th position in the market. However, it can be noticed that the cryptocurrency has slumped by more than 3% in one day.
1 hour:

The 1-hour chart of XLM shows uptrends extending from $0.266 to $0.285 and $.259 to $0.272. It also has a downtrend from $0.285 to $0.270, which is currently not testing any support levels.
The Awesome Oscillator depicts the entry of a bearish trend as it is forming red bars on the histogram in the current time frame.
The Klinger Oscillator has just taken a sudden bullish crossover and has started to move above the signal line, demonstrating a possible short-term bull run in the next couple of hours.
Bollinger bands have started to converge, indicating a reduced volatility in the market. This comes after an irregular Bollinger cloud formation in the past.
1 day:

The 24-hour chart of Stellar [XLM] shows a downtrend from $0.33 to $0.27, which is testing support at $0.20. The resistance levels are set at $0.28 and $0.33.
The Parabolic SAR shows a prolonged bullish signal with the markers constantly staying below the candlesticks and moving in an upward direction.
MACD is demonstrating a positive sign as the moving average line took a bullish crossover and the histogram is forming green bars.
Chaikin Money Flow indicator has managed to stay in the bullish zone though it is gradually moving closer to the zero line. In spite of the overall bearish market trend in the past 24 hours, the inward money flow seems to be normal in the XLM market.
Conclusion:
Stellar might see an upward momentum as implied by the long-term indicators. There is a slight chance of bears taking over the market if the investor sentiments continue to diminish.
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Source: AMB Crypto

Ethereum browser Metamask releases its new version with ‘Privacy Mode’

Metamask recently made an announcement regarding the launch of the updated version of the Ethereum browser, Metamask  5.0. The main feature of this version includes a privacy mode, through which the dApps will be prompted to seek permission to view a user’s account address.
Tweet by Metamask:
“Today we’re rolling out our new Privacy Mode! At first, it is opt-in, but early next week we plan to make this the new default!”
The main function of Metamask is to help the users interact with all the Ethereum based websites. A JavaScript object name ‘Ethreum Provider’ is added to all the websites the user visits. Ethereum Provider lets the website perform various actions such as propose Ethereum transactions, ask for your signature, query the blockchain, etc.
According to Metamask, the above-mentioned features are not ideal for the privacy of its users. This will also expose the Ethereum address of the user to the public, through which anybody can gain access to the account balance, transaction history etc.
The new feature introduced by Metamask provides improved privacy settings across the Ethereum ecosystem. This update is based on Ethereum’s EIP 1102 [Extended Internet Protocol]. Once the Privacy mode is enabled, all the websites will be forced to seek permission through a popup displayed on the screen.
All the dApps developers are advised to follow the instructions provided by Metamask to stay compatible with the privacy mode. However, this enhancement makes the user’s life easier.
Also, the dApps which are not EIP 1102 complaint will not be working as expected. In this scenario, users must turn off the privacy setting option for better performance of the site.
A blockchain enthusiast on Twitter says:
“Foxxy as hell.”
The Metamask team mentioned:
“Privacy Mode will eventually be the default experience for all MetaMask users.”
The post Ethereum browser Metamask releases its new version with ‘Privacy Mode’ appeared first on AMBCrypto.
Source: AMB Crypto

XRP is now available for Spread betting and CFDs on CMC Markets UK

On 6th November, CMC Markets, one of the global providers for CFDs and spreading announced the support for XRP.
Tweet by CMC Markets UK:
“Ripple is now available to trade with CMC Markets. It is both a platform used for the peer-to-peer transfer of currencies (RippleNet) and a digital currency (ripple XRP).”
Contracts for Difference [CFD] is a type of derivative trading which helps the users in trading on margin based on the drop or hike in prices. Whereas, Spread betting the trader will make a profit or loss based on whether or not the market moves in the chosen direction.
Trading XRP with CMC Markets helps the trader use their spread bet or CFD accounts. Unlike traditional exchanges, CMC Markets allows the users to have the opportunity to speculate the price movements without owning the actual cryptocurrency.
The official post by CMC Markets states:
“You aren’t taking ownership of ripple. Instead, you’re opening a position which will increase or decrease in value depending on ripple’s price movement against the dollar.”
In order to use these products, traders need to deposit a percentage of the full value of a trade in order to open a position. This initial deposit will help the traders in getting an exposure to larger amounts, says the post. This leveraged trading is based on the ‘full value of the position’, which means that the returns and losses will be equally magnified.
A Twitterati named Cold_Dose says:
“This is fantastic. Love this coin. So much potential.”
XRP proponent Dr. T says:
“I think it’s not real XRP. Just a contract for the difference in price of XRP.”
Another XRP enthusiast named rippleitinNZ says:
“From what I understand of CFD’s, if correct, what you are doing is wagering on whether an asset class will appreciate or depreciate (short or long), often enticed with leverage, all without holding a single unit of the underlying asset. There would be no benefit to xrp uptake.”
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Source: AMB Crypto

XRP, Bitcoin Cash [BCH] and Basic Attention Token [BAT] top the market over the week with double digit hike

The cryptocurrency market has seen a smooth and upward moving chart over the week with several major coins showing an impeccable performance in terms of price. The total market capitalization of the market has also increased significantly in the past week from $203 billion to $216 billion, at press time.
The cryptocurrency community has witnessed an outstanding altcoin rally, wherein coins such as Cardano [ADA], Stellar [XLM], Tron [TRX], IOTA [MIOTA], and Bitcoin Gold [BTG] have surged by over 10% in the past week. However, this bull run has merely affected Bitcoin [BTC]. The market king has been constantly hovering around its $6,400 range throughout the week with not much variation in the price.
The three coins which grabbed the attention of the cryptosphere include XRP, Bitcoin Cash [BCH] and Basic Attention Token [BAT] with 20.58%, 43.96% and 25.19% gain respectively, in the past 7 days.
Bitcoin Cash [BCH]
The upcoming hardfork of Bitcoin Cash has given a strong push to the market value of BCH over the past week. The cryptocurrency has topped the market list with a growth rate of 43.96% in 1 week. At the time of writing, BCH is trading at $600.73 with a market cap of $10 billion. The cryptocurrency continues to stay at the 4th position by market cap with a rally from $422 to $600 in 7 days.
BCH price chart | Source: TradingView
The daily candlesticks of BCH are depicting a strong bullish trend with MACD signals moving towards the green zone.
Basic Attention Token [BAT]
Next in line is Basic Attention Token [BAT], with 25.19% in the past week. At press time, BAT is trading at $0.30 with a market cap of $309 million. The cryptocurrency has made to the news quite a number of times in the past weeks when BAT was launched on one of the most prominent exchange platforms, Coinbase Pro. The firm also launched its native browser Brave which is compatible with all the Chrome extensions. When these announcements were made, the coin shot up to 57%.
The coin has taken an upward surge from $0.23 to $0.30 over the week with the highest trading volume of 62.56% emerging from Binance on BAT/BTC trading pairs.
BAT price chart | Source: TradingView
The chart depicts the 1-day candlesticks of BAT. The coin has shown an insignificant growth of 0.71% in the past 24 hours, according to CoinMarketCap.
XRP
At the time of writing, XRP is trading at $0.52 with a market cap of $21 million. XRP’s tremendous rise has led the community to a joyous week. Earlier today, XRP has surpassed Ethereum [ETH] by market cap to take the 2nd position on the cryptocurrency list. The market cap of XRP had reached $22.5 billion at that time, whereas ETH’s market cap was $22.07 billion.
The highest volume of XRP is seen to be on the Japanese exchange platform Bitbank with XRP/JPY trading pairs. The cryptocurrency has shown a steady growth over the week with its value growing from $0.44 to $0.52.
The adoption of Ripple’s xRapid by the Japanese financial institution SBI Group and the cross-border remittance service, SendFriend seems to be the reason behind the upward momentum of the cryptocurrency. Also, Malta blockchain conference’s top exchange platform OKEx also announced the launch of BTC/XRP pairs for margin trading on its platform today.
XRP price chart | Source: TradingView
The 4-hour candlesticks of XRP show a slightly bearish trend, however, the MACD signals continue to stay strong implying a bull ride in the future.
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Source: AMB Crypto

Bancor launches EOS based cross-blockchain liquidity network: BancorX

On 5th November, the decentralized liquidity network, Bancor announced the launch of their new enhanced product named BancorX. This will help the users convert between Ethereum and EOS based tokens automatically. The product is said to be a Cross-Blockchain Decentralized Liquidity Network.
Bancor’s tweet stated:
“We are thrilled to announce that our Cross-Blockchain Decentralized Liquidity Network, #BancorX, has officially been pushed live — enabling automated token conversions between 110+ ERC20 and EOS-based tokens.”
The decentralized application, Bancor has been designed on Ethereum blockchain which has processed over $1.5 billion token conversions till date.
The token conversion on BancorX can be performed without matching the orders between the traders. The EOS based blockchain platform provides various advantages such as faster transactions, zero transaction fees, and the transactions are not prioritized by gas fees.
Eyal Hertzog, the Co-Founder of Bancor said:
“BancorX is based on the ability to move BNT — Bancor’s Network Token — between blockchains. This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems today, and vastly more blockchains in the future.”
Cross chain conversions on BancorX are achieved by transferring the Bancor Network Token [BNT ] between the EOS and Ethereum blockchain. BNT has the ability to destroy itself on multiple blockchains once the transfer has been completed. The circulating supply of BNT remains unchanged, even though it is involved in these token conversions.
Also, BancorX lets all the users view the transaction hashes of the cross-chain conversion and can be verified on both the chains.
Some of the well-known EOS projects which are launched on BancorX are Everipedia, MEET.ONE and Chaince. All the users are allowed to move there assets from Ethereum blockchain to EOS by integrating their assets with the new liquidity network.
The blockchain firm is aiming to improve the user experience and remove the friction with the help of BancorX. According to the team, “with real blockchain interoperability, the possibilities for token-powered applications proliferate dramatically”.
Yonas, a cryptocurrency trader says:
“Just tried #BancorX . It is faster than any exchange I have ever used. Great job guys!!!”
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Source: AMB Crypto

Bitcoin Cash’s price propelled by the upcoming hardfork: BCH surges by 22%

The 1st week of November continues to be a bliss for all the Bitcoin Cash [BCH] hodlers and proponents. The cryptocurrency market is depicting a bleak performance over the past week with all the major coins staying under the bear’s claws. Bitcoin [BTC], Ethereum [ETH], XRP, and EOS are experiencing a slight bearish touch in the past 24-hours.
However, BCH is showing a relentless performance in the past week with a 22.42% hike. At the time of writing, BCH is trading at $530.43 with a market capitalization of $9.25 billion. The cryptocurrency closed at a price of $477.99 yesterday and has shown a massive surge of approximately 15% in the past 24 hours to reach the current price. The highest trading volume of BCH is occurring on the exchange platform, OKEx, which is about 10.3%. The coin is also being traded on Binance, Bitfinex, Huobi, and Upbit with a good amount of trading volume.
BCH 1-day price | Source: CoinMarketCap
The upcoming Bitcoin Cash hardfork is said to be the major reason behind the massive surge in price. The conflicting consensus change between the community members led to this hardfork, which is scheduled on 15th of November around 4:40 PM GMT. The blockchain will be split into Craig Wright’s nChain implementation and Bitmain’s Wormhole. One of these chains will be expected to be the dominant chain in the coming days.
Notably, the hardfork has received support from major exchanges such as Binance and Coinbase. In a recent announcement by Coinbase, they mentioned that they will be supervising the hard fork stipulated to take place on November 15 with the main intention of minimizing transaction disruption for users.
The cryptocurrency community has been showing their reviews on various social media platforms regarding the price surge.
A Redditor named cr0ft says:
“Someone figured this really is the bottom and decided to get a jump on buying, perhaps. There’s a big spike in the volume that coincides with the spike in price (obviously…) and then there seems to be a red volume spike forming from people selling. Market manipulation? Someone accumulating in a hurry? Pump and dump? Who knows.”
Some of the blockchain proponents speculate that the rise in price is due to Bitmain releasing their financials ahead of their planned IPO.
Khai42, another Redditor says:
“The narrative by the anti-BCH crowd was that Bitmain could be insolvent or that they may delay their IPO because they invested too much into BCH. But now with their official filing, their financials are public for all to see. They are extremely healthy financially.”
samprotrader, a crypto enthusiast says:
“Btc folks were claiming that bitmain was going running out of money when come to find out they are a major cash cow. Blows nivida out of the water by a mile. Investors will be salivating over this IPO. I’ve studied their new financials, super impressive.”
There is also a good portion of the community which believes that the price action is just a pump and dump, which is very common in the cryptosphere.
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Source: AMB Crypto

Ripple’s Cory Johnson compares XRP’s technology to Bitcoin 2.0

In a recent podcast presented by Bezinga’s Fintech Focus, Cory Johnson, the Chief Market Strategist of Ripple shared the technology behind XRP and the difference between XRP and Ripple.
Cory explained Ripple as an enterprise software company which builds software and sells it to financial institutions, like banks and remittance companies. Some of their products use a cryptocurrency as digital assets called XRP and the firm is trying to solve this really big problem which is moving money across borders.
According to Cory Johnson:
 “It is insane in this era of technology when I can send a text message to a friend in Rome with emojis and a GIF attached to it, or I can send an email to a friend in Cape Town, South Africa in three seconds with an Excel spreadsheet attached with all kinds of information. But I can’t send anything of value. I can’t send value or money when anything less than five or 600 basis points of costs and will take me three to five days. That’s crazy, and that doesn’t reflect the best of technology.”
He also mentioned that Ripple is a software which is deployed by banks, financial institutions so that the Know Your Customer [KYC] rules and the Anti-Money Laundering [AML] rules are obeyed by the banks.
They also discussed the difference between Ripple and XRP and the core relationship between both. Cory compared the difference between Ripple and XRP to the difference between Exxon and oil. Drawing reference to ExxonMobil, a multinational oil and gas corporation, he said that they are completely different things and are occasionally related.
According to him, Ripple has several engineers who develop, sell software and help the market get the software. “Some of these software solutions use XRP, just as ExxonMobil does lots of things, and some of their work is discovering and exploiting the use of oil”, stated Cory.
The Ripple official further added:
“XRP exists completely separate of Ripple. XRP was created, all the work to create XRP started before Ripple was a twinkle in anyone’s eye.”
Johnson said that XRP would continue to exist even if Ripple were to go away and that many other companies are using XRP as a core technology.
He also compared XRP’s technology to Bitcoin 2.0. He said that both the technologies are similar, but XRP is faster and does not use tons of power. Also, the cryptocurrency is not controlled by Chinese miners and is a blockchain digital asset that is used principally for the movement of value.
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Source: AMB Crypto

After Coinbase, Circle’s USDC gets support from Coinbase Pro

USDC stablecoin was launched on Coinbase Pro on October 25. The news comes after the big announcement of USDC being listed on Coinbase, which took place two days earlier. USDC is said to be a representation of US dollars, which runs on the Ethereum blockchain.
Tweet by Coinbase Pro:
“USDC is launching on Coinbase Pro. Customers can deposit USD and click to convert to USDC with no fee. Customers can also transfer USDC into and out of their Coinbase Pro accounts but cannot yet place or fill orders.”
They further added:
“After a minimum of 12 hours, once sufficient liquidity is established, trading will begin on the BTC/USDC and ETH/USDC order books.”
Users can now deposit USD and convert it to Bitcoin [BTC] or Ethereum [ETH] with zero fees.
Instead of the USD/USDC order book, the team has developed a tool which converts USD to USDC immediately, without any exchange rate risk.
A crypto enthusiast commented:
“Awesome, trading my worthless fiat for a even more worthless stablecoin pegged to fiat, such innovation!”
According to an official blog by Coinbase Pro, the team has had four stages to the launch. They are: USDC conversion and transfer the only mode, Post only, Limit only and Full trading.
In the first stage, users will only be able to convert USD to USDC and transfer USDC. BTC/USDC and ETH/USDC orders will not be filed at this stage.
In the Post Only mode, customers are only allowed to post limit orders with no matches.
In the third stage, limit orders will be matched, however, customers won’t be able to submit market orders.
In the final stage, full trading services will be available for all the customers.
The blog further stated:
“We believe these are major steps towards making the USDC stablecoin useful, and help us build a more open financial system.”
A Twitterati named Levon Chakmakjian‏ says:
“who cares, no one cares about usdc, only XRP”
Another Twitterati named SK-Fx says:
“u list few coins n yet u about to shoot an IPO.. man w@ kinda vudu u using to make all this work lol.”
According to a recent tweet by Coinbase, the initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally, than traditional bank account-based dollars.
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Source: AMB Crypto

Circle’s USDC gains support from Coinbase; a major turning point for the stable coin?

On 23rd October, the most prominent digital currency exchange, Coinbase announced its support for the stable coin USDC. All the Coinbase customers can now trade USDC on their official website.
Coinbase’s official tweet said:
“Coinbase is launching support for the USDC stablecoin. Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive USDC at http://Coinbase.com  and in our mobile apps.”
USDC is said to be a representation of US dollars which runs on the Ethereum blockchain. The team will be adding USDC on Coinbase pro soon. Currently, the stable coin is supported by Coinbase wallet as well.
According to a recent tweet by Coinbase, this initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally than traditional bank account-based dollars.
Reportedly, Coinbase has collaborated with Circle to form a new CENTRE Consortium. Coinbases’s official blog stated:
“Both Coinbase and Circle operate with a compliance-first approach and a track record of security. That’s why we believe CENTRE is uniquely positioned to offer USDC to people who want to take advantage of the benefits of stablecoins.”
Emilie Choi, the Vice President of Corporate and Business Development at Coinbase mentioned that the price fluctuation of the other cryptocurrencies is one of the biggest blockers in owning them and this can be eradicated by having stable coins like USDC. She also said that the main reason behind this collaboration is to bring the community more into the utility phase where cryptocurrency can be useful on a daily basis.
Rob Finch, the CEO of Cypherglass says:
“I bet people will be thrilled to find out they have to wait several minutes and pay $1+ to send this coin since it’s on Ethereum! That micro payment is not so micro when you add on the transaction fee.”
However, the cryptocurrency community expressed conflicting views on this announcement.
A Twitterati named Garen Todd says:
“@circlepay ‘s USD//Coin (USDC) is taking market share by volume after this news. Keep up the good work”
Contrivurse, a crypto enthusiast says:
“You guys are incredible at doing things that no one cares about”
Another Twitterati commented:
“Of course, you should know that USD is much more decentralized than USDC which has upgradable smart contract using ERC20Proxy.”
The post Circle’s USDC gains support from Coinbase; a major turning point for the stable coin? appeared first on AMBCrypto.
Source: AMB Crypto

Monero [XMR] transaction fees plummet to 2 cents post the ‘Bulletproof’ hardfork

Coinmetrics.io, one of the Cryptoasset Analytics firms tweeted that the average transaction fees of the privacy coin, Monero [XMR] have dropped to 2 cents. The recent Monero hardfork which took place on 18th October is considered to be the reason behind this plummeted value.
The hardfork mainly concentrated on implementing a technology known as ‘Bulletproof’ on Monero. Bulletproof technology is a short non-interactive zero-knowledge proof without a trusted setup. The need for such a solution raised when the transaction details of the cryptocurrency had to be hidden from public validation.
Bulletproof was introduced earlier in 2018 in order to enable confidential transactions of various cryptocurrencies such as Bitcoin [BTC] and others. The confidentiality in the transaction is achieved by shrinking the size of the cryptographic proofs.
According to a Russian news portal, forklog.com, Monero hardfork took place on block 1685555 and the version 9 of the software was executed on block 1686275 with Bulletproofs.
The famous privacy feature of Monero, Ring Confidential Transactions [RingCT] has been replaced by Bulletproof technology, says the Monero development team. The Monero developers are aiming to reduce the size of the anonymous transactions in the network by 80% by the new implementation, which will, in turn, reduce the transaction fees.
XMR transaction fee 1-year chart: Source: Coinmetrics.io
A closer look at the 1-year chart of the transaction fees by Coinmetrics.io, we observe that the value has touched its all-time low. December 2017 saw the major surge in transaction fees of XMR when the cryptocurrency market was at the major bullish end. Monero [XMR] price had also touched $460 back then.
Further, the transaction fees gradually dipped over the year along with the slow-moving market trends. However, on 17th October the value was at 60 cents and dropped drastically to 2 cents in just 2 days.
XMR transaction fee 1-month chart: Source: Coinmetrics.io
The XMR community seems to be very delighted about the recent update and proponents have expressed their views on the hardfork on various social media platforms.
A Twitter user named Bad_Ape says:
“I’m literally buzzing of excitement. How cool isn’t that”
A Redditor named Mochi101_official says:
“Loving the new fees too! So much so that I was able to reduce the minimum bet to 0.005 on https://monero.win – devs did a great job and I can’t be happier! Thanks guys!”
A post by Redditor named traveliando:
XMR fees on Ledger | Source: Reddit
Riccardo Spagni, the lead developer of Monero tweeted:
“Monero is now unfairly cheap”
He also confirmed that this is due to Bulletproofs which reduced transaction size by 80% in his Twitter thread.
The post Monero [XMR] transaction fees plummet to 2 cents post the ‘Bulletproof’ hardfork appeared first on AMBCrypto.
Source: AMB Crypto

BAT’s Brave browser released with complete Chrome extension compatibility and faster load time

Basic Attention Token [BAT]’s Brave browser has caught a lot of attention since its announcement of a newer version of the browser [Brave 1.0] which is compatible with all Chrome extensions. The announcement was made by the firm on 18th October, in which the team mentioned that the browser’s load time is 22% faster than the existing Brave Muon version.
The official Twitter handle of Brave software said:
“Our new desktop browser has a 22% faster load time on average than our exiting Brave Muon version. That’s as much as 8-second faster page loads on certain sites.”
Brave 1.0 is built based on Chromium and is currently available on Windows, Mac, and Linux platforms.
Some of the features that have been released include, URL bar centered changes, default brave shield settings, Tor related privacy enhancements, crash fixes, multiple web compatibility fixes etc.
The team has made several comparison tests with the existing Brave Muon version. According to them, the CPU utilization of the new browser is better than the Muon, considering all the intensive tasks running on the websites. The browser is also tested to be working perfectly for slower processors.
Some of the improvements such as ‘time savings’ have been achieved by the implementation of HTML parsing, JavaScript execution, page rendering, etc.
Guilherme Esteves, a software developer commented:
“You deserve every hug in the world, the change that Brave is doing is amazing, in a never ending race to exploit privacy, you dare to put users in first place. Congrats!”
Alex B, a blockchain enthusiast tweeted:
“Brave for desktop (which is awesome on Mobile) says goodbye to Muon (their Electron fork) and moves to Chromium — Probably the best browser now in mobile and desktop”
The team also mentioned that the Muon based browser is no longer available for download on the official website. However, the existing users will receive necessary updates on time.
The Brave team will be working on multi-core capacity on the browser speed, the performance of the browser on mobile devices etc., in the future.
Brave software was founded by Brendan Eich, who is the creator of JavaScript and the Co-Founder of Mozilla project. He founded both the Brave browser and Basic Attention Token [BAT]. The cryptocurrency BAT is an ERC-20 utility token which is used for all the advertising purchases and revenue on the browser.
The post BAT’s Brave browser released with complete Chrome extension compatibility and faster load time appeared first on AMBCrypto.
Source: AMB Crypto