Stellar Lumens [XLM] falls by 8.32%; Tether [USDT] take over fourth position

Stellar [XLM] which ranked fourth on the CoinMarketCap until December 14, has slipped to the fifth position. This slip provided the stable coin, Tether [USDT] to take over the fourth position.
Source: CoinMarketCap
At the time of press, Stellar was valued at $0.0953 with a market cap $1.8 billion. The coin registered a 24-hour trade volume of $83 million and it slipped by 8.32% within 24 hours, at the time of press. The coin noted an overall fall of 19.29%.
According to the maximum trading volume of the coin, Bibox reported the highest volume of $23.5 million with LTC/BTC pair. Bibox followed itself and registered second highest trading volume of $22.7 million with LTC/ETH pair. Bibox was followed by $21.9 million with LTC/USDT.
Tether, the stable coin was trading at $1 with a market cap of $1.85 billion and had plunged by 0.19% and is seen to maintain its standing.
Source: Trading view
When the coin started to fall, it broke previous support and a new support was seen to form at $0.0963. The coin was valued at $0.9057 at the beginning of the year, which was the highest it was ever valued at. However, the coin has been gradually falling and it doesn’t seem to stop.
Recently, Tron [TRX] had surpassed Stellar in terms of trading volume. It was informed by Tron, Chief Executive Officer and founder of the Tron Foundation, Justin Sun in a twitter post. Sun tweeted:
“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs. $TRX”
However, a glimpse of happiness was seen for the coin on December 13, when CoinField, a prominent Canadian cryptocurrency exchange announced that they were launching Stellar on the platform as an XRP base pair. The XLM/XRP pair will be available alongside six different fiat pairings like USD, CAD, EUR, GBP, JPY, and AED.
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Source: AMB Crypto

Ripple’s blockchain technology to be used to transfer GBP to UK’s Santander Bank from Turkey

Akbank, a Turkish bank, has announced that it is using Ripple’s blockchain technology to transfer Great Britain Pound [GBP] to UK’s Santander Bank from Turkey.
As the most devastating bear year approaches the end, some good news comes afloat as Olga Ulutaş, Executive Vice-President in charge of Direct Banking made his satisfaction of becoming the first bank to use Ripple’s blockchain technology for cross-border payments clear.
Referring to the announcement made last year about adopting Ripple’s blockchain technology, Ulutaş said that they’ve started international money transfer using blockchain technology. He continued:
“Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost. With the participation of new banks in the system, we continue our journey to expand this service through cooperation with different banks.”
GMT Israel’s largest and leading financial services company announced in their blog that they are authorized in using Ripple’s blockchain technology.
The blog stated:
“GMT is joining companies like MoneyGram, AmericanExpress, CIBC, Earthport, AKBANK and many more, who are already authorized to use Ripple’s platform.”
Although there are no mentions about the use of xRapid to facilitate the transactions, some people in the community are speculating that it could be xCurrent and not xRapid.
Back in June, Brad Garlinghouse, the CEO of Ripple said at CBInsights that he is sure that at least one bank would use XRP. He said:
“I have publicly said we expect this year for at least one bank to use XRP in their payment flows to use xRapid”
When asked if he was sure, he replied that he was “… a 100% sure”. The community is putting two and two together and speculating that this could very well be that bank as 2018 has only 15 days left.
A Redditor mikenard77 commented:
“They are transferring GBP to Santander. This means they are using Santander as a hub, to pay out in multiple currencies with one bilateral relationship. Santander will send the needed currency to the recipient. Multihop does not require xRapid, but the most efficient multi-hop payments are done through xRapid.”
The news might also bring back the familiar “$589+ by the EoY” to life as it coincides with the well-known BearableGuy123’s riddle and Brad Garlinghouse’s comments.
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Source: AMB Crypto

XRP/USD Technical Analysis: Coin taken to the dumps by the bear as year comes to a close

XRP has been part of the cryptocurrency roster that has been affected by the crushing market drops. Ripple’s product, which is currently holding the number two position on the cryptocurrency charts, has broken a lot of price supports and has found it difficult to get on the bullish slide.

The one-hour XRP chart shows a support of $0.289, with an immediate resistance of $0.326. The recent downtrend has bought the prices down from $0.311 to $0.296.
The Parabolic SAR has been predominantly bearish with the markers staying above the price candles. In an immediate scenario, the PSAR shows bullish signals.
The Relative Strength Index, after recovering from the oversold zone is staying just below the middle of the graph. This is an indication of the selling pressure being more than the buying pressure.
The Chaikin Money Flow indicator has been staying below the zero line. This signifies the money flowing out of the market is more than the money coming into the market.

The daily chart for XRP does not paint a better picture for the cryptocurrency with no recent uptrends. The last uptrend saw the cryptocurrency climb to $0.573 while the following downtrend witnessed the cryptocurrency fall from $0.516 to $0.306.
The Bollinger band has started a divergence with the bearish trend taking charge. The size of the Bollinger cloud has also reduced due to the reduced magnitude of the trend changes.
The MACD indicator shows a conjoined movement by the signal line and the MACD line. Both the lines have crashed to the bottom, showing the stronghold of the bear. The MACD histogram has also stayed red for the past three weeks.
The above-mentioned indicators all take the side of the bear with no bullish reprieve in sight. With 2018 coming to a close, the ‘crypto-winter’ seems to be holding strong, proving analysts who predicted an extended bear run, run.
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Source: AMB Crypto

Litecoin [LTC] creator Charlie Lee’s ‘Flappening’ prediction materializes; LTC overtakes BCH to become seventh-largest token

The cryptocurrency market is undergoing changes with respect to cryptocurrencies’ standing almost every day. Yesterday, Litecoin [LTC] took over Bitcoin SV [BSV] and moved to the eighth position. Later in the day, Litecoin [LTC] crossed Bitcoin Cash [BCH], to rank seventh on the CoinMarketList.
Charlie Lee, the creator of Litecoin expressed his joy of overtaking BCH by retweeting a gif doing rounds on Twitter. Lee tweeted:

Who needs TV when you’ve got cryptotainment?
— Jameson Lopp (@lopp) December 15, 2018
The flappening refers to a previous tweet by the creator of LTC that dates back to February 25. Lee tweeted:
Source: Twitter
In early 2018, when Ethereum boomed, many speculated it to overtake the biggest cryptocurrency Bitcoin [BTC]. However, Lee, the Ethereum skeptic denied the possibility and instead, said that his cryptocurrency, LTC, could overtake Bitcoin Cash [BCH].
The Litecoin community responded to Lee by launching an LTC vs BCH data aggregator called, which was in line with Lee’s ‘Flappening’. They also used Lee’s mascot, a chicken in an armor. Even though BCH was way ahead of LTC for most of the year, it ultimately crossed BCH on Friday.
Lee had also tweeted about merchants accepting Lightning network payment. He tweeted saying:
“Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks @CoinGatecom!”
On Friday, BCH started to surrender and fell below its support point. Meanwhile, LTC started recovering and bounced off its lowest $22.5 standing. Lee pointed at his prediction and took to Twitter to share his joy with a tweet which contained three emojis, a chicken, flying dollar bill and a rocket added to a gif. reported LTC to have registered a market cap of $5 billion higher than that of BCH and had 384% more active addresses, 340% higher daily transactions, and 288% more in trading volume. CoinMarketCap reflected this change in the standings of the two coins with LTC on the seventh position.
At the time of reporting, LTC was valued at $24.08 with a market cap of $1.4 billion and grew by 2.27% within 24 hours. The coin registered a 24-hour trade volume of $328 million. The coin recorded a growth on 0.04% over an hour, at the time of press.
However, LTC and BCH are playing the game of power and are constantly undergoing changes, which is impacting their standings on cryptocurrency list. As on December 15, the coin plunged and was back to the eighth position, yet ahead of BSV. The coin recorded an overall fall of 6.09% at the time of reporting.
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Source: AMB Crypto

Competition is the fuel of innovation

When it comes to the cryptocurrency market, few things remain static. Start-ups are racing to provide ever-improving products to gain a foothold in their respective markets. [] aligns with this mindset of constant improvement and in turn developed one of the most innovative exchanges model in the crowded cryptocurrency trading exchange space.
The Mechanism’s introduction of combined BTMX mining and reverse-mining models has allowed it to lay the foundation for what they aim to be the most client-centric exchange to date.
Users who opt to utilize the exchange’s transaction-fee mining mechanism will be able to trade with transaction fees ranging from 0.04%-0.025%, which is the lowest in the industry. The equivalent of the aforementioned fee will be returned to the user’s account in the form of BTMX, the native token of the exchange, based on BTMX’s price on the secondary market.
Additionally, as offers the option of reverse-mining for Maker trades, user not only get rebates by executing Maker trades but also “return” the equivalent market value of BTMX tokens by the platform deducting them from the user’s account. They will be sent for permanent lock-up, thus reducing the overall circulation of BTMX on the secondary market.
An Outstanding Token Model
Most of the current top-ranked exchanges earned their positions on the basis of price-competition. However, the crypto market is one of the most dynamic industries in the world, and thus the pricing models that once seemed economical are now considerably expensive if compared to the fees charged by On top of that, BitMax’s tight spreads and outstanding token model, which were developed through extensive market research, have definitely differentiated itself from the rest of industry.
Trans-fee and Reverse Mining vs Other Models
BitMax’s trans-fee mining and reverse-mining models go hand-in-hand. The trans-fee model provides liquidity on the secondary markets while reverse mining model for those maker trades provides a means to control the inflationary nature of transaction mining from the number of token in circulation. Together, these facilities carve out a new token model, and this is how it compares with established token models.
Membership Benefits: using BTMX to purchase membership VIP cards can give users the discount that can be as much as 30% off of regular transaction fees. Currently, some other exchanges charge several thousand dollars per month for this kind of membership benefit. Also, the membership allows the user to have high limit for large-sell orders, giving user more flexibility while reducing the number of BTMX tokens in support of the overall supply-demand balance.  All in all, the membership program creates loyalty among the users with potential higher share of distribution of transaction fee in the form of data usage feel pool.
Transaction-Mining and Reverse-Mining: is not only the pioneer of trans-fee mining, but also is the industry first exchange to complement it with reverse-mining. This has a considerable impact on how BitMax differs from other exchanges that only offer trans-fee mining. Other exchanges that use transaction-mining have only developed minimal usages for the mined tokens. Thus, the only way to control token in circulation while maintaining the token value is through the artificial buy-backs the exchanges perform themselves, or for token holders hoping to receive a dividend derived from daily fees., however, has structured BTMX as a utility token with a sustainable use case. With combined mining and reverse mining models, users can reduce their overall transaction fees especially factoring in the rebates received for the maker trades, and share one’s trading data to the exchange in return for a portion of daily transaction fee. These mechanisms establish a natural demand for BTMX tokens because of the utility they provide. And BitMax’s future platform improvements will increase BTMX utility moving forward.
For more information, follow BitMAX on:
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Source: AMB Crypto

Bitcoin [BTC]: Tone Vays “couldn’t disagree more” with Tom Lee’s valuation

Tone Vays, former Wall Street Risk Analyst and Bitcoin enthusiast/influencer, spoke about the bear market and how Bitcoin is performing and gave his opinion on probable outcomes for Bitcoin in the near future.
Vays referred to the monthly chart of Bitcoin said that this was the worst that Bitcoin has ever seen ever since the start of 2018.
Furthermore, Vays said that there was a chance for the monthly RSI to reach and possibly cross the 30-line, referring to an oversold market for Bitcoin.
Source: TradingView
He continued:
“That would mean a sub $1000 Bitcoin or a $1,000 Bitcoin for a year, like $1,200 over a year, that’s what it would take to get the RSI to be below 30”
In the live stream, Vays said that he disagrees with Tom Lee’s valuation of Bitcoin which is in the range of $13,000 – $14,000.
Vays said:
“I just saw links to an article about Tom Lee today morning telling you that Bitcoin’s valuation is still above like $15,000. I couldn’t disagree more. I think Bitcoin’s current valuation at best $5,000 and I could be a little over-optimistic on that.”
According to Tom Lee, the fair price of Bitcoin should lie between $13,800 and $14,800 and if the Bitcoin wallet users approach 7% of the total number of users of Visa, which is at a massive $4.5 billion, then the fair price of a Bitcoin would be $150,000.
Fundstrat’s Tom Lee said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Apart from his fair price prediction, Lee recently slashed his year-end prediction for Bitcoin from a prior $25,000 to $15,000 because Bitcoin had fallen below the break-even point.
There was a huge uproar in the community about Tom Lee’s opinion which led many prominent people to talk about it, and mostly disagree with it.
Nouriel Roubini tweeted in reply to Tom Lee’s fair price for Bitcoin asking people to “keep digging deeper in that cesspool”.

Kevin Marek replied to Nouriel Roubini saying:
“What is your actual argument against protocols that enable value transfer online in a trust less manner? Calling things shitcoins makes you look much less like an economist and more uneducated with every post.”
Another user, CryptoRev added:
When will you stop regretting your decision of not investing in Bitcoin at 1 usd?
You still have chance to invest in Btc else we will see your post in 2020
“Bitcoin down 35% in a week trading at 135000 Usd told these crypto traders to stay away”
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Source: AMB Crypto

Tron [TRX] transaction fees to reach 0 by Friday, Justin Sun retweets

The CEO and Founder of the Tron Foundation, Justin Sun posted on Twitter that the fee of the transaction of the Tron Market has dropped to 0.1% at 7:00 [UTC] on 14th December. Furthermore, the good news got amplified when the next line of the post stated that the ecosystem might reach a transaction fee of zero by next Friday. The original tweet read:
“The transaction fee of #TRXMarket has dropped to 0.1% at 07:00(UTC) on Dec 14th! And 0 transaction fee will be realized by next Friday, go trade: @ tele: #TRON $TRX @justinsuntron @Tronfoundation”
To this, Justin Sun replied by saying:
“Nice! Hear the voice of the community! #TRON #TRX $TRX”
This is not the only progress that the TRX ecosystem has seen. In the latest weekly report by the Tron Foundation, it has been found that Tron’s TRC20 Exchange was finally launched. Furthermore, the report stated that with the help of Tronscan, it can be observed that 9 TRC20 tokens have been listed on Tronscan, wherein most of the projects are dApp tokens.
In another success story, the 24-hour transaction number for decentralized apps reached 1.04M, which is almost a 50% increase from the previous week.
TRX dApp report | Source: Medium
There were two decentralized exchange that went live and were created and launched by the Tron community; one was TRX Market while the other one was called GOC. TRX Market was launched on 12th December and supports multiple tokens, namely, GOC, BET and FUN, which have bee issues through dApps.
Meanwhile, GOC is the first TRC20 and TRC10 exchange of Tron wherein the TRC10 is based on Bancor. This exchange is coded similarly to the Tronscan DEX but has a different UI.
Regarding dApps, Tron is also in heavy competition with the Ethereum blockchain, which has about 2,000 dApps. Sun, in the past has also instructed developers to move their dApp projects from Ethereum to Tron blockchain.
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Source: AMB Crypto

Bitcoin [BTC]’s prices are significantly lower than its $13000-$14000 fair price, says Tom Lee

Fundstrat’s Thomas Lee aka Tom Lee, well-known for his predictions on Bitcoin in the crypto-community spoke about the current market for cryptocurrencies and more specifically about Bitcoin and year-end predictions.
As reported by CNBC, Thomas Lee, former J.P. Morgan Chief of Equity Strategist said:
“Given we are so close to year-end, we are not providing any updates to near-term price objectives—read this as, we are tired of people asking us about target prices.”
Lee, in his recent appearance in the crypto-community, said that he was done with giving out year-end predictions but instead updated his opinion on what the fair price for Bitcoin should be.
As per the International Accounting Standards Board, fair value is the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on a certain date, typically for use on financial statements over time.
To further simplify it, fair value is the rational and unbiased estimate of the potential market price of a good service or asset.
Lee calculated the fair price of Bitcoin with the number of active wallet users in mind and said that it is “significantly” higher than the actual price. Considering the number of active wallet users are 50 million, Lee thinks that the active wallet users have to be reduced to $17 million to justify the current price of Bitcoin.
Moreover, Lee thinks the fair price of Bitcoin should lie between $13,800 and $14,800, but the current price is hovering in the $3,300 range.
It might be true to some extent as the price of Bitcoin has collapsed vastly in the last two months breaking major supports at ~$6,500 and now at ~$3600. The prices are getting closer to $3,000 mark as the end of the year approaches.
If the Bitcoin wallet users approach 7% of the total number of users of Visa, which is at a massive $4.5 billion, then according to Lee’s regression model, the fair price of a Bitcoin would be $150,000.
Bitcoin has suffered a massive decline of 82% in its price and market cap since its all-time high in December 2017 and the total market cap of all-cryptocurrencies have also declined by an approximate of 87% and is currently hovering at $111 billion.
Lee said that investors will likely stay bearish until Bitcoin remains below the 200-day moving average and that technicals play an important role in cryptocurrency trading.
In his recent appearance on CNBC, Lee cut his year-end prediction for 2018 from $25,000 to $15,000 and substantiated it with the research done by the Fundstrat’s data science team which included calculating a break-even point. Lee later changed his prediction to $15,000.
A Twitter user J. Braunstein commented:
“A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.” – Jesse Livermore
Another user BitHoncho replied:
“Oh well .. he was wrong about $ES targets as well .. But always called on cnbc .. It should be @winternomics who should be there”
Jersey replied BitHoncho saying:
“Value is scarce man, even if Kaz was up there, most wont take in the info and judge the mask or his grammar, look at the 99% nitpicking Musk’s tweets #RuleOfTheAtom”
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Source: AMB Crypto

Bitcoin [BTC] addresses blacklisting doesn’t really matter that much, says Litecoin Creator

In the latest episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Samson Mow, the CSO of Blockstream, Riccardo Spagni, the lead developer of Monero and Whale Panda, discussed the recent new regarding the backlist of two Bitcoin addresses by the Office of Foreign Assets Control [OFAC].
Recently, reports emerged that the OFAC blacklisted two Bitcoin addresses as they were linked to cyber crime. The owners of the addresses are believed to be Iranian nationals and these addresses have more than 7000 transactions, receiving approximately 6000 BTC. Additionally, anyone who interacts with these addresses could potentially be held responsible by the United States government and could face legal punishment.
Charlie Lee stated that backlisting two Bitcoin addresses does not really matter “that much”. However, according to him, exchanges are going to have a lot of work as they have to check thousands of addresses and keep a tab every time someone makes a transaction in order to ensure that none of the addresses belong to the OFAC list of addresses, adding that “this can be like so painful”.
Furthermore, Riccardo Spagni said:
[…] if your job is in exchange is to check that no funds that are being deposited are coming from those addresses and no funds that are being withdrawn are being withdrawn to those addresses, that’s easy. But because of the nature of Bitcoin it’s very easy to move funds like you know from one address pass it through ten addresses and then go and deposit it”
The lead developer added:
“so the question is how far back do you need a check now as an exchange and it seems to me that this is just like all it’s going to result in is some sort of magical number like okay guys we only need to check ten steps back or three steps back which apparently you have you told is the magical number and people are then just gonna watch the coins more than 10 steps or more than three steps this doesn’t seem to be a trivially solvable problem or an easy way to prevent anything from happening.”
This was followed by Charlie Lee stating that this is the same with coins “moving forward” as well, adding whether he would be banned if the coins are deposited to the terrorists address after three steps or whether the exchange would be keeping a track of the addresses even a year later.
Spagni remarked:
“Yeah like exactly so you move it to an intermediary address and then you move it to the banned address and now what the exchange is supposed to be responsible for monitoring that”
Following this, WhalePanda pointed out the possibility of a dust attack, stating, “they can send tiny amounts to other addresses and do some sort of dust attack and then every address is tainted because it’s coming from the blacklisted or the blacklisted addresses”.
To which, Spagni said:
“If you’re using a wallet that gives you coin control and it’s easy to prevent you being affected by a dust attack but let’s be honest I’ll be people using Bitcoin are, a) using wallets that have coin control b) are aware that a dust attack is even a thing and c) have the presence of mind to go and prevent all this stuff”
The lead developer further said:
“here’s another thing what happens if I pay a fee to a miner  from a tainted address is the new coinbase output now also tained? […] they’re ways within the Bitcoin blockchain to to wash outputs”
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Source: AMB Crypto

Litecoin [LTC] Technical Analysis: Cryptocurrency to stay with the bears

The price of Bitcoin [BTC] is still hovering around the $3,000 range just like the other cryptocurrencies that are facing the brunt of the bear. They have reached their all time low since 2017 December.
At the time of writing, LTC is trading at $23.62 with a market cap of $1.4 billion. The coin is currently at the 8th position by market cap and has seen significant decline of 7.4% in the past 7 days. LTC opened at $32 on 1st December, further continues to decline without showing any signs of an upward trend even after 2 weeks.
1 hour:
LTC 1-hour chart | Source: TradingView
In this time frame, LTC is showing a downtrend ranging between $35.26-$24.6-$23.8 with resistance points set at $34.02 and $28.69.
The Awesome Oscillator is currently moving towards the reddish zone continuing the downtrend of LTC. The histogram is demonstrating the same trend since yesterday.
Chaikin Money Flow [CMF] has dropped below the zero line indicating that inflow of money in the LTC market is diminishing.
The Bollinger Bands are currently diverging, indicating that there are high chances of volatility in the market. Also, the candlesticks are staying slightly below the simple moving average [SMA] showing a bearish trend in the 1 hour chart.
24 hours:
LTC 1-day chart | Source: TradingView
The daily chart of LTC shows a desolated market with no possibility of uptrends anytime soon. The downtrend is ranging between $275.56 – $52.8 and $50.62 – $25.2. The resistance point in this time frame is set at $180.11.
The Parabolic SAR is currently forming the dotted indicators above the candlesticks pushing them further towards the bearish end.
In MACD, both the signal line and moving average is continuing its journey together in the bearish zone without any alteration. The LTC histogram also seems completely bleak at the moment.
The Relative Strength Index [RSI] is struggling to take its place back in the RSI zone. The indicator moved to the oversold section last week and continues to be in the same zone since then.
The Litecoin [LTC] market is clearly depicting a negative trend with all the indicators in both the time frames constantly moving towards the bears’ grip.
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Source: AMB Crypto

Litecoin [LTC] Lightning Network to be launched; CoinGate bearer of good news

On 13th December, Coingate, a popular cryptocurrency exchange for trading Bitcoin [BTC] and altcoins announced on Twitter that the Lightning Network of Litecoin is finally ready for deployment. Furthermore, CoinGate has offered itself as a platform for the activation to take place. In the original tweet by the exchange, the company wrote:
“@litecoin community, we bear some exciting news! Our #Litecoin #LightningNetwork is ready to be deployed and will soon be live on CoinGate! Keep up with the news as we’re getting closer! Here’s a little sneak peek @LTCFoundation @SatoshiLite @starkness!”
On this, Charlie Lee, the Father of Litecoin and a veteran computer scientist cheered:
“Even Litecoin will soon have more than 1000 merchants accepting LN payments! Thanks @CoinGatecom!”
From time to time, Charlie Lee has projected that the project that fills him with enthusiasm in the cryptocurrency space is the Lightning Network. For instance, in a recent interview with CNBC, the techie revealed that he is the “most excited about” the LN.
According to him, the Lightning Network is a second-layer solution for payments going through Bitcoin and Litecoin. He also believes that the network is getting stronger over the years wherein SegWit was also activated last year.
Another distinct view held by the Litecoin creator is that the concept and mechanism of LN is in sync with the vision projected by Satoshi Nakamoto in Bitcoin’s whitepaper titled “A Peer-to-Peer Electronic Cash System”. In another interview, Lee had said that the payments on the Lightning Network are peer-to-peer and can work even when the parties or peers participating are not connected to the Internet.
A Twitter handle named Bitcoin Opinions – Litecoin’s Cousin on the announcement wrote:
“Don’t say “We bear news”!! That’s the evil B-word!!! Why not just “have news”, all right?”
Supernova, a cryptocurrency enthusiast and a blockchain space follower commented:
“That’s the kind of answer what precisely causes the current price effect of good news”
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Source: AMB Crypto

Stellar [XLM] crashes by 7.40% while EOS slums by over 5%

While the market bleeds red, Stellar [XLM] and EOS lose to the bear too. The coins which are among the top 10 powerful coins have been suffering the curse of the market over the past few weeks and nothing has seemed to change now, other than the fact that they are slipping by large margins.
Source: CoinMarketCap
According to CoinMarketCap, the coin was valued at $0.1033 with a market cap of $1.98 billion. The coin’s 24-hour trade volume was $65 million and saw a fall of 7.40%, at the time of writing. The coin also registered a week’s falls by 7.95%.
According to the 24-hour trade volume, registered the highest volume of $10 million with XLM/USDT. The second in line was Exrates which recorded a volume of $8.57 million with XLM/BTC pair. Exrates was followed by LATOKEN, which noted a volume of $8.22 million with XLM/BTC.
Source: CoinMarketCap
At the time of press, EOS was valued at $1.85 with a market cap $1.6 billion. The coin registered a 24-hour trade volume of $600 million with a fall of over 5%. The coin has plunged by 10.23% over a week.
As per the 24-hour trade volume, the coin recorded the highest trade volume on OKEx with $65 million volume for EOS/USDT pair. It was followed by Huobi, which recorded a $43 million with EOS/USDT pair. DigiFinex was the third in line to register a trading volume of $42 million with EOS/USDT pair.
XLM ranks fourth on the CoinMarketCap list, while EOS ranks sixth on the same list. The two coins have been struggling to maintain their standing on the list for a long time now.
According to an analyst over the current EOS ecosystem said;
“1/ Instead of discussing a BTC mining death spiral, perhaps we should be talking about EOS Block Producers turning off their operations. Although the narrative is that EOS BPs are financially well-off, many are currently underwater…”
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Source: AMB Crypto

Ethereum [ETH] Technical Analysis: Short-term relief imminent as long-haul still in limbo

Ethereum [ETH], the third largest cryptocurrency, has been trying hard to fight the bear in the past few weeks, and it seems to have a little control over it. The cryptocurrency has seen a minimal growth of 0.81% in the past seven days.
According to CoinMarketCap, the coin was valued at $86.56 with a market cap of $8 billion. The coin reported a 24-hour trade volume of $1 billion and had plunged by 3.92% within 24 hours, at the time of press. The coin noted a growth of 0.54% over the past one hour.
Source: Trading view
According to the 1-hour chart, the coin reported two visible downtrends; one from $96.89 to $89.94 and second, from $89.20 to $85.40. An uptrend was observed from $85.99 to $87.76. The coin faced an immediate resistance at $86.09, while a strong support was provided at $84.22.
Awesome Oscillator indicates a bullish trend gaining momentum.
Chaikin Money Flow, on the other hand, showcases a bearish trend but might take a turn towards a bullish one, as the line seems to travel upwards and cross zero.
Relative Strength Index highlights that the buying and selling pressure are evening each other out.
Source: Trading view
The one-day chart shows a downtrend from $457.30 to $211.22, which continued further to $89.02. The coin did not show a significant uptrend. The coin registered an immediate resistance at $121.95 and a strong support at $85.16.
Bollinger Bands indicates a bearish market as the moving average line appears to be above the candle. The bands appear to be at a converging point but may diverge as per the previous trends.
Parabolic SAR notes a bearish market, as the markers are above the candles.
MACD line is under the signal line right after a crossover, indicating a bearish market.
As per the CMF and Awesome Oscillator, the market appears to be bullish but other indicators like Bollinger Bands and MACD, point towards a bearish trend.
The post Ethereum [ETH] Technical Analysis: Short-term relief imminent as long-haul still in limbo appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum Classic team: Our goal is to revolutionize the ETC community and inject competition, vigor and democracy

Ethereum Classic [ETC], one of the leading projects in the cryptocurrency space, has been in the limelight because of the turmoil in the community. Now, the Ethereum Classic Labs has stepped into the spotlight to tell their part of the story.
Earlier this month, one of the development teams, Ethereum Classic Development Company, released a public statement that they will be shutting down their operations. This came across as a blow in the entire community, as majority of them believed that it was the only development team, however, the community has two other development teams: ETC Commonwealth and IOHK.
Additionally, the team has been working towards the development of the ecosystem since the DAO hack, which was the main cause for the chain split that resulted in the existence of Ethereum and Ethereum Classic.
The reason for shutting down the operation is stated to the inadequacy of funds by the founder and CTO of ETCDEV, Igor Artamonov. He has stated on Twitter:
“As is publicly known we have struggled with funding our operations in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company. We appealed to investors in the ecosystem as well as external to it. We also did o the community fund, but in none of those cases were we successful in securing short term financing”
This was followed up by Igor speaking about the entire situation on his blog post, in addition to the GitHub situation. Few days prior to the announcement of shutting down, the team announced that they lost control over their GitHub account, including Classic Geth, one of the main clients of Ethereum Classic.
Igor had stated that he had lost access to the funds which were procured for the development of the company. Following this, he sought assistance from Ethereum Classic Labs, the team that provides financial assistance for the advancement of the ecosystem, and DFG. Furthermore, he provided access to a representative of DFG, krykoder on their request, who then removed everyone’s admin access.

Now, the ETC Labs team has published a statement on the incident, remarking that the team lead by Igor consisted of an excellent developers who contributed to the growth of the ETC after the split. Nonetheless, this was followed by the team claiming that the overall “ecosystem lags way behind and the gap between ETC and its competitors has grown wider”.

They further said:
“During the past year, ETC Labs has fully supported ETCDEV, ECC and other parts of the ecosystem. However, we are sorry to have discovered some fatal flaws such as: some people only care about their own status and power in the community instead of the future of ETC, some of the most vocal people take no action, and different parties lack cooperation. All these have contributed to ETC’s lack of development.”
ETC Labs stated that prior to this, Ethereum Projects Github account had three admins apart from Igor, adding that Cody Burns was the “only active” one among the four of them. However, they claimed that Burns barely made contribution to the core code and also failed to provide constructive advice. The report also stated that Burns and Igor “actually formed a highly-centralized decision-making system” because of which there were several ideas that were “rejected and wasted”. They stated:

“We are aware that removing other owners would bring criticism and misunderstanding, but we’re determined and willing to shoulder that, because it’s truly a “now or never situation.” Also, we fear nothing because we are truly and fully committed to the future of ETC, and we have absolutely zero malicious intentions. Our goal is to revolutionize the ETC community and to inject competition, vigor and democracy into the ecosystem.”

Following which, they stated ETC Labs and Krykoder are not going to be the only admins of the Github, and that “multiple appropriate owners will be added to manage the resources in a democratic and decentralized manner”.
They said:

“We also noticed the revolution has begun to take effect. Some people are becoming busy, and we hope they are busy doing the right thing for ETC. Our congratulations to Mr. Cody for becoming the owner of the ‘new’ repo as he wished, and we hope the new repo does well, for the sake of ETC”

Nonetheless, this statement also drew the Igor’s attention, who said:

The post Ethereum Classic team: Our goal is to revolutionize the ETC community and inject competition, vigor and democracy appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Technical Analysis: Bull to remain silent as market deals more damage

Bitcoin [BTC] has taken down its altcoin mates on the chart with it as the bear market hit a few weeks back. At present, as the crypto-board is colored in red, BTC is down by 3.27%. At press time, the token was trading at $3,314 with a market cap of $57.7 billion. The total trading volume in the past 24 hours was recorded at $4.31 billion.
BTCUSD 1-hour candlesticks | Source: tradingview
In the one-hour candlesticks of Bitcoin, the downward trend is extending from $3,830 to $3,449 whereas a strong support is suspended at $3,235. The possibility of a trend breakout does not seem to be likely as of now.
The Parabolic SAR is extremely bearish on the cryptocurrency. The dots are aligned above the candlesticks, resisting any speculative hike in the price trend.
The Aroon Indicator is showing a stronger downtrend wherein the green trend is crashing, losing all power over the market. Therefore, the indicator is bearish on the BTC market.
The Chaikin Money Flow is also bearish on the cryptocurrency as the reading line is traveling below the 0-mark.
BTCUSD 1-hour candlesticks | Source: tradingview
In the long-run, there is a steep downtrend that is ranging from $8,218 to $6,502 whereas a support set at $5856 was breached by the token to dunk further. Currently, BTC has broken all supports and is heading deeper into the bear’s den.
The Bollinger Bands is gradually diverging from the path of a uniform tunnel. As of now, the bands are predicting a higher volatility in the market.
The RSI has crashed into the oversold zone to depict the deadly clutches of the bear holding the crypto-market. However, a trend reversal could take place as the indicator is traveling inside the zone.
The Relative Vigor Index is also bearish on Bitcoin price trend. This can be seen as the RVGI is in a bearish crossover by the signal, traveling beneath it.
In the technical analysis, the majority of indicators have been observed to side with the bear in times of red figures and despair. However, a trend reversal is being suggested by the RSI and a higher volatility might enter the market soon, to contribute to, or fight against the crypto-winter.
The post Bitcoin [BTC/USD] Technical Analysis: Bull to remain silent as market deals more damage appeared first on AMBCrypto.
Source: AMB Crypto