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

Litecoin [LTC] Price Analysis: Bullish movement imminent as token exhibits positive price fluctuation

The fourth largest coin on CoinMarketCap, Litecoin [LTC] was trading within the $59-$63 range last week, witnessing significant surges that breached the coin’s resistances. The bulls, however, failed to push the coin above the anticipated $65 mark.
At press time, the crypto asset held a market cap of $3.67 billion and was priced at $60.16. The digital silver registered a 24-hour trading volume of $1.66 billion. LTC exhibited a growth of 1.66% against the US dollar over the past 24 hours, while it fell by 1.50% over the past seven days.
Coinall contributed the highest trading volume for the coin, accounting for 9.10% via the LTC/BTC trading pair. It was followed by Coinall with 4.88% of the trading volume.
1-hour
Source: TradingView
Litecoin’s one-hour chart exhibited an uptrend from $58.85 to $60.98, while another uptrend from $57.34 to $60.85 was later recorded after a brief bear run. A small downtrend from $62.90-$60.83 was registered on the chart. The support for the coin was found at $56.74, while the resistance was at $65.
Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.
Awesome Oscillator: The closing bars of the indicator were green, indicating bullish price momentum for Litecoin.
Klinger Oscillator: Post a bearish crossover, the reading line continued to tread below the signal line.
1-day
Source: TradingView
The candlestick arrangement on LTC’s one-day chart exhibited an uptrend from $32.79 to $45.68, and a longer downtrend from $55.82 to $34.08. The immediate resistance for the digital asset was marked at $67.78, while the immediate support stood firmly at $30.55 and $24.10.
Parabolic SAR: The dotted markers were below the candlesticks and predicted a bullish movement for the coin.
Chaikin Money Flow: The CMF continued to tread well above the zero-line, indicating money inflow into the LTC coin market. Hence, a bullish price trend was predicted for the coin.
MACD: Post a bearish crossover, the MACD line was treading below the signal line.
Conclusion
The short-term indicators for Litecoin [LTC] exhibited mixed signals, with significant volatility and potential price breakouts being predicted. The long-term indicators projected bullish pattern for the digital crypto’s price.
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Source: AMB Crypto

Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume

Bitwise Asset management is in the news after it informed the United States’ Securities and Exchange Commission [SEC] that 95 percent of Bitcoin [BTC] trading volume reported by unregulated cryptocurrency exchanges were fake or non-economic in nature.
The report dated 20 March was submitted to the SEC in line with a rule change as part of their application to launch a Bitcoin Exchange Traded Fund [ETF]. Bitwise’s proposal is yet to receive any response from the SEC.
Data for 81 exchanges recording a trading volume of more than $1 million per day were included in the study. Using exchange data from CoinMarketCap, Bitwise argued,
“Despite its widespread use, the CoinMarketCap.com data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market.”
According to the analysis, the per day Bitcoin trading volume accounted for about $6 billion, in terms of spot markets. However, this figure is misleading, the report said. It adds,
“The vast majority of this reported volume is fake and/or non-economic wash trading.”
This “vast majority” accounts for approximately 95% of the total volume. Bitcoin’s actual market, if the wash trading is not accounted for, is lot smaller, orderly and more regulated than is actually reported.
Bitwise juxtaposed the workings of Coinbase Pro, which they deemed a “real exchange,” and CoinBene, the exchange with the highest BTC volume and deemed a “suspicious exchange.” The former reported $27 million in BTC volume on a per day basis, when compared to the $480 million daily BTC volume recorded on CoinBene.
The report compared the two exchanges’ trade printing on their respective website, web traffic and real-world footprint, suggesting that there was a lack of clarity with exchanges like CoinBene, compared to regulated ones like Coinbase Pro.
“It is surprising that an exchange claiming 18x more volume than Coinbase Pro would have a spread that is 3400x larger.”
On analyzing the hourly candlesticks of “suspicious exchanges,” Bitwise noted that the arrangement and sizes were fairly consistent and hence, did not depict real-time activity. The report cited the example of CHAOEX, which poses an average daily volume of $70 million and indicates a monotonic chart i.e. showing identical volume valuations every hour of the day.
“This volume pattern is insensitive to price movements, news, waking hours, weekends, or other real world factors.”
Despite the false trading volumes, the Bitcoin market “was uniquely resistant to market manipulation,” the report said.  It argued that the market was structured in such a way that outlier coins and unregulated exchanges cannot exert unnecessary control on the collective coin market.
“We have demonstrated that the bitcoin market is an extremely well-arbitraged market, with a proven ability to ignore outlier prices, and that both the fundamental market structure and our specific NAV calculation methodology provide unique protections against potential efforts to manipulate that market.”
Coincidentally, the Bitwise report comes in the same week as a report from The Tie, which stated that some exchanges faked trading volume to attract users to their platform. The main culprits here were BitMAX, LBank, BW, and ZBG. According to the findings, the expected volume of these exchanges was less than 1 percent of their reported volumes.
Several cryptocurrency proponents praised Bitwise’s report and its findings. Anthony Pompliano, the Co-founder and Managing Partner at Morgan Creek Digital stated,
“This report is really important. Please read it.
I couldn’t be more proud to be an investor in @HHorsley @Matt_Hougan @teddyfuse @martha_shear and @BitwiseInvest today”
Jeremy Allaire, the Co-founder and CEO of Circle stated that a report like this was an important precursor for the crypto-market to go mainstream,
“Great work from @BitwiseInvest helping the market understand what’s real and what’s fake. If we want crypto capital markets to go mainstream we need data investors can believe in.”
Tushar Jain, the Managing Partner at MultiCoinCap suggested action against CoinMarketCap,
“This excellent research from Bitwise shows how @CoinMarketCap is completely (and perhaps deliberately) misleading users on exchange volumes. This atrocious behavior from CoinMarketCap deserves some attention from law enforcement.”
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Source: AMB Crypto

IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration

IOTA [MIOTA], the 14th largest coin in the market was buoyed by its recent integration with the Zeux platform, resulting in the coin surging by 7% against the US Dollar. The coin closed the gap with the privacy-centric Monero [XMR], and trailed the latter by $15 million, at press time.
Zeux announced the MIOTA addition on 21 March via a Medium blog post, and added that this integration will boost the coin’s retail use. Merchants that cater to Apple Pay and Samsung Pay users will now accept MIOTA as well.
The Zeux platform will roll out in Europe by April, and will enter the US in 2020. The application claims to be a “digital banking solution for both fiat and cryptocurrencies,” and plans on tying up with several merchants at the retail level. Zeux already received its license from the UK’s top regulatory body, the Financial Conduct Authority.
Their tweet announcing the integration stated,
Source: Twitter
Frank Zhou, Founder and CEO of Zeux, believes that the partnership will help propel cryptocurrencies into mainstream retail use. Zhou is looking forward to working with IOTA’s Tangle technology, a Distributed Ledger Technology [DLT] facilitating machine-to-machine interactions, seamless micropayments, and data transfers. Referencing Tangle, he said,
“As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp.”
Source: Trading View
IOTA was trading at a stagnant price level of $0.291, with a brief surge to $0.302 on 16 March. After dropping to $0.285, the coin later saw a massive increase of 7.97 percent and pushed the price to $0.308.
The rise continued with the coin reaching $0.315 in the next six hours, peaking at $0.323 on 22 March. At press time, the coin was trading at $0.319. This was the coin’s highest price since 24 February.
In terms of market capitalization, the coin was hovering around the $830 million mark, prior to a drop to $806 million. Following this, the coin’s valuation shot up to $876 million, peaking at $899 million. At press time, the market cap had dropped by over $10 million, and was valued at $887 million.
The South Korean exchange, UPbit, took the top spot in terms of IOTA trade volume, accounting for over 27.6 percent of the total volume in the trading pair IOTA/KRW. Other prominent exchanges in the MIOTA market were Binance, Bitfinex, and Huobi Global.
Zeux had previously integrated Qtum [QTUM] on its application, resulting in a whopping 36 percent price hike for the coin.
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Source: AMB Crypto

Litecoin [LTC] Price Analysis: Price breakout imminent as bears control silver coin

The fourth largest coin on CoinMarketCap, Litecoin [LTC] was trading within the $59- $62 range after a short surge.
At press time, the crypto asset held a market cap of $3.60 billion, and was priced at $59.12. The crypto asset registered a 24-hour trading volume of $1.74 billion. LTC exhibited a decline of 2.32% against the US dollar over the past 24 hours, while a growth rate of 3.98% was recorded over the past seven days.
Coineal contributed the highest trading volume for the coin, accounting for 7.98% via the LTC/BTC trading pair. It was followed by Coinall and DigiFinex with 4.22% and 3,66% of the trading volume, respectively.
1-hour
Source: TradingView
Litecoin’s one-hour chart showed an uptrend from $52.39 to $55.86, and another uptrend from $57.90 to $60.29, fueled by the coin’s recent bull run. A downtrend from $55.82-$34.08 was registered on the chart. The support for the coin was found at $52.39.
Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.
Awesome Oscillator: The closing bars of the indicator were red, indicating a bearish price momentum for the crypto asset.
Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that money was flowing into the LTC coin market. Hence, a bullish price trend was predicted for the coin.
1-day
Source: TradingView
The candlestick arrangement on LTC’s one-day chart exhibited an uptrend from $32.79 to $45.68, and a longer downtrend from $55.82 to $34.08. The immediate resistance for the digital asset was marked at $67.78, while the immediate support stood firmly at $30.55 and at $24.10.
Parabolic SAR: The dotted markers were below the candlesticks, and pictured the coin in a bullish environment.
MACD: Post a bearish crossover, the MACD line was treading below the signal line.
Klinger Oscillator: The KO indicator also sustained a bearish crossover, following which the reading line was below the signal line.
Conclusion
The short-term indicators for Litecoin [LTC] exhibited mixed signals, with significant volatility and potential price breakouts being predicted. The long-term indicators echoed strong bearish projections for the digital crypto’s price.
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Source: AMB Crypto

Cardano [ADA] Price Analysis: Coin’s price to move upwards in the long term

The eleventh largest coin on CoinMarketCap, Cardano [ADA], was trading within the $45 to $54 range during the past week.
At press time, the crypto asset held a market cap of $1.42 billion, and was priced at $0.054. The digital asset registered a 24-hour trading volume of $49.48 million. ADA exhibited a growth of 2.16% against the US dollar over the past 24 hours, while a significant growth rate of 16.01% was recorded over the past seven days.
The Cardano community previously announced the integration of Ledger hardware wallet into the ADA ecosystem in order to address scalability, interoperability, and sustainability issues.
It has also been speculated that Coinbase Pro would add support for ADA, by the end of 2019’s second quarter.
1-hour
Source: TradingView
ADA’s one-hour chart exhibited an uptrend from $0.047 to $0.050, and another uptrend from $0.050 to $0.054, which can be attributed to the aforementioned upgrades. No significant downtrend was observed on the chart, following the bullish recovery last week. The immediate resistance was at $0.055. The support for the coin was found at $0.047.
Bollinger Bands: The mouth of the bands depicted high volatility in the coin’s price
Awesome Oscillator: The closing bars of the indicator were green and suggested bullish price momentum for Cardano.
Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that money was flowing into the ADA coin market. Hence, a bullish price pattern was pictured for the crypto asset.
1-day
Source: TradingView
The candlestick arrangement on the one-day chart of ADA showed a minor uptrend from $0.029 to $0.043, and a major downtrend from $0.12 to $0.049. The immediate resistance for the digital asset was marked at $0.105, while the immediate support stood firmly at $0.038 and at $0.029.
Parabolic SAR: The dotted markers were below the candlesticks, and indicated that the coin was following a bullish trail.
MACD: The MACD line was above the signal line and depicted a bullish course for Cardano’s price.
Klinger Oscillator: The reading line was also above the signal line for KO, posting a bullish pattern for the crypto coin.
Conclusion
The short-term indicators for Cardano [ADA] exhibited mixed signals with high volatility and possible price breakouts. The long-term indicators, however, projected strong bullish pattern for the coin’s price.
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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.
1-hour
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.
1-day
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.
Conclusion
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

Ethereum [ETH/USD] Price Analysis: Coin sees trend reversal as bull returns to market

Ethereum [ETH], the second largest cryptocurrency by market cap, was seen glowing green on 21 March. This time around, the cryptocurrency was not the only coin pictured with the bull, as several other major coins joined in.
According to CoinMarketCap, Ethereum was trading at $140.34 with a market cap of $14.78 billion, at press time. The cryptocurrency had a trading volume of $4.7 billion, and witnessed a significant rise of over 5 percent over the past seven days.
1-hour
Ethereum [ETH] one-hour price chart | Source: TradingViewOn the one-day price chart, the downtrends for the cryptocurrency were recorded from $142.52 to $140.19, and further south till $138.92. The uptrend for the cryptocurrency was outlined from $131.40 to $135.55, and further north till $138.27.
The immediate resistance for the cryptocurrency was at $138.93, and strong resistance was at $140.21. The immediate support, on the contrary, was placed at $135.54, and strong support was at $132.29.
Bollinger Bands showed that the coin was moving towards a volatile market, as the bands were diverging in order to make room for more price movements.
MACD forecast a strong bullish weather for the cryptocurrency, as the moving average line deceived the signal line to move upwards.
RSI indicated that the buying pressure for the coin was equally met with the selling pressure, showing a nearly stabilized market.
1-day
Ethereum [ETH] one-day price chart | Source: TradingViewThe downtrends for the cryptocurrency were demonstrated from $247.76 to $157.56, and from $157.55 to $138.73. The uptrends for the coin were displayed from $83.74 to $103.21, and from $103.22 to $131.40.
The coin’s immediate resistance in the long-run was at $140.56, and strong resistance was at $157.62. The immediate support for the cryptocurrency found its resting ground at $125.11, and strong support was at $82.85.
Parabolic SAR pictured the cryptocurrency rejoicing in a bullish market, as the dotted lines were below the signal line.
Klinger Oscillator showed that the bear was closing in on the coin as the reading line was below the signal line.
Chaikin Money Flow showed money flowing into the market as the line was above the zero-mark, forecasting a strong bullish presence.
Conclusion
The coin joined the rest of the cryptocurrencies in greeting the bull. This move was supported by CMF and Parabolic SAR from the one-day chart, and MACD from the one-hour chart.
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Source: AMB Crypto

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency fails to capitalize $4,000 breach as prices fluctuate negatively

Bitcoin [BTC]’s resurgence above the $4,000-mark made headlines across the cryptosphere, with many proponents of the space speculating its escape from the bear’s territory. Bitcoin’s rise has not resulted in an equal increase among other cryptocurrencies though as Ethereum [ETH], XRP and Tron [TRX] are still struggling to increase their prices as well as market cap.
1-hour:
Source: Trading View
The one-hour chart of Bitcoin displayed an uptrend which was the main reason for the price increase from $3,853.42 to $3,971.36. The short-term support was at $3,832.4, while the resistance held at $4,012.91.
The Relative Strength Index fell from the overbought zone, which meant that the buying pressure was losing the race to the selling pressure.
The amplitude of the Awesome Oscillator was comparatively lower than the earlier time period, a sign of the reduced market momentum in the Bitcoin market.
The MACD indicator showed the signal line and the MACD line meeting at the same point after a bearish crossover. The MACD histogram was almost negligible.
1-day:
Source: Trading View
Bitcoin’s one-day graph painted a picture opposite to that of the one-hour graph as the downtrend lowered the price from $6,309.50 to $4,022. The long-term support was at $3,166.52.
The Parabolic SAR was above the price candles at the time of writing, which meant that Bitcoin was still stuck in the bear’s territory.
The Chaikin Money Flow indicator was above the zero-line as the capital coming into the market was more than the capital leaving the market.
Conclusion:
The above-mentioned indicators stated that Bitcoin has not enjoyed any bullish gains after breaching the $4,000-mark. The charts also pointed at the fact that the bear’s hold on the market would continue.
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Source: AMB Crypto

BTC-e main accused Alexander Vinnik continues hunger strike as maximum term time is exceeded

The world of cryptocurrencies has seen several positives in terms of developments and updates, but it has also witnessed a startling number of people taking advantage of its anonymity and decentralization. One of the prime examples of such frauds was BTC-e and its founder Alexander Vinnik, who was arrested in connection with a $4 billion money laundering scandal.
As per latest reports, Vinnik, who started a hunger strike in protest of the continued delay in court decisions, has reached the 88th day of his strike. According to reports, Vinnik already exceeded the maximum term in such legal cases with no impending court decisions on the way. Speaking to RT, Vinnik said:
“Yes, I am in pain, my body hurts and my soul hurts. I have to be very disciplined here and cannot shout or curse at the guards in Greek.”
Vinnik has been in custody for 19 months now and many say that he should have been released after 18 months barring a court decision that never came. Vinnik’s lawyer stated:
“Vinnik is not supposed to be in jail right now. Many businessmen used the exchange to sidestep legal authorities and many of the charges on him were not illegal at the time of Vinnik’s arrest.”
Last year, many countries requested the Greek government for his extradition as France and Russia clamored for it the most. Vinnik was arrested in 2017 while he was vacationing in Greece with 21 criminal charges leveled against him. Brian Stretch, the US prosecutor during the trial stated:
“Cryptocurrencies such as Bitcoin provide people around the world new and innovative ways of engaging in legitimate commerce. As this case demonstrates, however, just as new computer technologies continue to change the way we engage each other and experience the world, so too will criminals subvert these new technologies to serve their own nefarious purposes.”
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Source: AMB Crypto

Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims

The Bitcoin Cash [BCH] hard fork that occurred on November 15, 2018, captured multiple headlines with many marking it a major event in the field of cryptocurrencies. The hard fork is the one that resulted in the split of the BCH blockchain to give birth to two different cryptocurrencies: Bitcoin Cash [BCH] and Bitcoin SV [BSV].
The fork was dominated by two camps, the Bitcoin ABC team led by Roger Ver and Bitmain’s Jihan Wu while the Bitcoin SV was led by nChain’s Craig Wright and Calvin Ayre. Post the fork, Ver and Wu were both sued by United Corp, an American management company who claimed that the ABC camp including popular cryptocurrency exchange Kraken, had flouted rules and regulations to benefit from the fork. The initial lawsuit said:
“The defendants [Bitmain, Bitcoin.com, Roger Ver and Kraken] collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
The lawsuit was refuted by the alleged parties, citing lack of evidence and bogus claims. Following this, UnitedCorp has filed a new opposition to dismiss in its lawsuit. The company challenged the defendants to explain their actions under oath and stated that they will pursue discovery by way of deposition or under subpoena of the defendants.
The latest lawsuit made it the first antitrust action brought in the United States that involves the cryptocurrency industry. The new release from the company said:
“Miami‐based United American Corp announced today that their legal counsel Akerman LLP has filed a Consolidated Opposition to Defendant’s Motions to Dismiss Complaint in its suit against Bitmain Group, Bitcoin.com, Roger Ver, Jihan Wu, Kraken, Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox (the “Defendants”). The opposition was filed after the Defendants filed a motion to dismiss the UnitedCorp action on February 1st 2019.”
UnitedCorp also specifically pointed out to Bitmain’s usage of the Overt ASICBoost as a method to enhance Bitcoin ABC’s version of the fork. The company further stated that the firmware was made available in advance of the last Bitcoin Cash update by Bitmain only to Bitcoin ABC-supported pools, which are operated by the Roger Ver owned Bitcoin.com. The lawsuit also added:
“UnitedCorp alleges that these activities are evidence of not only a violation of the accepted standards and protocols associated with Bitcoin since its inception, but a violation of US antitrust laws including parts of the Sherman Act.”
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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%.”
The post Bitmain’s overproduction of ASIC miners led to lower mining profits, claims miner appeared first on AMBCrypto.
Source: AMB Crypto

Tron [TRX/USD] Price Analysis: Bearish future predicted as coin price holds steady

Bitcoin’s [BTC] breach of the elusive $4,000 mark was expected to give a boost to the rest of the cryptocurrency market. However, it only resulted in a few, sporadic bullish rises within the spectrum. Coins like XRP and Tron [TRX] suffered under the weight of the bear, as the prolonged downturn refused to reverse itself.
1-hour
Source: TradingView
The one-hour chart for Tron [TRX] displayed a slight uptrend, causing the price to increase from $0.0223 to $0.0229. The support held strong at $0.0223, while the resistance was at $0.0239.
The Parabolic SAR was above the price candles, suggesting that Tron was going through a bearish phase.
The Bollinger Bands were moving parallelly, due to the price candles fluctuating consistently between fixed points. This suggested a lack of volatility in the coin market.
The Chaikin Money Flow indicator crashed towards the bottom of the graph, a sign of the capital leaving the market being more than the capital coming into the market.
1-day
Source: TradingView
Tron’s one-day chart painted a similar picture to that of the one-hour chart, with an uptrend lifting the price from $0.013 to $0.023. The long-term support was set at $0.0116.
The Relative Strength Index flattened in the middle of the graph, signifying the equilibrium between the buying and selling pressure.
The Awesome Oscillator was in a lull due to the reduced market momentum in the Tron ecosystem.
The MACD indicator showed the signal line and the MACD line moving in a conjoined manner, while the histogram was largely painted red.
Conclusion
All the above-mentioned indicators suggested that despite Tron’s uptrends, chances of the price shooting up were low, owing to the lack of market momentum.
The post Tron [TRX/USD] Price Analysis: Bearish future predicted as coin price holds steady appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC] Price Analysis: Silver coin’s future in limbo as bears and bulls fight for dominance

The coin market could possibly undergo another dip before a fresh rally by the end of this week. After trading upwards for quite some time, the fourth largest cryptocurrency on the CoinMarketCap, Litecoin [LTC], fell below the $60-mark.
On March 19, the opening price rebounded at $59.40, but rallied to $60.70.
At press time, the crypto asset held a market cap of $3.62 billion and was priced at $59.43. The digital silver registered a 24-hour trading volume of $1.87 billion. LTC witnessed a decline of 1.79% in the past 24 hours, while a growth rate of 4.86% was recorded over the past seven days.
Coineal continued to contribute most to the coin’s 24-hour trading volume, providing 7.36% via the trading pair LTC/BTC.
1-hour
Source: TradingView
LTC’s one-hour chart exhibited a huge uptrend from $52.39 to $58.82 and a minor downtrend from $61.40 to $59.28, which can be attributed to the recent dip in the coin’s price despite a brief bullish recovery. The immediate resistance was at $65. The support for the coin was found at $52.39.
Bollinger Bands: The mouth of the bands pictured a stagnant price market for the coin.
MACD: The MACD line continued to lay low post a bearish crossover.
Awesome Oscillator: The closing bars of the indicator were red, pointing to a bearish price momentum for Litecoin.
1-day
Source: TradingView
The one-day chart for Litecoin showed an uptrend from $32.84 to $45.80, and a longer downtrend from $83.85 to $63.21. A second downtrend from $55.84 to $34.14 was also seen. Immediate resistance for the crypto asset was marked at $77.84, while the immediate support firmly stood at $30.62 and $22.85.
Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish phase for the coin.
Chaikin Money Flow: The CMF was well above the zero-line, and indicated money flow into the coin market. A bullish price trend was predicted for the silver crypto asset.
Klinger Oscillator: The reading line was below the signal line post a bearish crossover.
Conclusion
The short-term indicators for Litecoin sided with the bear and further exhibited a stable market for Litecoin, while the long term indicators projected bullish signals.
The post Litecoin [LTC] Price Analysis: Silver coin’s future in limbo as bears and bulls fight for dominance appeared first on AMBCrypto.
Source: AMB Crypto