EOS’s Brock Pierce: Ethereum [ETH] will be in trouble if it does not solve scaling issue this year

The cryptocurrency market’s roller-coaster movement has been noted by a lot of proponents in the space, with many predicting the bearish behavior to last for more time. In a recent chat with CryptoTrader Ran NeuNer, Brock Pierce, the current Chairman of the Bitcoin Foundation and co-founder of the EOS Alliance, spoke about the fall of Mt.Gox and the behavior of the cryptocurrency market right now.
Pierce stated that Mt.Gox being one of the first major cryptocurrency exchanges had a lot riding on it and its fall sent shockwaves across the industry. He said:
“The fall of Mt.Gox incurred massive reputation damage and the feeling that it propagated throughout the industry was crazy. People thought that since Mt.Gox got hacked, Bitcoin must be unsafe too. We need to create safer and better practices in the field.”
The EOS Alliance co-founder was also of the opinion that custodial issues need to be solved and that twenty nineteen will be the year of BUIDL. Pierce added 2018 was the year of HODL while 2017 was when the term ‘lambo’ came into the fore. According to him, it is very difficult to retain people in a bull market. He then gave his comments on the scalability issue persistent among a lot of cryptocurrencies. In his words:
“If Ethereum does not solve the scaling this year then there will be a problem. The market is not going to wait for them to catch up, especially with all the generation 3 blockchains coming up. EOS is currently the number two chain in terms of developers with a lot o runway. It also helps in having the most advancement form of solving scalability issues.”
Brock Pierce informed users of exclusive information related to DApp token. He said that Bancor and Liquid EOS will solve the RAM and CPU issues probably by February. He focused his discussion on the effect of communities in the cryptocurrency space, citing “community is everything, technology comes later”.
Looking at the new year, Pierce opined that the sectors of adoption and the fundamental building is on the right path, and in some cases at its peak. He closed the discussion by adding:
“I rarely make predictions but I have a feeling by the end of this year we will see apps built on the blockchain that will have a million users.”
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Source: AMB Crypto

Ethereum [ETH/USD] Technical Analysis: Coin has found a new resting place

Ethereum [ETH], the third-largest cryptocurrency by market cap, continues to stay beside the bear. It is not the only cryptocurrency that is preferring the bear over the bull. Other coins such as Litecoin [LTC], Monero [XMR] and Bitcoin [BTC] are also pictured hanging out with the winter animal.
According to CoinMarketCap, at press time, Ethereum was trading at $117.30 with a market cap of $12.25 billion. The currency has a trading volume of $2.29 billion and has plunged by over 8% in the past seven days.
1-hour
Ethereum one-hour chart | Source: Trading View
In the one-hour chart, the coin demonstrates a downtrend from $129.38 to $124.65 and $122.85 to $116.30. The uptrend is outlined from $114.35 to $115.03. The resistance levels are set at $117.81 and $124.93 for the coin. Whereas, the support levels can be spotted at $114.95 and $114.30
Chaikin Money Flow, irrespective of the coin’s choice, is forecasting a green day as the line is able the zero-mark, showing that the money is flowing into the market.
Bollinger Bands is forecasting a less volatile market as the bands are seen close to each other.
Parabolic SAR is abiding by the coin’s decision and is seen forecasting a bearish market as the dots have aligned above the candlesticks.
1-day
Ethereum one-day chart | Source: Trading View
The one-day chart shows a downtrend from $499.01 to $155.91 and from $149.9 to $123.20. The uptrend for the coin is pictured from $117.43 to $83.74. The immediate resistance is laid out at $128.51 and the strong resistance is at $156. The support grounds for the currency is at $114.43 and $82.82.
RSI is showing that the buying pressure is currently evened out with the selling pressure.
MACD is forecasting a bearish side for the coin as the moving average line is below the signal line after the two met for a short duration.
Klinger Oscillator, is on the same page, as the reading line has placed itself below the signal line after a crossover.
Conclusion
The coin likes its refugee in the bear’s market as it is indicating a longer stay. The indicators that are in complete agreement with the coin’s decision are Parabolic SAR from the one-hour chart, MACD and Klinger Oscillator from the one-day chart.
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Source: AMB Crypto

Tron [TRX/USD] Technical Analysis: Bears pressure the bulls out of the scene

Tron has been known to defy the market trend on multiple occasions and it was doing the same at the time of writing. The prices of Tron are up by 4.15% with a market cap of $1.74 billion while the 24-trade volume is at $248 million.
Most of the trade volume for TRX comes from the exchange Upbit, a Korean exchange via the trading pair TRX/KRW.
1-hour
Source: TradingView
The one-hour chart for Tron shows an uptrend that extends from $0.0215 to $0.0237, while the downtrend extends from $0.0328 to $0.0264. TRX prices have moved away from the support at $0.0212 and towards its imminent resistance point at $0.02678. The subsequent resistance point can be seen at $0.0328.
The Parabolic SAR indicator indicates a bearish move as the markers have spawned above the price candles.
The MACD indicator has finished a quick bearish crossover and seems like it might undergo another crossover, but a bullish one, unlike the recent crossover.
The Awesome Oscillator shows a decreasing momentum as the bars are reducing in size and the bars are transitioning from red to green bars.
1-day
Source: TradingView
The one-day chart shows a small uptrend that extends from $0.0132 to $0.0215 while the uptrend extends from $0.0287 to $0.0725. The support at $0.0120 is holding good even in the longer one-day time frame. The resistance line at $0.0268 was breached briefly as the price moved above it and has now come back down again.
The Aroon indicator shows a crashing uptrend that has reached the zero-line, while the downtrend line has failed trying to come back up.
The Chaikin Money Flow shows a crashed CMF line to an oversold zone. The money for TRX is flowing out of the market.
The Relative Strength Index shows a slightly higher buying momentum as the RSI line has crossed above the 50-line.
Conclusion
The SAR, MACD, and AO indicators all indicate a bearish aura hanging over Tron in the one-hour chart. The one-day chart for TRX shows a sideways trend as indicated by Aroon, CMF, and RSI markets.
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Source: AMB Crypto

Haven Protocol [XHV]’s “exit scam” put on hold as developer comes back to shoo away the FUD

The Haven Protocol community panicked as they believed that the developer might have abandoned the project and it could turn out to be yet another “exit scam”. The panic was thwarted as the developer came back from what seemed like a long absence and confirmed that the exit scam was just FUD.
The developer’s Twitter handle @havendev was tagged in a thread on January 21, 2019, by a user @cryptoblkbeard saying that Haven Protocol was an exit scam.
The thread contained a screenshot of a Discord chat of user @news.ctuler who seemed distraught due to the absence of the core developer of the project.
news.cutler said:
“Consider this project dead unless some devs take it over.
@havendev is apparently the only person with access to the code repository was asked weeks ago to open it up so other contributor could help out and review the code.
Ever since then we haven’t heard from him.”
He continued saying that the developer was asked to make the dev fee transparent and there was still no reply from the core developer. news.cutler said that he would be gone even if the core developer showed up.
Another Discord user @donjor said that he concurred with news.cutler and that they could fork the repository if need be and as long as it helped the Haven community. He said that he would try and connect with @havendev and gain access to the code.
After all the commotion on Twitter and Discord, the developer reached out to the community and put an end to the FUD of Haven Protocol being an exit scam. He said:
“Haven development has been ongoing. I have still been working on the offshore code through Christmas and new year. I stepped down from running the Discord and social networks 4-6 months ago and handed that control over to @donjor and @news.cutler.
In light of the insane amount of FUD, and although I want to keep the offshore code under wraps I will prepare it and hand it all to the team so that they can hire new devs to work o nn it. I will continue to help the team where I can.”
More updates from the community about the code repository are yet to surface. The price of XHV dropped on January 21, 2019, and it has spiked up from $0.3097 to $0.3679. The 24-hour price change shows a massive 9.17% increase after the positive news about the dev.
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Source: AMB Crypto

BitGrail exchange declares bankruptcy after almost a year of announcing $195 million loss

The year of 2018 has been a very volatile year for the cryptocurrency market. The year witnessed a majority of the coins hitting its highest value in terms of price and, at the same time, slump to its lowest value. Along with this, the year also saw several altcoins rise to fame in the space. The most notable event apart from the volatility of the market is considered to be the hacks that took place throughout the year. Well-known exchanges such as Coincheck fell prey to hackers, losing millions of customers’ funds.
BitGrail, an Italian cryptocurrency exchange, was one such platform that was compromised in early 2018. The exchange lost almost $195 million worth of customers’ cryptocurrencies. The exchange rose to fame as it became one of the major platforms to trade Nano aka RailBlocks. It was the very same cryptocurrency the exchange ended up losing to the hackers, as the Founder, Francesco Firano, revealed that 17 million Nano tokens were stolen by hackers.
The announcement of the hack was soon followed with speculation that this was a premeditated act and that the exchange had been planning an exit scam for quite some time. Even the Nano team expressed their doubts on the whole situation. In an official statement, the team had stated:
“We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.”
On January 21, 2018, after almost a year of announcing that the exchange was compromised to an attack, the firm has now declared bankruptcy in their official telegram channel. Additionally, when asked about the bankruptcy on Twitter, the CEO, Francesco said that it is “confirmed”.
Bitgrail declaring bankruptcy | Source: Discord
PaddyThePriest, a Redditor said:
“This is good news for Nano as far as I can see. Lays the blame for the hack at Bomber’s feet. Also shuts his lying mouth once and for all.”
Darkrender7, another Redditor said:
“If nano rockets upward like bitcoin did… it very well could turn out that he’ll be able to pay everyone back in fiat and make off will millions from selling the rest of the nano at the new high market price. Thats what’s going on mark and Mt. Gox”
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Source: AMB Crypto

Coinbase supports inbound and outbound international [SWIFT] wire transfers; ventures deeper into Asia

Coinbase, a leading cryptocurrency exchange platform in the US, has taken another massive step to support their institutional clients and high-volume business across Asia. The platform announced today that they have opened their doors to professional trading and custody platforms for institutional clients and high-volume customers in Asia.
On their official blog post, the exchange stated that their clients across Asia can now access the platform’s trading services for institutions, cold storage service, and Coinbase custody.  In order to achieve this, the platform will “now support inbound and outbound international [SWIFT] wire transfers, allowing Coinbase clients in Asia to fund their accounts from non-US bank holdings”.  They added that this feature will help their non-US customers to access the platform’s deep pool of cryptocurrency liquidity.
The exchange further stated that they will also be providing these high-volume customers in Asia the access to trade, deposit and withdraw Circle’s stable coin, USDC via Coinbase Prime, allowing customers to access several trading pairs available on the platform. Additionally, approved high-volume customers in Asia have access to the platform’s Coinbase Custody, an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure manner.
They said:
“We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office.”
To add on to customer’s delight, the platform will be rolling out their recent OTC trading desks to all the approved Coinbase Prime clients around the world, allowing a few select customers to perform large amounts of trade.
Andrew Robinson, head of institutional sales and trading for Coinbase in Europe, the Middle East, and Africa, said in an interview with Forbes:
“The OTC, which went live in the U.S in November and the in the U.K. just before Christmas, has been well received so far. This latest upgrade means Coinbase customers outside the U.S. are now able to trade without a domestic U.S. bank account – something we think is going to make a big difference for out trading volumes.”
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Source: AMB Crypto

Bitcoin [BTC] Technical Analysis: Bear weathers the coin down

The cryptocurrency market is seen to have a sideways movement, with the major coins seeing the vermillion side of the market mostly. Bitcoin [BTC], the largest-cryptocurrency in the market, is also seen to have a similar trend.
At the time of press, the coin was valued at $3,563.14, with a market cap of $62 billion. The coin registered a 24-hour trade volume of $4.8 billion, with a dip of 0.75% over the past day. The coin has registered a fall of 3.69% over the seven days and is still falling by 0.09% in the past hour.
1-hour
Source: Trading View
The one-hour chart of Bitcoin indicates that the coin had been falling from $3,599.12 to $3,514.04, the coin noted another significant downtrend from $3,690 to $3, 529.55. The coin failed to register any significant uptrend in the one-hour chart. The coin marked a resistance at $3,549.21 while strong support was provided at $3,519.52.
Bollinger Bands appear to have formed a tube-like formation, indicating lesser volatility in the market. The moving average line is above the candlesticks marking a bearish market.
Awesome Oscillator also marks a bearish market, but as per the recent trends, this might also be short-lived.
Chaikin Money Flow, on the other hand, points towards a bullish trend as the marker is above zero.
1-day 
Source: Trading View
The one-day chart of BTC also shows a massive downtrend from $6,146.01 to $3,380.01, with another downtrend marked from $6,293.38 to $3,703.39. Even the one-day chart could not trace a viable uptrend. The resistance is marked for the coin at $4,075.34 and the support is noted at $3,183.
Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.
MACD line is under the signal line, pointing towards the bear’s stronghold on the market.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
Conclusion 
The indicators Parabolic SAR, MACD, Bollinger Bands, and Awesome Oscillator point towards a bearish trend for the BTC market. However, Chaikin Money Flow predicts a bullish market. The coin has to fight the bear to take up any bullish trend.
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Source: AMB Crypto

Bitcoin [BTC] millionaire feels that “the Phoenix will rise from the ashes” in 2019

Charlie Shrem, one of the early investors in Bitcoin [BTC] and a subsequent millionaire, recently gave his views on the current cryptocurrency market, Bitcoin’s rollercoaster movement and the cryptocurrency situation in 2019.
Speaking to Ran NeuNer, Shrem who is also a board member of the Bitcoin Foundation, started by saying that the current bear market is the most serious one ever. He stated that a lot of people had invested in cryptocurrencies with the hope that the market would not crash. NeuNer went to ask the pertinent question of whether Bitcoin is dead to which Shrem replied:
“It’s not dead right now. There is enough security in Bitcoin that it will exist in the long term. A lot of people are accumulating Bitcoin and want it to last for a long time.
Shrem was also in the news recently when the Winklevoss brothers sued the Bitcoin millionaire for 5000 missing funds. The conflict was again brought to notice by Cameron Winklevoss in an interview with The New York Times when he said:
“When he purchased $4 million in real estate, two Maseratis, and two power boats, we decided it was time to get to the bottom of it.”
The Bitcoin Foundation member then spoke about Ethereum and EOS, stating that a lot of such projects are going to die. He said:
“Many of them are going to die soon, some are already dead. You need to understand that most of these projects are science experiments. People like Vitalik and lad have stated multiple times that this is not real money and people should not put their life savings into it. Sh*# happens.”
Shrem then touched upon the upcoming projects, saying that 2019 will be the year “the Phoenix rises from the ashes”. He opined that a lot of projects which were developed in 2018 will see their launches in 2019 and the majority of them should deliver. In his words:
“You will see a lot of projects like decentralized storage and decentralized delivery. A lot of these can be fantastic or can turn out to be crappy. The year will also see a lot of privacy coins do well including utility projects.”
Charlie Shrem closed his discussion with Ran NeuNer saying that a lot of people had lost the love for crypto, but he was still “all in on crypto”.
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Source: AMB Crypto

XRP/USD Technical Analysis: Signs of a small bull run imminent in the shorter time-frame

XRP, the second-largest cryptocurrency in the world, still holds its position with a market cap of $13 billion and 24-hour trading volume at $370 million.
Most of the trade volume for XRP comes from ZB.COM exchange via trade pair XRP/BTC. The price of XRP is at
$0.32, however, is on a slight rise today.
1-hour
Source: TradingView
The uptrend for XRP in the one-hour time frame has vanished into thin air, while the downtrend strengthens as it extends from $0.3860 to $0.3247. The support at $0.3205 was breached January 20, 2019, at 12:00 UTC. The prices have resurfaced after a brief dip. The resistance at $0.3426 and $0.3806 are holding steady.
The Parabolic SAR indicator shows a positive trend for XRP as it is seen placed below the price candles in the charts.
The MACD indicator shows a bullish crossover, which started at 22:00 UTC and is close to crossing over to the top of the zero-line.
The Awesome Oscillator also shows decreasing green bars that have spawned and are at the verge of crossing over to the top of the zero-line, indicating a bullish crossover.
1-day
Source: TradingView
XRP’s trend lines in the one-day chart show a similar trend where the uptrend has not gained significant momentum yet. The uptrend extends from $0.2931 to $0.3215. The downtrend ranges from $0.9027 to $0.3754. In this timeframe, XRP being supported at $0.2627, while resistance lines are still holding strong at $0.5821, $0.6899, and $0.9027.
The Aroon indicator shows a downtrend that has gained excessive momentum, while the uptrend is failing to neutralize it.
Chaikin Money Flow, as seen in the chart above, has crashed and burned, indicating that the larger timeframe for the coin is in the bear’s territory.
The RSI shows a similar construct for XRP as the momentum of sellers is increasing, while the buyers are shying away from them.
Conclusion
The one-hour shows a bullish trend for XRP’s prices, as all the indicators [SAR, MACD, and AO] show that bulls’ are taking the prices on a rally. The longer timeframe for XRP shows a slight bear trend as the indicators Aroon, CMF, and RSI all indicate a downtrend.
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Source: AMB Crypto

Bitcoin [BTC]: Liquid-Bitcoin can now be traded with Japanese Yen pegged stable coins privately on Liquid Network

Crypto Garage, a subsidiary of Digital Garage and a fintech company in blockchain financial services sector, received an official green signal to conduct the first blockchain and finance project.
The regulatory sandbox is managed by the Secretariat of Japan and has given Crypto Garage the signal to participate with cryptocurrency exchanges. The official announcement by Crypto Garage stated:
“Under this project, Crypto Garage will provide the participating crypto-exchanges with “SETTLENET”, which allows the exchanges to issue a stablecoin pegged to Japanese Yen (JPY-Token) on the “Liquid Network”, and trade against Liquid Bitcoin (L-BTC) that are pegged to Bitcoin on a Bitcoin sidechain launched by Blockstream Corporation”
Settlenet is a suite of products to enhance application development on the Liquid Network. In addition, this project will make use of atomic swap technology that will allow L-BTC and JPY-tokens to be transferred simultaneously on the Liquid Network.
Atomic Swap technology enables peer-to-peer simultaneous exchange of crypto-assets from one part to another, without counter-party risks and going through a third party service without any counterparty risks or intermediaries
This is helpful especially for regulatory authorities as the Settlenet will allow the regulatory bodies to monitor any discrepancies or unlawful practices like money laundering.
This partnership plans to improve the overall growth of the cryptocurrency ecosystem and markets by providing enough liquidity and relatively stabilize price movements, minimize counterparty risk, increase the visibility of trading for the regulatory authorities. In addition, it aims to solve the security risks that the exchanges inherently possess.
The official announcement added:
“This initiative is a proof-of-concept project authorized by Regulatory Sandbox in Japan. The project will test and validate i) the secure transfer of crypto assets on a sidechain network and ii) the possibility of building a stable and healthy OTC market by improving transparency for the price-making process.”
Furthermore, the partnership for the project will have a term of one-year and the participating crypto-exchanges will be limited to those with a Japanese Virtual Currency Exchange License and the transaction amount will be limited. During this timeframe of one-year, Crypto Garage will provide Settlenet for free to all the participating exchanges.
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Source: AMB Crypto

Litecoin [LTC] Technical Analysis: Bears retain the upper hand as bulls offer weak resistance

Litecoin [LTC] is one of the many cryptocurrencies that is facing a difficult period of late since the unexpected slump of January 10, 2019. It has struggled to get out of the bear’s grasp for a while now, which does perhaps raise concerns about the immediate future of LTC.
At the time of press, LTC was priced at $31.01, way below its value of $40.79 on 8 January. It has a market cap of $1.863 billion and a 24 hr trading volume of $554 million, with a majority of it  ( $58.42 million or 9.96%) being contributed to by ZB.com, via the trading pair LTC/USDT. Finally, LTC’s value has fallen by a significant 6.45% over the last 24 hours.
1-hour
Source: TradingView
The 1-hour chart demonstrated a significant downtrend that extended from $33.381 to $31.106 after a brief uptrend that extended from $33.307 to $33.697.  The last point of resistance was at $33.723 while the support point at $30.744 was holding strong.
The Parabolic SAR has the markers above its candlesticks, an indication of a bearish market. However, considering it’s flattening, it would seem that the bulls are offering some resistance over the last hour.
The Chaikin Money Flow has the line creeping its way over zero, suggesting that money is slowly trickling back into the market on the back of the bulls.
The Relative Strength Index indicates that after a point when the market was oversold and was bearish, both the buying and selling pressures have evened out.
1-day
Source: TradingView
The 1-day chart exhibits a continuing downtrend extending from $40.155 to $32.863 while the last uptrend was witnessed over two weeks ago and ranged from $34.289 to $40.079. The support point is holding strong at $30.411 while the last point of resistance was at $40.131.
The Bollinger Bands are neither expanding nor contracting, which indicates that volatility in the market is holding steady.
The MACD shows that the signal line is way over the blue MACD line and thus, the projection is one of a bearish market in the immediate future.
The Klinger Oscillator has the reading line well below the signal line and therefore, suggests that the market has a bearish trend.
Conclusion
All the above indicators would suggest that the market is overwhelmingly bearish and shall remain so in the future. And although indicators such as the SAR, Chaikin and RSI suggest some form of bullish resistance, the near future of LTC, as suggested by other indicators, remains firmly in the bear’s realm.
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Source: AMB Crypto

Ripple partners with Chinese research institute for Blockchain Technology Research Scholarship program

Ripple has been working non-stop in terms of spreading its reach, with the firm recently marking a milestone by crossing more than 200 partnerships across 40 different countries. According to Crowd Fund Insider, Ripple has struck another partnership with Tsinghua University, in order to launch a scholarship program.
The Institute for Fintech Research, Tsinghua University [THUIFR] plans to launch a Blockchain Technology Research Scholarship Program [BRSP] for graduate students in China, and Ripple will be supporting the university’s cause with this partnership. THUIFR is a well-recognized and a leading research institute in China and based on its research resources and achievements it will be focusing on international regulatory policies and the development of blockchain technologies.
Ivy Gao, Director of International Cooperation and Development, THUIFR, said
“Most importantly, I believe, this program will greatly help with their future research or career in the field of blockchain technology.”
Eric van Miltenburg, Ripple’s SVP of Global Operations, said:
“The program’s goal – to provide students with opportunities in blockchain research – closely aligns with that of Ripple’s University Blockchain Research Initiative. We’re thrilled to support THUIFR in this endeavor and look forward to its launch.”
Ripple is well-known for its far-reaching partnerships financial industry related companies and even research-based companies and universities. The company plans to support and improve the academic research and development of blockchain and cryptocurrency.
Moreover, Ripple recently announced that it had a few banks going live with their blockchain solution xRapid, which continues to create a lot of buzz in the community. A few days after this announcement, more than five financial institutions announced their plans to go live with xRapid.
With its partnership with the Chinese University, Ripple is slowly moving into countries with strict rules and regulations when it comes cryptocurrencies, and this is considered as a breakthrough by some in the community.
@coupleofcrypto commented:
“Awesome. Go @Ripple. Most criticized in the crypto space, and yet by far the most active to get blockchain technology adopted worldwide… This is part of Ripple partnering with universities around the world to push blockchain development. It’s awesome, Ripple is really helping the entire crypto space, but you take it one step too far Just my opinion.”
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Source: AMB Crypto

Bitcoin [BTC] and other cryptocurrencies fail basic financial tests, says Bank of England official

The cryptocurrency market’s volatility and traction have been far-reaching, so much so that even prominent members of established institutions are talking about it. Bitcoin [BTC], the largest cryptocurrency in the world, has captured the attention of several people, including that of Huw van Steenis, the Senior Adviser to Bank of England Governor – Mark Carney.
Speaking to Bloomberg at the ongoing Davos meet, Steenis spoke about the inception of Bitcoin, during the 2008 financial crisis. He stated that the magnitude of the market crash was dumbfounding and was the perfect opportunity for FinTech to rise.
Even Nouriel Roubini, an American economist popularly known as Dr.Doom, was mentioned in the discussion as someone who had called the crisis before it actually happened. Roubini has been a vocal critic of the cryptocurrency industry, even comparing Ethereum co-founder Vitalik Buterin to North Korea’s Kim Jong-un.
Steenis went on to say that the major banking institutions was leading a review of future finance with a lot time being spent on the propagation of the payment and financial system. He stated that globally, banks spend only 25 percent of the total budget for digital transactions. He then focused his discussion on cryptocurrencies such as Bitcoin and explicitly said that he was not a all worried about cryptocurrencies. In his words:
“They fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower. One of the biggest challenges for the BOE will be how to regulate new entrants to the banking system, particularly from technology firms.”
To a question about the similarity between banks and Bitcoin in terms of volatility, Steenis said that customers want cheaper, faster and better services. He also stated:
“What I love when meeting with Fintechs is their obsession with customers. The challenge is will they get customers before the traditional banks can innovate.”
The BoE official stressed the fact that the field of cryptocurrencies was not high on his worry list as they could not compete with the traditional systems.
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Source: AMB Crypto

Bitcoin ETF will not be automatically approved due to US government shutdown, says litigation attorney

Bitcoin [BTC]’s ETF approval has been a long-standing saga plagued with a lot of ups and downs. While proponents of the cryptocurrency have been trying hard to get it off the ground, the Securities and Exchanges Commission [SEC] of the United States has ensured that the decision remains postponed.
As it stands, the deadline for the decision is February 27, a date that some think will be reviewed because of the ongoing US government shutdown imposed by Donald Trump. Jake Chervinsky, a recognized lawyer and a government enforcement securities litigation attorney, gave his views on the VanEck/SolidX Bitcoin ETF by tweeting:
“The VanEck/SolidX bitcoin ETF won’t be automatically approved just because the US government is shut down. I’ve seen a lot of confusion & misinformation about how the shutdown affects the SEC and its process for handling ETF proposals. I’ll try to explain here.”
Chervinsky stated that the February 27 deadline is imposed by Federal statute, which means that the government shutdown does not affect it all. Being under the federal statute, the current law imposed on the Bitcoin ETF stands if the government functions or not.
He further stated that another power of the statute is prohibiting the SEC from changing the deadline in any capacity. This caveat theoretically implies that if left undecided, the Bitcoin ETF gets automatically approved.
The lawyer went on to say that such a situation was utopian and that the SEC still had a workforce toiling to carry out its stipulated processes. In his words:
“It’s true that the SEC has stopped nearly all of its work due to the shutdown & furloughed most of its employees. That includes the majority of staff members in the Division of Trading & Markets, which handles proposed rule changes.”
He carried on by saying:
“But the SEC still has a small number of staff members available to handle “excepted” functions, which mostly refers to urgent law enforcement matters, but also includes “activities necessary for a short period in order to ensure an orderly shutdown of operations.”
Jake Chervinsky opined that the remaining officials will ensure commodities such as the Bitcoin ETF will be blocked from being automatically approved, pointing to the January event where the SEC extended a deadline related to Nasdaq PHLX.
He stated that in case the Bitcoin ETF gets approved, then there are two things that could happen; either the SEC will let the auto-approval occur because it had already approved it earlier or the remaining workforce in the SEC will not be allowed to function.
Furthermore, Chervinsky thinks that if the government shutdown extends all the way till February 27, the chance of the Bitcoin ETF getting approved is negligible.  This statement was based off the SEC’s rule on Page 18, which says:
“The SEC will discontinue “review and approval of applications for registration . . . with respect to new financial products.”
He closed his argument by stating that due to the shutdown, the odds of the Bitcoin ETF getting rejected was much higher than that of it getting approved. Chervinsky also gave his comment on Intercontinental Exchange’s Bakkt by saying:
“Unlike the SEC, the CFTC has no statutory deadline for making a decision on Bakkt, so it can delay as long as it wants. Don’t expect anything on Bakkt until after the shutdown (maybe months after).”
The post Bitcoin ETF will not be automatically approved due to US government shutdown, says litigation attorney appeared first on AMBCrypto.
Source: AMB Crypto

Tron [TRX] Technical Analysis: Coin rides the pastures with the bull

All major cryptocurrencies on the CoinMarketCap list, have been suffering from the bear’s attack for the last few days. The coins, at the time of press, are trying to recover, but with the current growth, it looks like a slow recovery, similar is the case of Tron [TRX]. The ninth-largest cryptocurrency has been putting a strong fight with the bear and has been wounded a bunch of times.
At the time of press, the cryptocurrency was valued at $0.0240, with a market cap of $1.6 billion. The coin registered a 24-hour trade volume of $148 million, with a fall of 1.68% over the past day. The coin has recovered by 1.02% over the past hour and by o.74% over the past week.
1-hour
Source: Trading View
The one-hour chart of the coin indicates a massive rise in the price of the coin from $0.0215 to $0.0235. However, the coin also saw a downtrend from $0.0251 to $0.0242. The coin registered resistance at $0.0250 with support marked at $0.0235.
Awesome Oscillator points towards a weakening bullish market.
Bollinger Bands appear to be diverging after a narrow convergence, increasing the volatility in the market. The moving average line is under the candlesticks, a marking a bullish market.
Chaikin Money Flow also indicates a bullish market, with the marker above zero.
1-day
Source: Trading view
The one-day chart of the coin tells a different story. The coin reported a massive downtrend from $0.0338 to $0.0213. The coin also registered a recent uptrend from $0.0132 to $0.0215, which extends further to $0.0237. The resistance was marked at $0.0287 with support noted at $0.0237.
Parabolic SAR indicates a bearish market, as the markers have aligned themselves above the candlesticks.
MACD line is under the signal line, pointing towards a bearish trend.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
Conclusion
As per the indicators, Awesome Oscillator, Bollinger Bands, and Chaikin Money Flow are predicting a bullish market. However, the indicators, Parabolic SAR, and MACD forecast a bearish run. Goin by the majority, a bullish trend could be nearing.
The post Tron [TRX] Technical Analysis: Coin rides the pastures with the bull appeared first on AMBCrypto.
Source: AMB Crypto