India: Banks ask customer to sign consent form over cryptocurrency regulation breach

The cryptocurrency market in India has not been up and running and maybe a far fetched dream at the moment. The banks in the country are also taking all step possible to prohibit their customers from using their services for cryptocurrency transactions. Recently, HDFC bank joined the wagon of banks forcing their customers to sign a contract.
Source: Twitter
According to Twitter user Crypto India YT, the HDFC bank made their customer sign a consent form after tracking some crypto trading activities. As per the Twitter user, the bank asks the customer to come to the bank and sign a form where they consent to the bank’s decision of shutting their account if they continue with crypto trading. An excerpt from the letter read:
“I/We authorize the bank to close the above account without any further notice if it is observed in future that transactions have been carried out for Bitcoin/ virtual currencies.”
Previously, many crypto-users in India had called out Kotak bank and Digibank for forcing the customers into signing the terms and conditions that forced the users to not do any transactions related to cryptocurrency. Recently, Kotak bank was in news, as it sent a notice to the account holder who had made a certain transaction in crypto, of shutting down the account within 30 days. The statement from the bank read:
“We have observed few transactions in your account with brokers / traders, dealing in virtual currencies. Since these types of transactions are not permitted in India, we are constrained to place a credit freeze in your account. Further as per the extant guidelines, we are required to exit such relationships where transactions with brokers / traders, dealing in virtual currencies are observed.”
However, the crypto-users have found a way to hack the system and continue the way they use their bank accounts without being flagged. The users informed the crypto community in India to not mention terms in relation to cryptocurrency while performing any transactions.
The Chief Executive Officer [CEO] of crypto exchange in India WazirX, Nischal Shetty told the publication:
“Majority of the people understand not to enter such terms in the remarks. So simply avoiding entering anything related to crypto in the payment remarks is more than enough to avoid any problems from banks. There’s no other way for banks to know if a P2P transaction was done to transact in crypto.”
The post India: Banks ask customer to sign consent form over cryptocurrency regulation breach appeared first on AMBCrypto.
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.
The post Litecoin [LTC] Technical Analysis: Bears retain the upper hand as bulls offer weak resistance appeared first on AMBCrypto.
Source: AMB Crypto

Is Apollo (APL) a Scam? Evidence Mounts to Suggest So

According to a lengthy Reddit post from earlier today, Apollo (APL) has all the hallmarks of a massive scam to enrich its creators. The allegations, coming from Reddit user RossyRoffle, state that there are many red flags with the project, suggesting that the “all-in one cryptocurrency” is nothing more than vaporware dressed up as ground-breaking tech.
The major points of contention in today’s post focus around the lack of development towards grandiose ambitions, an former alleged scam artist being behind the cryptocurrency project, a slew of fake news being sold to followers as fact, and a harsh policy of censorship in community groups for anyone discussing the claims made by those behind Apollo.
Apollo (APL) Comes Under Fire on a Variety of Fronts
Seemingly exasperated by the reported censorship experienced on Apollo’s community platforms, a Reddit user known as RossyRoffle has attacked the cryptocurrency for several reasons. The post from earlier today states that despite the grandiose Bitcoin, Ethereum, and XRP-killing claims of those behind Apollo, the project offers very little of substance.
On Apollo’s own website, visitors are presented with a slick video stating that Apollo is optimised for a variety of applications – be it token creation, private transfers, smart contract use, file sharing, multi-signature support, and a host of others. Basically, if you have ever heard of a cryptocurrency project claiming to have created something innovative, Apollo can do it – apparently.
RossyRoffle refutes all of this in their post. They state that Apollo is nothing more than a fork of NXT with a lower block time. There are some other “insignificant” code changes too but apparently these barely extend past name changes for existing functions of the more established NXT chain. The poster even goes on to highlight that the website itself was built using Wix – hinting at the lack of experience of those behind the alleged scam.
That’s not all, however. RossyRoffle states that the founders of APL are attempting to aggressively pump the price up to enrich themselves. Claims are cited that the platform will render XRP and ETH entirely obsolete. In addition, the poster provides some addresses to show how much APL the founders are dumping on the market as the price rises due to the “fear of missing out” created by those behind the operation.
“Here are some APL Founder-held addresses if you’d like to watch them get rich in real-time: APL-4BUY-KK5W-B3KC-DMHBM and APL-NZKH-MZRE-2CTT-98NPZ.”
Along with the grandiose claims of the project itself, fuelling this so-called “FOMO” is allegedly a programme of fake news and harsh censorship. The poster highlights completely unsubstantiated claims that the team has secured thousands of real-world buying locations. Those who question this on the official Telegram channel (and other platforms) are immediately banned.
This aggressive censorship apparently extends to other questions that seem to be genuinely seeking a better understanding of the APL technology, including:

“Isn’t the privacy of this coin exactly the same as NXT? Can someone explain how it is any better?”
“Why do you keep banning people for asking legitimate questions?”
“How do you plan to implement sharding in Q1 when their is no code in the Github for it yet?”
“You guys think the privacy of this coin is really better than Monero?”

The Reddit poster goes on to challenge their readers to join the Telegram group and ask a question. I tried and did not even get the opportunity to put anything to the team – presumably a result of a slew of requests to join the group following the original post:

Another of the issues highlighted in the post that creates an air of doubt around the project is the founder’s past. According to RossyRoffle, Steve McCullah previously launched a fake Kickstarter campaign to fund a documentary in South America in search of undiscovered dinosaur species. They go on to allege that McCullah disappeared after raising just sort of $30,000.
Of course, cryptocurrency scams like those alleged above are nothing new and pump-and-dump schemes have become an industry norm for smaller cap coins. However, the major difference with this effort according to RossyRoffle is that everything about the project is fraudulent and the entire thing serves only as a vehicle to enrich its founders, rather than an orchestrated effort from a third-party group to pump up a tiny cap coin to make a quick buck.
 
Related Reading: Crypto Pump and Dump Schemes Encourage Traders to Play Digital Chicken
Featured Image from Shutterstock.
The post Is Apollo (APL) a Scam? Evidence Mounts to Suggest So appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin [BTC] given same legal status as money in Wyoming

In what could be a huge step towards the acceptance and wider use of cryptocurrencies such as Bitcoin, the U.S state of Wyoming has introduced cryptocurrency legislation in the House that aims to bring legal clarity to the still nascent field.
With this legislation, Wyoming aims to make itself a haven for such cryptocurrency and blockchain businesses by positioning itself as ‘forward-thinking’ and ‘responsive’ to the needs of the growing industry. If passed, it would be synonymous with how countries such as Malta and Estonia have realized the potential of the field to emerge pacesetters. As Senator Ogden Driskill of the Wyoming 1st District said,

“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”

The state of Wyoming had already exhibited its increasing interest in inviting blockchain businesses to its state by passing two bills to regulate the cryptocurrency market way on 12 January 2019. Last year, San Francisco-based cryptocurrency exchange, Coinbase had also resumed business in the state after a long hiatus.
The new legislation, as reported by Forbes, has a few key features that have excited many in the cryptocurrency business. For starters, the bill offers legal status to digital currencies such as Bitcoin, recognizing peer-to-peer transactions of cryptocurrencies and thus, giving it the same status as money.
Secondly, the bill further reinforces its recognition of digital assets by authorizing banks to supervise such assets, and even taken them under custody, if needed.
The bill offers new hope for many in the cryptocurrency and blockchain industry who have been left disappointed by the lack of clarity on the government’s part. This bill, if passed, will form the framework for any future legislation that may be passed on the subject.
The post Bitcoin [BTC] given same legal status as money in Wyoming appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] could be given the same legal status as money in Wyoming

In what could be a huge step towards the acceptance and wider use of cryptocurrencies such as Bitcoin, the U.S state of Wyoming has introduced cryptocurrency legislation in the House that aims to bring legal clarity to the still nascent field.
With this legislation, Wyoming aims to make itself a haven for such cryptocurrency and blockchain businesses by positioning itself as ‘forward-thinking’ and ‘responsive’ to the needs of the growing industry. If passed, it would be synonymous with how countries such as Malta and Estonia have realized the potential of the field to emerge pacesetters. As Senator Ogden Driskill of the Wyoming 1st District said,

“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”

The state of Wyoming had already exhibited its increasing interest in inviting blockchain businesses to its state by passing two bills to regulate the cryptocurrency market way on 12 January 2019. Last year, San Francisco-based cryptocurrency exchange, Coinbase had also resumed business in the state after a long hiatus.
The new legislation, as reported by Forbes, has a few key features that have excited many in the cryptocurrency business. For starters, the bill offers legal status to digital currencies such as Bitcoin, recognizing peer-to-peer transactions of cryptocurrencies and thus, giving it the same status as money.
Secondly, the bill further reinforces its recognition of digital assets by authorizing banks to supervise such assets, and even taken them under custody, if needed.
The bill offers new hope for many in the cryptocurrency and blockchain industry who have been left disappointed by the lack of clarity on the government’s part. This bill, if passed, will form the framework for any future legislation that may be passed on the subject.
The post Bitcoin [BTC] could be given the same legal status as money in Wyoming appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Crime: Man Sentenced 5 Years in Prison For Buying a Gun with Cryptocurrency

Recently, US Border agents have identified ’48 years-old man, David Mitchell who bought a gun online in the US using cryptocurrency worth more than £2,000. Mitchell had ordered a package of a Glock 9mm gun with magazine, silencer and 150 rounds of 9mm ammunition.
Court convicts actions as unlawful
He was first arrested on September 19, 2018, by the Organized Crime Partnership (OCP) (Scotland) which came into existence on September 01, 2018. The body was initiated to combat organized crime with the collaboration of Scotland Police and the National Crime Agency. David’s arrest is the first case OCP since they started as a joint task force.

At first, he ordered the packed using cryptocurrency
Task force secretly scrutinized him, seized the package he ordered and sent a dummy package (known as placebo) instead.
Later, the man caught ‘making arrested for using dark web’ and questioned over the transaction

 

On Monday, January 13, 2019, the Mitchell was presented before Judge Lord Pentland and eventually, he sentenced him five years in prison for his action. The hearing at High Court in Edinburgh concluded,
“It appears that your decision to acquire the gun and the other items arose from an obsessive preoccupation on your part with exploring whether it was possible to do so by making use of the dark web”. The court further continued, “You must have appreciated that this was unlawful. For this conduct, you must be punished.”
Further, on Mitchell’s part, there’s no information revealed as to what motivated him to perform the act. Detective Chief Superintendent Gerry McLean who is the lead in charge of ‘Police Scotland praised the newly formed ‘OCP’s work and said;
David Mitchell never offered any information that would have allowed us to better understand what his motivation was to secure a firearm.
What’s your take of increasing illicit activities using cryptocurrency? Share your thoughts.
The post Crypto Crime: Man Sentenced 5 Years in Prison For Buying a Gun with Cryptocurrency appeared first on Coingape.
Source: CoinGape

Bitcoin and Crypto Markets Face New Support Levels Following Today’s Drop

Bitcoin has failed to stabilize above $3,600, which is leading the crypto markets to now face new levels of support. Today’s downwards move has led many altcoins to plunge 6% or more, and they are showing few signs of major buying support near their current price levels.
Analysts have mixed opinions regarding exactly where the markets will find support, but there is a general consensus that Bitcoin will find some buying pressure in the low-$3,000 region, which, if this level is to be touched, could result in a bounce.
Bitcoin Drops to Bottom of Trading Range 
Currently, Bitcoin is trading down approximately 3% at its current price of $3,560, which is at the bottom of the trading range that Bitcoin formed earlier this week when it failed to stabilize above $4,000 for an extended period of time.
Mati Greenspan, the senior market analyst at eToro, discussed this range in a market update from last week, saying:
“It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200.”
Bitcoin does appear to be respecting the bottom of this range as support so far, but the current lack of trading volume likely signals that further losses are imminent.
Crypto Markets Likely to Drop Further Before Finding Strong Support
In a recent tweet, Trading Room noted that Bitcoin’s next key support level exists between $3,292 and $3,396, which is approximately 5-7% lower than its current prices. If it does touch these prices, it will mark a nearly 10% drop from where Bitcoin began 2019.
They further noted that multiple altcoins are still above their support levels, meaning that they will likely drop further before stabilizing or possibly bouncing.
“ALTs market back to free fall. Waiting for majors to stabilize. Let’s see their reaction against major support before entering ALTs,” Trading Room cautioned, hinting that altcoins will face further losses in the near-future.
Josh Rager, a popular cryptocurrency analyst on Twitter, echoed a similar sentiment, noting that Bitcoin will likely find significant buying pressure at, or slightly below, $3,000. He further noted that the markets will likely range sideways for a while before dropping further.
“As the volume continues to slowly descend Bitcoin could see more sideways ranging… This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels… Nice support below $3,000 with lots of buyers waiting there,” Rager explained.
It is plausible that the crypto markets will find greater direction as their trading volume increases when the new week begins.
Featured image from Shutterstock.
The post Bitcoin and Crypto Markets Face New Support Levels Following Today’s Drop appeared first on NewsBTC.
Source: New feedNewsBTC.com

Cryptocurrency Price Analysis for the week, January 08 to January 13

Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
Bitcoin (BTC)
The Bitcoin had a funny week as the coin moved sharply on both sides of USD 4000. The good thing about  Bitcoin is that it still hols itself in a range between USD 3600 to USD 4200. The prices hit the high point of USD 4,109.02  and the lowest point of USD 3,653.07 during the week.
The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (9.20%), CoinBit (5.64%) and CoinBene (4.40%)
Among prominent news around Bitcoin, Josh Rager, a crypto trader, and investor tweeted saying “As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.”
 

Source: Coin360.io
Ripple (XRP)
XRP moved back to the second place again but Ethereum continues to stay close to regain its spot back. On the top, this week the prices of XRP were at USD 0.381949 and towards the bottom, it quoted USD 0.327159.
The exchanges that were more active, in volumes, with XRP across various pairs this week were ZB.COM (11.57%), ZBG(6.52) and Exrates (3.79%)
For XRP this week, After multiple tests and announcements by several banks and payment processors, Euro Exim Bank of London finally announced that it will use XRP and Ripple’s xRapid software in a matter of weeks and before the end of Q1 this year.
 Ethereum (ETH)
Ethereum outperformance over other altcoin has taken a halt this week and XRP has again pushed Ethereum to the third position. Ethereum on the top, this week was at USD 158.45 and were at lows of USD 125.24.
The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Exchange (4.58%), LBank (4.03%) and LocalTrade (3.48%)
Among news surrounding Ethereum this week,  Ethereum is expected to undergo the Constantinople hard fork- an upgrade called a hard fork. This event is expected to improve some key features on Ethereum. According to Vitalik Buterin, the upcoming hard fork is expected to make Ethereum more like Zcash.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on January 13 at 3:35 pm IST) were
Movers

CariNet – Showing a rise of 842.43%
Cashbery Coin – Showing a rise of 177.49%
EvenCoin – Showing a rise of 149.02%

Shakers

LRM Coin – Showing a drop of 58.27%
Autonio – Showing a drop of 56.59%
DECENT – Showing a drop of 54.98%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Cryptocurrency Price Analysis for the week, January 08 to January 13 appeared first on Coingape.
Source: CoinGape

Petro [PTR]: Venezuela files complaint against US sanctions at the WTO; calls it ‘discriminatory’

Venezuela has been fighting consistently against US sanctions before the World Trade Organization [WTO], which included the one imposed against its controversial cryptocurrency, Petro, amongst many others.
The Venezuelan government filed a complaint to the WTO last month, which was recently published, and it states various actions taken by the US recently. It claims that the US is interfering on Venezuela’s rights under the General Agreement on Tariffs and Trade [GATT], which was signed in 1994, and the General Agreement on Trade in Services [GATS]. The complaint states:
“The United States has imposed certain coercive trade-restrictive measures on the Bolivarian Republic of Venezuela in the context of attempts to isolate Venezuela economically.”
Venezuela had announced the development of a cryptocurrency, Petro, in 2017 and the launch of the same took place in 2018. The cryptocurrency has since been in use in various industries on orders by their President, Nicolas Maduro.
However, this did not go down well and has seen pushback from the US lawmakers, who have criticized the cryptocurrency. The cryptocurrency faced more resistance from the President of US, Donald Trump, who signed off on an executive order targeting Petro in March 2018.
Venezuela’s government claimed that these sanctions by the US are discriminatory coercive trade-restrictive measures. The complaint also claims that the Venezuelan financial services and financial suppliers receive “less favorable” treatment in comparison to other WTO nations.
The Venezuelan government notes that these measures are violating the Article II:1 of the GATS, that stated that no member nation will treat another member less favorably than any other nation, reported Cryptoscanner. The complaint submitted also states that:
“Furthermore, inasmuch as digital currencies originating in the United States are not subject to the same prohibitions as Venezuelan digital currencies, the United States is according less favorable treatment to Venezuelan financial services and service suppliers than to like domestic financial services and service suppliers, in violation of Article XVII:1 of the GATS.”
Article XVII:1 states that the nations part of WTO will not treat financial services and service suppliers of other nations less favorably than they treat such providers in their own country. As per Reuters, the US has 60 days to respond to the complaint filed by Venezuela. If the US fails to respond to this, Venezuela can ask the World Trade Organization to decide upon the complaint.
The post Petro [PTR]: Venezuela files complaint against US sanctions at the WTO; calls it ‘discriminatory’ appeared first on AMBCrypto.
Source: AMB Crypto

XRP’s tweet volume has a stronger correlation to its trading volume than Bitcoin [BTC] or Ethereum [ETH]

XRP community is one of the most active and passionate crypto-community in the space and according to data from “The Tie”, XRP’s Tweet volume is directly correlated to the Trade volume of XRP.
In addition, XRP has the strongest correlation when compared to the dominant cryptocurrency, Bitcoin or Ethereum.
The Tie tweeted:
“Interesting look at how correlated #XRP tweet and trading volumes are. It appears as if spikes between trading and tweet volume occur in uniso. In some cases it is tweet volume leading spikes in trading, in other cases it is trading leading tweet jumps”
Source: The Tie
From the above chart, on October 2, 2018, the tweet volume of XRP and the trade volume spiked in unison. The same happened on other occasions such as in the month of December 2018 and also in January 2019. However, in November 2018, the trade volume spike prior to the tweet volume.
Although empirical, this comparison between the tweet volume and trading volume draws a conclusion of how the sentiment of the people in the community affects the trading of a particular asset.
Moreover, the same sentiments can be seen in other cryptocurrencies but with less correlation as compared to XRP. The below chart shows the same for Bitcoin. While Bitcoin does have similarity, the correlation is not as strong as XRP’s.
Source: The Tie
Ethereum has far less correlation with its trade volume and tweet volume as compared to XRP as seen in the chart below.
Source: The Tie
XRP, once the second largest cryptocurrency has now fallen down to become the third largest cryptocurrency by market cap as per data obtained from CoinMarketCap.
This comparison attracted a lot of critiques who argued that Twitter volume has nothing to do with the price movement.
A Twitter user, Goatmuscle commented:
“Its almost common practice for investment houses to pump chosen stocks on Trading Social Media. ‘Rampers’ & ‘de-Rampers’ are paid by larger corporate entities to help drive the market in a chosen direction… there are many examples on the web if you look hard enough…”
Tiffany Hayden replied:
“It’s also common practice for crypto enthusiasts to turn to Twitter for info and also to connect with others. Assuming people tweet to pump is wrong… It’s also becoming common practice for service providers to answers questions on social media.”
The post XRP’s tweet volume has a stronger correlation to its trading volume than Bitcoin [BTC] or Ethereum [ETH] appeared first on AMBCrypto.
Source: AMB Crypto

Cryptocurrency regulatory working group to be set up by South African government

The South African government has recently announced that they will be taking a more concrete and decisive approach to the concept of cryptocurrencies such as Bitcoin Cash [BCH] and Ethereum [ETH], according to a letter by Tito Mboweni, the Minister of Finance of South Africa.
The official also stated that the government was establishing a “cryptocurrency asset regulatory working group” that will focus on investigating and researching all aspects of digital assets as well as blockchain technology. The minister further detailed on the members involved in the task force, a roster that includes the Treasury, the Reserve Bank, Financial Intelligence Centre, the Financial Sector Conduct Authority and the SA Revenue Service [Sars]. Mboweni had said:
“It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019.”
The Financial official added that the revenue bodies were not able to monitor the profits and losses generated by cryptocurrency transactions because of the loopholes prevalent in the existing financial framework. In his words:
“However, work is underway within Sars to consider the amendment of the tax forms for the 2019 tax season in order to cater for the description of other assets (which will include cryptocurrencies) by means of a specific description field on the form.”
The South African finance minister went on to say that taxpayers have claimed that cryptocurrency transactions come under the ambit of ‘other trade income’ or ‘other trade loss’. This included cited examples of transactions involving Bitcoin Cash [BCH], Litecoin [LTC], Ethereum [ETH] and Zcash [ZEC].
This concept of cryptocurrencies is not new to the African country as just a few months back, South Africa witnessed the ICO launch of SAFCOIN, a proposed stepping stone for African citizens to learn about digital assets as a whole. During the launch, Neil Ferreira, the CEO, and co-founder of SAFCOIN, had said:
“Blockchain cryptocurrency is a confusing and unfamiliar concept to many Africans, which is preventing widespread adoption. With SAFCOIN, we hope to educate more people about the benefits of cryptocurrency and help them understand how and where to trade, so that they can be part of the global digital currency revolution and Africa’s cryptocurrency history.”
The post Cryptocurrency regulatory working group to be set up by South African government appeared first on AMBCrypto.
Source: AMB Crypto

Week in Review: Cryptocurrency Price Analysis for the week December 24 to December 30

In the ongoing Mt. Gox bankruptcy case, the former CEO claimed he was innocent
Mt Gox was the number one cryptocurrency exchange with 70% market share. However, the exchanges fame dint last too long as it filed bankruptcy in 2014 and closed its operations. While the claim proceedings are still in process, in Tokyo court, former CEO of Mt Gox, Mark Krapeles has pleaded innocence for the exchange going bankrupt and customers losing their money. Karpeles is also facing charges  for embezzling USD 3million from the exchange and also manipulating exchanges data
Hong Kong-based winemaker Madison plans to buy a Japanese crypto platform
Madison Holdings Group a Hong Kong-based wine company, this week announced that it has plans to buy a 67.2% stake of the Japanese crypto platform BitOcean. The platform which recently crypto license from Japan’s Financial Services Agency is still to begin its operations. Madison Labs, a subsidiary of the Madison Group will supposedly pay $15.12 Bn for the buyout.
Bitmain, Consensys, and Huobi to layoff employees
All has not been at best for the crypto industry over the past two months since the market nosedived. This has led to a lot of businesses especially in the crypto mining realign their business resulting a lot of layoffs. It all started with Consensys and now it’s Bitmain and Huobi that are laying off a lot of their staff members. While Huobi is letting of worst performers from its team if sources are to be believed Bitmain is laying off close to 80% of its staff.
Litecoin enters the ring as it sponsors a UFC fight
For coins, Litecoin has signed a sponsorship deal with UFC. This would be the first time an official cryptocurrency has partnered UFC. The fight which Litecoin is sponsoring is the UFC light heavyweight fight between Jon Jones and Alexander Gustafsson which is expected to grab over a million eyeballs. This sponsorship looks like a Litecoin awareness campaign and may be considered the first step towards a more elaborate partnership with the UFC.
Kuwait National Bank now on RippleNet
Ripple has found a new partner in the Middle East and this time it is The National Bank of Kuwait (NBK). NBK plans to launch its direct remit services over RippleNet. As explained in an official blog post by NBK, RippleNet (a decentralized network of banks and other financial institutions using Ripple Labs’ suite of financial products) will be used to provide “a frictionless remittance experience” for the bank’s customers and “fast cross-border money transfer solutions.”This service is currently available only to Jordan for now and soon will be available to other countries as well.
India hints of legalizing cryptos
India may soon find cryptocurrencies legalized. The second largest country by population is considered to be a big market for cryptocurrency and according to a local media outlet, the committee assessing cryptos feels that altogether banning cryptocurrencies may not be a really good idea. An undisclosed source that was a participant in the meetings has told the local media that, while debates are still being made, after two meetings it was very clear that completely banning cryptos may not be a really good idea and that the best way to deal with these new age “money” is by having a strong hold on their legalization within India.

Source: Coin360.io
Bitcoin (BTC)
The Christmas rally ends and Bitcoin again slides down below USD 4000. This puts Bitcoin back into a range between USD 3600 to USD 4200. The prices hit the high point of USD 4,271.79 and the lowest point of USD 3,642.63 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (21.77%), CoinBene (4.33%) and EXX (3.20%)
Among prominent news around Bitcoin, Wells Fargo Says Bitcoin Too Risky for Clients, Pays $575 Million Fine For Scamming Them
Ripple (XRP)
XRP still is at second place but Ethereum continues to get close to regain its spot. On the top, this week the prices of XRP were at USD 0.448477  and towards the bottom, it quoted USD 0.336282. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (9.74%), ZB.COM (8.31%) and Upbit (6.33%)
For XRP this week, XRP surged in value after Binance, the largest cryptocurrency exchange in the world by traded value, added the cryptocurrency as a base currency, meaning that all the other cryptocurrencies would be paired with it.
 Ethereum (ETH)
Ethereum is outperforming all top altcoins as it inches closer to take its No.2 spot. Ethereum on the top, this week was at USD 157.67 and were at lows of USD 115.65. The markets that were more active, in volumes, with ETH across various pairs this week were OEX (6.19%), OKEx (4.22%) and Binance (4.10%)
Among news surrounding Ethereum this week,  Tuur Demeester, an altcoin cynic, Bitcoin proponent, and crypto investor called Ethereum (ETH) Is A “Science Experiment” At Best
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on December 30 at 3:35 pm IST) were
Movers

E-Chat – Showing a rise of 272.51%
StarChain – Showing a rise of 173.77%
Coinsuper Ecosystem – Showing a rise of 105.86%

Shakers

PlayCoin(QRC 20) – Showing a drop of 46.57%
PlayCoin (ERC 20) – Showing a drop of 45.74%
BitcoinX – Showing a drop of 43.98%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Week in Review: Cryptocurrency Price Analysis for the week December 24 to December 30 appeared first on Coingape.
Source: CoinGape

Without Government backing, the Cryptocurrency Will Struggle to Surge – Jeff Kilburg

In a wake of regulatory stance on cryptocurrency which is proposed by two congressmen, Bitcoin is finally reached to the rally of $4000.Two financial experts have recently commented on Bitcoin’s upcoming move.
Bitcoin Likely Fall Below $3000 – Jeff Kilburg
In a recent interview, Jeff Kilburg and Jim lurio of TJM institutional service firm talked about the performance of Bitcoin and its recovery. Mr. Kilburg claimed that “without Government backing, cryptocurrency will struggle”. He stated it when Bitcoin was trading at the value of $4026 on Friday which was quite getting to a declining graph and trade below $3000. According to Mr.Kilburg,
“I think it is going to have a hard time staying above $4,000 unless we see something substantial come out of the Securities and Exchange Commission (SEC) – nothing new is putting the wind in the sails right now.”
Following the statement of Kilburg, Mr.lurio joined the rally adding his view, he said that the ‘government is unlikely to welcome the cryptocurrency’. Mr lurio asserted that there are very rare governmental bodies who loves Bitcoin or Crypto and as such we see headlines would be ‘regulating on crypto’. Moreover, he said that ‘he’s never been a lover of Bitcoin’.
When Mr.Kilburgsaid that; Bears have unfinished business [in crypto], and added that the tokens lack the fundamental driver unless there’s no substantial outcome of the SCE.
Moreover, it is quite striking to mentioned Brian Kelly’s prediction of Bitcoin who told CNBC that;
“For me, the bull case and the investment case is that everything that you can say is wrong with bitcoin is going to get fixed. He compared the growth of crypto with the growth of the internet and said;
Mr.Kelly further stated that Bitcoin is getting closer to the bottom and he is not surprised if it does so; He continued that
“It wouldn’t surprise me if we popped down to 2,900 on bitcoin before we bottom. That’s kind of what I’m looking at as the next level.”
What do you think about the regulatory stance on cryptocurrency? Let’s discuss
The post Without Government backing, the Cryptocurrency Will Struggle to Surge – Jeff Kilburg appeared first on Coingape.
Source: CoinGape

XRP breathes sigh of relief as Token Taxonomy Act redefines digital assets and amends Securities Exchange Act

Two congressmen are trying to change the 72-year-old securities definition to make sure that cryptocurrencies receive their own and right set of rules that govern it. The bill that is being passed which provides clarity and redefines digital assets.
Authorities and the users/investors in cryptocurrencies have never been able to see eye-to-eye when it came to regulating cryptocurrencies and classifying some of these assets as securities. Thanks to the combined effort of representatives Warren Davidson and Darren Soto.
The new bill that is being introduced is called the Token Taxonomy Act, a bipartisan bill, which defines “digital token” and clears the air around digital assets that securities laws wouldn’t be applicable to cryptocurrencies when they become a full-functioning network.
As reported by CNBC, Davidson stated:
“In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space.”
The Howey Test, which is being used by the SEC to determine whether an asset is a security or not lacks clarity and experts want these vague rules to be clearly defined.
Kristin Smith, head of the Blockchain Association, in the first group in Washington to lobby for the technology behind Bitcoin, said:
“These decentralized networks don’t fit neatly within the existing regulatory structure, this is a step forward in finding the right way to regulate them.”
What does this mean?
The decision would be huge for cryptocurrencies that are not being treated unfairly due to regulatory confusion and the consequences of the future rulings by the regulatory authorities.
XRP is one such cryptocurrency that has long-awaited it’s listing on one of the US’ popular exchanges, Coinbase. There was a lot of FOMO in the cryptocurrency community as to why XRP, the second-largest cryptocurrency in the world [by market cap], was still not listed on Coinbase.
SEC’s Chairman Jay Clayton also refused to provide clarity around XRP and if it was being considered as a security or a commodity during the Consensus Invest.
Although Token Taxonomy Act is yet to be approved, this news comes in a very dire and a perfect moment to lift the holiday spirits of everybody in the crypto community.
Darren XRP commented:
“2019 is looking very good, regulation certainty and xrp mass adoption.”
The Rippening replied:
“To me this is the most rational thing that can be done. Crypto simply does not fit in existing legislature.”
The post XRP breathes sigh of relief as Token Taxonomy Act redefines digital assets and amends Securities Exchange Act appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] proponent says China could be racing against the US amidst cold war to create a crypto-based national currency

Mike Novogratz, referring to Brian Brooks’ article, “America Could Lead the Transition to a Digital Currency Reserve”, said that China might be racing against the US to create its own crypto-Renminbi [RMB] and hence become the global reserve currency.
Coinbase’s CLO, Brian Brooks, recently opined about how the US is not keeping up with cryptocurrencies when it could become be developing a transnational currency that would help it become a leader in dire times like today when the inflation is sky-rocketing.
Brooks mentioned how the US currency has dominated the global markets as it supported and led the internet revolution which birthed major industry players like Facebook, e-bay leading to the creation of jobs and hence improving the economy.
The article published in New York Times stated:
“The greenback’s share of global central-bank reserves has declined in nine of the past 10 quarters… The slide is hardly new: It began a decade ago when European leaders attempted to replace the dollar with a euro-based “basket” of currencies as the common global reserve.”
Brooks went on to talk about how the underlying technology, blockchain that makes the cryptocurrencies tick, could be the golden goose that the US needs to propel it to the top.
Countries like Malta, Switzerland, Singapore, China, and Japan are trying to get ahead of the world to become the leaders by adoption and riding the wave of digital assets.
Mike Novogratz, aka the Bitcoin guru, tweeted on how the US needs to get ahead in adopting and developing cryptocurrencies.
He tweeted:
“This is an important point. If China creates a crypto RMB that could become the payment of choice in lots of the developing world. If I was President Xi, and in a Cold War with the USA, I would be racing to do just that.”
However, Novogratz’s opinion attracted some people who disagreed with the idea a state-issued cryptocurrency.
A user Davon Mezcal commented:
“If its a state issued crypto, its suffers from the same issues of centralization that plague fiat currently. Aside from a means to outlaw cryptos, this cant really change the fact that a regime without sound money will eventually fail.”
Another user, Notmy Realname replied:
“DIGITAL rmb. People need to understand it would NOT be a “crypto” and you need to not help mislead people.”
Master Control Program commented:
“Are we winning behind the curtains ? This would be sad if other countries create better monetary environments because of regulatory stifling here in the states. If you can’t change/control something then slow it down. Motto here in the states.”
The post Bitcoin [BTC] proponent says China could be racing against the US amidst cold war to create a crypto-based national currency appeared first on AMBCrypto.
Source: AMB Crypto