Dow Jones: Market slips as Trump claims ‘there is nothing magical’ about US-China talks

The stock market has been going through a volatile phase controlled by the political atmosphere and trade talks between the United States and China. President Donald Trump had recently tweeted about the market, claiming that it would have crashed if he had lost the 2016 Presidential elections.
The Dow Jones Industrial Average indicated a negative open of less than 25 points with the S&P 500 and the Nasdaq Composite maintaining a constant level as the day before. The main indication of the rise and fall of the market has mainly depended on Donald Trump and Xi Jinping’s bilateral meet, aimed at strengthening the trade bonds between the two countries.
On Tuesday, Trump stated that there was nothing ‘magical’ about the March 1 deadline for the US-China negotiations. This statement comes as a blow to the markets as the tariffs on Chinese imports may not be increased from the current 10 percent to the proposed 25 percent.
The market, mainly tech-heavy, topped its short-term peak just before the stock market correction began. Drug giant Merck saw its stock fall by 1.3% with the commodity trading just below 80.29. Another area of focus was the Fed minutes which is supposed to give an insight to the workings of the Federal Reserve, a key aspect that may sway investor sentiments. Guy Stear, an analyst at Societe Generale stated:
“The focus of the day should be the FOMC Minutes, as investors try to decipher what drove the Fed’s pivot in January. We will scour the minutes for clues that the balance of risks may have shifted materially to the downside, and in addition, we will also watch for a discussion surrounding the balance sheet runoff and whether officials are leaning towards ending the runoff later this year.”
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Source: AMB Crypto

Cardano [ADA] climbs past a falling Bitcoin SV [BSV] to take the eleventh spot

The present-day volatility of the market is an opportunity for coins such as Cardano [ADA] that are looking to make a comeback. Cardano has now overtaken Satoshi’s Vision, Bitcoin SV [BSV] on the global coin ladder, following the latter’s decline.
At press time, the nChain spearheaded project, Bitcoin SV had declined by 2.92 percent compared to Cardano’s 1.37 percent, a differential that has contributed to Cardano’s new position. The two were overtaken by Binance Coin earlier this month which is riding a massive bullish wave. Cardano has amassed a $19 million market cap lead over Bitcoin SV.
Cardano is currently trading at $0.0457, which is a peg down from its 24-hour high of $0.0480. Previously, the coin was trading fairly consistently just above the $0.04 margin. This is the first time Cardano’s price has passed the $0.046 mark since the beginning of January, when the coin’s volatility had spiked to $0.054, before falling to $0.043.
In terms of market cap, the recent rise saw the coin join the ‘Billion-Dollar Club’ earlier this week, and as the rise persisted, the coin posted its highest market cap for over a month. At the beginning of this past weekend, the coin’s market cap stood at $939.71 billion and rose by a whopping 32.22 percent to reach a high of $1.24 billion on 19 February. Since a market correction that followed, the coin’s market cap has fallen to $1.18 billion.
Source: Trading View
Bitcoin SV, on the other hand, is focusing less on the market and more on verbal brawls between feuding camps, with proponents of the coin lambasting those who support Bitcoin [BTC]. Recently, a pro-BSV editorial came out against Bitcoin Core developer Jimmy Song, following the latter’s criticism of Craig Wright, Calvin Ayre and the apparent lack of developments in the BSV camp.
All this may have affected its market position and the coin has been pegged down by two spots in the past few weeks. First, the coin was kicked out of the top 10 following a remarkable rise by Binance Coin, which has cemented its tenth position on the global coin charts. More recently, following Cardano’s rise, BSV was pushed even lower to the twelfth spot. However, its market cap remains above $1 billion.
On 18 February, the coin was under $1.1 billion and rose up with the collective market to $1.24 billion. After the coin reached the mark, however, a market correction pushed down the coin’s market cap to $1.15 billion while other coins managed to hold their own. Cardano’s resilience compared to BSV’s rapid rise and fall saw the former take Satoshi’s Vision by surprise.
Source: Trading View
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Source: AMB Crypto

Ripple partner Bank of Dohfar goes live; Completes successful cross-border payments to India

Ripple and its blockchain technology are flourishing in the UAE and the Gulf at an exponential rate as yet another bank has announced that they are going live with Ripple’s blockchain payment solutions.
As per Navin Gupta’s [Managing Director, South Asia and MENA at Ripple] tweet, Bank of Dohfar is now live on RippleNet. He tweeted,
“Congratulations! to Bank Dhofar – Live on Ripplenet. Now Non Resident Indians (NRIs) living in Oman can App money back home in real-time. #bankdhofar #ripplenet @Ripple”
Bank of Dhofar became the first bank in the Sultanate and in the region to provide international and instantaneous transfer through mobile banking. With Bank of Dhofar’s mobile banking app, Non-Resident Indians can now transfer money to India in under two minutes.
The announcement mentions that the bank was pleased to become part of Ripple’s global enterprise blockchain network, which is RippleNet. It also mentioned,
“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using BankDhofar mobile banking app.”
BankDhofar and Ripple first partnered in May 2018, and the chief information officer of BankDhofar, Dr. Tariq Taha had stated,
“With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
It was clear that the Bank of Dhofar wanted to help save customers’ “time and money” with the partnership, but it was then unclear as to the technology that would be used by them, which could either have been xCurrent or xRapid.
Ripple has 200+ partnerships with banks and financial institutions around the world, some of them being central banks. Ripple aims to create a global network of institutions on RippleNet using Ripple’s blockchain technologies like xRapid, xVia and xCurrent.
A Twitter user, @Edadoun, commented,
“Congratulations to you, Ripple, Oman and the region. While India has taken a cautious approach to blockchain and crypto, no doubt seeing this kind of tangible and positive impact directly on its citizens at home and abroad will help them feel more comfortable adopting.”
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Source: AMB Crypto

Bitcoin Cash [BCH]: Roger Ver pushes for the release of Silk Road’s Ross Ulbricht

Ross Ulbricht, the man behind Silk Road is the protagonist of a debate that has divided the cryptocurrency community yet again.
Bitcoin Cash [BCH]’s Roger Ver, also the CEO of Bitcoin.com and popularly referred to as Bitcoin Jesus has been a long supporter of “free-market” ideals (Something Silk Road claimed to have run on) and the use of cryptocurrencies for the same. He recently reaffirmed his support for Ulbricht, mailing him a letter advocating the same.
Tweeting on 17 February, Ver said that he had mailed a letter to the United States’ Penitentiary in Tuscon, Arizona where Ulbricht is currently serving a double life sentence, without parole. The Bitcoin.com CEO did not specify the contents of the letter, but voiced his support for Ulbricht and added a link to the website that advocates for his release: freeross.org.
His tweet in full read,
“I sent a letter to Ross Ulbricht, and you should too. freeross.org  #FreeRoss #Silkroad”
The Ross Ulbricht issue is one of the most divisive issues within the cryptocurrency community, with some advocating free market principles and some citing the illegality of the articles sold on the ‘marketplace.’
Craig S Wright, the Chief Scientist at nChain and spearhead of the Bitcoin SV [BSV] project firmly placed himself opposed to Ver’s point, in both the BCH hardfork debate back in November 2018 as well as on the Ulbricht issue.
In an 8 February blog posted by Wright via Medium, he voiced his opposition for what he described as ‘criminal markets.’ He likened Ross Ulbricht and Silk Road to WikiLeaks and Julian Assange, calling the duo, ‘predators.’ Wright further added that the case of Silk Road,was something Bitcoin should make, ‘more difficult,’ and not one it should facilitate.
His blog, which was titled, ‘Careful what you wish for…’ read,
“I do not like Wikileaks, and I have never been a fan of Assange’s methods. More importantly, I am strongly opposed to criminal markets and bucket shops. Ross Ulbricht and others like him are criminals. They are not freedom fighters, they are not libertarians. They simply are predators, and they are all that Bitcoin was designed to make far more difficult.”
The topic of Ulbricht was also discussed by Roger Ver and Gabriel Cardona in Bitcoin.com’s latest episode on YouTube. The BCH proponents were discussing the recently concluded Anarchapulco 2019 Festival, which featured Lyn Ulbricht, Ross Ulbricht’s mother.
In the video, Ver described Ross Ulbricht as,
“Basically, Ross Ulbricht is the person that made Bitcoin start to become popular to being with. He made a useful platform that people started to use. Silk Road was useful, so, people started to use it and that’s what kicked-off this whole ecosystem.”
Ver and Cardona also stated that the Bitcoins that were seized and crowd-sold from Silk Road were primarily purchased by Tim Draper, the American venture capitalist. In light of the same, Ver appealed to Draper and the larger community to push for Ulbricht’s release,
“Tim Draper, if you happen to see this, you profited greatly from the Silk Road coins that you bought. Help out Ross, right, this guy does not deserve to die in prison.”
Users on Twitter were however split on this topic. @XrpBro commented,
“Didn’t he order murders? He should be free? Why?”
Zone Zero Apps further added,
“Why? He is a criminal. If not caught, he would still be selling drugs and weapons….”
However, @Russell voiced his support for Ulbricht, stating,
“They’re never going to let Ross free. Instead of spending so much time and money on that, we should be taking care of his family and others who are in desperate situations that can be helped. @rogerkver @Free_Ross #Silkroad”
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Source: AMB Crypto

Ethereum [ETH] experiences major drop of 94% in block transactions since last year

The cryptocurrency market has been facing a brutal bearish trend since the turn of the year, with a marginal bullish pump last week on 8 February. Most of the top ten virtual assets have been experiencing major market turmoil but, currencies like Bitcoin and Litecoin have been able to encourage users with the integration of Lightning Network and the support of a string of high-profile personalities, keeping the virtual currencies relevant in course of worldwide adoption.
Ethereum [ETH], which is currently the second-largest cryptocurrency according to Coinmarketcap, with a market capitalization of $12.8 billion dollars, has not been on the right side of this optimism however.
Transaction per block per day | Source: Etherscan.io
According to data charts on Etherscan.io, it can be clearly observed that the transaction per block has significantly decreased since the start of the year. The number of transactions recorded on 4 January, 2018 was the highest this year with a total of 1349890 units, with the average difficulty ranging around 1,895.45 TH.
It went through a sharp decline on the chart however as, the transaction on 15 February, 2019, was recorded at 468599 units, with an increased average difficulty of 2,758.
According to reports, the ETH blockchain has actually dropped a significant 94% in block transaction since last year. To get a clearer picture, the blockchain volume has been compared to the exchange data volume.
The chart below compares the volume of transactions on the Ethereum chain to Ether’s exchange volume over the past year.
Blockchain trade volume vs ETH exchange volume comparison | Source: Coinmetrics and CoinMarketCap
We found that before March 2018, trade volume on the ETH blockchain was much larger than the trade volume on exchanges. This indicates that ETH activity was not limited to the act of buying and selling ETH, but also included games and ICOs. Later, as DApp and ICO projects continued to shrink, the volume of transactions on the ETH chain gradually declined.
However on 30 November 2018, a sudden spike in the blockchain trading volume was witnessed, but the spike was not related to DApps or ICOs.
It is evident that the ETH bear market is continuing as the ETH blockchain volume hit a new low point with an average of about $157 million USD per day, which marks a drop of about 96% compared to last year [Feb 15 to Feb 21] when the average daily blockchain volume reached around $4.3 billion.
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Source: AMB Crypto

Bitcoin [BTC] developer Jimmy Song lists 3 reasons why Bitcoin SV [BSV] is a “scam”

Bitcoin SV [BSV] has been met with a host of varied opinions from the global cryptocurrency since it emerged three months ago, from being lauded as the true vision of Satoshi, to being called a “dumpster fire,” BSV has seen it all.
Recently, Jimmy Song, a developer of the top cryptocurrency Bitcoin [BTC] and author of the book, “Programming Bitcoin,” called BSV a “scam” and listed out three specific reasons for his conclusion, via a video on his YouTube channel, “Off Chain with Jimmy Song.”
He starts of the video by referencing the Twitter trolls who tout that Bitcoin SV is the more principled coin that wants to achieve the true vision of the founder of Bitcoin, Satoshi Nakamoto. Song, lays all these claims to bed, citing his three reasons, which come under the overarching theme of:
“Bitcoin SV is clearly, clearly, a scam.”
The primary reason for Song’s attack is, Craig S Wright, the Chief Scientist at nChain and the biggest backer of the BSV project. During the November 2018 hardfork, which eventually resulted in BSV splitting from Bitcoin Cash [BCH], Wright came out in fierce support of what he envisioned as the vision of Satoshi. He even claimed that he is the, “real Satoshi,” a rallying cry that he touts even today.
Song’s opinion on Wright, however, is unwavering:
“He’s (Wright) a known scammer, he’s never produced a signature as Satoshi. He’s claimed to be Satoshi from the very beginning, he hasn’t produced anything of note. He hasn’t coded anything, he says ridiculous stuff. He uses only social signalling. He doesn’t provide any proof of anything. And, the guy has been a con-artist for a very long time.”
Craig S Wright, recently went on a tirade about how he, “was Satoshi,” for which he received a lot of flak from the crypto industry. Known for being very verbal on Twitter, Wright even got into a heated dispute with Wikileaks, which he brands a “fakenews cesspool.”
Wikileaks did not take things lying down, the news organization claimed and even produced evidence of Wright editing a blog post from August 2008, which he wanted to use to prove that he was involved in cryptocurrencies over a decade ago. Wikileaks, and many in the crypto-community labeled Wright as “faketoshi” since, a label that Song would approve of.
Song cites the lack of development coming from the Bitcoin SV camp as the secondary reason for the coin being a scam. He stated:
“You can look at their GitHub, they’ve done nothing over the past two months. They are not really trying to fix anything. They apparently have some sort of private development. They do not accept any pool requests, they are not into open source. It’s anything but a secure protocol. At some point, I expect them to release a full node software or something like that that is straight up malware. They don’t do any open source, they are not doing any development, they are not progressing.”
Craig Wright is the spearhead in the BSV application process, whom Song refers to in this jibe as a “con-artist.” The nChain executive has formulated ideas of applying the Bitcoin SV blockchain into the realm of online peer-to-peer payments and to use the BSV wallet as a smart card authenticator, which can be used to verify passports.
The third reason for Song’s disavowing Bitcoin SV, is the attitude emanating from the BSV camp, particularly from their major proponents, Craig S Wright, and Calvin Ayre. He described their behavior as “peculiar,” and referenced the fight for control during the hardfork, which he called a “crapfest with Bitcoin ABC.”
He added:
“The fact that they continued to fight, and use their money to try to prop up this useless coin, it should tell you volumes about what they’re trying to do. They want to control their own money, and they have enough of an ego to think that people will just follow them if they go.”
Jimmy Song further questioned why influencers like Daniel Krawisz and Kevin Pham have gone to the BSV camp. He believes that they, “might be getting paid-off,” however he states that he has no evidence to prove the same.
The Bitcoin developer concluded:
“Bitcoin SV is a scam, it is not Satoshi’s Vision, it should just be Scam Violence… it’s just a ridiculous coin, that is why I’m opposed to it. I hope I’ve made myself clear.”
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Source: AMB Crypto

Bitcoin SV [BSV] spearhead Craig Wright predicts dire future for altcoin market

In the midst of the so-called, “crypto-winter,” which has slashed off nearly $100 billion from the collective market cap and with many proponents advocating that only one real cryptocurrency exists i.e. Bitcoin [BTC], Craig Wright has foreseen a dark and dismal future for the altcoin market.
The Chief Scientist at nChain and spearhead of the Bitcoin SV [BSV] project has stated, via a tweet, that by June 2020 the altcoins market will begin to be, “culled,” as their leaders either abscond from their projects and flee or will eventually land up in prison.
His tweet read:
“In the next 18 months, the blood flows. Alt coins start to be culled as the “decentralized” leaders are imprisoned one by one or flee on the lamb for financial fraud and associated crimes”
Furthermore, he picked out two coins pegged as bastions of anonymity and increased secrecy, Monero [XMR] and Zcash [ZEC], and stated that the aforementioned two coins will be charged with fraudulent tax crimes.
The following thread to the above tweet read:
“Those thinking ZCash, Monero etc are even remotely anonymous will start being changed with tax evasion”
Wright further added, in reply to a comment on one of his tweets that he will present the findings of the above prediction later in the year. He also stated that the law enforcement authorities can monitor payments even when it is through “privacy-centered” coins like Monero and Zcash.
In his own words:
“Very I present it later in the year. 
The method is developed Law enforcement can monitor without informing you”
At press time, the top cryptocurrency Bitcoin holds 52.7 percent of the global cryptocurrency market accounting for a market cap of $63.84 billion. The altcoin market poses a market cap of $57.33 billion, an increase of 10.41 percent, compared to last week’s valuation of $51.92 billion.
Despite accounting for a mere 1.93 percent of the global altcoin market capitalization, Bitcoin SV [BSV], Wright’s cryptocurrency project, has recently been booted out of the top-10 last week, following a remarkable rise by Binance Coin [BNB]. BSV now finds itself occupying the eleventh spot on the global coin chart, with a market cap difference of more than $290 million against BNB.
Wright also landed in a bit of controversy yet again when he furthered his earlier claim that he was the “real Satoshi.” Following this claim, he got into a Twitter spat with Wikileaks, calling the website a “fake news cesspool” and comparing its founder Julian Assange to Ross Ulbricht, the man behind Silk Road.
Wikileaks also hit back at Craig Wright, stating and providing evidence that the nChain executive edited an August 2008 blog, adding a sentence to portray that he had been working in the cryptocurrency realm since then.
Twitter users have since voiced their support for Wright’s prediction, with Enrico Rusticali stating:
“Lower markets prices have triggered rumblings of discord and internal stress in the various foundations. Rumors abound. Fiscal discipline does not go hand in hand with easy money schemes. I agree on the time line.”
Paul ‘P.H.’ Madore stated:
“Someone has said this everyday since 2014. Bitcoin maximalists insist on it. They still aren’t right.”
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Source: AMB Crypto

Binance Coin [BNB] pumps by over 6% as most other top-10 tokens face slump

The cryptocurrency bear market is stronger this time as most of the major coins are undergoing major changes almost every day. However, Binance Coin has taken advantage of the bear’s lose grip and has jumped by over 6%.
Source: Trading view
At the press time, BNB, was valued at $9.47, with a market cap of $1.3 billion. The coin registered a 24-hour trading volume of $85 million while registering 6.80% growth over the past day. The coin, however, has fallen by 0.25% after surging due to market correction. The coin has registered a growth of 16.58% over the past seven days.
Binance Coin [BNB] registered a volume of $29 million with the BNB/USDT pair on Binance. The second position in terms of trade was on the BNB/BTC pair, with a trade volume of $21 million. The third place was taken by P2PB2B, with a volume of $6 million on the BNB/BTC pair.
Looking at the growth in the coin’s price, Binance’s CEO Changpeng Zhao, or popularly known as CZ, tweeted:
“…18 months ago, 3 weeks after launch, $BNB at ATH, price is 1/50th of what it is now, 4 coins traded on @Binance. The tweet has 2 comments (as of this writing). Keep #buidling!”
Binance Coin was recently added on another medium, SpendApp, which will enable BNB holders to buy/sell the token with their account. Spend.com shared this news on Twitter by stating:
“#Binance Coin is now available on the #SpendApp. Buy/Sell $BNB with your bank account. Exchange $BNB with all supported assets. Spend $BNB at 40+ million locations with the Spend Wallet by instantly converting to fiat with the #Spend Visa® Card!@cz_binance @binance @Teddy_Lin”
Binance exchange is the largest exchange in terms of trading volume and recently, the CFO of the company, Wei Zhou, claimed that business is still profitable instead of the bear ravaging the market.
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Source: AMB Crypto

Litecoin [LTC] Price Analysis: Bear’s grasp over the coin tightens

With a total market cap of only $120 billion, most of the crypto assets on CoinMarketCap are now in the red. Despite last week’s surge, digital currencies have stepped back, falling behind support levels, including Litecoin [LTC], which currently stands fourth after a sudden flip last week.
The silver crypto opened at $43.83 and traded at a high of $44.51 before falling down to $41.42 and finally, closing at a low, recorded at $42.00.
The pair LTC/BTC has been trending on five different exchanges. Leading the way was OKEx, with a 24-hour volume of $63.91 million. The second exchange platform on the list was Coineal, with a volume of $57.63 million, was followed by DigiFinex with a volume of $56.63 million.
At the time of writing, the market capitalization held by LTC stood at $2.51 billion. LTC was valued at $41.56, with a volume of $1.09 billion. The fourth-largest coin displayed a slip of 2.15% in the past 24 hours.
1-hour:
Source: TradingView
An uptrend from $43.01 to $43.67 has been recorded for the coin on the hourly chart. The downtrend for the same has been recorded from $46.52 to $43.68. The resistance is marked at $42.35, while the support is at $40.78, which is uncomfortably close to the price of the coin.
Parabolic SAR: Dotted markers are placed above the candles, suggesting a bearish phase for the silver coin.
Chaikin Money Graph: The CMF is trending just below zero, suggesting that money inflow is lower than the outflow.
Klinger Oscillator: With the reading line looking to move over the signal line, the KO indicator predicts a potential bullish crossover soon.
1-day:
Source: TradingView
An upward trend from $23.25 to $30.68 and a massive downward trend from $55.91 to $38.87 has been recorded on the altcoin’s one-day chart. The immediate resistance noted for this time period is marked at $46.48 and the support point is at $38.67.
Bollinger Bands: The diverging Bollinger Bands suggest a high probability for a significant price fluctuation in the LTC market.
Awesome Indicator: The lines are slowly turning red, indicating that the price momentum is moving towards a bearish phase.
MACD: The MACD line is placed above the signal line. This suggests that a bullish market may soon be in the offing.
Conclusion:
Parabolic SAR, CMF, AO indicators all paint a bearish picture for the LTC market. However, a faint bullish trend is predicted by the KO and MACD indicators. Price movement for the coin seems inevitable as the Bollinger Bands suggest some price volatility in the future.
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Source: AMB Crypto

Cryptocurrency critic JP Morgan first US bank to introduce dollar-backed virtual currency

When one thinks of large financial institutions that would back volatile assets like cryptocurrencies, JP Morgan does not immediately spring to mind. However, the large-scale financial institution has defied all odds and is set to launch the first cryptocurrency backed by an American bank.
JP Morgan is set to launch the “JPM Coin,” a native token that will be used to settle payments with the banks’ clients. The bank will launch trials in the next few months implementing this payment technology to gauge its long-term feasibility.
The financial institution is gearing up for a world dominated by blockchain technology, the underlying powerhouse of the decentralized currency world. As a precursor to the same, JP Morgan will infuse a crypto-like system for their payment transfer, as traditional wire payments seem to be causing delays, and falling out of prominence.
Despite the negative stance taken by JP Morgan against the cryptocurrency realm, this test by the sixth largest bank in the world by total assets is the first banking-application of cryptocurrencies. The overarching industry has considered the industry as too volatile, and have introduced facilitating services like custody solutions instead.
Umar Farooq, head of JP Morgan’s blockchain projects said:
“So, anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”
He added that the JPM Coin will be pushed on as a preferred payment option on internet-connected devices if the underlying blockchain for the same emerges within the near future.
The JPM Coin will be reserved for the high-profile clients that are under JP Morgan, who have undergone several rounds of regulatory checks, and hence retail investors, who have long dominated the cryptocurrency field, will not get a chance to trade the coveted JPM Coin.
Furthermore, the JMP Coin will resemble tradition stablecoins, like Tether [USDT], the USD Coin [USDC], as being backed one-for-one by the US Dollar. The clients will have to deposit their fiat currency in the bank, following which the native token will be issued, which can be used for payment purposes. After the deal has been completed, the bank will destroy the remaining tokens and will return the dollars left.
JP Morgan is very hopeful of this latest development, especially given its early move into the field and its large-scale financial backing. Umar Farooq said:
“Pretty much every big corporation is our client, and most of the major banks in the world are, too.”
Farooq, further highlighted the applications of the JPM coin, dividing it into the categories of payments, settlement, and treasury services. The primary use will be for cross-border payment among large clients, replacing the wire transfer system. Large scale institutional investors can use the bank’s cryptocurrency for immediate settlements in security transactions. And finally, JP Morgan can replace held dollars in subsidiaries using their token.
The JP Morgan executive added:
“Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it.”
Jamie Dimon, the CEO of JP Morgan has not been the best of friends with the cryptocurrency industry, calling Bitcoin [BTC] a “scam,” adding that he had “no interest,” in the digital asset. He even called for a regulatory government shutdown of cryptos, deeming them unable to be controlled. However, blockchain has always caught his good side, describing the underlying technology as “real,” while continuing his attack on virtual currencies.
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Source: AMB Crypto

Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB

Bitcoin, the largest cryptocurrency in the crypto universe, has facilitated yet another development making use of the Lightning Network as Luke Dash Jr, a Bitcoin Core Developer, has put forward the idea of shrinkage of the Bitcoin’s chain block size down to 300kb.
The concept to reduce the size of BTC’s block chain was introduced by Luke Dash in January 2017. The support for the reduced size block has received more of a consensus than the first time to further accelerate the adoption of Lightning Network.
In January 2017, Dash Jr proposed a Bitcoin Improvement Proposal or termed as a ‘BIP’ which had the following request to reduce the block size to 300kb. The proposal was submitted before the transaction fee had a spike of about $30-$50 per trade.
However, the BIP was quickly dismissed following the scalability debate of the protocol and Bitcoin users were also upset with the rise of the transaction fee.
Luke Dash recently tweeted:
Source: Twitter
The proposal has garnered a lot of attention and Bitrefill’s CCO, John Carvalho, has expressed his support for Dash’s idea.
John Carvalho stated:
“I agree with Luke Dash Jr that the block size should be smaller. I feel more confident to say it now that we have Lightning Network making strides — I’ll run the soft fork,” I could imagine a few, to increase fees (doesn’t even have to be malicious, could be for survival). To move transactions to Lightning Network (maybe miners realize they can make easier money by increasing fees on L2, under the right conditions) and to reduce costs (new network/web conditions).”
A Twitter account named Mark Lamb responded to John Carvalho:
Source: Twitter
However, the reduced blocksize concept has received its fair share of criticism regarding Dash Jr’s idea and John Carvalho’s explanation about higher fees to push more Lightning Network implementation.
One observer on Twitter posted his opinion and commented,
“Smaller blocks simply means less transactions on the chain, purposefully hard-coding a lower limit — It doesn’t make any logical sense.”
Cobra Bitcoin, who is the anonymous owner of Bitcoin.org, also pushed forward with the criticism rally and responded with a tweet. Cobra responded to John Carvalho’s tweet and stated:
Source: Twitter
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Source: AMB Crypto

Bitcoin [BTC]: SegWit transactions’ volume peaking on the Bitcoin network

The volume of transactions using the soft fork protocol upgrade, SegWit [Segregated Witness] protocol, in the Bitcoin network, hit a whopping 89.70% in the first week of February this year according to the tracking site, p2sh.info.
During the beginning of 2018, SegWit transactions accounted for a mere 15%, doubling up post-February. The percentage shot up to over 50% in October of the same year. The usage, however, stalled for more than five months, after mostly because of the long bearish trend in the crypto space and remained below 45% of the total transaction.
A year later, as of 12th February 2019, out of a total of 258459 transactions on the Bitcoin network, around 45.91% were executed using SegWit protocol. The transaction fee paid accounted for 42.23% and the volume of transactions done using the soft fork protocol, slipped to 82.18% on the same day, cladding a block space of 44.74%.
The adoption of this controversial protocol has been slow since its upgrade is not mandatory. Owing significantly to the SegWit protocol, the transaction rates of Bitcoin have been optimistic even as the transaction fees have declined. Major crypto asset exchange platforms have also backed SegWit facilitating its adoption for network players.
The protocol increases the block size from 1 MB to over 3 MB simply by eliminating digital signatures from the input. These signatures take up a significant volume, 65% in a transaction. Detaching these frees up space for more transactions to be added in a block. Subsequently, more transactions are carried out by fewer blocks on the chain efficiently.
SegWit was initially developed to fix a security flaw concerning transaction malleability on the Bitcoin network. Since the transactional signatures are removed from the input, no fraudulent entity on the network would be able to alter the Transaction ID.
A Twitter user @PESligo commented:
“For me Segwit was not about block size, it was about more efficient code reducing TX fees and more important introducing the technology to allow L2 and many other technologies to Bitcoin. Until a few more Dev’s add their voice I see no need for all this noise.”
The nodes without SegWit implementation can seamlessly execute transactions with the upgraded nodes. Hence, the technology has not been widely embraced. Despite its activation in 2017, the protocol largely remains untouched by most of the network players, both big and small.
Besides, miners are at a loss. The elimination of digital signatures decreases the mining reward. Even when the pros seem to outweigh the cons, SegWit will continue to face serious opposition from major mining players.
The post Bitcoin [BTC]: SegWit transactions’ volume peaking on the Bitcoin network appeared first on AMBCrypto.
Source: AMB Crypto

Ripple and XRP are not innovative, PoW is still kingpin, claims Tone Vays

There is no denying that the exorbitant computation power required for the execution of mining operations in POW powered digital coins has contributed to the world’s carbon footprint.
Tone Vays, the host of Crypto Scam & Unconfiscatable, slammed Ripple, branding PoW as innovative, tweeted:
“#Ripple is NOT newer, the useless company has been around since like 2002
It’s NOT better, there is absolutely nothing they do that ACH, Swift, PayPal, Venmo, Square & even R3 Can’t (AND w/out the Scammy $XRP token)
@Ripple is NOT Innovative, PoW (aka #Bitcoin) is innovative!”
Ripple has its own patented technology: the Ripple protocol consensus algorithm (RPCA). The US-based currency exchange and remittance network are undoubtedly environmentally sustainable as compared to the ETH and BTC network.
Tony Vays slammed Ripple’s XRP in his tweet:
“A true #Shitcoin(ers) will tell you that u need #Ripple in between that $GBP vs $EUR conversion to
A: Pay another spread to convert to $XRP, move $XRP, pay another spread to convert to Fiat.
AND/OR
B: Pay an $XRP fee to record in a database they claim is decentralized but isn’t.”
In fact, the processing time for GBP to IDR is around 3-4 days with a transaction fee of nearly $40. Interestingly, a cross border transaction via xRapid or xCurrent would be executed in a few minutes at a very low price. The traditional platforms charge over 60% more than the fee charged by the Ripple products for cross-border payment.
The Ripple enthusiasts lambasted Vays telling him to do his research and not distort facts. Its digital asset – XRP, also has other plus points under its hood. A low transaction fee, real-time execution of transactions, and less energy consumption than even the traditional Visa transactions are some of the positive elements of the cryptocurrency.
Ethereum, which is currently based on the POW protocol, will soon upgrade to the PoS model post its Casper implementation. Switching to the PoS from the traditional PoW can be attributed to environmental, efficiency and scalability factors.
Talking about the wastefulness of the Bitcoin network, a Twitter user named Hodor posted:
“I’ve lost track of how many Bitcoin supporters want to ignore its unnecessary reliance on environmentally-destructive proof-of-work mining. It’s up to us to make sure the world knows it has a choice – a very important one!”
Cory Johnson, the former chief market strategist at Ripple, tweeted an image in November last year which showed that XRP consumes 0.01 TWh while Ethereum and Bitcoin consume 19.62 TWh and 68.81 TWh, respectively.
The silver lining, however, to this data is that the carbon footprint contributed by the blockchain tech has reduced considerably. In the last three months, BTC and ETH have been able to cut the consumption level. According to the latest report by a Twitter user- Digconomist, the gold crypto coin utilizes around 49.06 TWh and the silver coin around $7.91.
Qasam Wahid, a Twitter user, criticized Vays and replied:
“In which ways are altcoins less efficient? Just because you hope/believe so it doesn’t make it true. Btc is slow, losing value quickly, and not energy efficient at all. I mean you have to be willfully blind to not see the facts staring you in the face.”
The post Ripple and XRP are not innovative, PoW is still kingpin, claims Tone Vays appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] supply expansion underway, claims Chinese news outlet; Dismissed as ‘speculation’

Just when the intense debate surrounding the increase in the total Bitcoin supply was fading, Jiang Zhuoer, the founder of the cryptocurrency mining pool BTC.TOP reportedly dropped the bomb on his Weibo handle that the development team of the Bitcoin Core camp has been targeting an increase to the previously set supply of 21 million BTCs.
In a recent report by a Chinese crypto outlet, Bitcoin core supporter Jiang claimed on his Weibo profile that the expansion process was underway. It further stated that:
“In Jiang’s opinion, Matt Luongo is the “mouthpiece” for the Bitcoin Core development team at the roundtable discussion.”
However, Luongo himself had some contrarian views. Matt Luongo, the founder of Thesis, retweeted the article published on the said website and said:
“Can anyone in the Chinese BTC community slide in there and correct him? Both on the big issue as well as the minor character assassination – I especially love the part where folks think I’m claiming to be a BTC core dev”
Previously, Luongo had tweeted:
“I was the guy that said we might have to one day raise the Bitcoin supply cap. Fight me.”
In a series of tweets last week, he clarified that there was no such proposal. The discussion was pure ‘speculations’ of a single person, he said. Further, the CTO of Casa, Jameson Lopp, who was also an attendee at Satoshi’s Roundtable, asserted that he was in the room and did not hear anyone agreeing to the proposal.
Matt Luongo further called out the Chinese tweet in a post stating:
“He’s taking the discussion out of context and pretending that it’s a widely held belief of BTC core devs. It isn’t. No one is seriously proposing raising the supply limit. I was only speculatively discussing how the free market might develop in the future relative to subsidies.”
A Twitter user, @crypto_zl, replied to the article tweeted by the news outlet in question, stating:
“Don’t make a rumor here, can you provide some real news? Shame on the Chinese.”
Luongo claimed that he had suggested an increase in BTC supply on rational grounds. He elucidated that the reward for mining a block halved every four years. So, the magnitude of transaction volume is expected to go down. This would leave very little incentive for the miners to validate the blocks and secure the network. This had not resonated well with the Bitcoin core community and had led to a heated debate online.
The post Bitcoin [BTC] supply expansion underway, claims Chinese news outlet; Dismissed as ‘speculation’ appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash Price Analysis: Token breaks long-term resistance following bullish resurgence

The cryptocurrency market opened on February 9 to an incredibly bullish wave following weeks of sluggish movement. Bitcoin Cash [BCH] experienced a bittersweet rise, as the coin pushed above the $2 billion-mark, and added close to $300 million to the market cap, but was surpassed by the ‘digital silver’ Litecoin [LTC], on the back of a remarkable 30 percent increase.
Bitcoin Cash has seen a whopping 11.26 percent price increase against the US dollar in the past 24-hours and the coin’s market cap currently stands at $2.28 billion.
In terms of exchange dominance, LBank takes the top-2 spots, accounting for $39.58 million or 9.58 percent and $32.42 million or 7.85 percent in the BCH/BTC and the BCH/USDT trading pairs respectively. Taking the third spot is BW with 7.53 percent in the BCHABC/USDT trading pair.
1-hour:

The one-hour Bitcoin Cash chart shows an incredible spike in the BCH price, as the collective market rose by $9 billion. Bitcoin Cash saw a massive uptrend during the same stretching from $115.24 to $129.06, following the mid-week downtrend from $115.86 to $111.8.
Bitcoin Cash’s immediate support level prior to the recent rise stood at $110.36, which now stands at $125.37, while the coin now poses an immediate resistance level of $129.25, capped off by the high of the bullish swing.
The Bollinger Bands point to a massive increase in volatility of the coin, and the Moving Average line shows a return of the bulls.
The Chaikin Money Flow indicator points to an increase in the money put into Bitcoin Cash as the market looks bullish.
The Fisher Transform line shows a cross-over into a bullish swing as the Fisher Line has overtaken the Trigger Line in the BCH market.
1-day:

The one-day trend line of Bitcoin Cash shows a string of stabilization after the coin’s post-hardfork bearish spree. The coin experienced a prolonged downtrend from $626.58 to $130.75.
Bitcoin Cash has an immediate support level of $106.38, which the coin hovered close to in late-January. The immediate resistance level of the coin stands at $132.41, which the coin is just hovering below.
The Parabolic SAR points to a bullish swing for the coin, even in the long-run, as the dotted lines are aligned below the coin’s trend line.
The Relative Strength Index shows that investors are increasingly purchasing BCH as the market has switched to green. At press time, the coin’s RSI has shot up from 32.58 to 51.95.
The Klinger Oscillator shows that the Bitcoin Cash market is bullish following the recent increase in the price.
Conclusion:
Bitcoin Cash has been pushed up significantly by the collective market resurgence which has signaled a return of the BCH bulls in the short-run. In the long-run, the coin is inching closer to its resistance level of $130.75, as major indicators point to a bullish takeover for the coin after weeks of sluggish stable movement.
The post Bitcoin Cash Price Analysis: Token breaks long-term resistance following bullish resurgence appeared first on AMBCrypto.
Source: AMB Crypto