Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins

Monero [XMR], on Oct 14, fell to a 6-month low at $52.85 continuing with a downtrend which began almost a month ago. This downtrend, initiated by the news of XMR’s delisting from major crypto exchanges after the Financial Action Task Force (FATF) announced the “travel rule” for crypto exchanges, has resulted in a 35% dip in XMR’s price in less than a month. 
XMR Hits $82.85 to Record a 6-Month Low on Oct 14
The news of the implementation of FATF’s travel rule seems to have hit XMR rather gravely as OKEx announced its plan of delisting XMR on September 10. XMR, which was at nearly $76 plunged and closed at $72.23. However, buying resumed the next day and XMR jumped back to $74.41 after hitting a low of $70.16. It continued to climb up the charts till Sept 19, hitting $81.76. However, it could not sustain above the $80 mark for long and came crashing down to $72.92 on September 20. The downtrend which began on Sept 20 has pushed XMR price to the present $50 zone.
Monero 6 month chart | source: CoinStats

FATF’s “Travel Rule” –  Killer of Privacy Coins?
The FATF is an intergovernmental organization, comprising of 39 member countries, whose aim is to develop policies to combat money laundering. The FATF’s travel rule dictates cryptocurrency exchanges, some digital wallet providers and other firms to share customer data such as names and account numbers with institutions involved in receiving fund transfers. In other words, the rule demands virtual currency companies to behave like banks that share customer information with each other for wire transfers.
OKEx was among the first major exchanges which announced that that it will delist privacy coins – Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) from its platform. The design of these privacy coins makes it impossible for OKEx to verify the identities of the senders and receivers, resulting in non-compliance with FATF’s travel rule. OKEx was supposed to withdraw transaction support for these coins on the 10th of October, and stop withdrawal services on the 10th of December 2020. At the moment, all the coins except for SBTC are available on OKEx for spot trading.
South Korean exchange Upbit is another exchange that announced its plans of delisting privacy coins including Monero (XMR), Dash (DASH), Zcash (ZEC), Haven (XHV), Bittube (TUBE), and PIVX (PIVX).
In August, Coinbase also revealed that it is dropping support for Zcash.
ZEC and DASH – Price Update
ZEC has also been on a downtrend since the end of June. On 30th June, ZEC stood at $114. It began Q2 2019 by plunging to $96.69. The downtrend has continued and ZEC is now trading at $37, reducing to almost a third of its value at the beginning of Q2.
DASH had witnessed similar price movement. From peaking at $187.54 on June 26, it began Q2 on a bearish note at $156.42. In the time between the beginning of Q3 2019 and Q2 2019, it plunged further, losing over 50% of value to trade around the $70 mark. The coin is presently trading around at $71 at the time of writing this article.
Is this the end of Monero? Will FATF’s travel rule lead to all crypto exchanges delisting privacy coins? Let us know what you think in the comments below!
The post Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins appeared first on Coingape.
Source: CoinGape

Monero’s RandomX concludes testing on private testnet, announces Howard Chu

CTO of Symas Corp. and Monero contributor, Howard Chu, posted today on Monero’s subreddit, announcing that he had concluded testing on the private RandomX testnet successfully. According to the Reddit post, the RandomX proof-of-work algorithm has been merged with Git master and the public testnet seed nodes have been updated. He also stated that the […]
The post Monero’s RandomX concludes testing on private testnet, announces Howard Chu appeared first on AMBCrypto.
Source: AMB Crypto

Monero developers release tentative schedule for planned upgrade on 30 November

Monero continued to remain in the limelight after many exchanges started to delist the privacy coin, with many in South Korea doing so citing the FATF’s new travel rule. This time, Monero has caught the attention of the crypto-community for its upgrade towards the end of the year. The protocol upgrade will be carried out […]
The post Monero developers release tentative schedule for planned upgrade on 30 November appeared first on AMBCrypto.
Source: AMB Crypto

Binance Teases FATF, Allows Lending via Privacy Coins

Binance, one of the world’s leading cryptocurrency exchanges by trading volume, is adding three anonymity-focused cryptocurrencies to its loaning platform.
The Malta-based company said in a blog post that Binance Lending would allow users to lend in Monero, Zcash, and Dash. The annualized interest rate for the “fifth phase of Binance Lending products” with a 14-day maturity term, is 3.5 percent. Binance put out a total subscription cap of 300 XMR for Monero, 600 ZEC for Zcash, and 300 DASH for Dash. If borrowers subscribe all the available tokens, they will return lenders interest per lot of 0.001342 XMR, 0.001342 ZEC, and 0.001342 DASH.

Binance Lending – Special Edition $DASH $XMR $ZEChttps://t.co/HKWycfO2e0 pic.twitter.com/6Rs1BM2dd5
— Binance (@binance) September 17, 2019

Ditching FATF Standards
The announcement came a day after OKEx, another cryptocurrency exchange, declared that it is going to delist Monero, Zcash, and Dash from its South Korea-based trading platform. The Malta-headquartered firm decided to move against the privacy coins after the Financial Action Task Force (FATF) directed cryptocurrency exchanges to report suspicious transactions – especially those that exceed $1,000.
The global financial watchdog brought crypto firms under a so-called travel rule. It made exchanges and wallet providers equivalent to banking institutions. That complies those modern firms to keep track of their users’ financial activities, share them with other FATF-complied firms, and report them to the agency as soon as they spot irregularities.

A guideline issued by the Financial Action Task Force (FATF) is prompting OKEx to delist popular privacy-centering cryptocurrencies.https://t.co/p84Xb0IT7T
— NEWSBTC (@newsbtc) September 16, 2019

Recognizing the privacy coins anonymized people involved in a financial transaction, OKEx believed removing them was the only option left to ensure FATF-compliance. Nevertheless, its rival Binance decided to the opposite by adding them to its new lending platform. The Binance chief executive & co-founder Changpeng “CZ” Zhao tweeted a cryptic message in support of financial privacy.
“Do you think privacy is a fundamental right?” the message read.
June 2020
Meanwhile, FATF has not issued any statements regarding the use of anonymity-focused cryptocurrencies as of late. In its June 2019 notice, the watchdog discussed how countries and obliged entities must comply with its recommendations to prevent the misuse of cryptocurrencies in money laundering and terrorist financing.
Excerpts from their public notice:
“The obligations require countries to assess and mitigate their risks associated with virtual asset activities and service providers; license or register service providers and subject them to supervision or monitoring by competent national authorities—(notably, countries will not be permitted to rely on a self-regulatory body for supervision or monitoring)—and implement sanctions and other enforcement measures when service providers fail to comply with their AML/CFT obligations; and underscore the importance of international cooperation. Some countries may decide to prohibit virtual asset activities based on their own assessment of the risks and regulatory context or to support other policy goals.”
Based on national regulators’ feedback, FATF will prepare a review report and release it in June 2020. The agency has warned that it would blacklist countries with a higher number of money laundering and terrorist financing crimes, including those powered by cryptocurrencies.
The post Binance Teases FATF, Allows Lending via Privacy Coins appeared first on NewsBTC.
Source: New feedNewsBTC.com

FATF Pressures OKEx to Delist Monero, Zcash, Dash; Litecoin Next?

A guideline issued by the Financial Action Task Force (FATF) is prompting OKEx to delist popular privacy-centering cryptocurrencies.
Travel Rule
The Korean wing of the cryptocurrency firm announced on Monday that it is going to stop trading of Monero, Zcash, Dash, Horizen, and Super Bitcoin on its exchange. All the five assets, in one way or another, allows users to hide their financial transactions by introducing additional layers of security.
OKEx said in a note that the five cryptocurrencies could “violate laws or regulations/policies of government agencies and major agencies.” The exchange was citing FATF, an intergovernmental organization that combats money laundering on a global scale. The task force in October 2018 enforced a so-called ‘travel rule,’ which requires cryptocurrency exchanges to obtain relevant users’ information, including the virtual wallet addresses of senders and receivers involved in a cryptocurrency transaction.
Privacy coins such as Monero and Zcash assists users in hiding those details. That makes it difficult for cryptocurrency firms to monitor and report those transactions to FATF. OKEx said it would delist Monero, Zcash, Dash, Horizen, and Super Bitcoin, merely to keep itself in line of the global watchdog’s directives.

Zcash and blockchain privacy is like selling seatbelts in 1910. Yes they're needed, but no one knows yet.@EranTromer
— Ian Miers (@secparam) September 12, 2019

The move has made OKEx the second exchange to have gone after anonymity-focused coins under regulatory pressure. Earlier in June 2018, way before FATF had imposed the ‘travel rule,’ Japan-based Coincheck had removed Monero, Zcash, and Dash from its exchange after facing pressure from the Financial Services Agency (FSA).
OKEx would disable the privacy coins’ deposits on October 10, 2019. Nevertheless, users will still be able to withdraw their privacy coins to their wallet addresses until December 10, 2019.
Troubles for Litecoin Ahead?
As exchanges operating from FATF member states follow suit and start delisting privacy coin, the move could spell troubles on the world’s fifth-largest cryptocurrency by market cap.
The $4.5 billion cryptoasset Litecoin in August announced that it is going to become a privacy coin. Founder Charlie Lee went ahead and admitted that they are going to introduce “confidential transactions” in a “future release of the the full [litecoin] node” in 2019 – after the online community accused him and core developers of abandoning Litecoin.

11/ I will address the progress on MimbleWimble (MW) and Confidential Transactions (CT). When I announced that I will start working on MW, someone asked me for an ETA. And I responded with should be sometime 2019. https://t.co/nfWd11ThpE
— Charlie Lee [LTC] (@SatoshiLite) August 11, 2019

The announcement kept Litecoin investors happy, as it maintained the coin’s bullish narrative intact. The LTC/USD exchange rate had risen by more than 500 percent between December 2018 and July 2019 – before Lee confirmed the development of  “confidential transactions.” The upsurge majorly came on the shoulders of Litecoin’s halving event, which earlier this year reduce the cryptocurrency’s supply-rate by half.
Litecoin price slipped by more than 50 percent from its YTD high | Image credits: TradingView.com
The LTC/USD pair is now down by more than 50 percent, driven by higher demand for rival asset bitcoin. And as the Litecoin project goes ahead with its plans of becoming an anonymity-focused coin, the likelihood of it being rejected by exchanges operating from FATF’s 39 member states could go higher.
The post FATF Pressures OKEx to Delist Monero, Zcash, Dash; Litecoin Next? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Nasdaq Lists New Index for Decentralized Finance Projects Called Defix
Nasdaq’s Defix index will offer real-time tracking of crypto assets of different blockchain projects like MakerDao, Augur, Gnosis, Numerai, 0x and Amoveo.
Nasdaq Lists New Index for Decentralized Finance Projects Called Defix

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Source: CoinSpeaker

Privacy Crypto Dev Attempts to Expose Self-Proclaimed Bitcoin Creator

Anonymity and privacy are extremely important in the crypto industry. The original crypto that the entire industry is based on was created by the pseudonym Satoshi Nakamoto, and to this day no identifying details are truly known about the person who designed Bitcoin.
However, recently, someone has come forth claiming to be Satoshi Nakamoto, and promises they will reveal their full identity in the coming days. But before the final reveal could happen, the lead developer for the most privacy-centric crypto project in the market is oddly working to expose the person behind the Satoshi Nakamoto reveal – who could potentially be the person who created Bitcoin and in turn sparked the creation of the entire crypto industry.
Monero Dev Exposes Self-Proclaimed Satoshi Nakamoto, Creator of Bitcoin
Over the weekend, a blog post was published from a PR firm representing someone who claims to be the person behind the Satoshi Nakamoto pseudonym and is responsible for creating Bitcoin.
As soon as the blog post was revealed, the entire crypto community took to arms, going through every word in the text with a fine-tooth comb and analyzing every reference to see if there’s any fact or if its pure fiction.
Related Reading | Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National Currencies 
The seemingly believable story was met – rightfully – with much criticism and skepticism, and many are working hard to disprove any theories and call attention to any pitfalls in the story. Others are even pointing at the poor “Geocities” quality website as a reason why the story cannot possibly be legitimate, due to the creator of the most powerful financial technology ever clearly being able to afford a better quality website given their ownership of over 980,000 BTC that the self-proclaimed Satoshi says he still holds.
Even the lead dev of Monero, Riccardo Spagni has joined in on the search and whose sleuthing has turned up important information tied to the reveal conspiracy. Spagni has discovered through a public WHOIS domain registration search, that the person who owned the website the self-proclaimed Satoshi claimed to have owned, that the person’s name is Bilal Khalid, and says this person is “not Satoshi Nakamoto.”

For those following along at home, here's the public WHOIS info from thebcci<dot>net in 2008. pic.twitter.com/dyVlzdgB2Q
— Riccardo Spagni (@fluffypony) August 18, 2019

Spagni connected the dots leading back to Khalid’s real name through the WHOIS data from thebcci.net – the website for Bank of Credit and Commerce International, which the person behind the Satoshi reveal claims is how Bitcoin got its name.
While Khalid or whoever is behind the Satoshi reveal has brought this attention unto themselves, its surprising to see the lead developer behind a crypto project focused on privacy, working so hard to expose the identity of someone – regardless of who they are.
Related Reading | Tools of the Trade: Monero and Privacy Coins Are Creating More Efficient Criminals
Spagni is the lead developer for Monero (XRM), a privacy-focused crypto that’s come under much scrutiny itself as global regulators fear its anonymity and potential for illicit use such as money laundering.  But before the pitchforks come out, Spagni’s intentions were noble, and is hoping to prevent the rest of the crypto community and Bitcoin believers from falling victim to what many are calling an elaborate PR stunt, a scam, or worse.
The post Privacy Crypto Dev Attempts to Expose Self-Proclaimed Bitcoin Creator appeared first on NewsBTC.
Source: New feedNewsBTC.com

These are Top Five Weekly Performers in the Crypto-Market

Bitcoin [BTC] began with a bullish break at the start of the week. It broke above the resistance near $11,000 and the bullish pressure extended above $12,000.
The de-coupling of altcoins with Bitcoin was of the notable trends during the week. While Bitcoin [BTC] is growing as a hedge against the traditional economy, the altcoins are continually losing their value proposition.
Ethereum, XRP, Litecoin, Bitcoin Cash [BCH] and so on which are one of the most robust altcoins in the past saw one of the worst weeks of trading in the past two years. The price tested 15-month lows w.r.t. Bitcoin.
Nevertheless, a slight revival was seen during the weekend in altcoins. The development and adoption of these altcoins still rest on regulatory decisions and their rate of adoption.
BTC/USD 1-Day Bitstamp (TradingView)
Opening Price: $10,725
Closing Price: $11,455
Weekly Gains: 6.8%
Weekly High/Low: $12,325/$10,986
Monero [XMR]
The price action in altcoins during the week was mostly bearish on major altcoins like Ethereum and XRP. However, the privacy-focused cryptocurrency outshined during the week as it looked to break above $100 on 7th August 2019. However, the selling pressure gripped Monero as well as it fell to test $90 levels again.
XMR/USD 1-Day Chart on Binance (TradingView)
Opening Price: $86.8
Closing Price: $91.8
Weekly Gains: 5.72%
Weekly High/Low: $99.8/$85.6
Binance [BNB] Coin
The Exchange backed tokens performed well in terms of price as it broke above $30. Binance is continually expanding its reach geographically and in terms of the number of cryptocurrencies as well.
BNB/USD 1-Day Chart on Binance (TradingView)
Opening Price: $28
Closing Price: $29.8
Weekly Gains: 4.2%
Weekly High/Low: $32.3/$25.3
Huobi Token [HT]
Another Exchange backed token that made to the list this week. The demand for Exchange backed tokens is increasing as the payments and other utility tokens as starting to lose their luster. The traders and investors are beginning to find Exchange backed tokens a better opportunity to invest in the emerging space.
Huobi Token and OBK token are two of the most popular tokens among Chinese VCs as well as their business model is backed by the monetary value of the Exchange.
HT/USD 1-Day Chart on Huobi (TradingView)
Opening Price: $4.6
Closing Price: $5.04
Weekly Gains: 9.5%
Weekly High/Low: $5.3/$4.6
EOS
The losses in altcoins were massive during the week as they exhibited an inverse relationship during the week with Bitcoin. Nevertheless, EOS was one of the smallest losers during the selling pressures. While it touched a low near $3.8, it mostly traded above $4 during the week.
EOS/USD 1-Day Chart on Binance (TradingView)
Opening Price: $4.34
Closing Price: $4.16
Weekly Loss: 4.13%
Weekly High/Low: $4.57/$3.8
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 13: 00 Hours UTC on 11th August 2019
The post These are Top Five Weekly Performers in the Crypto-Market appeared first on Coingape.
Source: CoinGape

July’s Industry Dynamics Revealed in New Crypto Report

Coinspeaker
July’s Industry Dynamics Revealed in New Crypto Report
The latest CORindex crypto report is titled “July 2019 Cryptocurrencies Transactions and Activity” and it features key data any analyst or investor in this space will need to know to make decisions about their assets.
July’s Industry Dynamics Revealed in New Crypto Report

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Source: CoinSpeaker

Crypto-Market Top Weekly Performers: Bitcoin, Monero, Binance Coin, Stellar, ChainLink

Cryptocurrency markets witnessed another exciting week as the Bitcoin [BTC] began the week with a robust bullish action, but failed to yield. Furthermore, the altcoin ‘hodlers‘ suffered massive losses to the tune of more than 20%.
Moreover, Bitcoin [BTC] bulls also seem exhausted at the moment as the price keeps falling to find support. Overall, this was a bearish week for the cryptocurrency markets as the market capitalization dropped. The losses for altcoin traders were further accentuated by the rising dominance of Bitcoin; which is currently 65.4%.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $$11,300
Closing Price: $10,612
The weekly Loss: 6%
Weekly High/Low: $13200/$10,555
The general sentiments of the market were bearish. Hence, while all coins are in red, these are the ones’ that took slightly fewer losses compared to others.
Monero (XMR)
XMR/USD 1-Day Chart on Binance (TradingView)
Monero is one of the most popular privacy-focused cryptocurrency. This week while most cryptocurrencies broke their USD support, Monero has tried to maintain support around $88.
Opening Price: $98.5
Closing Price: $87.1
Weekly Loss: 11.9%
Weekly High/Low: $116.7/$84.4
Binance [BNB] Coin
Binance conducted to 8th quarterly token burn, which saw a burn of 808,888 BNB tokens which came as positive news for the traders. However, there are significant concerns around the supply and hence, price discovery, which seems to be keeping the bulls at bay.
Nevertheless, the Exchange has been growing massively with increasing volume almost every quarter. Huobi Token and LEO, the other two exchange backed tokens are also holding onto gains at the moments.
BNB/USD 1-Day Chart on Binance (TradingView)
Opening Price: $33.3
Closing Price: $29.3
The weekly Gains: 12%
Weekly High/Low: $36.9/$27.1
Stellar [XLM]
Stellar [XLM] was one of the top performing cryptocurrencies which has currently slid down from the top the ten lists by Mcap. Moreover, it is also now testing support at the lower level.
Cryptocurrency regulations and lack of visible development and insight around IBM and stellar, its’ most coveted partnership, the coin continue to slide down with the bearish altcoin momentum.
XLM/USD 1-Day Chart on Binance (TradingView)
Opening Price: $0.106
Closing Price: $0.088
The weekly Loss: 16.9%
Weekly High/Low: $0.114/$0.083
Chain Link [LINK]
Chainlink is the best performing cryptocurrency since the past couple of weeks. While the altcoin traders have continued to lose confidence even in the most popular cryptocurrencies, chainlink [LINK] emerged as an exception.
It grew from $1.5 to trade just below $5; however, the FOMO soon stopped. Despite the losses in recent times, the cryptocurrency is currently looking to establish support around $3.
LINK/USD 1-Day Chart on Binance (TradingView)
Opening Price: $3.29
Closing Price: $2.94
The weekly Gains: 10.6%
Weekly High/Low: $3.89/$2.57
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 14th July 2019.
The post Crypto-Market Top Weekly Performers: Bitcoin, Monero, Binance Coin, Stellar, ChainLink appeared first on Coingape.
Source: CoinGape

Max Keiser hints at the coming of a Monero-BTC duopoly in cryptospace

Given the plethora of coin offerings with niche differences, it is no secret that the financial ecosystem will be ultimately home to only a handful of names. In this effort, businesses have started rebuilding their ecosystems to ensure their coin maintains its future-ready status amid the rising competitions. Contrary to popular belief, prominent crypto enthusiast […]
The post Max Keiser hints at the coming of a Monero-BTC duopoly in cryptospace appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Capitulation: An Altcoin Obituary, Or the Biggest Buy Signal Ever?

Since the start of April 2019 when Bitcoin rallied over $1,000 in a matter of a few minutes, the first ever crypto asset has taken the market by storm, capturing the attention of all crypto traders, investors, and analysts – but at the expense of the altcoin market.
While hope for an “alt season” has lingered throughout much of 2019, that hope finally turned into panic, as altcoins – the asset class designed in the vein of Bitcoin – have started to capitulate. But even though most of the crypto community is extremely bearish on the category of coins, typically when there’s “blood in the streets” it’s among the most lucrative buy signals.
Bitcoin Continues to Bleed Out Altcoins, When Does the Crypto Carnage End?
Upon reading any internet forum on cryptocurrency or scrolling down a crypto Twitter feed, you’ll be hard pressed to not find anger and despair towards altcoins everywhere you look.
Following a parabolic advance by Bitcoin, the first ever crypto asset has literally sucked all the value out of the altcoin market, and as BTC pushes higher, trading pairs against Bitcoin have crashed ever further in their ratio.

According to CoinMarketCap data, the entire top ten cryptocurrencies by market cap have dropped between 5% and 11% across the board. Lower down the market cap rankings 24-hour losses reach as high as 69% in some “shitcoins.”

New record on alt/btc bleed. pic.twitter.com/et8ENps8IR
— Krokz (@krokotar) July 10, 2019

The bleeding has even reached a new record, according to one crypto analyst.
This capitulation event has caused many to turn full-blown BTC maximalist, including Youtube influencer Ian Balina.

You either die as a BTC maxi or live long enough to see Balina capitulating with altcoins. pic.twitter.com/KFpE78LfFT
— The Crypto Monk (@thecryptomonk) July 10, 2019

Others have reacted with much more anger than tact, however, those that are responding to this with a clear head may want to consider buying here or slightly lower – as capitulation often is the final ending point before a major rebound. Take Bitcoin’s rise to $13,800 from $3,200 as a prime example of this.
Related Reading | Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed 
When altcoins do eventually bounce, they’ll bounce extremely hard and the alt season that everyone has been waiting for will happen faster than anyone could predict. As for when, or if that even occurs remains a mystery, but it could present the biggest financial opportunity for those that take the risk.

So much hate for alts on CT rn. Most of them will probably 10x in a matter of weeks.
— Crypto₿ull (@CryptoBull) July 10, 2019

Past bear and bull cycles have taught us that each cycle drastically changes the ranking of coins, with many never again reaching their previous highs, while others go on to set new highs and could potentially outperform Bitcoin by a wide margin.
But picking the winners isn’t easy, and choosing the wrong coin could result in complete loss. What will you do here? Buy or sell?

Prayers for Altcoins pic.twitter.com/18xr8RZkOk
— ฿ (@BitBitCrypto) July 10, 2019

The post Crypto Capitulation: An Altcoin Obituary, Or the Biggest Buy Signal Ever? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Crypto-Market Top Weekly Performers: Bitcoin, XRP, Monero, Tezos, Binance Coin

The first week of July witnessed a big roller-coaster of price sentiments. Bitcoin started the week strongly with a bullish move after a pullback of nearly 30%. However, the Bitcoin price witnessed a sharp plunge on 4th July, which has again put the bulls on hold.
Nevertheless, Bitcoin has continued to hold its position above $11,000, which has left the traders uncertain. However, if it continues to hold and consolidate above this level, it will be a strong positive signal for Bitcoin.
BTC/USD 1-Day on Bitstamp (TradingView)
Opening Price: $10525
Closing Price: $11,300
The weekly Gains: 7.3%
Weekly High/Low: $12061/$9614
XRP
XRP and other cryptocurrencies have recorded losses w.r.t. to Bitcoin in the past couple of weeks. Nevertheless, XRP continues to hold critical support above $0.385.
The increasing attention towards Bitcoin and Libra had continued to raise doubts around the prospects of the XRP. However, Ripple has continued to work strongly in developing partnerships with banks and money transmitters to increase the adoption of xRapid.
XRP/USD 1-Day Chart on Binance (TradingView)
Opening Price: $0.393
Closing Price: $0.398
The weekly gains: ~0.05%
Weekly High/Low: $0.44/$0.349
 
Monero [XMR]
Monero is the most popular privacy-focused cryptocurrency whose developers have always advocated complete decentralization and an advanced protocol for seamless transfer of value and mining.
Recently, the lead developers team also disclosed a glitch that could have potentially led to the theft of the cryptocurrency Exchanges. The market sentiments around Monero are slightly let down because of regulatory concerns. However, many advocates of privacy prefer Monero than any other cryptocurrency.
Also Read: This Week in Cryptos: Binance to Support Dogecoin while Cuba Looks towards Cryptos
XMR/USD 1-Day Chart on Binance (TradingView)
Opening Price: $88
Closing Price: $98.5
The weekly Gains: 11.9%
Weekly High/Low: $101/$88
Binance [BNB] Coin
Binance [BNB] Coin is still looking strong as it continues to hold its support above $30. The cryptocurrency is backed by the most significant cryptocurrency Exchange in the business and has seen tremendous growth this year. Some of the other Exchange backed tokens like Huobi Token and LEO Unus Led from Binance have also performed well during the week.
BNB/USD 1-Day Chart on Binance (TradingView)
Opening Price: $31.8
Closing Price: $33.3
The weekly Gains: 4.7%
Weekly High/Low: $37.7/$27.8
Tezos [XTZ]
Tezos [XTZ] was the best performing cryptocurrency this week whose rise can be attributed to the $1 billion security token deal with one of the largest Brazilian bank, Banco BTG Pactual.
XTZ/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $0.92
Closing Price: $1.19
The weekly Gains: 29.3%
Weekly High/Low: $1.32/$0.82
Ethereum [ETH]
ETH/USD 1-Day Chart on Bitstamp (TradingView)
Ethereum, EOS, Bitcoin [Cash] and Tron [TRX] showed similar price movements with a downfall near 8% on a weekly scale. The success or failure of a cryptocurrency necessarily depends on its adoption and its profitability expectation.
Opening Price: $289
Closing Price: $294
The weekly Loss: 1.72%
Weekly High/Low: $304/$261
The rising Bitcoin dominance and the concerns around regulations on cryptocurrency and the Exchanges have further increased the uncertainty around investments in altcoins. However, as it moves away from speculation, it can be perfect for the growth of these currencies.
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 30th June 2019.
The post Crypto-Market Top Weekly Performers: Bitcoin, XRP, Monero, Tezos, Binance Coin appeared first on Coingape.
Source: CoinGape

Crypto Activity in June by the Numbers

Coinspeaker
Crypto Activity in June by the Numbers
CORindex releases its latest monthly report detailing the most significant changes in the crypto game in June.
Crypto Activity in June by the Numbers

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Source: CoinSpeaker

Monero (XMR) susceptible To Developer Centralization, Dumps 7.6%

Monero (XMR) is down 7.6 percent week-to-date
The privacy-centric network prone to developer centralization

In their quest for complete decentralization, Monero, as a blockchain network, has suffered massive drops in hash rate. That follow several upgrades with the sole objective sidelining ASIC miners. Even so, with this, the system is more reliant on its developers, and that is a weakness. Currently, XMR is down the market cap ranking to 14th.
Monero Price Analysis
Fundamentals
Futurists reckon that in days ahead, the world will be more secure, decentralized and private. Of the many blockchain projects keen on fronting privacy and anonymity, Monero is the most visible. At just over $1.5 billion, the network is well capitalized and liquid.
To quantify, over $62 million of XMR, Monero’s native currency, were distributed as rewards in 2018 alone. Even so, the figure will drop as more coins are mined and held in private hands.
Note, Monero (XMR) block rewards reduce every day, unlike in Litecoin or Bitcoin networks. However, the law of scarcity will an upgrade revision of the token’s price.
Meanwhile, their goal of starving ASIC miners is a weakness in itself. Although their effort leveling the play field at the expense of the network’s computing power is welcomed, it also jeopardizes the system.
There is developer centralization as their reliance, when hard forking to a new ASIC-resistant version, increase. Talking to CoinDesk about this choice, Diego Salazar said:
“We [also] saw that this was very unsustainable. … It takes a lot to keep [hard forking] again and again for one. For two, it may decentralize mining, but it centralizes in another area. It centralizes on the developers because now there’s much trust in developers to keep hard forking.”
Candlestick Arrangements

Fluctuating in the last couple of days, XMR is under pressure. However, in light of recent developments, that is not to say bears are in control. Notice that XMR is within a bullish breakout pattern against the USD.
In a retest, XMR prices are back to the $80 support level. Assuming bears press lower, the main support level will be at $75. That is, at April highs and back to an important support previous resistance level of Q1-2019.
Bullish, patience is vital. For trend resumption, bulls must completely reverse losses of June 30. Behind the upsurge must be high trading volumes that will propel prices to $120 or even $150 in the third phase of a classic breakout pattern, the trend continuation stage.
Technical Indicators
Therefore, anchoring this trade plan is June 26 bear candlestick confirming the double bar bear reversal pattern of June 24-25. With high trade volumes of 52k, the entry of buyers erasing losses of June 30 as aforementioned ought to be with distinctive engagement surpassing 52k of June 26.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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