Tron’s [TRX] Justin Sun announces USDT-Tron support on hacked exchange DragonEx

Hacks have been a recurring issue that have often crippled the cryptocurrency market, with the Cryptopia hack in January being a prime example. The latest victim to fall prey to this predicament was DragonEx, a crypto exchange which announced that its platform was hacked, on their Telegram channel.
The hack was reported on 24-25 March, while on 25 March, the Tron Foundation announced that the USDT-Tron trading pair will be supported by DragonEx. This announcement was part of a slew of updates from the Tron roster, which also included TRX Market announcing its support for the USDT-Tron pair.
It is not confirmed whether Justin Sun and the Tron Foundation were aware of the hack before announcing it on social media, but the timing of the announcement demonstrates that the Tron update followed the announcement of the hack.
Post the hack, DragonEx had announced,
“Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets. Several Judicial administrations were informed about this cyber crime case including Estonia, Thailand, Singapore, Hong Kong etc. and we’re assisting policemen to do investigation.”
Further reports have confirmed that that the lost assets include Bitcoin [BTC], Ethereum [ETH], NEM [XEM], EOS, XRP, Ethereum Classic [ETC], NEO, ABBC, Litecoin [LTC], Bitcoin Cash [BCHABC], Stellar [XLM], Monero [XMR], Cardano [ADA], Ontology [ONT], Tron [TRX], Bytom [BTM], Asch [XAS], Icon [ICX], and Qtum.
The exchange also announced its investigation of the hack, stating that the authorities were working on finding the perpetrators. An official message from DragonEx read,
“We have encountered attacks from hackers and our users’ crypto assets and DragonEx’s crypto assets are both stolen. International Policemen are investigating. Please wait for following announcement about the accurate loss situation.”
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Source: AMB Crypto

CoinMarketCap responds to inaccurate data allegations; says such concerns are valid

CoinMarketCap, one of the prominent aggregators of cryptocurrency market data, was recently accused of manipulating trading volume. CoinMarketCap responded by stating that concerns over inaccuracies “were valid” and that it would be adding more data for its users to make better decisions.
CoinMarketCap is one of the top 500 most-visited websites, and is popular among crypto users for information regarding crypto prices, exchange volume, market cap, and rankings. However, a report published by Bitwise on 20 March suggested that the site’s “data was wrong”. The Bitwise report claimed that about 95% of Bitcoin’s exchange trading volume listed on CoinMarketCap was fake or non-economic in nature, “thereby giving a fundamentally mistaken impression of the true size and nature of the Bitcoin market”.
The crypto data aggregator site has notable influence over the cryptocurrency ecosystem, including the prices of cryptos. In early 2018, when CoinMarketCap removed numerous South Korean exchanges from its price calculations, a sharp fall in most cryptocurrencies’ prices was recorded, reported Bloomberg.
The trading volume of the popular website is in question yet again, and it has planned to fix the problem by including a set of new tools to offer more transparency in trading, said Carylyne Chan, the Global Head of Marketing at CoinMarketCap, in an email to Bloomberg News.
Chan gave examples of liquidity measures, hot and cold wallet balances, and traffic data for listed exchanges. She added,
“For instance, if an exchange with low traffic has $300M volume and just 5 BTC in its wallet, users will be able to draw their own conclusions without the need for us to make arbitrary judgment calls on what is ’good’ or ’bad,’” Chan said. “We want to state that our philosophy is to provide as much information as possible to our users, so that they can form their own conclusions and interpretations –- and not introduce our own bias into that mix.”
CoinMarketCap will be making a series of changes in response to concerns about fake trading volumes. In July 2018, the website said it removed volume requirements for exchanges to be listed, along with the introduction of seven-day and 30-day volume. It also started listing the date of establishment of exchanges to help users.
In response to people’s concerns, CoinMarketCap responded,

Source: Twitter
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Source: AMB Crypto

Limited Supply Principle stifling cryptocurrency regulatory approval, says CME Chairman Terry Duffy

Terry Duffy, the Chairman of the Chicago Mercantile Exchange [CME], is in the news after he cast doubts on the prospects of a publicly traded Bitcoin asset. Cryptocurrencies backed by real assets like fiat currency would be the only form of virtual currency that would fit the bill under regulatory oversight, he stated.
During a recent interview at FIA’s International Futures Industry conference, Duffy voiced his support for stablecoins backed by real dollars.
Stablecoins like Tether [USDT] are backed one-for-one by fiat and hence, are the ‘best of both worlds.’ They allow users to delve into the cryptospace, enjoying ubiquity and universality of payments while still being tethered to the centralized financial world.
He stated,
“How do we figure out how to get the cryptos in there, but just have them backed up by fiat, and let that work as it is.”
Cryptocurrencies are often seen as just another investment vehicle, where the value of the underlying coin is more important than its use cases. Duffy stressed that the adoption and use of decentralized currency should be of greater concern, than the actual rise and fall of the market.
The CME Chairman added,
“But the argument has gone only to the price of say bitcoin or any other cryptocurrency. No one is talking about, ‘How do I use this asset?”
Publicly traded Bitcoin [BTC] assets, like the much-touted Bitcoin Exchange Traded Fund [ETF] have been in a regulatory shackle for months now. Despite two proposals, the Securities and Exchange Commission [SEC] is yet to give its approval, with many claiming that doing so is hindering the mainstream growth of decentralized currency.
Duffy added that the main reason for the backlash against the ETF was the underlying cryptocurrency’s principle of limited supply. The protocol placed into Bitcoin is that there can only be 21 million BTC in supply, which the market is expected to reach in 2140 when the mining rewards dwindled to 0.
Cryptocurrency proponents often cite this principle as one that balances the market and reduces inflationary pressure. Sovereign currency can be created by the government at any time, which is a fundamental point of opposition within the crypto-community.
In light of this debate, Duffy stated that governments cannot operate unless “they run on a deficit.”
Regulation is the single biggest hurdle for cryptocurrency adoption, something Duffy acknowledged. The cryptocurrency community needs to get the nod from financial watchdogs if they want to break into the forefront of the financial realm, he believes.
Duffy concluded by highlighting the skepticism that regulators have when approaching the topic of cryptocurrencies,
“I do believe that the regulators right now are a little careful about just rubber stamping anything as it relates to crypto.”
The CME group, together with its cross-city rivals, the Chicago Board of Options Exchange [CBOE], set the cryptocurrency market alight by launching Bitcoin Futures in 2017. However, 15 months after the launch, the CBOE decided to delist the XBT contracts for March 2019, allowing the CME group to take over the BTC Futures market.
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Source: AMB Crypto

Breaking: DragonEx hacked; exchange reports loss of customers’ funds

DragonEx, a cryptocurrency exchange platform that claims to be “a safe and stable platform for Bitcoin and ETH transactions,” is in the news after it announced via their official Telegram channel that its platform had been compromised. The announcement stated that the exchange lost control of its users’ cryptocurrency assets. However, the exchange did not elaborate on the exact amount of loss incurred by DragonEx.
The announcement further read,
“Part of the assets were retrieved back, and we will do our best to retrieve back the rest of stolen assets. Several Judicial administrations were informed about this cyber crime case including Estonia, Thailand, Singapore, Hong Kong etc. and we’re assisting policemen to do investigation.”
The exchange’s officials stated that the trading services provided to users on the platform will shut down. The team claimed that the exact turn of events, loss of assets and  recovery details pertaining to the hack would be released in a week, adding that the exchange “will take the responsibility no matter what.”
Source: Telegram
DragonEx’s statement on Telegram stated,
“We have encountered attacks from hackers and our users’ crypto assets and DragonEx’s crypto assets are both stolen. International Policemen are investigating. Please wait for following announcement about the accurate loss situation.”
Further, an admin of the channel, Joanne Long stated that the team had tracked down the addresses the stolen funds were transferred to. Based on the data collected, they ascertained that the assets lost during the hack included Bitcoin [BTC], Ethereum [ETH], NEM [XEM], EOS, XRP, Ethereum Classic [ETC], NEO, ABBC, Litecoin [LTC], Bitcoin Cash [BCHABC], Stellar [XLM], Monero [XMR], Cardano [ADA], Ontology [ONT], Tron [TRX], Bytom [BTM], Asch [XAS], Icon [ICX], Qtum, and Tether [USDT].
Source: Telegram
These coins were then transferred to leading exchanges such as Binance, Bittrex, and Huobi. As of press time, the coins transferred from the above addresses were frozen on Huobi and Gate.io.
Notably, this announcement was made only on the exchange’s telegram account. The last update on Reddit was three days ago, while DragonEx remained silent on Twitter.
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Source: AMB Crypto

Litecoin [LTC] Price Analysis: Token’s future remains bearish despite bullish activity in the short-term

The fourth largest coin on CoinMarketCap, Litecoin [LTC], breached the $60 mark, despite minor slip ups in the bull run.
At press time, the coin held a market cap of $3.69 billion and was priced at $60.45. The digital silver registered a 24-hour trading volume of $2.01 billion. LTC exhibited a minor loss of 0.41% against the US dollar over the past 24 hours. Additionally, it fell by 1.30% over the past seven days.
Coineal contributed the highest trading volume for the coin, accounting for 7.67% of the total trading volume via the LTC/BTC pair. It was followed by Coinall with 7.45%, and DigiFinex with 5.38%, respectively.
1-hour
Source: TradingView
Litecoin’s one-hour chart exhibited a long uptrend from $55.91 to $57.77. A downtrend from $61.40 to $59.28, along with two minor downtrends between $59.59 – $58.47 and $60.44 – $59.44 were registered on the chart. The support for the coin was found at $55.47, while the resistance was at $65.
Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.
Awesome Oscillator: The closing bars of the indicator were green, indicating bullish price momentum for Litecoin.
Chaikin Money Flow: The CMF was above the zero-line, indicating money flow into the LTC coin market and hence, a bullish market.
1-day
Source: TradingView
On LTC’s one-day chart, an uptrend from $32.83 to $45.68, and a longer downtrend from $55.82 to $33.96 were seen. The immediate resistance for the digital asset was marked at $63.06, while support points were found at $30.55 and at $22.91.
Parabolic SAR: The dotted markers were below the candlesticks, predicting bullish movement for the coin.
Klinger Oscillator: The reading line was below the signal line and pictured a bearish trend for Litecoin.
MACD: The MACD line was also below the signal line, reiterating the bearish projection.
Conclusion
The short-term indicators for Litecoin [LTC] projected a bullish market and potential price breakouts. The long-term indicators however, projected a strong bearish phase for the silver coin.
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Source: AMB Crypto

Cardano is a multi-ledger system that will support multi-currencies, says Charles Hoskinson

Charles Hoskinson, the creator of Cardano and CEO of IOHK, organized a surprise Ask Me Anything session on his YouTube channel on March 24, 2019. In this session, the CEO covered various topics such as the Roadmap update, the release of training materials, Cardano’s status as a multi-asset ledger, and EOS centralization.
On being asked about the roadmap update, Charles Hoskinson assured that it would be announced during the IOHK summit being held between April 17-18, 2019 in Miami.
Hoskinson further spoke about whether ADA would be the only cryptocurrency for the entire Cardano ecosystem, or there would be more currencies introduced in the future. He stated that it would not be a “particular usual financial system,” if users cannot issue their own assets, adding that Cardano was a multi-ledger system that would support multi-currencies.
Hoskinson went on to say,
“And, we think we have a great strategy for handling that, I’ve partnered with somebody personally who’s in the ICO market to see what we can do about bringing STOs to our platform as well or at least ensuring inter-operability standards. So, we will be a multi-asset ledger.”
Additionally, Hoskinson remarked that EOS “felt like centralization,” rather than a “perfectly legitimate product.” He added that he failed to see any differentiation between deploying something on EOS versus deploying something on Amazon. The Co-founder of Ethereum said,
“[…] expect for being much more expensive, unpredictable pricing and lower quality of service and also when things go wrong, and have no recovery mode outside of begging a committee of people to save you […] This is not innovation, this is just application old concepts and then bolting on poorly conceived governance system and cutting a lot of poor facilities.”
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Source: AMB Crypto

XRP: Bitfi adds XRP after Bitrue listing; cites ‘mass adoption’ as key reason

The XRP community has been in the news multiple times recently due to its activity online and the sheer force of user interactions on social media platforms. The clamoring for mass adoption seems to have received a boost as Bitfi, a popular cryptocurrency wallet, announced that they would be adding XRP to its arsenal. The organization tweeted:
“You asked, we listened. XRP is launching in Bitfi soon. And no, it is not like Bitcoin, poses no threat to Bitcoin, & serves a completely different purpose. Let’s keep an open mind & make the entire community stronger. Spread the love  #xrp #ripple”
The news garnered a lot of positive reviews from the community and the crypto-verse, with many calling it a piece of “good news”. Post the listing of XRP, many users were also clamoring for the addition of Tezos. To this Bitfi replied:
“Tezis is very high on the priority list.”
Another Twitter user, Teodor Andrei, stated:
“This is a good news, I HODL #XRP”
Bitfi claimed that XRP addition was another step in the wave of mainstream adoption because the platform was mainly Bitcoin-friendly.
XRP also got another morale boost when Bitrue added XRP base pairs against three cryptocurrencies. The three pairs would be DASH/XRP, BAT/XRP, and STORM/XRP. The exchange upgraded their wallet for XRP and resumed deposits and withdrawals of XRP on March 23, 2019.
Bitrue also revealed its future plans for the coin as an XRP airdrop was announced, with a 7.3% interest program for XRP in the works.
@plitern1, a Twitter user, commented:
“Thank you for the continued roll-out of XRP base pairs! This is how the whole ecosystem of crypto starts to mature as a whole: The diminishing correlation to the Btc peg. It’s not only great for #XRP but for everyone that likes crypto & wants crypto as a whole to succeed.”
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Source: AMB Crypto

Bitcoin [BTC/USD] Price Analysis: Prices side with bulls in short-term, long-term still in turmoil

Bitcoin [BTC] briefly broke the $4,000 sentiment level yesterday. However, it dipped back and was trading at $3,966 at press time. The market cap of Bitcoin was hovering around $70 billion, with a 24-hour trading volume of $9.19 billion.
Most of the trading volume of Bitcoin usually comes from BitMEX exchange via the trade of Bitcoin perpetual contracts against the US Dollar. However, the trading volume of BTC contributed by BitMEX has reduced in recent weeks as it contributed only $469 million, which is 4% of the total Bitcoin trade volume.
FCoin exchange is the top contributor as it contributed $644 million in terms of trading volume via the trading pair ETH/BTC, which is 5.50% of the total trading volume.
1-hour
Source: TradingView
Bitcoin, on the one-hour chart, showed an uptrend that extended from $3,689 to $3,957, while the downtrend extended from $4,163 to $4,039. The prices were testing the immediate support at $3,953. Subsequent supports were seen at $3,848 and $3,696.
The Parabolic SAR markers spawned below the price candles and indicated that the price trend reversed and was headed upwards, whixh was a bullish signal.
The MACD indicator showed a bullish crossover below the zero-line. The MACD histogram on the one-hour chart showed green bars developing in tandem with the crossover.
The Relative Strength Index hit the 60-line and started its descent and was at the 50-line at press time, indicating an equal momentum between the sellers and the buyers.
1-day
Source: TradingView
The one-day chart of Bitcoin showed no signs of an uptrend, however, the downtrend extended from $9,800 to $4,056. The price of BTC bounced off the support at $3,189 on December 15, 2018. The immediate resistance was at $4,056, and subsequent resistance points were at $7,641, and $9,800.
The Aroon indicator showed the Aroon up line and Aroon down line collapsing. This indicated a consolidation movement that BTC was undergoing at press time.
The Stochastic RSI hit the oversold zone and showed a collapsing trend, which passed below the 50-line. This presented a bearish movement for Bitcoin in the longer timeframe.
The Chaikin Money Flow showed a rising trend, which meant that the money flowing into the Bitcoin market was high.
Conclusion
The one-hour chart showed a bullish trend for Bitcoin, which was confirmed by the Parabolic SAR, MACD, and RSI indicators. Unlike the one-hour chart, the one-day chart showed a consolidation phase for Bitcoin as indicated by Aroon, Stochastic RS, and CMF indicators.
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Source: AMB Crypto

Bitcoin [BTC] market resolute against manipulation, claims Bitwise report; dismisses SEC’s concerns

The purists in the traditional financial market realm have always believed that Bitcoin [BTC] can be controlled via a powerful computer network. A recent Bitwise report has, however, calmed allegations that the Bitcoin market is prone to market manipulation.
The report filed by Bitwise Asset Management was presented before the US Securities and Exchange Commission [SEC], in line with their recent application for a Bitcoin Exchange Traded Fund [ETF].
Market manipulation within the crypto-market has always been of concern to the SEC. The regulatory body in subsection 5 of Section 6(b) of the Exchange Act states that exchanges “are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade.” The SEC often cited this subsection while referring to the volatile industry as being prone to frauds and scams.
Bitwise gave two arguments to satisfy the SEC Exchange Act of 1934, namely, unique resistance against manipulation/fraud, and a surveillance sharing agreement with a regulated market of a certain size. The investment firm, based on historical cases, added that the regulated surveillance-sharing reason was of “primary consideration”.
The report claimed,
“That the bitcoin market is protective against manipulation, and critically, that there is a significant, regulated and surveilled market for bitcoin futures.”
Bitcoin: The Commodity
In their defense of the top cryptocurrency’s lack of susceptibility to market manipulation, Bitwise claimed that “Bitcoin is the first digital commodity in the history of the world.” Here, it should be noted that the report hails Bitcoin as a “commodity,” and not as an “asset”.
Bitwise drew three core divergences in the character of Bitcoin to other commodities. Firstly, Bitcoin is fungible, meaning that the cryptocurrency was constant, irrespective of location, unlike natural commodities like gold.
Secondly, Bitcoin can be easily transported via a computer network. Lastly, Bitcoin can be traded on an exchange, allowing users to directly view the price and employ trading strategies for the same. Furthermore, there is an absence of representatives, advisers, and consultants in the decentralized currency realm as anyone is free to trade.
It must be noted that all the exchange volume analysis is based on the figures of 10 exchanges as they record “actual volume,” according to Bitwise.  The exchanges on the list are Binance, Bitfinex, Kraken, Bitstamp, Coinbase, BitFlyer, Gemini, itBit, Bittrex, and Poloniex.
The report added,
“These unique features allow the bitcoin market to be uniquely resistant to manipulation in critical ways.”
Bitcoin: Anywhere, Anytime
Bitwise juxtaposed the ability of the top cryptocurrency to resist market manipulation to scandals that have plagued other markets over the past few years. The report highlighted four key incidents, including the LIBOR scandal of 2012, the Global Forex Scandal of 2013, the Gold Fix Scandal of 2014, and the ASIC Scandal of 2016.
In all the aforementioned scandals, the common elements were a deliberate attempt at manipulating the market by large financial institutions, resulting in heavy fines levied on the culprits.
The traits of fungibility and transportability in the virtual currency market allowed the creation of arbitrage in the market. The opportunities for investors to make a quick buck due to price disparity between exchanges was reported by Bitwise as being negligible.
Given this dominance of market participants, global liquidity can stand in the way of market manipulation, increasing the inability of the market to fall prey to any sort of voluntary change.
Bitcoin: The Distributed Market
Bitcoin’s spread of volume and “distributed market” will prevent one exchange from holding the coin’s price hostage. Of the ten exchanges considered, no one exchange had pure dominance in terms of BTC volume. Binance accounted for the highest volume, chalking up 40.47 percent, and was followed by Bitfinex and Kraken with 13.94 percent and 11.67 percent respectively.
The report concluded by saying,
“The spot bitcoin market is highly fractured amongst ten exchanges, and no exchange has a majority share. This contributes to bitcoin’s unique resistance to market manipulation, as any attempt to manipulate the market must either be coordinated synchronously across multiple exchanges or must involve a significant spike of volume on a single exchange.”
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Source: AMB Crypto

Bitcoin [BTC] market more efficient as arbitrage on exchanges improved, says Bitwise Report

From the standpoint of investors, the cornerstone of the virtual currency market is its volatility. With price fluctuations at every corner, arbitrage-savvy investors would consider the cryptocurrency market a paradise. However, a recent report from Bitwise suggests otherwise.
The report presented to the SEC by the crypto-centric investment firm, Bitwise Asset Management, captured the arbitrage in the Bitcoin [BTC] market over the past 18 months. However, the crux of the research was the difference between actual volume and reported volume, which recorded a deviation of a whopping 95 percent.
It must be noted that the “arbitrage” in question refers to the variance in Bitcoin prices on exchanges, including Binance, Bitfinex, Kraken, Bitstamp, Coinbase, BitFlyer, Gemini, itBit, Bittrex, and Poloniex. This is because these exchanges pose “actual volume”, according to a prior study done by Bitwise.
Looking at the monthly average price deviation based on the price listed by the ten aforementioned exchanges, a consistent decline was seen in 2018. The price deviation in December 2017, when the Bitcoin bull-run began, was over 0.7 percent and since then, the deviation has not crossed 0.5 percent.
January 2018 saw the highest deviation in 2018, accounting for over 0.45 percent, which soon fell to under 0.1 percent by July. As the market went into a freefall after the Bitcoin Cash [BCH] hardfork, the deviation increased to over 0.15 percent. February 2019 saw the lowest deviation in over 15 months when a deviation of 0.05 percent was recorded.
Additionally, the average spread of the 10 exchanges varied from Coinbase Pro’s $0.01 to Bitfiniex’s $0.10, indicative of the accurate tracking between exchanges and small margin for arbitrage trading.
Bitwise cited three main reasons for the consistency in BTC prices across major exchanges. The primary reason was the launch of futures contracts by the Chicago Board Options Exchange [CBOE] and the Chicago Mercantile Exchange [CME] in December 2017. The report stated,
“[Bitcoin Futures] fundamentally transformed the bitcoin market, creating a two-sided market and easy hedging for the first time.”
The secondary reason was the surge in institutional interest, which Bitwise refers to as “institutional market makers.” Jane Street Capital, a trading firm was named by the report as a “leading market maker” entering the crypto-trading business in March 2018.
In July 2018, Europe’s largest ETF marker maker, Flow Trader, began making markets with the Swedish Bitcoin ETN. In the following months, several market makers followed Flow Traders’ lead and ventured into the crypto market. The report added,
“By summer 2018, most major market makers were either present in the bitcoin market or actively exploring the space.”
Cryptocurrency lending at the institutional level also provided immense impetus to the flattening of the arbitrage level, stated the third reason. Prior to the crypto-boom of December 2017, “modest lending” did take place but after the surge, the crypto-lending industry skyrocketed.
Bitwise cited the success of Galaxy Global Trading, a cryptocurrency lending platform, which processed over $1.11 billion in borrowings and lending in 2018 alone, with around 60 percent owing to Bitcoin [BTC]. According to the final quarterly report from the company, despite the decline in Bitcoin’s price, its loan records surged to $153 million active loans, a massive 15 percent increase from the previous quarter.
Based on the three factors presented above, the report suggests that the efficiency of the overall market in 2018 has seen a significant boost. This has allowed both retail investors and institutional investors to establish a commensurate foothold in the market. The investment firm hails this period as being a “dynamic, institutional-quality, two-sided market for the first time.”
Bitwise concluded:
“While future developments, including the proposed launch of a U.S. ETF, may be incrementally beneficial to the market, the spot bitcoin market today operates with an efficiency that matches or exceeds that of other major markets.”
Other findings of the report pointed out that the degree of difference between the Bitcoin Futures market and the Bitcoin Spot market is not as far apart as one might imagine. If adjusted rather than touted trading volume being taken into account, the BTC  Futures expressed as a percentage to their Spot equivalent rises from 1.51 percent to over 33 percent.
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Source: AMB Crypto

Ethereum [ETH/USD] Price Analysis: Cryptocurrency finds greener pastures

Ethereum [ETH], the second largest cryptocurrency by market cap, was indecisive about whether it wanted to ride with the bulls, or whether it wanted to go down the path of the beat market.
According to CoinMarketCap, Ethereum was trading at $137.28 with a market cap of $14.46 billion, at press time. The trading volume of the cryptocurrency was recorded to be $4.12 billion, while its price witnessed a fall of around 2% over the past seven days.
1-hour
Ethereum one-hour price chart | Source: Trading View
The one-hour chart for the cryptocurrency recorded three significant downtrends, from $142.52 to $138.83, from $138.76 to $137.49, and from $137.43 to $135.61. The uptrend for the coin was drawn from $132.77 to $134.68.
The immediate resistance for the cryptocurrency was at $137.51 and the strong resistance was at $140.21. The coin’s immediate support was placed at $134.67 and strong support was at $132.75.
Parabolic SAR pictured a bull market for the coin as the dotted lines were perfectly aligned below the candlesticks.
Klinger Oscillator sided with the Parabolic SAR as the reading line moved above the signal line after a crossover.
RSI showed that the buying pressure for the cryptocurrency was the same as the selling pressure.
1-day
Ethereum one-day price chart | Source: Trading View
On the one-day chart, the coin had two prominent downtrends, from $218.66 to $157.55 and further from $157.55 to $138.72. The uptrends for the cryptocurrency were from $82.92 to $103.22 and from $103.22 to $134.47.
The immediate resistance for the cryptocurrency was at $140.53 and strong resistance was at $157.75. The immediate support for the coin was at $125.17, while strong support was found at $82.78.
MACD was seen drawing the coin towards the bear’s side as the moving average line shifted below the signal line after a crossover.
Chaikin Money Flow showed that money was flowing into the market, a bullish sign for the coin market.
Bollinger Bands forecast a non-volatile market as the bands were closing in on each other.
Conclusion
At press time, major indicators such as the CMF from the one-day chart and Parabolic SAR and Klinger Oscillator from the one-hour chart, projected a bull market for the coin.
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Source: AMB Crypto

Bitmain’s IPO filing officially lapses this week without Listing Committee hearing

Bitmain, one of the world’s largest Bitcoin [BTC] mining firms and Application-Specific Integrated Circuit [ASIC] chip producers, was in the news in 2018 following news surrounding an Initial Public Offering [IPO]. The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019. She stated,
“Wow, just randomly checked the calendar and found: Bitmain’s HKex IPO filing will officially expire on coming Monday (was initially submitted on Sep 26th 2018), which will officially mark the failure of its IPO attempt RIP Bitmain HKex IPO”
She further added,
“There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire Bitmain’s next attempt can be NASDAQ but it needs to find another underwriter, and fix its financials”
Bitmain however, did not address the issue on its official platform. The official filing for the IPO was made on 16 September, 2018 and so far, there have been no reports pertaining to the Committee hearing. In December 2018, a report by South China Morning Post had stated that the mining firm was seeking to raise over $3 billion through this Initial Public Offering.
It also stated that according to the Hong Kong Stock Exchange’s listing rules, a six-month window [closed-door hearing] for all listing applications was given. In this timeframe, the Listing Committee decides whether to approve or disapprove the listing after their queries are cleared. If this did not happen, the listing would formally lapse. Further, regulators have expressed their concerns over approving fundraising plans for a cryptocurrency-based business “before proper rules are in place.”‘
Additionally, Samson Mow, the CSO of Blockstream, commented on Bitmain’s IPO, stating that “it is incredibly risky” for an investor because of concerns of BCH investment.
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Source: AMB Crypto

XRP: Santander apologizes for misinformation regarding usage of XRP for international transfers

Santander, a Ripple partner and leading retail and commercial bank headquartered in Spain, apologized in a tweet about misinformation regarding the use of XRP for international payments and corrected their statement hours after the incident.
A Twitter user Wes G [@wesgranger] tweeted:
“Hi all how is Santander getting on with using XRP for payments ?”
Santander replied saying that they were using XRP for international payments.

Hey Wes, we're doing great. We're using XRP for international payments to 18 EU countries and the USA. This is on our iPhone app called One Pay FX. ^TC
— Santander UK Help (@santanderukhelp) March 23, 2019

Santander’s tweet sent the XRP fans into a frenzy as they ‘found proof’ that Santander was using xRapid for international transfers.
This development was important as the XRP community believed that xRapid and xCurrent 4.0 [which also uses XRP] would push the price of XRP higher. This has been the long-standing belief of a lot of people in the XRP community.
xRapid is a payment solution developed by Ripple that leverages XRP to source liquidity and allows payments to flow without friction across the borders. Ripple partnered with more than 250 partners, including banks and other financial institutions, in order to bring them onto a single network called RippleNet.
There were a few who weren’t sure about the rumor and said that if XRP was actually being used by Santander, there would be a huge volume on the XRP Ledger.
However, Santander corrected their statement a few hours later via a tweet that read:
“We are sorry, unfortunately due to a misunderstanding we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only.”
This was the second rumor that the XRP community braced with after misinformation about the Cobalt update was put to rest by the lead scientist at Coil, who is also the main man behind the update.
@stefanhash, a Twitter user commented:
“Well #xcurrent has #xrapid integrated ! They didn’t mistake , they just realize they give inside informacion !”
@francovgaete, another Twitter user commented:
“kind of relief.. if volume and prices are like this even with them using #xrp to move money to over 18 countries, then something was very wrong…. phew!!”
The post XRP: Santander apologizes for misinformation regarding usage of XRP for international transfers appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch

Twitch, the popular live streaming video platform, quietly removed the option to pay using Bitcoin [BTC] and Bitcoin Cash [BCH] from its platform. This piece of negative adoption flies in the face of a wave of crypto-adoption in several industries.
Initially spotted by a member of Bitcoin’s Reddit community, the concerned user pointed out that subscriptions could not be paid for via virtual currencies. StreamLabs, a broadcasting software for live stream management, also removed the option to pay with virtual currencies.
According to the Reddit post, the video streaming service was facilitating crypto payments through the Bitcoin payment service, BitPay. The post added,
“They removed it in the last couple of weeks as a payment method for all countries. Negative adoption strikes again unfortunately.”
Given below is an Imgur post detailing a user’s subscription cancellation, after he paid for it using Bitcoin Cash,
Source: Imgur
The development was met by a wave of disapproval against Twitch, with some calling for a boycott of the streaming service. While many have speculated about the reasons behind this development, the most realistic seemed to be a lack of awareness about the cryptocurrency payment option and its low transaction volume.
Some users called this lack of awareness a “vicious cycle,” where companies introduce a cryptocurrency payment option quietly, without notifying the community. As transaction volume drops, the same option is then quietly removed.
In May 2018, Twitch began accepting payments in cryptocurrencies. Initially, a slew of coins such as Bitcoin, Bitcoin Cash, Ethereum [ETH] and Litecoin [LTC] were accepted.
The larger implications of this delisting must be noted. Twitch is a subsidiary of the e-commerce behemoth, Amazon, following the latter’s acquisition of the former in 2014 for around $950 million. As of February 2018, the video streaming service had 2.2 million broadcasters with 15 million unique viewers a day, and 140 million a month.
Other notable websites that removed or suspended the cryptocurrency payment option from their respective platforms recently include, Expedia, the travel booking site and Chess.com, the online chess-portal.
Bitcoin’s Reddit community was enraged by Twitch’s quiet listing and delisting of the crypto-payment option. SQLoverride stated,
“With so many social platforms shadow banning and demonetizing, the conspiracy side of me thinks maybe it was done because it is more difficult to demonetize someone using crypto.”
Many questioned the existence of the crypto-option itself, with anonymustanonymust asking,
“Did the have Bitcoin Cash or Bitcoin (Core) on the website?”
The boycott was advocated by TAPEWlRM,
“Unsubbed and shut down Twitch stream. Bad call guys.”
The post Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding

The Bitcoin Cash [BCH] rise persisted through the close of the previous week, with market correction forces failing to drag the coin below the $160 mark. After breaking multiple resistance levels, BCH was expecting to close the month on a high.
At press time, the coin had gained against the US dollar by 1.04 percent. The coin was trading at $165.42, with a market cap of $2.94 billion.
P2PB2B took the top spot in terms of global BCH volume, accounting for 8.51 percent via the trading pair BCH/BTC. Other prominent exchanges on the list were ZBG, HitBTC, and Huobi Global.
1-hour
Source: TradingView
The one-hour chart pictured a massive uptrend, which pushed the coin’s value from $152.22 to $168.12. Following this rise, the coin dropped to the aforementioned high of $164.16.
Bitcoin Cash found immediate support at $160.51, while the coin’s immediate resistance level stood at $168.36.
The Bollinger Bands showed declining volatility, while the Moving Average line indicated a bullish market.
The Chaikin Money Flow tool pointed to an increase in money inflow into BCH tokens, as the CMF line was above 0.
The Awesome Oscillator showed an insignificant increase in short term momentum, indicating that any bullish activity will be mild.
1-day
Source: Trading View
Despite the overwhelming bearish trend of the one-day chart, the coin’s recent green candlesticks showed positive signs. The February downtrend shaved the coin’s price from $152.66 to $129.83. Following the same, the coin’s price shot up from $128.15 to $158.37, and then to $166.22.
Bitcoin Cash found immediate resistance at $165.75, which the coin was close to breaking. The long-term support stood at $121.78.
The Parabolic SAR indicated a bullish market as the dotted lines were below the coin’s trend line.
The MACD showed bullish tendencies as the signal line surged above the MACD line.
The Relative Strength Index showed an increase in investor interest as the RSI had shot up from 61.30 to a high of 68.36, before falling to 67.21 at press time.
Conclusion
Bitcoin Cash resisted the bears and their market correction forces. In the short term, volatility was low as the coin gained against the US Dollar. In the long term, the coin’s overarching bearish trend was subdued as investor interest rose while the indicators suggested a bullish market for the coin.
The post Bitcoin Cash [BCH] Price Analysis: Bulls sustain momentum as bears go into hiding appeared first on AMBCrypto.
Source: AMB Crypto