Ripple (XRP) Falls Below 50 Day EMA Lowering Probability Of A Golden Cross

Ripple (XRP) has declined below the 50 day exponential moving average and has once again shown extreme weakness in the face of oversold trading conditions on the daily time frame. The 1D chart for XRP/USD shows that Ripple (XRP)’s Stochastic RSI is near oversold territory on the daily time frame. The RSI has also found support atop a long term trend line that extends back to December, 2018. Normally, this would mean that Ripple (XRP) is in a good position to stage an effective comeback from current levels but the price action this time is very weak and it appears that Ripple (XRP) is in no position for a trend reversal. The probability of a golden cross formation has now declined further as the price has plunged below the 50 day EMA. If the price closes below this level, we might see it eventually decline below the symmetrical triangle.
The cryptocurrency that saw a major spike in interest around mid-2017 and most of 2018 is all of a sudden forgotten. The Ripple community on Twitter is still very active but the lack of activity on other forums has given critics the opportunity to bash Ripple (XRP) every now and then. Even Ripple (XRP)’s listing on Coinbase did not have the effect that most anticipated. For months, people talked about how Ripple (XRP) could fly to the moon if it gets listed on Coinbase. Some even said maybe Coinbase was under pressure from the crypto community that a Ripple (XRP) listing could lead to Ripple (XRP) becoming the largest coin by market cap. However, Ripple (XRP) got listed on Coinbase and nothing changed. It didn’t even climb to second spot which it did during the last few months of 2018 when it outperformed Ethereum (ETH).

For long term believers in Ripple (XRP), there is still a lot of hope. Even though the hype might have died down for now but that could be a blessing in disguise for savvy investors looking to accumulate long term. The daily chart for XRPUSDShorts shows that the number of margined shorts for XRP/USD has a lot of room for decline. The Stochastic RSI shows that this decline could lead to Ripple (XRP) seeing massive spike in its price as the sell pressure subsides. However, it is important to realize that as the cryptocurrency market prepares for the next decline, Ripple (XRP) is unlikely to be a lone survivor and will most likely face the same outcome which is why we could see XRPUSDShorts rise before the ultimate decline.
Ripple (XRP) is still one of the few cryptocurrencies with an actual use case. This gives it a major edge over most cryptocurrencies in terms of adoption. That coupled with availability and access on multiple exchanges and platforms like Coinbase will make it much easier for investors to buy and hold this cryptocurrency during the next hype cycle. While Ripple (XRP) may not be the shiniest cryptocurrency anymore, it still has a lot of room for growth and is very likely to cross the $5 mark during its next bullish cycle.
Source: Crypto Daily

$107 Million Startup Digital Asset Incorporates Smart Contracts Into HyperLedger Framework

Digital Asset, a New York-based firm that has received over $100 million in total funding in order to develop a platform for “reducing settlement latency and counterparty risk,” had announced a couple weeks back that it had open-sourced DAML “under the Apache 2.0 license.” According to its official website, the Digital Asset Modeling Language (DAML) is a software development stack created specifically for writing secure smart contracts. The DAML software development kit (SDK) is now available for download.
Source: Crypto Globe

PrimeXBT Goes Global and Launches International Ambassador Program

PrimeXBT, a 4th generation cryptocurrency exchange offering 100x leverage across a variety of crypto assets and boasting advanced trading tools, is expanding the languages the platform is offered in to better accommodate traders across the globe. The platform is celebrating the glocalization effort by launching a new international ambassador program in select countries across the globe.
PrimeXBT Experiences Substantial Global Growth
The PrimeXBT margin trading platform has already generated significant buzz around the world due to the influx of traders flocking to the platform. Traders have become enamored with the wide variety of advanced order types, unrivaled liquidity, customizable interface, and the ability to profit off the market whichever way it’s trending. No other exchange offers Bitcoin margin trading with such low fees and minimum deposits, or can match the variety of tools available to crypto traders.
In just a few short months on the market, the PrimeXBT leverage trading platform has already set records for trading volumes and is expecting to reach over $250 billion in trading volume within the next six months, according to expert research.
Due to the wide range of users that PrimeXBT has garnered, the PrimeXBT development team has worked to translate the platform in a variety of native languages, to better cater to the growing global market.
PrimeXBT Launches International Ambassador Program
Now that the PrimeXBT website has been translated into a number of different languages to better accommodate the global community to traders PrimeXBT will further establish its leadership position in the greater global crypto market with the launch of its international Ambassador Program. The ambassador program and website translation is just the first step in PrimeXBT’s greater localization strategy.

PrimeXBT is seeking active traders, brokers, bloggers, businessmen, and entrepreneurs from select countries who would like to become official representatives of the platform, and build a career at one of the most rapidly growing companies in the emerging market of blockchain and cryptocurrency. Passionate and dedicated individuals can finally live their dreams and earn income doing something they love.

Those that are interested in signing up to become a PrimeXBT ambassador should please contact ambassador@primexbt.com.
To get started growing your PrimeXBT earnings immediately, sign up for the platform’s attractive 4-level referral program, designed to reward users for spreading the word about PrimeXBT. The referral program offers an in-depth education center and marketing materials to assist brokers or blog owners in reaching new referrals and generating regular income through the program. The referral program goes 4-levels deep, allows traders to earn income from any traders they refer, but also the traders their referrals bring to the platform. The potential for earnings are near limitless.
To learn more about the PrimeXBT referral program, visit https://primexbt.com/partners
Source: Crypto Daily

Known for its vast plains, Rocky Mountains, and cowboys, Wyoming has taken the US lead in cryptocurrency. Meet Caitlin Long – a key reason why. (Part 1 of 3)

 
Meet Caitlin Long, a brilliant 22-year corporate finance veteran of Wall Street financial institutions including Morgan Stanley, Credit Suisse, and Salomon Brothers. Armed with a Juris Doctorate from Harvard Law School, Caitlin was voted (2015) by Institutional Investor as one of the most influential people in the pension industry; named one of the ten business leaders who is changing the world through technology by Inc. (2016); awarded the Women in Finance Award for Excellence in Blockchain by MarketsMedia (2016); and served as Chairman and President of enterprise blockchain company, Symbiont, between 2016 – 2018 when that company was named FinTech Company of the Year (2017) by CustodyRisk.
Caitlin has also had numerous speaking engagements and appeared in numerous publications and media including the Wall Street Journal, Financial Times, and CNBC.
Additionally, Caitlin served on Morgan Stanley’s internal blockchain working group and most recently was named a gubernatorial appointee to the US state of Wyoming’s Blockchain Task Force.
In this first part of a three-part interview about Wyoming’s precedent-setting advancements in the blockchain industry in the United States, JJ Smith speaks with Caitlin about her background and Caitlin helps us navigate some of Wyoming’s industry achievements and future ambitions.

CryptoDaily: Please tell us about your awakening to cryptocurrency and how you transitioned into the industry.
Caitlin: My awakening to crypto dates back to the financial crisis. I started to realize there were contradictions in mainstream economics that didn’t make sense, so I started digging into all the alternative schools of thought, ranging from Modern Monetary Theory all the way to the Austrians, and concluded that the mainstream way of thinking is not correct and that it would come back to bite us at some point.
The Western world is gutting our balance sheet. We’re living off accumulated savings, bequeathed to us by our grandparents and prior generations, and at some point that’s going to end when there’s no balance sheet capacity left. I was actually pretty down about it for a few years, because I kept thinking it was not going to end well during my lifetime. Then came Bitcoin and the cloud lifted for me. I found Bitcoin through these alternative economic circles — started reading about it in 2012 and started buying it in 2013. I was at Morgan Stanley at the time. In the beginning I didn’t see the potential for it to replace the mainstream financial system for payments. I just assumed that it would stay a niche payment system that’s sort of like the gold market. It’s insurance against the failure of the status quo system.
In 2014, I came to see this actually could have applications in the incumbent financial system, and worked on that for a couple of years at Morgan Stanley. I was running the pensions solutions business at Morgan Stanley at the time, but the CTO found me on a Bitcoin forum and reached out. He asked me to start working on it with him, and we worked together for about two years within a group of five of us that vetted all the blockchain start-ups that were coming to Morgan Stanley. I did this on the side, purely as a volunteer, since it wasn’t my day job. It was great because he was such a skeptic, so he really pushed me to learn and defend my positive view of the technology.
I moved to blockchain full-time in 2016. I spent a year-and-a-half at Symbiont, a permissioned enterprise platform, and have come around full-circle now to believing the open source permissionless systems will win in the marketplace. Permissioned blockchains are taking off in certain parts of the B2B economy like supply chain and information sharing, but they’re not taking off in core financial market infrastructure. For permissioned platforms in financial services, it’s a race between how long the start-ups can fund their burn rates versus how fast they can start generating recurring revenues. Financial services incumbents just haven’t embraced blockchain as fast as many thought they would—including me 5 years ago—which means revenues haven’t materialized yet in a big way for the start-ups. I don’t think they will. We’ve already seen strategy changes at most of the early start-ups in the permissioned space, and two prominent early ones have changed CEOs. I think the parallel financial system that’s being built on permissionless platforms will end up winning.
CryptoDaily: Please tell us about Wyoming’s Blockchain Coalition.
Caitlin:   It’s an informal organization of just volunteers.
CryptoDaily:   How many blockchain-related bills have been enacted into law in Wyoming?
Caitlin:   Eight bills have been enacted into law this year and five were passed last year, for a total of thirteen.
CryptoDaily:   Was the bill known in Wyoming as “HB74” and related to special purpose depository institutions the most controversial one?
Caitlin:   No. The most controversial one was SF125, and it’s also the most valuable to the state of Wyoming.
CryptoDaily:   Was this potentially a prelude to what the industry is generally calling Security Token Offerings, or STOs? Is this something that could become a reality in Wyoming?
Caitlin:   We had a separate bill for security tokens that enables uncertificated shares to be issued on a blockchain, which was HB101 and was enacted in 2018. Then this year Wyoming added a new bill to allow certificated shares also to be issued on a blockchain. So, all security tokens regardless of whether certificated or uncertificated can be issued under Wyoming law. Wyoming is the only state to allow this.
CryptoDaily:   How do the legislative achievements of Wyoming co-exist with the regulations of the United States Securities and Exchange Commission (SEC)?
Caitlin:   In the US, securities laws are federal laws. The SEC has primary jurisdiction. That states can add on top, but it’s established law that the SEC has primary jurisdiction over securities. The states, however, have primary jurisdiction over property law, so the fault line becomes whether the token is a security or whether it’s property. If it’s a security, very clearly it has to comply with federal securities laws. If it’s not a security, then the states have supremacy.
CryptoDaily:  Does that mean the key task for anyone trying to get a token offering launched from Wyoming will relate to whether the offering relates to property or a security?
Caitlin:   That’s right, and Wyoming was the first state in 2018 to enact a law that defined a utility token as something separate and distinct from securities under state law. There are now three other states that have also done so (Arizona, Colorado, and Montana). There are now a total of nine that either have already enacted or are in the process of enacting similar laws. Keep in mind that in a 15-month period we have seen nine states taking action to enact the utility token law and basically grab that jurisdiction back from the SEC saying “No, if it’s not a security, then it is property and it’s subject to state law.”
If you look at the framework that came out of the SEC recently, it fits very well with Wyoming’s law. There’s almost nothing in Wyoming’s law that has to be refined reflecting the SEC’s new framework, and that’s not an accident because Wyoming did its homework and we had a lot of input from people practicing law in this area, who were up to speed about where the SEC was coming from.
CryptoDaily: Can you cite an example regarding certificated or non-certificated securities that could be offered in Wyoming and not be in violation of federal law?
Caitlin:   ERC-884 tokens are an Ethereum standard that recognizes certificated security tokens on a blockchain and that would be able to comply with Wyoming law. In fact, actually that’s one of the things Wyoming had in mind when it enacted the tokenized security certificate bill in 2019. Certificated securities must include things like the name of the owner and the address, for example, and have an endorsement process for endorsing over the certificate to a new buyer. Traditionally that was all done in paper form. Under Wyoming’s law, stock certificates don’t need to be pieces of paper anymore. A blockchain that collects all the information required under state law but stores it on a blockchain in an accessible format actually does meet the requirements of Wyoming’s corporate law for certificated stock.
Please Read Part 2 Friday 19 April 20:00 BST, 15:00 ET, & 12:00 PT
Source: Crypto Daily

Block.one Conceptualizes Passwordless Authentication & Authorization System

Block.one, a Cayman Islands-registered firm that publishes open-source software and protocols for EOS, one of the largest platforms for deploying enterprise-grade decentralized applications (dApps), has argued that “current methods of authentication suffer” from the “Hearsay Problem.” Explaining what Hearsay means, in general, Block.one noted in its blog post, published on April 17th, 2019, that Hearsay is “any information received from one party about the statements or actions of a second party that cannot be adequately substantiated.”
Source: Crypto Globe

Ethereum (ETH) Bears Ready To Take Control As Price Fails To Breach $170

Ethereum (ETH) is likely to retrace to the bottom of the ascending channel it has been trading in as the price has failed to breach the $170 mark. Stochastic RSI on the 4H timeframe is now in overbought zone and signals a pullback in the near future. The price shot up after find support at a newfound trend line but it has now seen a loss of bullish momentum which means we could see a sharp decline soon as the price falls below the 50 EMA on the 4H time frame. If ETH/USD falls below this channel, we could see it decline all the way to December, 2018 lows. Such a decline would pave the way for Ethereum (ETH)’s ultimate decline to a price of $60 or lower to find its true bottom and put an end to the ongoing bear trend.
So far, the odds of a decline below $160 are higher than that of a rise towards $200. This is because we have yet to see genuine bullish interest return to the market. Most of the pumps and dumps we currently see are fueled by algorithms and bots that profit off overly ambitious retail traders with poor risk management techniques. As long as most of these quick buck artists are around, the price is not going to see a trend reversal. Every time, the price rises to a certain levels, traders will dump to make a quick profit or to break even. We have seen this happen in the past and there is no reason to assume this time will be different. In fact, we expect most of such short term buying and selling to go on for so long that mainstream investors will end up losing interest in the market.

The weekly chart for ETH/USD shows that Ethereum (ETH) might not take long to decline towards $60. In fact, the price has already run out of room trading within the bearish pennant and will soon have to break out of it. Even if there is a fake out to the upside which is very unlikely given the current near term outlook of ETH/USD, we will still see a sharp decline towards $60 in the weeks ahead. The price may end up falling quite lower than $60 but we expect it to close the week around that mark.
Ethereum (ETH) is currently trading way below its 50 week EMA and could end up closing the ongoing week below the 21 week EMA. If that happens, it will be the final nail in the coffin for ETH/USD wand we can expect the price to decline to the trend line support as early as next week. The more the price visits this trend line support, the higher the probability that it is going to eventually break it to the downside. Please note that our target of $60 per coin for ETH/USD is still a very conservative target considering the long term outlook of the cryptocurrency.
Source: Crypto Daily

Binance Report: Is The Worst Over?

With Bitcoin flying the past few weeks, a lot of people have argued that it has finally found its bottom. The popular Binance exchange has released a comprehensive report on the state of the crypto market. They have found that the worst for the space is most likely over which indicates that from here on out it’s going to be all green with prices flying high. Of course, this is news for investors and traders who are eager to see blockchain technology reach mainstream appeal.
The Binance report states:

“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out.”

On top of this, Binance published another report which goes on to explain the internal correlations.

On the other hand, not everyone in the crypto space ecosystem has such a bullish outlook. The popular derivatives trader Tone Vays has a rather pessimistic belief (but perhaps realistic outlook, when looking at the year-long bear market) that a new bottom could still be formed.

There is NO magic price that turns a bear trend to a bull trend, it’s about how $BTCUSD gets to a price. I can see a scenario where I say:”I was wrong, #Bitcoin did bottom at $3k, now that we are at $8k”But I can also say:”I know $BTC is $10k, but I don’t think we bottomed” https://t.co/wQ26ypfV2C
— Tone Vays [#UnderstandBit] (@ToneVays) 9 April 2019
With the price of Bitcoin reaches the $5,000 mark recently, it seems more and more likely that Binance is right and there will not be any lower lows.
Retail
Although it does seem that retail investors still dominate trading in the crypto market.

“The cryptomarket’s frequent periods of extreme correlation are inseparable from the market’s highly retail-driven participation.”

The Binance report compares the dynamics in crypto to that of the Chinese stock market, suggesting that both markets are mainly packed full of retail investors.
Two years ago, “retail investors accounted for more than 99.8% of the Chinese stock market by number of accounts, more than 40% by market value, and more than 80% by trading volume.”
Both cryptocurrency and the Chinese stock market also suffer from high turnover rates.
The cryptocurrency market is comprised of around 700 crypto funds that combined show “a total of just under $10 billion in assets as of January 2019.”
In such a example in which their portfolios are wholly comprised of Bitcoin, “this would account for an upper bound of only 14% of the total market value of bitcoin.” Getting altcoins involved with this scenario would change the results so that the “institutional proportion overall could be less than 7% for the cryptoasset market.” This is just a small fraction of the dynamic in the stock market.

“Meanwhile, crypto’s estimated 7% institutional participation rate represents only one-thirteenth of that for the U.S. stock market.”

On a positive spin though, institutional investment is more than likely to rise as new Bitcoin trading platforms launch such as the regulated Bakkt.
The mind of the investor
The report later went onto discuss the trading that takes place in crypto:

“Generally speaking, non-professional investors are prone to becoming overconfident or overly pessimistic in reacting to market trends, leading to higher potential transaction volume, more volatile prices, as reported in numerous studies.”

On the flip side, a lot of crypto investors are more likely to hold their assets during a market decline.

“In the face of market downtrends, unlike many momentum-driven institutional investors, most investors in the crypto asset market may prefer to ‘HODL’ through a prolonged decline in prices.”

Bitcoin SV
Meanwhile, Craig Wright of Bitcoin SV is looking at a lot of hate from some of the bigger names in the following his move to sue Holdanaut and Peter McCormack, two popular crypto enthusiasts.
Yesterday, Binance announced a capital decision to delist Bitcoin SV after they received a lot of ill feelings from the cryptocurrency community in regards to the nChain scientist and founder of BSV who has claimed that he is Satoshi Nakamoto.
The popular crypto enthusiast, John McAfee has had his words on Wright saying,

“Enough is enough! There at least a dozen crypto adherents who know the true identity of Satoshi. I can assure you, 100%, it is NOT Craig Wright. This absurd claim of Craig’s is incomprehensible. Mr wright: Have you no shame? Seriously sir! Have you no shame?”

Source: Crypto Daily