GlobalCoin Getting Backed by Visa, Mastercard & Uber

Globalcoin – Facebook’s new cryptocurrency – is highly anticipated in the crypto community to be the one thing that helps boost mass adoption. With the help of Visa, Mastercard, Uber and PayPal, this could eventually become a reality.
Reports surfaced earlier this week by the Wall Street Journal that the social network has signed on more than a dozen firms to back its cryptocurrency, a stablecoin that has been developed in secrecy for more than six months. Each of these new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency.
On top of this, the report says that, Stripe and MercadoLibre are three other companies that are part of the project but nothing has been specified on what their roles are as of yet.
Facebook has revealed that it was GlobalCoin last December, although the firm has suggested that it was looking at cryptocurrency as far back as the end of 2017. The stablecoin is expected to be one that will operate within the businesses messaging infrastructures such as Messenger, Instagram and the extremely popular WhatsApp.

Facebook has been taking a low-key approach to the cryptocurrency as they haven’t really given anything away. It’s still a question as to what GlobalCoin will actually be used for but the BBC has suggested that Facebook might look to retailers to allow their users to buy discounted goods using the stablecoin. The cryptocurrency would be used to transfer value directly from Facebook to the retailer, cutting out credit card companies as the middle man.
Even though retailers’ profits will be helped in this manner, you can’t help but ask what this will mean for credit card firms? Will people lose their jobs? Will companies go under? It’s unlikely that PayPal or Mastercard will plunge from this but it isn’t completely off the table if this is true.
Either way, GlobalCoin is a very interesting venture from Facebook and we are very excited to see what will happen. The stablecoin is expected to be officially unveiled on 18th June.
Source: Crypto Daily

Binance Plans To Switch Operations in the US: How Will it Affect the Cryptocurrency Markets?

World’s largest cryptocurrency Exchange which has grown seamlessly until now by complying with AML/KYC regulations. However, reportedly, the administration has to make a lot of significant changes in the US.
The Malta-based original will no longer be available in the US. Nevertheless, they have planned a US-based Binance to be launched soon.
Disable Trading of in the US
Binance announced an update to its Terms of Use on 14th June 2019, which included a restriction of service in the US. Hence, the Malta-based Exchange will no longer serve US citizens after 90 days, i.e., on 12th September 2019.
After the restrictions are imposed, users will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Hence, it seems that the regulations have been primarily imposed on trading only.
Also Read: Binance Exchange soon To Roll Margin Trading Service For the First Time
Plans to Launch a New Exchange in the US
Nevertheless, Binance is not planning on losing any of its customers in the US. It announced the launch of  yesterday on 13th June 2019.
Binance.US will be operated by BAM Trading Services and built on cutting-edge matching engine and wallet technologies licensed from Binance.
Moreover, it might require the customers to provide their verification details again, and Binance could stand to lose a share of its customers. Binance has been popular because of its all-inclusion strategy which has listed numerous cryptocurrencies on its platform since its inception in 2019.
Moon Overlord, an anonymous on Twitter expected a lot of shifts in the altcoin markets due to the move he tweeted,
I’d expect all kinds of craziness
Exit pumps on coins that wont be on Binance US, whales dumping their remaining ICO tokens, god knows what else… Stay safe out there
Also Read: Binance Coin [BNB] Price Analysis: Reaction to The Double-Top Pattern is Inevitable
However, some of these might be restricted for trading in the US. Poloniex, a US-based Exchange had recently discontinued trading services for nine cryptocurrencies which included Lisk [LSK], Ardor [ARDR], Bytecoin [BCN], NXT, Augur [REP], Game Credits [GAME], Ehtereum Gas [GAS], ONMI, Lisk (LSK) and Decred [DCR]. There is a high probability that Binance in the US will not include these cryptocurrencies as well. Moreover, restrictions on some of the ICOs might also be imposed.
Which other cryptocurrencies do you think might be affected by the shift? Please share your views with us. 
The post Binance Plans To Switch Operations in the US: How Will it Affect the Cryptocurrency Markets? appeared first on Coingape.
Source: CoinGape

Ethereum (ETH) Ascending Triangle Hints At Major Rally Ahead

Ethereum (ETH) is in a hurry to rally towards $300. The price has currently run into resistance around the $266 mark but the big picture indicates that we are likely to see the price rally past $300 in the days and weeks ahead. The ascending triangle on the daily time frame for ETH/USD could result in the price breaking to the upside in the same manner that it did during May. It is important to note that the price has also found support at the ascending channel and is now likely to rally towards the top of this channel before we see any pullbacks. The price remains above its 21 day exponential moving average and is expected to consolidate above it before its next big move to the upside. RSI also shows that there is ample room for a rally from here. The bulls are trying to regain control as the sentiment is gradually turning bullish.
The Crypto Fear and Greed Index is currently at 67, up from 63 yesterday and 62 last week. This goes on to show that greed is returning to the market and we might see a strong breakout anytime soon. Those that have been following ETH/USD for a while now might have noticed that it has kind of lagged behind against Bitcoin (BTC) compared to other altcoins. This is because Ethereum (ETH) remains overbought against Bitcoin (BTC) on larger time frames. For traders, it would make much more sense to go long on Bitcoin (BTC) than Ethereum (ETH) as the risk/reward is not worth it. Besides, we have seen that Tether (USDT) printing benefits Bitcoin (BTC) first which is then followed by an outflow of money from Bitcoin (BTC) into altcoins like Ethereum (ETH). Some traders are expecting a head and shoulders formation to play out but we do not expect that to happen before the market cap of Tether (USDT) starts to decline.

The weekly chart for ETHUSDShorts is more of a bull’s nightmare. The strong downtrend that kept the bears from pushing higher has now been broken and the number of margined shorts might be expected to rise. As the bearish pressure mounts up, we are likely to see the price of Ethereum (ETH) top out in the weeks ahead after a strong rally to the upside. ETHUSDShorts is expected to keep on rising as Ethereum (ETH) rallies.

The manner in which ETHUSDShorts rises or falls also gives us meaningful insights as to what the market makers are planning. If the shorts begin to stack up at a time when everyone is expecting a drop, we usually see the opposite happen. However, this time the price will be out of room to do the ‘opposite’. Instead, market makers will have to crash the price fast enough to prevent shorts from stacking up. Considering the shape of global economy and the state of the stock market in general and that of the cryptocurrency market in particular, the risks are too high to be buying at these levels even if it means missing out on a mini rally short term.
Source: Crypto Daily

Weekly Roundup: BTC to $40k? Ripple Travels to Brazil & Ubisoft Shows Interest in Crypto

Welcome back to CryptoDaily’s weekly roundup! This week has been yet another exciting week for the world of cryptocurrency and blockchain and so today, we’re going to discuss Fundstrat’s Tom Lee who recently made a $40k Bitcoin prediction. We’re also going to talk about Ripple who have just expanded their operations to South America as well as how the gaming industry is making moves into the crypto space.
Ripple Goes South
Ripple, the company behind the XRP token has just opened up an office in Brazil in order to get more clients on board with RippleNet, the network for institutional payment-providers. The company is also hoping to get local universities on board so that Ripple will be able to educate students on the benefits of blockchain tech.
According to a new report by business wire, the firm launched an office in Latin America to help spread blockchain awareness. The main focus of this expansion though is to help Ripple in the the sense of RippleNet adoption and other financial businesses across the country.

The former Chief Executive of Warranty Group, Luiz Sacco will be the one taking control of the new branch in Brazil. After he joined Ripple in the spring, Sacco has cited that Ripple wants to source for more clients to use the RippleNet system.
Ripple wants to make waves in universities too. The San-Francisco-based firm wants to partner up with some uni’s in the country to provide training programs, seminars and so on. In addition to this, Sacco says that this will help the promotion of distributed ledger technology as well as boost recognition of the XRP token.
Ripple is currently competing with SWIFT, another cross-border payment network but Ripple’s blockchain is reportedly used by around 200 companies on an international level. Over the next six months, we expect that this number will surge, especially as the firm expands into new territory like South America.
Gaming on Crypto
There is no doubt that cryptocurrency is an ever growing industry. One that has got several non-profit organisations showing significant interest. Despite this though, blockchain and cryptocurrencies as a whole haven’t really made any moves into the gaming space.

You might get dApp gaming but it isn’t quite the same as the AAA titles on your PlayStation or Xbox.
Things are looking up now though as it seems that one of the biggest game publishers in the world is starting the get involved in cryptocurrency.
As reported by the French publication – Les Echos – Ubisoft (Tom Clancy, Assassin’s Creed) has shown interest in the space as the French-based firm is eager to identify the potential applications of blockchain in gaming. The article also confirmed that Ubisoft’s team has already identified a suitable use case that can be put into practice.
The report says:

“The idea is to give a digital existence on the blockchain to the “items” (accessories) available in video games; content that publishers monetize and which constitute a manna more and more colossal for the actors of the sector.”

This move by Ubisoft is definitely an interesting one as it will first start the project off on the Ethereum blockchain.
You might be a gamer yourself and whether you love them or hate them, you can’t deny that they are one of the biggest companies out there which is home to some of the best AAA titles such as Assassin’s Creed.
In the future, Ubisoft will most likely bring in in-app/in-game purchases through the Ethereum network but nothing suggests cryptocurrency will be leveraged any time soon for these kinds of purchases.
Tom Lee & Bitcoin
Tom Lee, the co-founder of Fundstrat Global Advisors has recently spoke of his most recent prediction for Bitcoin where he states when BTC hits $10k, after that it will hit $40k within just five months.
The $10k mark alone is a very anticipated key resistance level for Bitcoin but $40k is one that would be a dream to many investors.
During an interview with the CFO of Binance, Wie Zhou, Lee spoke about his bullish prediction where he claims that fear of missing out (FOMO) will kick in for many investors and the market will slowly surge.
As we reported earlier in the week:
He [Lee] goes on to say that it will be “fast and furious” on the run towards $20,000 and said that after $10k is reclaimed, he thinks that Bitcoin will reach $40k within five months.
The reasoning behind this was because when FOMO takes action with investors, the price has historically surged from 200 percent to 400 percent.”
Source: Crypto Daily

Ripple Reveals RippleNet’s Expansion as 14 New Banks Sign Up

The global head of banking at Ripple, Marjan Delatinne has said that the firm’s network of banks and financial institutions, RippleNet, is expanding at an alarming rate, but in a good way of course!
Delatinne spoke in an interview with Bobsguide discussing the impact that blockchain tech has to offer for the finance world as well as just the world as a whole. Delatinne has said that 14 new banks and financial institutions have given the green light for RippleNet over the past few weeks alone.

“Among general audiences, they will still think that blockchain is the same as Bitcoin. But honestly what we see among banks and financial institutions that we are working with – and we have signed up with 14 in the past few weeks – is a decoupling of the concept of crypto assets and what the underlying technology can bring.
It very much depends on how you define blockchain. If you’re talking about speculation around Bitcoin and individual use cases, then people will probably laugh at the idea because it is still not clear. But if you’re really talking about cross-border payments, Ripple is leading in the space because of the approach that we have taken. We haven’t limited ourselves to the crypto use case, and that has helped banks and financial institutions embrace the technology.”

Ripple recently revealed that it’s adding up to three financial institutions per week, on average. On top of this, they said they have recorded more transactions on the network in the first quarter of this year than in the whole of 2018. The firm hasn’t released an update on the overall number of firms that have joined its network since revealing it has more than 200 clients at the end of last year.

Delatinne has said that the future of blockchain tech is mainly focused on liquidity and will first start off to make its biggest mark in smaller countries where it’s harder to move capital.

“This is where you will come face to face with the limitations of a piece of technology which has been in use for 40 years, and you will need something new. Liquidity management is really where the cost lies for banks because now some of the oldest markets in the world are moving to real-time. Of course, that is for small-ticket amounts, but as soon as your system and processes adapted to that, you can move to the large ticket amounts.
When that occurs, I think there will be a convergence towards new technology and the banks will experience it. Experts in liquidity management are realizing now just how far this new technology can bring them. After all, payments start with liquidity and end with liquidity.”

Source: Crypto Daily

Bitcoin (BTC): When To Expect The Next Big Crash?

Bitcoin (BTC) and Tether (USDT) have a really strong correlation and as we have seen in the past, Tether (USDT) printing is followed by aggressive pumps in the price of Bitcoin (BTC). However, the correlation extends beyond that and even gives us important signals as to when the price of Bitcoin (BTC) might be pumping or dumping well before it even happens. If we look at the Tether (USDT) Market Cap chart on the weekly time frame, we can see that it started to fall around October 08, 2018. Interestingly, the price of Bitcoin (BTC) declined crashed a month afterwards on November 12, 2018. So, how did this happen? Well, the way it works is that Tether (USDT) is printed to pump money into Bitcoin (BTC) and other cryptocurrencies.
When retail investors start buying, the printing and pumping slows down until Bitcoin (BTC) finds a local top. Then the whales or market makers move from Tether (USDT) into Bitcoin (BTC). This is exactly what happened between October 08, 2018 and November 12, 2018. During this time, the market cap of Tether (USDT) falls as money flows out of it into Bitcoin (BTC). When the conversion is done, they move from Bitcoin (BTC) into fiat (USD) and the market crashes. When the price bottoms out locally, they start printing Tether (USDT) again which is then used to pump Bitcoin (BTC) and other cryptocurrencies again. Now, October 08, 2018 showed us what was going to happen next before it even happened. We can spot the same thing again which is why it would be a good idea to get out of cryptocurrencies soon as the market cap of Tether (USDT) starts to decline again.

There are two important things to note here. The market cap of Tether (USDT) could easily rise above $3.5 billion in the near future. Meanwhile BTC/USD can also rally towards $10,000 but it is beginning to dawn on most investors that this is not the 2015 styled rally that they have been anticipating. In fact, even some analysts that think that Bitcoin (BTC) is likely to bottom around the end of the year are being a little too optimistic. We need to look at this beyond cryptocurrency charts and understand what is really going on in the world and what it might mean for Bitcoin (BTC) and other cryptocurrencies.

We have seen for the past few months that the United States is itching for trouble. The current administration is constantly looking for ways to create trouble and as we saw recently, they have been successful so far. We now have conflicts with China and Iran that could escalate into something bigger. Japan showed its intent to keep buying Iranian oil and Prime Minister Shinzo Abe also visited Iran a few days back. Interestingly, there was an attack on two oil tankers in the Gulf of Oman and the US has once again blamed it on Iran. It does not take much to see where all of this is going. We are not short of catalysts at the moment to see a stock market crash and when that happens, it is not going to be a good day for Bitcoin (BTC).  
Source: Crypto Daily

Bitcoin Futures Volume Breaks Records on CME

Chicago Mercantile Exchange smashed records recently with its Bitcoin futures in both volume and open interest. In a new report, CME group reveals that in May, the firm showed massive growth with 223 new trading accounts. This makes is the most successful month for Bitcoin futures product since launching in December 2017.
The average daily volume ended at 13,777 contracts for the month – or about $515 million in notional USD-traded value. This is up 36 percent since April and 250 percent annually.
Fundstrat’s head of research, Tom Lee has said:

“This is very bullish as the rise in Bitcoin futures volume reflects incremental institutional money.”

With CME posting new highs for Bitcoin futures, Chicago Board Options Exchange (Cboe). For those that don’t know, Cboe is the world’s largest options market, which is stepping away from the market.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never had even heard of cryptocurrency and get involved with the space.
During this time, Cboe became the first US exchange to launch Bitcoin futures but it is now expected to settle its last Bitcoin futures contract next week on June 19th following an announcement stating that it would not issue a new Bitcoin futures market in March and that it would reassess trading its derivatives product, Cboe Bitcoin (USD) Futures (XBT)

“CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading. Currently listed XBT futures contracts remain available for trading.”

You can see the full report here.
Source: Crypto Daily