Day: July 27, 2018

There’s a Bigger Scam Than Anything in Crypto, It’s Called KYC/AML

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Edan Yago has spent the last seven years engaged in payments using cryptocurrencies, first at Zynga, then as CEO of Epiphyte and now as the founder of a stealth startup developing a meta-stablecoin platform. Follow him on Twitter here. The worst-kept secret in cryptocurrency is that many projects are little better than scams: they’ve digested billions of dollars and what’s come out of the other side has been, well… use your imagination. But what about the ever-increasing, ever-complex, ever-demanding know-your-customer (KYC) and anti-money-laundering (AML) practices required of young fintech and crypto startups…

Ripple Price Analysis: XRP/USD Remains in Tiny Range

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Key Highlights Ripple price failed to break an important resistance at $0.4675 and declined against the US dollar. There was a break below a connecting bullish trend line with support at $0.4620 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is now trading well below the $0.4600 support and the 100 hourly simple moving average. Ripple price is under pressure once again against the US Dollar and Bitcoin. XRP/USD has to stay above the $0.4500 support to avoid further declines. Ripple Price Decline Yesterday,…

Tron (TRX) Price Watch: Which Way Will It Break Out?

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Tron Price Key Highlights Tron has formed lower highs and higher lows to create a symmetrical triangle pattern. Price just bounced off the top and may be due for a test of support soon. Technical indicators suggest that there’s a chance for support to break and lead to a selloff. Tron is consolidating in a symmetrical triangle pattern and might be due for a break below support. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the…

Ethereum Price Analysis: ETH/USD Broke Key Support and 100 SMA

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Key Highlights ETH price declined recently and broke a key support near $468 against the US Dollar. Yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now trading well below the $468 support and the 100 hourly simple moving average. Ethereum price failed to stay above major supports against the US Dollar and bitcoin. ETH/USD is trading below the $468 support with a bearish angle. Ethereum Price Resistance There were a few rejections noted…

Bitcoin (BTC) Price Watch: Can Bulls Defend This Level?

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Bitcoin Price Key Highlights Bitcoin price is testing the ascending channel support and might be due for a bounce. This is in line with a number of other inflection points that might be enough to keep losses in check. A continuation of the climb could lead to a test of the Fibonacci extension levels from here. Bitcoin price appears to be encountering support at the channel bottom and may be due for a rally continuation. Technical Indicators Signals The 100 SMA is above the longer-term 200 SMA to confirm that…

Indian State of Telangana to Sign MoUs With Blockchain Firms, Streamline Gov’t Services

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The Indian state of Telangana announced it will sign several memoranda of understanding (MoUs) with blockchain firms as to eventually implement the technology in state applications, local Indian news agency the Business Standard reports July 26. Telangana IT Secretary Jayesh Ranjan revealed that the state is planning to enter into MoUs with a number of blockchain-focused firms in order to implement the technology in “six or seven government applications.” According to the government official, the measure aims to bring more transparency and efficiency to public services provided by the state.…

Bitcoin Cash Price Analysis: BCH/USD Back in Bearish Zone

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Key Points Bitcoin cash price failed to hold gains and declined below the $825 support against the US Dollar. Yesterday’s highlighted important bullish trend line was breached with support at $840 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is now back in a bearish zone with an immediate support near the $780 level. Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD dropped below the $825 support to move into a bearish zone. Bitcoin Cash Price Decline There were…

Crypto Merchant Bank Galaxy Digital Lost $134 Million in The First Quarter of 2018

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Mike Novogratz’s crypto-focused merchant bank Galaxy Digital released its first quarter report for 2018, posting a $134 million loss as cryptocurrency markets slumped, according to Bloomberg July 26. Galaxy Digital lost $13.5 million in its trading business, with $85.5 million of unrealized loss on digital assets, $1.1 million in paper losses on investments, and $22.9 million in paper loss on investments in its principal investing business. As of March 31, Galaxy digital had $281.7 million in assets, of which $225.8 million were digital assets and investments. Novogratz, who founded Galaxy…

South Carolina State Regulators Withdraw Enforcement Actions on Two Blockchain Startups

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The Securities Division of the Office of the Attorney General of South Carolina has removed cease-and-desist orders against two blockchain startups, according to public documents published July 26. Today’s order removed a cease-and-desist order filed by the South Carolina Attorney General’s office against shipping platform ShipChain for violating the state’s securities statutes on May 21. Regulators initially accused the firm of running afoul of securities laws during their private SHIP token sale. The second firm, cloud mining platform Genesis Mining, which was previously halted by the South Carolina Attorney General’s…

CME Will Not Introduce Altcoin Futures Anytime Soon, Says CEO

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The Chicago Mercantile Exchange (CME) will not introduce futures on cryptocurrencies other than Bitcoin (BTC) in the near future, CME CEO Terry Duffy revealed in an interview with Bloomberg July 26.   In the interview, Duffy said that the company should first evaluate and develop an approach for Bitcoin, stressing that Bitcoin futures “might have been the most controversial launch of a product.” Duffy emphasized that altcoins futures contracts cannot be launched immediately, because they are “highly volatile and new,” and the company cannot just list products for trading in order…