Day: October 15, 2018

Hong Kong’s Security Watchdog to Propose Crypto Regulation, Chairman Says

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Hong Kong’s securities and futures commission (SFC) is planning to introduce crypto regulation to protect investors, the SFC chairman told Hong Kong English-language newspaper the South China Morning Post (SCMP) Monday, Oct. 15. Chairman Carlson Tong Ka-shing — who will pass his position in the SFC to Tim Lui Tim-leung on Oct. 19 — said in an interview that the watchdog is not considering a ban on cryptocurrency platforms as the Chinese mainland has done, adding that they don’t think that a total ban is “necessarily the right approach”: “It…

Price of Tether Stablecoin Tanks to 18-Month Low

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The price of the tether stablecoin (USDT) has fallen to an 18-month low Monday, despite a general rise in the wider crypto markets. The tether-US dollar exchange rate (USDT/USD) fell to $0.925284 at 07:00 UTC  – the lowest level since April 27, 2017 – and was last seen trading at $0.967296, representing a 2 percent drop on a 24-hour basis, according to CoinMarketCap. The slide in the USDT price has pushed up the premium carried by bitcoin (BTC) prices on the Bitfinex exchange above $600. As of writing, bitcoin is…

Cardano Price Analysis: ADA/USD Surging Towards $0.090

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Key Highlights ADA price formed a decent support near the $0.0700 level and rallied recently against the US Dollar (tethered). There was a break above a key bearish trend line with resistance at $0.0802 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is placed nicely in a positive zone and it could move further towards $0.0880 and $0.0900. Cardano price jumped back in a positive zone against the US Dollar and Bitcoin. ADA/USD is likely to accelerate gains towards the $0.0900 resistance. Cardano Price…

Bitcoin Explodes to $7,500 as Tether Loses USD Peg

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Bitcoin price surged 9 percent within hours as Tether started losing its grip on the USD-peg. The BTC/USD pair closed yesterday on a modest 2 percent gain in pennant formation action following the recent drop. Nevertheless, the couple started picking momentum during the early Asian trading session and jumped to as high as 7800-fiat from its previous low near 6300-fiat. At the same time, Tether’s USDT/USD pair lost came crashing down below 0.95-fiat at the beginning of the Asian session. It eventually formed lower lows towards 0.85-fiat, before correcting higher…

Blockchain Refresh: Why KPMG’s New Strategy Focuses on Customs

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KPMG has decided to “refresh” its distributed ledger technology (DLT) strategy, according to new U.S. blockchain lead Arun Ghosh, who took over the group in September. Revealed exclusively to CoinDesk, the Big Four consultancy has taken to expanding its blockchain activities beyond the pure financial services work it had been doing, to explore a less-traveled path. Specifically, KPMG is homing in on the point where cross-border manufacturing and supply chain meet finance, customs duty, taxation and compliance. This is different than the usual supply chain use case, Ghosh said. He…

MasterCard, VISA to Classify Crypto, ICOs as ‘High Risk,’ Increase Monitoring, Sources Say

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Payment giants MasterCard and VISA will soon group cryptocurrency and Initial Coin Offering (ICO) jurisdictions in a new “high risk” category, financial trading news site Finance Magnates reported Friday, October 14. According to the Broker Complaint Registry, some details of the shortly upcoming classification by MasterCard had already become public in May of this year. The registry notes that binary options, CFDs, forex, cryptocurrency options, and ICOs will fall under a new category of “High-Risk Securities Merchants” starting on Oct. 12, 2018, and will be subject to additional monitoring. According…

Ripple Price Analysis: XRP/USD Rallies Above $0.4200

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Key Highlights Ripple price rallied recently and broke the $0.4200-0.4300 resistance against the US dollar. There was a break above two key bearish trend lines with resistance near $0.4200 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair cleared the all-important $0.4200 resistance and the 100 hourly simple moving average. Ripple price is rallying sharply against the US Dollar and Bitcoin. XRP/USD may continue to move higher as long as it is above $0.4200 and $0.4300. Ripple Price Analysis After dropping towards the $0.3500 level,…

Bitcoin Surges to $7,500 on Bitfinex as Tether Implodes, Real Price $6,700

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The price of Bitcoin has surged from $6,300 to $7,500 on Bitfinex, a major cryptocurrency exchange that reportedly operates Tether LLC, a firm that oversees the development of stablecoin Tether (USDT). Bitcoin is being traded with a significant premium on exchanges that have integrated USDT such as OKEx and Huobi, because traders have initiated the biggest sell-off of USDT to date. The sudden dump of USDT led the price of the stablecoin to drop to $0.94, by around 6 percent from its peg at $1. The drop in the value…

Ethereum Price Analysis: ETH/USD Jumps Above Key $200 Resistance

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Key Highlights ETH price finally gained momentum and broke the $197 resistance against the US Dollar. There was a break above a key bearish trend line with resistance at $197 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now placed nicely above the $197 and $200 resistance levels. Ethereum price gained momentum recently against the US Dollar and bitcoin. ETH/USD is now placed for more gains above the $197, $198 and $200 resistance levels. Ethereum Price Analysis Recently, there was a minor upside move from…

Bitcoin Cash Price Analysis: BCH/USD is Struggling Below $450

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Key Points Bitcoin cash price failed to recover above the $440 and $450 resistance levels against the US Dollar. There is a connecting bearish trend line in place with resistance at $444 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair could decline below $420 if it continues to struggle near the $440-450 zone. Bitcoin cash price is facing a tough barrier at $450 against the US Dollar. BCH/USD may consolidate between $420-450 before it makes the next move. Bitcoin Cash Price Analysis Recently, there…