Day: December 24, 2019

Why Ethereum Could Rally by Over 100% Against Bitcoin: Analyst

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Although all eyes have been on Bitcoin as of late, it may be time to pay some heed to altcoins like Ethereum and XRP. According to a recent analysis of the ETH/BTC chart, Ether may soon rally by over 100% against the leading cryptocurrency Bitcoin, with technical and fundamental factors supporting a rally in this trading pair. Related Reading: XRP Could Soon Fall Against Bitcoin, Analyst Warns as Pressure Builds Ethereum/Bitcoin Could Surge 100%, Analyst Says According to a trader, the chart of ETH/BTC is setting up for an upward…

Out of the Ashes: Four Trends to Shape Crypto in 2020

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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Charles Hayter is co-founder and CEO of digital asset data platform CryptoCompare. The views expressed here are his own. Cast your minds back to the beginning of 2019, and the tenth anniversary of the mining of the bitcoin genesis block. The industry had very little to celebrate. Prices had sunk to new lows, while startups and even some of the industry’s heavyweights were beginning…

Forex Reforms Will ‘Deal With Cryptocurrency,’ Says Chinese Government

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China has hinted that its treatment of cryptocurrencies such as Bitcoin (BTC) may change again as it looks to reform its forex markets. As Reuters reported on Dec. 24 citing a senior government official, a new research initiative will accompany the expansion of Beijing’s blockchain cross-border financing pilot platform. China looks to control a new situation in forex The platform, launched in March this year, is currently running as a pilot scheme in 19 provinces. “We will gradually expand the scope of the pilot and the application scenarios of blockchain…

Greek Court Suspends Decision to Extradite Alleged Crypto Criminal

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Greece’s top administrative court has suspended a decision to extradite Alexander Vinnik, a Russian national suspected of laundering of billions of dollars through a cryptocurrency exchange. According to Reuters on Dec. 23, Vinnik’s lawyer said that the decision to extradite is suspended until the court hears an appeal, the date of which is still pending.  As Cointelegraph reported, the Greek Ministry of Justice, Transparency and Human Rights had decided to extradite Vinnik to France earlier this month. At the time, the Russian Embassy expressed its regret that the Greek government…

Ripple Raises $200 Million in a Bid to Accelerate XRP Adoption

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Ripple, the company behind the XRP cryptocurrency, disclosed that it has raised $200 million in a Series C funding round that was led by Tetragon. Major participants included SBI Holdings and Route 66 Ventures. The funding represents an active effort on part of Ripple to enhance XRP adoption to broader audiences. The company is reportedly valued at $10 billion now. It rose to prominence in 2017 when XRP witnessed a massive growth in terms of adoption and usage. The XRP digital currency is seen as the brainchild of Ripple and…

Muslim Nations Float the Idea of Common Cryptocurrency to Counter USD

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Participating members of the Kuala Lumpur Summit last week have proposed a united cryptocurrency for Muslim nations. The key idea behind such a digital asset would be to manage and administer financial resources without relying too much on the U.S. dollar. The Iranian president, Hassan Rouhani, speaking at the Kuala Lumpur Summit 2019 round-table session said about the idea of a Muslim digital currency: “In the past, Prime Minister Dr. Mahathir Mohamad was seeking to introduce the (gold) dinar and today, with new technologies, we would be able to set…

Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key

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Bitcoin price failed to extend gains above $7,700 and declined more than $400 against the US Dollar. The price is now trading below $7,400 and it declined close to the $7,260 support area. Earlier, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $7,120 support to avoid a bearish reversal in the near term. Bitcoin price is back to the key $7,200 support area against the US Dollar. BTC…

Ripple Bears Advance Warning To Bitcoin And Ethereum Bulls

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Ripple price is still struggling to gain momentum and declining below $0.1920 against the US dollar. Yesterday, XRP failed to rise substantially, while bitcoin and Ethereum climbed more than 5%. Recently, there was a break below a major bullish trend line with support near $0.1955 on the hourly chart of the XRP/USD pair (data source from Kraken). There is a risk of more downsides below the $0.1900 support levels in the near term. Ripple price is showing bearish signs below $0.1920 against the US Dollar, while BTC and ETH are…

Ethereum Down 5%, But Market Sentiment Is Still Positive

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Ethereum is down more than 5% and it broke the $130 support area against the US Dollar. The price is currently testing the $125 and $126 support levels, with a positive bias. Earlier, there was a break below a contracting triangle with support near $132 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin is down around 4% and it is now trading below the $7,400 level. Ethereum price is back to a key support zone versus the US Dollar and bitcoin. ETH price must stay above the…

China Issuing Bonds on Blockchain Is a Sign of What’s to Come

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The Bank of China has recently issued 20 billion Chinese yuan ($2.8 billion) of special bonds, which it has sold in order to fund small and micro-enterprise businesses, according to the China Development Network.  This recent issuance of $2.8 billion in bonds is nothing to look twice at and was largely expected, given the bank’s inclusive small and micro-enterprise loan balance at 404 billion yuan so far this year — representing an increase of 35.36% since the end of the previous year and catering to nearly 410,000 small and micro-enterprise owners.…