Day: January 6, 2020

People’s Bank of China ‘Progressing Smoothly’ With Digital Yuan

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China’s central bank, the People’s Bank of China (PBoC), reports that it is “progressing  smoothly” with its development of a government-backed digital currency. The bank issued its statement during a working conference held in Beijing from Jan. 2–3, according to an official news release published yesterday, Jan. 5.  Five years in the making As reported, China has devoted five years of research and system development work to its forthcoming central bank digital currency (CBDC), and proceeded to conduct its first real-world pilot of the currency in Dec. 2019.  As a…

US SEC Settles in Long-Running Fraud Case Against Longfin CEO

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The United States Securities and Exchange Commission (SEC) announced that it has agreed to a settlement with the CEO of purported cryptocurrency company Longfin in a statement, Jan. 3. Venkata Meenavalli agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him, subject to court approval. The SEC’s complaint alleged that Longfin and Meenavalli falsely claimed that the company was based in the U.S. in order to gain a regulation A+ qualification for its offering. Over 400,000 Longfin shares were then allegedly distributed to Meenavalli’s…

Bitcoin Price Clears $7.5K After Overnight Dip Fills CME Futures Gap

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Bitcoin (BTC) trudged closer to $7,600 on Jan. 6 after an overnight dip failed to trigger a sustained sell-off. Cryptocurrency market daily overview. Source: Coin360 BTC range suggests few surprises Data from Coin360 and Cointelegraph Markets put the largest cryptocurrency back over the $7,500 mark on Monday, with 24-hour highs hitting $7,550. Previously, BTC/USD had lost support at $7,450 and fallen to lows of $7,330, but support at those levels appeared stronger and allowed markets to bounce upwards. The effect was Bitcoin filling another “gap” in futures markets, this time…

Qatar Financial Centre Puts Blanket Ban on Cryptocurrency Businesses

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The Qatar Financial Centre Regulatory Authority (QFCRA) announced that virtual asset services may not be conducted in or from the Qatar Financial Centre (QFC). The regulator announced the new measures in a tweet published on Dec. 26, stating that authorized firms are not permitted to provide or facilitate the provision or exchange of crypto assets and related services until further notice. The QFCRA warns: “The Regulatory Authority shall impose penalties in accordance with its rights and obligations […] in case of any violation of undertaking […] activities that are not…

Bitcoin, Ether, and XRP Weekly Market Update January 6, 2020

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The total crypto market cap added $4.3 billion to its value for the last seven days and now stands at $201.9 billion. The top 10 currencies were all in green for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performers with 14.8 and 10.9 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $7,504 while ether (ETH) moved up to $138. Ripple’s XRP is still trading at $0.196. BTC/USD Bitcoin closed the trading session on Sunday, December 29,…

Closer Look at SEC ‘Accredited Investor’ Revamp Suggests Little Will Change

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For the first time in nearly 40 years, the U.S. Securities and Exchange Commission is lowering the barriers to investing in private securities. How much lower is unclear, however. Three of the five SEC commissioners voted to publish a proposal for updating the definition of “accredited investors,” a category of individuals and institutions that are allowed to take part in private financial markets, on Dec. 18. The general public has 60 days from the proposal’s publication in the Federal Register (the official record for the U.S. government) to comment on…

Hundreds of Institutions Are Already Investing in Crypto: Coinbase CEO

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In an extensive blog post about potential major trends in the cryptocurrency space in 2020, Coinbase CEO Brian Armstrong said that hundreds of institutional investors are already investing in the crypto market. Throughout 2019, with the launch of Bakkt, much of the year’s narrative surrounded the entrance of institutions into the crypto sector. According to the CEO of one of the biggest cryptocurrency exchanges globally, institutions are already actively investing in the emerging asset class and the trend is likely to continue throughout 2020. Will institutions further bolster the crypto…

Why Bitcoin Bulls Need To Be Cautious As Price Approaches $7.8K-8K

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Bitcoin might be starting a strong bullish wave above $7,500 against the US Dollar. However, BTC bulls must be careful considering a cluster of resistances between $7,700 and $8,000. Bitcoin price is gaining traction above the $7,400 and $7,500 resistance levels against the US Dollar. There are many hurdles on the upside, starting with $7,640 and up to $8,000. There is a connecting bullish trend line forming with support near $7,360 on the hourly chart of the BTC/USD pair (data feed from Kraken). A continuous failure near $7,700 and $7,800…

Ripple Primed For Crucial Bullish Break, $0.2120 Seems Imminent

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Ripple is grinding higher above $0.1950 against the US Dollar, whereas bitcoin and Ethereum surpassed key hurdles. Therefore, XRP price is likely to climb above $0.2000 and $0.2100. Ripple price is showing positive signs above the $0.1920 resistance against the US dollar. Bitcoin rallied above $7,500, opening the doors for more gains in the near term. There is a key rising channel forming with support near $0.1940 on the hourly chart of the XRP/USD pair (data source from Kraken). There are high chances of a crucial upside break above the…

Ethereum Smashes Resistance, Reasons Why ETH Could Rally 10%

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Ethereum gaining bullish momentum above key hurdles versus the US Dollar, similar to bitcoin. ETH price is likely to accelerate higher towards $145 and $150 in the near term. Ether price is rising steadily and trading above the $135 resistance against the US Dollar. BTC is also showing a lot of positive signs above the $7,400 resistance area. There is a key bullish trend line forming with support near $134 on the hourly chart of ETH/USD (data feed via Kraken). ETH remains well bid above $130 and it seems to…