TRON (TRX) Founder Justin Sun Gathers One Million Followers on Twitter

Third party services may advertise Spread bets and CFDs on Cryptovest, which are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when spread betting or trading CFDs. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

Tezos (XTZ) Rallies Against Market; $1 Price Possible?

Third party services may advertise Spread bets and CFDs on Cryptovest, which are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when spread betting or trading CFDs. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

Bitcoin Price Falls Back Into Consolidation Zone

Bitcoin (BTC) has had an eventful 24 hours, as far as price action is concerned, after a series of rocketing reversals down and back up.

The leading crypto had yesterday tepidly broken out of a weeklong consolidation between roughly $3,940 and $4,000. That small push above 4k came without much volume or power. What’s more, it entered the 2018 downtrend (linear chart) resistance line (the orange field below), which has a year worth of price history. The push looked precarious, and indeed it did not hold this level for more than half a day.

A sharp drop followed, breaking all the way through previous support and nearly to the next local supports, in the mid $3,800’s. In a somewhat heartening sign, this dump was quickly bought back up to the exactly same consolidation zone as last week. But BTC is now stuck under the 55 hour exponential moving average, whereas before it was trending above (see below, Kraken exchange).

bitcoin price 22 march(source: TradingView.com)

This sort of sharp fall, piercing support zones before being quickly bought back up, has been happening to Bitcoin with some frequency in the past weeks. We can count at least four instances in the last month of this movement. But in previous instances, the drop was usually bought up all the way back to where it began – where as in this case, Bitcoin price has so far failed to get back above $4,020.

bitcoin price 22 march(source: TradingView.com)
Price is still well within the local uptrend, first laid on about 17 February. A continued respect of this uptrend, however, will again bring BTC in contact with its 2018 (linear chart) downtrend line. We must entertain that this downtrend has strength, as it is exactly where Bitcoin was yesterday punched back down to previous support.

bitcoin price 22 march(source: TradingView.com)

If we zoom out to the weekly chart, we can clearly see the force of this downtrend line – breaking it will be no light matter.

bitcoin price 22 march(source: TradingView.com)

Ravencoin Price Discovery

On the altcoin front, Ravencoin (RVN) has proved to be one of the highest gainers of the last month. After breaking out of a falling wedge pattern in late February, Ravencoin gained over 200% (trading against Bitcoin, not USD) to retest its previous all-time-high. After pulling back from this level and reconsolidating at the 0.5 fibonacci level, Ravencoin yesterday entered “price discovery” mode aftear breaking preview highs – now up 300% from the original Febrary breakout.

ravencoin price(source: TradingView.com)

Ravencoin now boasts a market capitalization of nearly $140 million, according to CoinMarketCap.com

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research

Crypto Lawyer Drew Hinkes Joins Firm to Help ICO Issuers Fight Back

Blockchain lawyer Andrew Hinkes is spoiling for a fight.

The general counsel at investment bank Athena Blockchain and an adjunct business and law professor at New York University, Hinkes believes token issuers will soon start pushing back against regulatory enforcement actions and demanding clearer guidance, after mostly taking it on the chin for the last year or so. And when that happens, he’ll be in their corner.

Revealed exclusively to CoinDesk, Hinkes has joined the blockchain and digital currency practice of the law firm Carlton Fields, where he will focus on litigating cases for token sellers.

“What we have seen so far is folks just settling with the regulators, but we have started seeing some companies that want to fight back or try to use the litigation process to get a better clarity on what their obligations are by challenging some of the positions taken by the regulators in court,” Hinkes told CoinDesk.

A member of the blockchain community since 2014 and occasional CoinDesk op-ed contributor, Hinkes has been for years advising companies including token issuers, bitcoin ATM networks, investment funds and high-net-worth investors.

Earlier in his career, though, he duked it out in court on behalf of corporate clients in construction, real estate and consumer fraud cases. As such, he will act as “a bridge between our firm’s crypto regulation and corporate practice and our litigation practice,” said Justin S. Wales, the co-chair of Carlton Fields’ blockchain practice.

This cross-training will be valuable to the team, Wales told CoinDesk, noting that the industry has already seen “a four-fold increase in suits involving cryptocurrencies or blockchain-based technologies in each of the last four years.”

“There is absolutely going to be more litigation in the space, both as defenses of regulatory enforcement and through civil litigation. We are already seeing this,” Whales said.

Hinkes will keep his job at Athena Blockchain, the firm he joined last year that helps companies issue tokenized securities, and his professorships at NYU. “Obviously, there are ethical concerns when an attorney has a stake in both in a bank and a law firm. But in consultations with legal folks at Carlton Fields, we’re comfortable with appropriate disclosures to be made,” Hinkes said.

Battle ready

As a harbinger of brawls to come, Hinkes cited the example of the startup Kik, which announced in January that it’s prepared to challenge the SEC in court to prove its initial coin offering (ICO) wasn’t a sale of unregistered securities.

After watching the Securities and Exchange Commission come after the ICOs of 2017, newer projects are acting cautiously, launching token offerings in the form of STO and working closely with the regulators to avoid any troubles. But those who had already sold tokens in the past year or two don’t have this option anymore.

The problem for the industry at the moment is that there is no comprehensive regulation to rely upon, Hinkes said.

“The regulators, for the most part, have so far provided us with a bunch of orders that were written in the way to tell everyone what they expected to do, but it’s not guidance and it’s not a law,” he said.

One way to clarify the situation would be for Congress or a state to issue a law about the legal status of token sales, but in the absence of that, the only other way to get more clarity is to challenge the regulators and their position in court, he added.

However, challenging the SEC will require some internal work, too, Hinkes said, concluding:

“I expect that companies will push against the regulators, which will mean the companies will have to do internal investigations and will first investigate and then negotiate with the regulators. I think there will be significant civil and criminal litigation to come, an I believe it’s going to become a larger part of the cryptocurrency and blockchain world.”

Image courtesy of Andrew Hinkes

In the Daily: Mt. Gox Claims, Crypto Derivatives, Facebook Vacancy, Swiss Regulations

In the Daily: Mt. Gox Claims, Crypto Derivatives, Facebook Vacancy, Swiss Regulations

Mt. Gox rehabilitation trustee Nobuaki Kobayashi has reviewed the claims filed by the exchange’s creditors and we’ve included his announcement in The Daily. Also, Caspian launches crypto derivatives trading in partnership with Deribit, Facebook is looking to hire a blockchain lawyer, and Swiss lawmakers have tasked the federal government with adapting existing regulations to cryptocurrencies.

Also read: Coins at Kiosks, Micropayment Solutions, Token Launchpad, GPU Inventory

Mt. Gox Trustee Completes Review of Claims

The rehabilitation trustee in the Mt. Gox case, Nobuaki Kobayashi, has completed the review of the claims filed by the users of the hacked exchange. According to an official announcement, Kobayashi has approved or disapproved the claims of the creditors concerning their rights to ask for the return of their funds from Mt. Gox and submitted the respective statements to the Tokyo District Court.

In the Daily: Mt. Gox Claims, Crypto Derivatives, Facebook Vacancy, Swiss Regulations

The English translation of the document, dated March 19, reveals that in the coming days the trustee will inform the claimants of the results of his review. Users who have filed their claims through the online filling system hosted on the Mt. Gox website will be able to check the results by logging into their accounts. Other creditors will be notified of the approval or disapproval of their rehabilitation claims via email.

Caspian Launches Crypto Derivatives Trading

Asset management platform Caspian, which works with institutional investors, has announced it’s now offering options and futures crypto trading. The new services will be provided through an integration with the crypto derivatives exchange Deribit. Caspian clients will have access to financial instruments based on bitcoin core (BTC) and ethereum (ETH). Perpetual crypto swaps will also be available.

According to a press release, Caspian connects to the Deribit platform via an API that supports high volumes with low latency, providing traders and investors with access to the exchange’s full options order book. Representatives of the company noted that no fee will be charged on deposits and withdrawals of funds from the platform. Clients will be offered leverage up to 100x.

Facebook to Hire Lawyer Experienced in Blockchain

Social media giant Facebook has recently announced a vacancy for a legal expert with blockchain experience. According to the ad, the future Lead Commercial Counsel will be expected to support the company’s “new initiative in the development of blockchain applications.”

In the Daily: Mt. Gox Claims, Crypto Derivatives, Facebook Vacancy, Swiss Regulations

“You will be responsible for drafting and negotiating a wide variety of contracts related to our blockchain initiatives, including partnerships needed to launch new products and expand such products internationally,” details the job posting published this week on Facebook’s website. The lawyer will also advise clients on the legal risks related to commercial transactions and general operations.

Although the announcement does not explicitly mention digital assets or cryptocurrencies, “experience with blockchain or payments technology” is among the minimum qualifications candidates are required to have. They should also have prior experience in dealing with the legal issues arising from blockchain applications and payment systems.

Swiss Lawmakers Want Crypto Regulations

The Federal Assembly, Switzerland’s legislature, has approved a proposal to task the Alpine nation’s government with adapting the existing provisions and procedures used by the judicial and administrative authorities so that they can be applied to cryptocurrencies. The motion filed by Giovanni Merlini, a member of the Swiss parliament, was approved in a 99 to 83 vote with only 10 abstentions.

In the Daily: Mt. Gox Claims, Crypto Derivatives, Facebook Vacancy, Swiss Regulations

According to an announcement published on the assembly’s website, Merlini insisted on the importance of closing the gaps in the protection against abuse in the crypto space. The lawmaker noted that cryptocurrencies could be issued to anyone via decentralized, peer-to-peer networks and warned that many of them are anonymous. This, in his opinion, favors extortion and money laundering.

The Federal Council, the Swiss central government, is now expected to clarify how the risks can be contained and whether entities operating crypto trading platforms should be subjected to supervision by the country’s financial watchdog, Finma.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock.


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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.

Why This Crypto Analyst Expects For Bitcoin To Fall Under $2,000

Over recent weeks, the industry news cycle has seemingly ticked positive, stakeholder sentiment is more cheery than sardonic, and the value of Bitcoin (BTC) has begun a foray to the upside. All this, coupled with the fact that trading activity has purportedly skyrocketed, has left a multitude of commentators on their toes as they eagerly anticipate a notable rally in crypto assets.

Yet, some have maintained a bearish tone, relentlessly calling for BTC to go sub-$3,000. These short-term bears, who have yet to retreat into a state of hibernation, cite Bitcoin’s historical market cycles to back their forecasts. But, could their harrowing wails for lower lows truly come to fruition?

Bitcoin Bears Might Not Be Done Yet

Cryptocurrencies may be nascent, but over their decade-long lifespan, their respective markets have developed underlying patterns. Leading analyst Josh Rager recently touched on one of these trends, taking to Twitter to exclaim why it’s likely that BTC could revisit its $3,150 low and potentially crumble even further.

Rager explains that in 2014-2016’s cycle, BTC fell to a low, where everyone thought the market had bottomed, before establishing a rebound high, a higher low, and then a higher high — a series of moves that could signal a bullish breakout or reversal. Then, however, Bitcoin plummeted lower, falling from its $380 range to $160 in a matter of months.

As the crypto market recently underwent the same pattern, save for the higher high off a higher lower, Rager noted that it would be interesting to watch for Bitcoin to “repeat 2015 with a slow-sideways-decline” before an “ending capitulation.” And with that, he depicted BTC theoretically hitting $4,800 before a nasty, rapid drawdown to $1,800 by mid-May, which would be followed by an eventual recovery.

Interestingly, Rager isn’t the only analyst to have speculated that $1,800 is in BTC’s cards. Through the use of historical analysis and key technical levels, like the 200-week moving average (200MA), 300MA, and 400MA, Murad Mahmudov explained that Bitcoin’s “steady support” will be found at an MA300 of around ~$2,400. However, the Adaptive Capital partner made it clear that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”

A More Bullish Picture

While Rager and Mahmudov seem wary of what’s to come for this market, others are adamant that the bottom has been established. Ryan Selkis, the chief executive of cryptocurrency analytics provider Messari, remarked that he would be “extremely surprised” if Bitcoin hasn’t found a floor in this bear market.

Selkis, a hard-line believer that BTC is best used as a digital store of value, explains that for long-term bulls, waiting to catch the final capitulation event is nonsensical, as the five-year expected value of crypto assets is “25 to 50 times” current prices.

Sure, this may sound zany at first glance, especially considering the 80% drawdown that Bitcoin has experienced, but Selkis is far from alone in pushing such a buoyant investment thesis.

Magic Poop Cannon, an industry commentator that Tom Lee once lauded, noted on TradingView that BTC remains in a “very clear cyclical uptrend,” in spite of the downturn seen last year. He argued that while Bitcoin will range between $3,000 and $5,000 for much of 2019, lower lows are near-improbable, as BTC is unlikely to break a line it hasn’t broken, well, ever.

Sentiment-wise, crypto’s prospects are looking bright too. The Crypto Dog wrote the following:

Even if digital assets have further to fall, some are convinced that catching the exact bottom isn’t a necessity, especially considering the considerable upside potential that lies in wait for Bitcoin.

Alec “Rhythm Trader” Ziupsnys claims that it is unwise to actively seek lows. In a tweet, Ziupsnys wrote that trying to catch the exact bottom in crypto markets is “like trying to pick up a penny in front of a steamroller,” hinting at his thought process that there is a copious amount of risk for a little potential return. Rager himself once issued a similar quip, proclaiming that in three to five years’ time, it won’t matter whether your Bitcoin cost basis is $1,800 or $3,000, as this market will likely have gone above and beyond current expectations.

Featured Image from Shutterstock

XRP Price Analysis – March 22

/latest/2019/03/xrp-price-analysis-march-22/

XRP Price Analysis – March 22

xrp-price-analysis-march-22

Ripple, XRPUSDXRP Chart by TradingView

XRPUSD Medium-term Trend: Ranging

  • Resistance Levels: $0.56, $0.58, $ 0.60                                                                                                                
  • Support Levels: $0.30, $0.28, $0.26

Yesterday, March 21, the XRP price was in a bearish trend. The bears have temporarily put to an end the indecision between the buyers and sellers. The range bound movement is likely to be over. Yesterday, the bulls tested the $0.32 strong resistance level for the fifth time and were resisted.

The bears broke the 12-day EMA, the 26-day EMA and the $0.31000 as the price fell to the bearish trend zone. The XRP price fell to a low at $0.30818 but corrected upward.  Nevertheless, the XRP price had been in a tight range between the levels of $0.30 and $0.33. 

Therefore, if the price had fallen to the $0.30818 price level, it is assumed to have completed the run of the lower price level. In a few days to come, we expect the bulls to break the $0.32000 price level and the EMAs so as to reach a previous high of $0.33 price level.

On the other hand, if the bulls fail to break above the $0.32 price level and the EMAs, the XRP price is likely to depreciate to the previous low at either $0.29 or  $0.30.Meanwhile, the stochastic indicator is at the overbought region but below the 80 % range which indicates that the XRP price is in a bearish momentum and a sell signal.

XRPUSD Short-term Trend: Bearish

Ripple, XRPUSDXRP Chart by TradingView

On the 4-hour chart, the XRP price is in a bearish trend zone. Yesterday, the bullish candlestick’s wick almost tested the $0.33 price level, but the bears brought the price to the $0.32 price level. The crypto’s price continues its fall as the bears broke the EMAs and the price fell to a low of $0.30818.

Nevertheless, the crypto’s price is below the EMAs which indicates that the price is likely to fall.Meanwhile, the stochastic indicator is at the oversold region but below the 40% range which indicates that the XRP price is in a bearish momentum and a sell signal.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.           

Major Crypto Exchanges Huobi Global and OKEx Launch Support for Tron-Based USDT

Two major crypto exchanges — Singapore-headquartered Huobi Global and Malta-based OKEx — have announced their support for the Tron-based version of stablecoin Tether. The developments were announced in two official announcements, both published on March 21.

In early March, blockchain protocol Tron (TRX) and Tether, issuer of stalwart stablecoins USDT and EURT, announced their partnership to issue a TRC-20-based USDT — a term that indicates adherence to a technical token standard supported by the Tron blockchain. The new token is designed to be interoperable with all Tron-based protocols and decentralized applications to improve liquidity in the ecosystem.

In their respective announcements, both Huobi Global and OKEx cite user needs and demands for a full spectrum of stablecoin trading, with both noting their platforms now support three separate protocol versions of USDT — the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20 and the new USDT-TRON.

Whereas both OKEx and Huobi are among the world’s leading centralized crypto exchanges — ranked 3rd and 14th by adjusted daily trade volume respectively to press time — Tron and Tether have emphasized that the beneficiaries of USDT-TRON are intended to be traders on Tron-powered Decentralised Exchanges (DEX).

In other reported Tron developments, blockchain consultant and co-founder of Tron community project IamDecentralized.org, Misha Lederman, suggested on March 20 that the launch of USDT-TRON is slated for the coming weeks and months of Q2. Another reported development is the introduction of privacy options for TRX blockchain transactions and “institutional-friendly multi-signature & account management.”

Lederman has also claimed the Bittorrent Speed ecosystem is reportedly set to launch within this time frame, which will reward users of the popular peer-to-peer torrent client BitTorrent with Tron-based BitTorrent (BTT) tokens in exchange for seeding and bandwidth, enabling faster torrent downloads.

As reported, Tron first confirmed its acquisition of BitTorrent in July 2018. The latter launched its native BTT token at the start of 2019, which will power the pair’s plans for an evolving decentralized content distribution platform.

In recent Tether news, the coin’s issuer has faced increased scrutiny after social media users noticed the firm had removed previous claims that the stablecoin was fully backed by United States dollars. The coin has faced long-standing controversy, after critics had suggested that the dollar reserves did not match the amount of tokens in circulation. Last December, Bloomberg stated that it believes Tether does have the appropriate amount of fiat reserves. Tether has not released an official audit of its holdings to date.

Tim Draper-Backed Tezos Soars 70% In Three-Day Bull Run

News

Tim Draper-Backed Tezos Soars 70% In Three-Day Bull Run


Embattled DApps and smart contracts platform Tezos has become an unlikely trading hit this week after its XTZ token delivered sudden 70 percent returns.


Tezos Traders Go From Rags to Riches

Data from CoinMarketCap confirmed XTZ’s abrupt bull run, which began March 19. After trading at just under $0.50 for an extended period, XTZ/USD 00 shot up to a peak of more than $0.83, delivering three-day gains of 70 percent.

The performance marks a dramatic change for the token, which had previously traded rangebound between $0.33 and $0.49 since early December.

That ‘trough’ had come at the end of a long downturn for XTZ, which had shed value in line with the majority of altcoins as part of the cryptocurrency economy’s record bear market.

At press time, the pair had slightly come off its daily highs to trade nearer to $0.80, nonetheless to the delight of traders, some of whom had seen the opportunity beginning to develop before.

False Positive?

As Bitcoinist reported, Tezos has suffered multiple PR disasters in the eighteen months following its giant initial coin offering (ICO), which raised over $230 million.

A mixture of executive infighting, reshuffles and lack of progress frustrated token holders, some of whom even brought a lawsuit against the platform.

XTZ’s inflation would therefore appear to be a reaction to the only sign of progress to have appeared in recent times: this week, Tezos completed its voting procedure governing futures upgrades.

In a blog post, Tezos said it was “excited” about the progress, with the voting process set to enter its next stage, consisting of a roughly three-week period.

By contrast, developers had previously suggested that the upgrades would not be of huge interest to the wider community.

“Grosso modo, most implications are at a technical level and the expected impact is very low to most stakeholders,” a previous blog post read in January.

The Tie’s The Limit

At the same time, a popular theory surrounding TEZ has grown to involve a certain media appearance by Tim Draper, the billionaire Bitcoin advocate who is also a major investor in, and supporter of, Tezos and its founders.

In an interview as part of the HBO documentary ‘The Inventor: Out For Blood In Silicon Valley,’ which focuses on infamous startup Theranos, Draper defended the company’s founder, Elizabeth Holmes, while wearing a Bitcoin tie.

tim draper bitcoin tie theranos documentary

As Bitcoinist noted, the tie in fact makes regular appearances in the media, but within the context of Theranos, appeared to strike a chord with a fresh, much more mainstream audience.

Meanwhile, a year ago, even Tezos itself queried Draper’s fashion choice, subtly querying on social media why he had not acquired a similar tie which featured the Tezos logo.

What do you think about Tezos’ token performance? Let us know in the comments below!


Images courtesy of Shutterstock

Bitcoin and Ether Market Update: March 22, 2019

Bitcoin and Ether Market Update: March 22, 2019

The top ten cryptocurrencies are in the red for the 24-hour period with Stellar (XLM) being the worst performer with a four percent decrease.

The total market cap dropped to $139.2 since March 20 after losing $1.3 billion. At the time of writing bitcoin (BTC) is trading at $4,042, while ether (ETH) dropped to $137 and XRP broke below $0.32 to $0.314.

BTC/USD

Bitcoin closed trading session on March 20 at $4,125. This was the third consecutive day in green for the most popular cryptocurrency as bull traders were trying to stabilize the price above the psychological level at $4,000.

The BTC/USD pair, however, formed a red candle on the Bitfinex daily chart on March 21, as predicted yesterday, and lost two percent of its value, dropping to $4,040. It will be important for bulls to defend the levels above $4,000 and convert them into a strong support.

The biggest online retailer in Switzerland, Digitec Galaxus, is now accepting cryptocurrencies as an official payment method. As announced on March 19, users will be able to pay with bitcoin, ether, XRP, litecoin and a few other altcoins on the two online shops if their purchase is worth over two hundred Swiss francs.

The service was developed in joint collaboration with local e-payment company Datatrans AG and Danish crypto payment provider Coinify. The latter guarantees customers a stable exchange rate, which is valid for 15 minutes and charges a 1.5 percent flat fee.

At the same time, the Swiss Federal Assembly authorized the Federal Council of the country to work on cryptocurrency regulation by adapting some of the rules and procedures currently in use.  Switzerland is one of the most crypto-friendly countries in the world, but the government is continuously looking for a way to battle money laundering and extortion practices, which are often linked to cryptocurrencies use.

BTC Price Movement Chart

ETH/USD

Ether was trading mainly in the $139 to $143 range on March 19 and ended the day at $142.2, slowly but surely gaining new territory.

The ETH/USD pair moved lower to $136.8 on March 22. The move represented a 4.2 percent price correction and perfectly matched the uptrend channel breakpoint.

Ethereum co-founder Vitalik Buterin discussed some of the hot topics in the community and crypto industry as a whole in a live-stream interview with crypto journalist Laura Shin at the Columbia Graduate School of Journalism. According to him, the higher price of ether is good for network security as the blockchain cannot operate normally if prices drop to zero. It also allows ICO projects that raised funds on the platform to develop their projects and work in a more stable environment.

Price stability, on the other hand, distinguishes his project from the pump-and-dump coins as regulators are closely monitoring market manipulations.

ETH Price Movement Chart

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