Whilst Bitcoin and the cryptocurrency market remained flat over the course of the weekend, Verge (XVG) and Ethos (ETHOS) were two virtual currencies that bucked the trend; each seeing their respective tokens realise strong price increases.
Starting with Verge, and whilst their crowd funding campaign prompted all sorts of reactions and conjecture when it was revealed on Thursday (PDT), it was evident what the market thought of it. Indeed, teasing the potential of landing the “largest partnership in crypto to date” was enough to see XVG soar by as much as 52 percent since the call to arms was initiated (as per price data).
Verge’s token price has since retracted, however, XVG has still enjoyed ~33.3 percent gains since the pledge drive begun. This contrasts to Bitcoin (BTC), and even the cryptocurrency market at large, with both having slightly declined in value by less than 1 percent each.
The anonymity-centric Verge – often looked to as one of the more emphatic marketers in the crypto space – implemented a number of strategies over the weekend in an effort to give their crowd funding campaign every chance of success.
By far and wide, the biggest lure has been the promise to reveal the name of the company that Verge has said they are in talks with. Unfortunately for Verge fanatics, it is looking increasingly unlikely that they’ll learn of this company’s identity, which Verge teased is a “global organization with a vast network of high traffic sites.”
This is because the name will only be revealed should the donation address total 75,000,000 XVG by Monday. Given the donated XVG received thus far (at the time of writing) is 17.8 million, or, not yet a quarter of the required total, it would seem as though the name of the company will remain unknown (that is, of course, unless a partnership is agreed upon sometime in the future).
In an attempt to elicit a much-needed spate of donor activity, Verge published this video on Saturday which introduced a contest element to the campaign; offering donors the chance of certain rewards, depending upon the amount of XVG they contribute.
Another well-known cryptocurrency that was able to break free of the widespread price stagnation by making use of savvy marketing was Ethos (ETHOS), the ecosystem that provides the tools to manage wallets and keys for safe, verified blockchain transactions.
In an effort to build anticipation around their imminent release of the Ethos Universal Wallet product, the team began revealing which cryptocurrencies had agreed to airdrop tokens to those who pre-register for Ethos Universal Wallet.
Saturday (PDT) saw Ethos announce their first two airdrop partners, SmartCash (SMART) and aXpire (AXP), via Twitter. Looking at their dedicated Ethos Universal Wallet page, it appears there will be a total of eight community airdrop partners.
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.