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Heavy unwind continues across cryptocurrencies

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Cryptocurrency markets dived following the South Korean currency exchange hack, which has revived concerns on security. BTC/USDT dived below 6500 and the MACD turned negative indicating that the downside move could gain further momentum. Key mid-term support is eyed at 6000, if broken should increase the bears’ appetite for a further decline toward 5000. Resistance is eyed at 7375/7450 area, including the 38.2% retracement on May – June decline, the 200-dma and last week’s resistance.

ETH/USDT slipped below the 500-support on the back of the broad-based sell-off in cryptocurrency markets. Decent sell orders are sitting at 500, adding an additional downside pressure to the market. Recovery attempts remain weak; buyers are no where to be found below 550 (weekly pivot).

Despite poor sentiment, Ether is doing well from a fundamental point of view. Ether’s market volume is expanding steadily. Lately, the number of Ethers in circulation surpassed 100 million coins.

Bitcoin Cash has also been hit by a wave of sell-off, after the S. Korean crypto-exchange hack weigh on the sector-appetite. BCH/USDT slipped below the 1000 level. The fading positive momentum hints at a building case for a further decline toward the 800 level. The key resistance to the actual bearish trend stands at 1190 , the 38.2% retracement on May – June decline and the 50-dma. Intermediate resistance is eyed at 1005, weekly pivot.

Fundamentally, Bitcoin Cash’s larger capacity crunch is expected to bring the network close to Visa and MasterCard scale, according to developer Amaury Séchet. Bitcoin Cash holds ground near the 200-dma against Bitcoin.

LTC/USDT trades with limited enthusiasm, with 100-support out of the way following the broad-based sell-off across the crypto-markets. The weekly pivot has retreated from 113 to 110. Relatively low volatility has prevented Litecoin from breaking important technical levels over the weekend, but the breach of the 100-support could increase the volatility in the coming days.

Does Swiss Sovereign Money initiative weigh on the sentiment?

The Swiss initiative to give the Swiss National Bank (SNB) the authority to be the sole money creator has been rejected with 75% on Sunday.

Although the Swiss vote did not target the cryptocurrencies, there are speculations that the sharp rejection of the Sovereign Money initiative may have explained a part of the debasement across the cryptomarkets during the weekend, as there is one important parallel between the sovereign money initiative and the creation of central bank cryptocurrencies: the reserve ratio.

In fact, the early examination of the possibility for using the blockchain technology for national cryptocurrencies showed that the latter would probably lead to a 100% reserve system, where every unit of cryptocurrency would be backed by the central bank reserves.

The rationale behind the 100% reserve requirement is that, assuming that the cryptocurrency holdings are remunerated with the same rate than the central bank reserves, users would be tempted to hold risk-free, interest-rate-bearing central bank coins instead of deposits with the commercial banks.

Consequently, in a monetary system including a national cryptocurrency, the central bank reserves would represent the entire monetary volume available in the market. This would make the central bank the sole creator of sovereign money, as opposition to the actual system where commercial banks create money by lending most of the available volume to other institutions and users, while keeping only the minimum reserve ratio on their balance sheets.

So, the fact that Switzerland, which has a long banking history and has been home to many innovations in cryptocurrencies, is not ready to change its monetary system in favour of a configuration that could eventually be compatible with the use of official cryptocurrencies, may have deteriorated the sentiment across the market.

Bitcoin traded below 6800 versus the US dollar, while Ethereum tested the $500-support.

Dont be confused: Switzerland hasn’t voted against cryptocurrencies

Although the markets settled parallels between the Swiss initiative and the cryptocurrencies, Swiss citizens have not rejected the idea of using cryptocurrencies. They rejected the idea of a system, where 100% of the monetary volume would be backed by the central bank reserves, because it would have put too much pressure on the central bank, compromise the independency between the monetary and fiscal policies and lead the country to a period of economic uncertainty by adopting a model which is not in line with the rest of the world.

We also remind that there are important differences in terms of functionalities between hypothetical national cryptocurrencies and the existing cryptocurrencies.

It is important to highlight that trading of non-sovereign cryptocurrencies do not interfere with the monetary policy mechanism. At least, not more than the traditional asset classes. In this sense, the cryptocurrencies should be considered as traditional financial instruments such as stocks, and not be confounded with the sovereign money.

Hence, the result of the Swiss vote should not be perceived as a direct negative reaction to the use of cryptocurrencies.

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On.Live Is Pleased to Announce That ONL Token Holders Can Now Use Bitgo’s Industry-Leading Wallet and Custodial Offerings

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BitGo is the market leader in digital asset financial services providing security, compliance, custodial, liquidity solutions for institutional investors. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of global Bitcoin transactions and $15 billion per month across all cryptocurrencies.

In 2018, BitGo introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo Business Wallets and BitGo Custody are used by hundreds of clients around the world including the largest cryptocurrency exchanges.

Since its inception in 2013, BitGo has been focused on the institutional market and that makes working together a natural fit, as we want to extend the accessibility of ONL tokens for institutional and enterprise clients.

On.Live is a distributed live video broadcast network project, build to fill the niche in payed live and on demand services delivery in the Internet. The platform offers one of the kind, innovative, no subscription business model, beneficial for all parties involved in On.Live marketplace.

With live streaming on the rise, and lack of other comparably flexible solutions on the market, On.Live is natural choice for access and delivery of live streamed services for individuals, small and big businesses. On.Live is aiming at becoming market leader and platform of choice for everyone who realizes the huge potential in live streaming, and what profits it may bring in his own economic activities.

We believe that BitGo’s support will elevate On.Live’s business potential, contribute to growth of the platform itself and positively affect the security of ONL.

Source:nulltx

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10,000 Retail Shops in France Will Sell Bitcoin, XRP, Ethereum, Litecoin and Dash, Powered by Payments Giant Ingenico: Report

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Bitcoin, XRP, Ethereum, Litecoin and Dash are reportedly expanding to 10,000 points of sale throughout France.

Digycode first rolled out its crypto coupons last year. The startup says it’s now expanding to over 10,000 shops through a collaboration with Paris-based payments giant Ingenico, according to local news outlet Cryptonaute. The leading payments firm reported $2.8 billion in revenue in 2017.

“‘The deployment of Digycode is the result of a partnership between Digital Service and Ingenico, and tobacconists equipped with a Devlyx cash registerare, therefore eligible to sell our product for their customers, commented Christopher Villegas, CEO of Digital Service.”

The crypto startup will offer prepaid recharge coupons that can be purchased in three available increments – 20, 50, or 200 euro – by visiting any of the supported locations. Once a customer redeems the coupon on Digycode’s website by using a secret code, the euro is converted into crypto.The company says crypto balances will appear in the user’s crypto wallet as soon as the transaction is confirmed.

Tobacco shops are selling crypto despite regulatory uncertainty.

France’s tobacco federation was granted permission to sell crypto from the French Prudential Supervision and Resolution Authority, according to a report from the French radio network Europe 1.

But France’s central bank is singing a different tune, saying it has not approved retail sales of cryptocurrency. In addition, the Financial Markets Authority, which regulates the country’s stock market, has issued a statement saying no company is licensed to sell crypto in stores.

Source.dailyhodl
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Crypto-Friendly Wyoming Becomes First US State to Give Bitcoin, XRP, Ethereum, Litecoin, EOS and Altcoin Owners Complete Property Rights

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The Wyomng Senate passed SF125 on Thursday. The “Digital Assets” bill will now become law, granting cryptocurrency holders property rights for direct ownership of digital assets. Wyoming is the first state in the US to pass a clear regulatory framework for Bitcoin, XRP, Ethereum, Litecoin, EOS and other altcoins, setting the stage for cryptocurrency investors, entrepreneurs and crypto-related businesses to flourish in the state.

The bill allows people to hold cryptocurrency without the need for an intermediary to own digital assets, and clears the way for banks to offer custodial services for cryptocurrencies.

According to the act, digital assets are considered intangible personal property.

“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”

Other forms of intangible personal property are partnership interests, life insurance contracts, securities investments and royalty agreements.

The bill is expected to come into effect on July 1. It also supports the advancement of tokenized securities.

Caitlin Long, co-founder of the Wyoming Blockchain Coalition, expects the new legislation to attract blockchain companies and talent, making Wyoming a frontrunner in the space with a clear regulatory framework designed to foster innovation and spur adoption of Bitcoin, altcoins, blockchain-based businesses, trading platforms and crypto custodial services.

Source.dailyhodl

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