- “Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak
Larry Cermak, economy/law analyst and author at theblockcrypto.com, launched an interesting Twitter thread today regarding Ripple, XRP, and the currency’s status as a security.
He first went and determined what actually constitutes a security. The question “Has the promoter raised an amount of funds in excess of what may be needed to establish a functional network?” is one that needs to be answered to determine if the token is a security, according to SEC member Hinman.
Citing this as the burning question hanging above XRP’s head, Cermak dove deep into the statements of Ripple’s top dogs and discovered some worrying trends.
Besides acknowledging that Ripple management said multiple times how XRP Ledger is already functional and decentralized, he noted that Ripple Labs still remains in possession of 55 billion XRP which they intend to sell to generate further revenue. Chris Larsen and David Schwartz gave the “best” quotes describing Ripple’s intention to use their stash of XRP to profit in the future, citing Schwartz and his “After all, the reason we’re doing this is to increase demand for XRP to increase the value we can extract from our stash of XRP” as the most damning piece of evidence that XRP is in fact a security. Cermak concluded his Twitter thread with the following:
“As demonstrated by their own comments, Ripple is clearly incentivized to increase the value of XRP and therefore XRP holders’ investments. The long controversy will likely be decided in federal court down the line. In any case, Ripple’s attorneys will have their hands full in explaining the historical and recent statements of Ripple executives with respect to XRP and Ripple’s relationship to the cryptocurrency.”
You can read the full thread, along with an article that goes deeper into the quotes and issues mentioned, here.
- HTC Exodus phone starts shipping
HTC recently announced they’ll be moving into the cryptocurrency waters with their new mobile phone, HTC Exodus (marked as HTC Exodus 1). This blockchain-powered phone lets its owners trade cryptocurrencies, pay for various services with crypto and run dApps on it.
The phone was envisioned and designed by Phil Chen, HTC’s “Decentralized Chief Officer,” a developer who previously worked on the HTC Vive VR headset. This first generation of Exodus immediately impresses with its features:
- Display: 6-inch IPS LCD display, 1440×3120 resolution
- Durability: IP68 dustproof and waterproof
- Chipset: Qualcomm Snapdragon 845
- OS: Android 8.1
- Storage and Memory: 6GB RAM, 128GB internal storage (non-expandable)
- Battery: 3500 mAh battery, USB type-C charging, support for fast charging
- Camera: 16-MP and 12-MP main camera, dual 8-MP selfie camera
- Connectivity: 4G LTE, Bluetooth 5.0, Wi-Fi 802.11 a/b/g/n/ac, dual-band, WiFi Direct, hotspot
One of the flagship applications that’ll be pre-installed on the phone is called the Zion wallet. This wallet has a security system detached from the Android software (also called the “TrustZone Secure Enclave”) and lets its owners utilize the so-called Social Key Recovery function in case something happens to their phone. Every Exodus device will serve as a node, and every user will own their identity and their data pushing for a more decentralized system.
Zion will support Bitcoin and Ethereum, as well as Litecoin and several popular ERC-20 tokens on its launch day. Interestingly enough, Exodus can only be purchased using cryptocurrency.
Exodus 1 can currently be purchased for the price of 0.15 BTC/4.78 ETH/19.84 LTC (amounts to just above 500 USD). This device will target developed markets as Chen and HTC plan to release a more affordable phone for underbanked people from poorer countries of the world.
- Binance lists Republic Protocol (REN)
Popular Chinese/Maltese exchange Binance has added Republic Protocol to its trading platform.
Trading for REN/BTC and REN/BNB pairs has been enabled on 6/12/2018, 10:00 AM (UTC). As a part of the listing process, Republic Protocol donated 28,000 BNB to Binance’s Blockchain Charity Foundation.
Republic Protocol operates as an open-source decentralized dark pool exchange. This means that individuals can trade in any size of volume without having details of their transactions revealed. The project looks to focus on larger orders, thus being more suitable to institutional investors.
It facilitates cross-chain atomic trades on a hidden order book over the Ethereum and Bitcoin networks. Miners within the protocol run equation solving nodes to earn REN tokens and match orders without revealing the underlying trade until execution.
As such, the Republic Protocol system is capable of executing large block orders for ERC20, Ethereum and Bitcoin pairs; the orders are executed with minimal price slippage and maximum protection from front-running.
“Republic Protocol delivers mathematically-proven security and privacy until execution to dark pools, providing a system for investors and traders to exchange significant amounts of cryptographic assets,”Binance explains.
- Factom to be used by a Chinese online video performance verification company
Factom has been one of the hottest cryptocurrencies on the market lately, managing to appreciate from $4 to $16 in the past month or so. This 300% growth has surprised many but some investors knew that this currency has a couple of aces up its sleeve.
With Melinda and Bill Gates Foundation and Draper Associates supporting it, Factom’s latest rise isn’t exactly that surprising. Their latest partnership from China will likely contribute to added growth in the future.
Yooya is a Chinese company that manages business-to-business online video networks; it manages and tracks video content on over 45 Chinese online video distribution platforms, including Alibaba’s Youku, Baidu’s iQiyi, and Tencent Video.
Yoouya will use the Harmony platform to deliver both public and private blockchain-based online video content experiences to its customers.
Interestingly enough, FastForward owns a stake in both of these companies as they have a 2.06% equity interest in Factom and a 15% one in Yooya.
Bitcoin [BTC] and other cryptocurrencies can be exchanged for ETFs and stocks, says Abra CEO
Bill Barhydt, CEO and Founder of Abra – a leading fintech firm in the cryptocurrency space, spoke about a range of services offered by the platform, in an interview with Nugget’s News.
The discussion started with Barhydt talking about why he started Abra. He stated that it was because he wanted to “build an effectively new type of banking system,” adding that it was to replace traditional banking services with cryptocurrency-based services. The CEO stated that this could include investing, transferring money, and accessing credit. He also added that he wanted to create a “Whatsapp” for money.
This was followed by Barhydt stating that every country across the globe had its own dedicated mobile money system, such as Paytm in India, Venmo in the U.S, and WePay in China. However, there was no app that enabled its users to make cross-border money transfers. He went on to state,“[…] because they only work in one country by definition […] so one app that could work in every country could start to solve things like cross-border money transfer, cross-border payments, investing in Western assets in the east, and eastern assets in the West. so this is basically what we’ve built with the Abra service […]”
During the interview, the CEO was asked whether Abra’s focus was more on STOs, equities, and ETFs. To this, he stated that the platform was not providing any services related to STOs yet, adding that the market for those types of tokens wasn’t established as of now. He said that Abra currently supports 50 different fiat currencies and 30 cryptocurrencies that include Bitcoin [BTC], Litecoin [LTC], Ether [ETH], and Bitcoin Cash [BCH]. He added,
The CEO further added,“[…] and any of the stocks any of the fiat currencies and any of the ETFs so for example you can hold Australian dollars and buy Microsoft you can sell your Microsoft and exchange it for Litecoin and any combination of those across the entire portfolio […] our mission is to democratize access to financial services globally and this is a big step towards making that that vision a reality […]”
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls drag BTC from bear’s trap; fail to save LTC
The cryptocurrency market was painted red on April 25 as most major coins fell. Bitcoin, the world’s largest cryptocurrency, also fell by 2.83% over the day, along with Litecoin [LTC], which reported a fall of 1.25% over the day.
At press time, BTC noted a fall of 0.39% over the hour and was valued at $5,433.19 with a market cap of $95.97 billion. The coin fell by 2.82% over the past day and noted a minimal growth of 2.90% over the past seven days. The 24-hour trading volume for BTC was observed to be $16.11 billion.
Support 2- $3,851.02
Bollinger Bands noted a bullish trend as the moving average line was under the candlesticks. The bands appeared to be converging, indicating reduced market volatility.
Awesome Oscillator indicated strong bearish momentum.
Chaikin Money Flow pointed towards a bullish market as the marker was above zero. However, it appeared to be approaching the mark, with a change in trend imminent.
Litecoin [LTC] one day chart
At press time, LTC fell by 1.25% over the past day and was valued at $72.54 with a market cap of $4.46 billion. The coin fell by 0.77% over the past hour and by 10.20% over the past seven days. The 24-hour trading volume was observed to be $3.13 billion.
Parabolic SAR indicated a bearish market as the dotted markers aligned above the candlesticks.
MACD line was under the signal line, pointing towards a bearish market.
Relative Strength Index indicated that the buying and selling pressure evened each other out.
According to BTC’s long-term chart, a bullish market was predicted. However, the CMF suggested that a trend reversal may be underway. LTC pointed towards a bearish market.
Bitcoin Price Analysis April 25: Critical Decision Point For BTC – a Double Top or Hold Support?
Since our previous BTC price analysis, and following the trend, the Bitcoin breakout had reached a daily high of $5627 on Bitstamp. This is still not our expected target (around $5700 – $5800), however, this is crypto and anything can change anytime.
Since yesterday, the crypto markets are suffering from severe declines: Both in Bitcoin and especially among the altcoins. This includes Ripple that keeps decreasing against Bitcoin since 2019 had begun.
A quick overview to keep things simple: the hourly and the 4-hours chart reveal a double top in Bitcoin around $5625. This setting is a bearish formation. From the other side, Bitcoin is still getting support from the mid-term trend-line on the 4-hour chart, along with the stiff resistance turned support area at $5300 – $5350.
Total Market Cap: $176 Billion
Bitcoin Market Cap: $96.3 Billion
BTC Dominance: 54.6%
Looking at the 1-day & 4-hour charts
As mentioned above, Bitcoin is very close to the ascending trend-line marked in orange on the 4-hour chart, along with the $5400 support area. This trend-line is holding nicely for the past ten days. The next critical support level is the resistance turned support $5300 – $5350 zone. Below lie the $5200, $5100 and $5000 support levels.
From above, after failing to break-out the previous high at $5625, Bitcoin marked $5500 as the closest resistance level. Above, lies the mentioned $5600 – $5625 resistance, before reaching to the major area of $5700 – $5800, which held the 2018 bear market as last support level throughout 2018. In case of a break-up, the $6000 level is not expected to be easier to overcome.
– Trading Volume: looking on the 4-hour chart, we see that the sellers’ candles (in red) are decreasing over the past two days. This could turn bullish, combined with the Stochastic RSI oscillator which is deep in the oversold area.
– Daily chart’s RSI: The RSI level had dumped down to 68, which is considered a support range. It will be interesting to see if it can find the necessary support here.
– BitFinex open short positions: the number of short positions continues growing up over the past days, and currently stands at 25.7K BTC open short positions.