Latest NEO News
By adding 20 percent early this week, NEO has the attention of traders. This addition is surely a ray of hope for holders who saw NEO prices drop 95 percent from 2017 peaks.
The ecstasy is waning and with speculators clamoring for the exits at the face of extreme, market churning market conditions, NEO’s vision remain the same: powering a smart economy vision where digital assets are properly managed via smart contracts.
Perhaps it’s because of this grand vision that the space is raving with commentators speculating that the resurgence of NEO prices is because of letter NEO developers at the NEO Competence Centre (NSPCC) in Saint Petersburg received with requests from reportedly from Vladimir himself for a formal collaboration.
As reported by Ethereum World News, the letter from Russian Association of Cryptocurrency and Blockchain (RACIB) back in November recognizes the research efforts of NSPCC. The research entity is driving adoption of NEO technologies in Russia and aside from developing a distributed storage system; NSPCC shall incubate Russian blockchain projects. According to NeoNews, NSPCC special bond with RACIB is as follows:
“RACIB was formed to help establish the integration of blockchain into the Russian economy by assisting with the creation of legal frameworks, development and implementation. It also represents the interest of market participants. These goals aligned well with the initiatives of the NSPCC, which along with NEO’s emphasis on compliance made the two organizations a good fit.”
NEO Price Analysis
NEO may receive a boost from fundamentals but from a technical perspective, aggressive traders can buy at spot prices as they tap the shifting, bullish sentiments. In that case, basis for higher highs are solidly from the double bar bull reversal pattern in the weekly chart. Safe stops would be at Dec 28 lows of $6.9.
However, on a more conservative approach, traders should wait for a retest and break above $15. Since prices are slowing down, any close above $10 could buoy bulls and aggressive traders ramping up with targets at $15 pumping prices. Already transaction volumes are picking up hinting at underlying demand and potential uptrend towards $15 favoring short term bulls.
Our short-term NEO/USD trade plan will be as follows:
Buy: spot, $15
Stops: $6.9, $12
Target: $15, $25
Monero (XMR/USD) Price Analysis
Unlike NEO, Monero price action is dull and consolidation inside a bull flag. Other than that XMR is bullish and for trend continuation, our trade conditions must be met. From previous XMR/USD trade plans, we said that the race to $75 is dependent on the volumes behind the rally above $60.
So far, bears are yet to reverse Jan 6 gains. As we can see momentum has been made worse by drying volumes and should this slide persist and XMR drop below $50 and later $45, asset prices could retest Dec 2018 lows in a flash.
On the other hand, gains above $60 confirm mid-Dec 2018 bulls and could be the grounds for $120 or Nov 2018 highs.
Our Monero trade plan will be as follows:
Target; $75, $120
Source: Ethereum World News
Top 3 Cryptos to Serve as an Alternative to Bitcoin
The crypto market continues to struggle on its way of reaching mass adoption, with most people focusing on Bitcoin. However, Bitcoin still has its fair share of problems, a few of which are quite challenging, with no guarantee that they will ever be fully solved.
While Bitcoin is, and has been the largest cryptocurrency from the moment it was created, there is no guarantee that it will remain at the number one spot forever. While this is mostly what skeptics tend to say, it is still a possibility that cannot be ignored. With that in mind, here are top 3 cryptos that might serve as an alternative to Bitcoin in the future, or maybe even now, considering how high its fees are, and how long its waiting periods tend to be.
XRPhas become known as a ‘remittance coin’ due to its goal of providing better, faster, and cheaper international transactions. It was created by a company called Ripple Labs, and so far, it has been one of the best ways for sending money cross-border. It works in combination with Ripple’s products such as xRapid, fueling it and allowing for near-instant transactions at low fees.
The company has decided to offer its products to banks around the world, and most of the financial institutions decided to accept the offer. This is their way of trying to remain relevant in the world that is rapidly turning towards crypto, rather than continuing to use old, outdated systems. Of course, due to its connection to Ripple Labs and banks, many view XRP as fake crypto, a centralized coin, or even a scam. However, these are mostly speculations, and Ripple claims that XRP can continue its existence even if the company were to disappear. Whether or not this is true, XRP is certainly highly scalable and a great solution for sending cash cross-border.
2. Stellar (XLM)
Stellar comes as an alternative to XRP and BTC alike. It is actually very similar to XRP in the sense that it provides an extremely fast way to settle international transactions. However, there is one large difference, which lies in the fact that Stellar is offering its services to individuals directly, where XRP offers its services to the banks.
Stellar is one of the fastest coins on the market, and it is fully decentralized, so there is not even a hint of danger that a third party might meddle with their transactions. Because of this, many in the crypto community see XLM as a better coin than XRP and even its greatest rival. However you choose to look at it, it is a fast, scalable, decentralized payment method which can certainly do what Bitcoin does, only much faster.
3. Litecoin (LTC)
Finally, there is Litecoin, which is a coin coming from the Bitcoin family, as it forked from Bitcoin back in 2011. The coin’s developers realized that the issues Bitcoin is facing might never be resolved, and even if they did — it would likely take years. It turned out that they were right, as BTC still faces a lot of the same issues even now, eight years after the fork.
Meanwhile, Litecoin dedicated its efforts to improve, becoming just as capable P2P payment facilitator as BTC. However, its features a much faster block-processing rate, which keeps its miners not only intrigued, but also properly rewarded for their efforts. Its PoW algorithm is believed to be more decentralized than that of Bitcoin, and it also implemented the SegWit upgrade, which improves blockchain capacity, while reducing fees and settlement times.
Why HODLing XRP, BAT, and EOS is a Smart Idea
The crypto market continues to grow, even though the prices of its many coins were severely damaged during the so-called ‘crypto winter’ of 2018. Even so, the market has grown a lot, and it currently features over 2,100 digital currencies, all parts of their own projects, with a goal of making an impact and entering the mainstream.
Of course, it goes without saying that not a lot of these coins have real potential. Many of them came to be during the ICO craze of 2017 and early 2018 when investors were willing to buy just about any coin. As a result, new startups emerged, each offering its own cryptocurrency. Most of these coins are believed to be bad projects with no future, with only a matter of time before they are declared ‘dead.’
However, there are several coins out there which are worthy of investing in, as well as HODLing on to them. Three such coins that we will focus on today are XRP, Basic Attention Token (BAT), and EOS.
Let’s start with XRP. This is a coin created by a company called Ripple Labs. As a result, the coin has a strong connection to the company, which many have taken as proof that it is not a real cryptocurrency, that it is centralized, and that it will eventually fade away as a bad project. However, Ripple Labs continues to deny having authority over XRP and its network, and over time, they distanced themselves from the coin, proving that it can actually exist without the company’s support.
Meanwhile, XRP remains a coin that fuels the company’s products such as xRapid, and this is where its main use case lies. xRapid, as well as several other Ripple products, have a very important use case, and that is the ability to send international payments almost instantly. This is a massive step up from old technologies used for sending cross-border payments, which often result in days of waiting for the transaction to get completed, as well as large fees.
Because of this, XRP has earned itself a name of ‘remittance coin,’ and banks around the world have started accepting it as one of the main components of xRapid. Because of this, holding XRP may be a very smart decision, as the coin is bound to eventually grow in price and become one of the most used cryptocurrencies in the market.
Basic Attention Token, or BAT, is a coin that aims to disrupt the way online advertising works. The coin is the main component of Brave browser, an internet browser which blocks ads and trackers by default, allowing users to choose to view ads when they themselves want to. In exchange, they are rewarded with a certain amount of BAT tokens.
This system has the potential to completely change advertising, and take the power away from intermediaries such as social media networks. These are the websites to which companies need to turn to and pay massive amounts in order for their ads to be displayed. Meanwhile, those ads are not what the users want, so they use ad-blockers and similar devices, meaning that the companies are wasting large amounts of money with no returns, while mediators such as Facebook and other similar firms take all the profit.
Brave and BAT will bring companies in direct connection with the internet users, and allow them to get direct feedback. Meanwhile, as mentioned, users have an actual incentive to view ads, as they themselves are getting paid for doing so and providing valuable feedback. With such a large potential to impact advertising, BAT is bound to be one of the big coins in the future, and it is more than worth having it now.
Finally, there is EOS. EOS is a development platform as much as a cryptocurrency, and similarly to Ethereum, it allows developers to create smart contracts, decentralized applications, and even new tokens. Because of this, EOS is often considered to be a potential Ethereum Killer, as it does the same thing as Ethereum, only faster and better.
However, EOS had some problems during the launch of its MainNet, as well as later on, which have made it somewhat controversial, and there are many who believe that Ethereum is still a better choice.
But, EOS seems to have resolved its issues, and it also created a number of interesting dApps, although none of them have yet earned the name of ‘Killer dApp.’ Eventually, one such app will likely appear, and it will potentially have millions of users. When that time comes, those HODLing EOS might wake up to a massive surge in the coin’s price, which is why it might be smart to invest in it early.
SEC Set to Begin Fresh Consultation Period on CBOE-VanEck Bitcoin ETF
SEC Set to Begin Fresh Consultation Period on CBOE-VanEck Bitcoin ETF
United States regulator the Securities and Exchange Commission (SEC) says it will shortly commence the countdown period to approval or disapproval of the VanEck/SolidX Bitcoin exchange-traded fund (ETF). The news was announced in an unpublished notice that was filed on Feb. 19.
The move is the latest in a series of back-and-forth exchanges between the SEC and ETF sponsors.
The Chicago Board Options Exchange (CBOE) — the exchange applying with the SEC to list the Bitcoin ETF — had withdrawn its application for a rule change on the ETF in January, ostensibly due in part to the U.S. government shutdown. CBOE then resubmitted the application for consideration at the end of the month.
In line with the law, the SEC must now make a decision about whether to allow the ETF to launch within 90 days from the date the notice is published — set for today, Feb. 20.
As is standard practice, the notice states:
“WITHIN 45 DAYS OF THE DATE OF PUBLICATION OF THIS NOTICE IN THE FEDERAL REGISTER OR WITHIN SUCH LONGER PERIOD UP TO 90 DAYS (I) AS THE COMMISSION MAY DESIGNATE IF IT FINDS SUCH LONGER PERIOD TO BE APPROPRIATE AND PUBLISHES ITS REASONS FOR SO FINDING OR (II) AS TO WHICH THE EXCHANGE CONSENTS, THE COMMISSION WILL:
A. BY ORDER APPROVE OR DISAPPROVE SUCH PROPOSED RULE CHANGE, OR
B. INSTITUTE PROCEEDINGS TO DETERMINE WHETHER THE PROPOSED RULE CHANGE SHOULD BE DISAPPROVED.”
Last week, the SEC began the same type of review period for a Bitcoin ETF from the NYSE Arca exchange. The exchange had filed a rule change proposal to list and trade shares of the Bitwise Bitcoin ETF Trust. The SEC notice of the start of the review period was published on Feb. 15.
As Cointelegraph previously reported, the same approval process has in fact led to several lengthy delays on SEC decisions. CBOE and NYSE Arca are some of the firms that have persisted, despite the raft of rejections experienced by other operators beginning in March 2017.
Nonetheless, cryptocurrency industry commentators increasingly agree that an approval is ultimately inevitable once market conditions meet the SEC’s requirements.