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Canada Proposes Regulatory Framework for Cryptocurrency Exchanges

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Canadian financial regulatory authorities are considering putting in place rules for cryptocurrency exchanges in the country.

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a consultation paper on Thursday, seeking input from the fintech community on how regulatory requirements can be developed for cryptocurrency platforms.

“The emergence of digital and crypto assets continues to be a growing area of interest,” said Andrew J. Kriegler, president and CEO of the IIROC in a separate statement on Thursday, adding:

“We must adapt to innovation, and provide clarity to the market about how regulatory requirements might best be tailored and applied to these unique business models, while maintaining investor protection.”

Considering the “novel” features and risks of cryptocurrencies, the regulators proposed applying securities laws wherever applicable.

For instance, if cryptocurrencies are securities and/or derivatives traded on an exchange, that exchange would be subject to securities and/or derivatives regulatory requirements, they said. Most “utility tokens” have involved the distribution of securities, usually as investment contracts, they added.

The agencies are of the view that cryptocurrency platforms are hybrid in nature, meaning they can perform functions of one or more market participants, including alternative trading systems, exchanges, dealers, custodians and clearing agencies.

Therefore, they are considering the preparation of a set of “tailored” regulatory requirements to address the risks and features of cryptocurrency platforms.

Currently, none of the cryptocurrency exchanges in Canada is recognized as an exchange nor is authorized to operate as a marketplace or dealer, according to the paper.

The recent QuadrigaCX saga highlighted the lack of regulations covering the cryptocurrency industry in Canada.

The Canadian cryptocurrency exchange’s CEO, Gerald Cotten, died last December, apparently without leaving a way for staff to access the computer storing the failing exchange’s funds. QuadrigaCX still owes its customers roughly $190 million in both cryptocurrency and fiat.

Last month, the securities watchdog in the Canadian province of British Columbia, the British Columbia Securities Commission (BCSC), said that it has no remit to regulate the troubled exchange.

The CSA and IIROC consultation paper is open for public comment until May 15.

 

Source:coindesk.

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Ripple (XRP) Price Testing Key Support: More Range Moves Likely

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  • Ripple price struggled to break the $0.4080 and $0.4085 resistance levels against the US dollar.
  • The price declined recently and traded below the $0.4000, $0.3950 and $0.3840 support levels.
  • This week’s followed bullish trend line was breached with support near $0.3960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now trading near a major support area close to the $0.3650 and $0.3620 levels.

Ripple price moved lower within a range against the US Dollar and bitcoin. XRP is currently holding the key $0.3620 support and it is likely to climb higher towards $0.3950 or $0.4000.

Ripple Price Analysis

Recently, ripple price climbed steadily above $0.3950 and $0.4000 against the US Dollar. The XRP/USD pair even traded above the $0.4050 level and the 100 hourly simple moving average. However, the pair struggled to break the $0.4080 and $0.4085 resistance levels. As a result, there was a bearish reaction and the price declined below the $0.4050 and $0.4000 support levels. Besides, there was a clear break below the $0.3950 support and the 100 hourly SMA.

More importantly, this week’s followed bullish trend line was breached with support near $0.3960 on the hourly chart of the XRP/USD pair. The pair declined below $0.3800 and tested the $0.3650 level. A swing low is formed at $0.3653 and the price is currently consolidating losses. An initial resistance is near the $0.3760 level and the 23.6% Fib retracement level of the downward move from the $0.4138 high to $0.3653 low. On the upside, the main resistance is near the $0.3900 and $0.3950 levels.

The 100 hourly SMA is close to the $0.3950 level to act as a key hurdle. An intermediate resistance is the 50% Fib retracement level of the downward move from the $0.4138 high to $0.3653 low. On the downside, there are key supports near the $0.3650 and $0.3620. If there is a bearish break below the $0.3620 range support, the price will likely move into a bearish zone.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading above major supports near $0.3620 and it is likely to bounce back. On the upside, the previous supports near $0.3900 and $0.3950 are likely to prevent upsides. However, a successful close above $0.4000 might start a strong upward move towards $0.4100 or even $0.4200. On the flip side, a successful close below $0.3620 could push the price back towards $0.3500.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is c

urrently recovering and it could move towards 45.

Major Support Levels – $0.3650, $0.3620 and $0.3500.

Major Resistance Levels – $0.3900, $0.3950 and $0.4000.

-News Source

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Ethereum Could Be Next To Make An Astounding Bullish Breakout Following Confirmation Of Golden Cross Indicator

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If the last couple of weeks have been anything to go by, Ethereum’s future is bright. The altcoin has been recording significant gains and has managed to set a bullish pattern. Now Ethereum could be set for even greater gains in the days and weeks to come.

Ethereum has just confirmed its Golden cross, a common indicator that predicts bullish momentum on the horizon. Bitcoin itself confirmed its Golden cross just weeks before it rallied.

A golden cross appears when a  short-term moving average rises above its long-term moving average.

Analysts are now predicting that Ethereum will climb above $300. This will especially be easy if the altcoin can break its current resistance of about $270 whilst enjoying the same record-breaking volume figure it saw last week. Ethereum recorded a new volume high during last weeks rally- around $19 billion.

Ethereum Could Be Next To Make Bullish Breakout Following Confirmation Of Golden Cross Indicator

Ethereum 2.0 To Be More Mature

Ethereum is in addition to having technical boosters expected to be pushed further up with the launch of the Ethereum 2.0. This upgrade is expected to see the network improve in scalability and adopt the proof of stake consensus. This will go along way in keeping up with emerging platforms such as EOS and Tron which have been preferred choices for many DApp developers in recent years.

In regards to building Ethereum 2.0, the Ethereum foundation has recently revealed that it plans to allocate $30 million towards the development of the platform, in it-  Plasma and Ethereum 2.0. According to a post by the project, the foundation has been refocusing and taking a more mature stand:

“As the ecosystem has matured, the Ethereum Foundation has refined its focus. ‘Doing what is best for Ethereum’ doesn’t mean trying to do everything — it means focusing on where we can add the most value, and leaving space for others to add value in the areas that they will be the most effective.”

Notably, $3 million of the allocated $30 million has been earmarked for growth and awareness with the aim of attracting more developers to the network.

In the weeks and days to come, it seems that Ethereum might have much to celebrate in development and with it, prices will continue pushing higher. At the time of press, Ethereum is recording a marginal gain of less than 1% and exchanging for $252.

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Price Analysis: ADA/USD Consolidating At $0.08, Bulls Await Phenomenal Breakout

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Resistance levels: $0.08, $0.09, $0.10

Support levels: $0.07, $0.06, $0.05

ADA/USD Long-term Trend: Ranging

ADA 

On the Long-term outlook, ADA/USD is on the sideways movement. ADAUSD was strongly bullish last week. The bullish momentum drove the price up with full pressure, broke up barriers at $0.07, $0.08 and $0.09 levels and topped at $0.10 resistance level. The Bears did not allow a further increase in Cardano price.

The price was pushed down, the strong bullish candle at $0.10 converted to upper long tail candlestick called inverted pin bar. This candle pattern triggers the bearish momentum and the price declined towards $0.07 level. Since that time, the momentum of the Bulls and the Bears seems to be equal and the price is moving sideways with the formation of the symmetrical triangle.

The breakout is imminent; which could either be at the upper trend line of the triangle or at the lower trend line. Cardano price is hovering over the 21-periods EMA and 50 periods EMA. The two EMAs are parallel on the 4-hour chart without specific direction; this indicates that consolidation is ongoing.

Meanwhile, the Relative Strength Index period 14 is at 50 levels with the signal line bending down to indicate sell signal. The breaking out of the price at the upper trend line of the triangle is guaranteed only in the increase of the Bull’s strength.

In case the Bears defend the price level of $0.08, there will be a breakout at the lower trend line of the triangle and ADA price may target $0.07 level.

ADA/USD Medium-term Trend: Ranging

ADA

On the Medium-term outlook, ADA is on the ranging mode. The Bears bottomed the coin at $0.07 on May 17. The Bulls pushed up the price but could not break up the $0.08 level. The price returned to the previous low at $0.07. It continuously moves up and down within the range. The price movement has resulted in the formation of a symmetrical triangle in the 1-hour chart.

The two EMAs are interlocked to each other with the ADA price moving over and around the two EMAs; which indicates that consolidation is ongoing in the Cardano market. However, Relative Strength Index period 14 is below 60 levels and the signal line points up to connotes buy signal.

-News Source

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