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Crypto.com Chain’s CRO Goes Berserk to Gain 468% in a Week

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Crypto.com Chain might be one of the only nascent crypto projects that have maintained its upside hype for a straight week.

The project’s CRO token on Friday noted yet another massive movement to the upside. The CRO-to-dollar rate rose as much as 65 percent, bring the pair’s weekly return to a whopping 468 percent. In the said timeframe, the CRO price jumped from a meager $0.019 to a weekly high towards $0.108. At the same time, the CRO market cap surged from $65.736 million to as high as $428.14 million.

CRO, CRO PRICE, CRO USD, CRYPTO.COM PRICE

CRYPTO.COM CHAIN CRO PRICE | SOURCE: COINMARKETCAP.COM

Crypto exchange Bittrex continued to host a majority of CRO-enabled trades. Based on a 24-hour adjusted timeframe, the exchange hosted $4.69 million out of the total $5.35 million CRO trading volume. That’s almost 88 percent of the overall daily volume. Interestingly, a majority of traders left Bitcoin for CRO, evident by the slow sideways performance of the king cryptocurrency in the recent weeks.

STRONG FUNDAMENTALS

In our previous coverage, we discussed the key fundamental factors that were maintaining the bullish bias in CRO markets. First, it was the CRO listing announcements on Bittrex and Indodax. The Crypto.com Chain team also announced that it had partnered with an Indonesia-based dropship e-commerce company Yoshugi Media Group.

From the way it looks, those fundamentals stayed for dinner. Crypto.com Chain today announced that another crypto exchange, Upbit, would list CRO pairs.

Technically, the CRO-to-dollar rate formed a bull flag after its first upside move, signaled by the ongoing pumping phase. It indicates that more traders are willing to purchase CRO on new higher high formations. While these bets remain risky, they also suggest a robust bullish bias in the CRO markets.

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But fundamentally, Crypto.com Chain is looking stronger. The Hong Kong-based project reportedly offers merchant-centric crypto payment solutions. It has already rolled out its software development kit “for selected merchant partners to begin their integration process.” Let’s see what Kris Marszalek, the co-Founder, and CEO of Crypto.com, has to say about that.“We’re thankful to Upbit for their support of our project. Our Chain team is on a tear recently  – the Crypto.com Pay SDK shipped to merchant partners last week. On top of [the] opening of the Pay platform to our 400,000 users this week, our team has scheduled to open-source the first version of Chain Testnet on Wednesday, March 20th as a part of a broader Dev Update. This is another milestone achieved ahead of schedule communicated in the CRO whitepaper.”

CRO PRICE ACTION

As of 1000 GMT, the CRO-to-dollar rate is undergoing a minor correction – it has dropped 17.39 percent from its intraday high. It could be an indication of another bullish flag formation. At the same time, it could also be a signal for an all-and-all dump. A week-long rally does not mean an extended bullish bias, indeed.

As we are not actively trading CRO, it would be unwise of us to say anything further. We may end up moving a small portion of our bitcoin holdings to CRO as a test-trade. Would you like to read a dedicated CRO technical analysis? Let us know in the comment section below.

Source :ccn

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CZ: “everyone will be in crypto,” says it’s “inevitable”

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On Wednesday, March 20, Binance chief executive Changpeng “CZ” Zhao tweeted his disagreement with a recent comment made by JP Morgan executive Ron Karpovich who suggested banks would always be needed for moving funds.

Karpovich, Global Head of eCommerce said in an interview with CNBC’s Squawk Box that doesn’t believe a specific cryptocurrency will be the ultimate payment solution.

CZ disagreed with this statement, arguing that “many (not so small) businesses already don’t use banks, and they work just fine.

The biggest expense any company faces in employee salaries, which has traditionally been handled through banks. In August last year, Chepicap reported that Michael Arrington, founder of TechCrunch, was told by CZ that 90% of Binance’s employees are paid in Binance Coin (BNB).

Read more: At Binance, 90% of employees are paid in Binance Coin

Additionally, Jack Dorsey, Twitter and Square CEO tweeted:

Ultimately, CZ says, “Everyone will be in crypto,” making it the dominant form of payment. As such, even JP Morgan, America’s largest bank, will have to use crypto.

One user replying to CZ’s tweet called out the Binance CEO stating he supported six banks issuing stablecoins on IBM’s World Wire platform.

Read more: 6 international banks to launch stablecoins on IBM and Stellar’s World Wire

Cz responded with:

Source :chepicap

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Crypto Lawyer Drew Hinkes Joins Firm to Help ICO Issuers Fight Back

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Blockchain lawyer Andrew Hinkes is spoiling for a fight.

The general counsel at investment bank Athena Blockchain and an adjunct business and law professor at New York University, Hinkes believes token issuers will soon start pushing back against regulatory enforcement actions and demanding clearer guidance, after mostly taking it on the chin for the last year or so. And when that happens, he’ll be in their corner.

Revealed exclusively to CoinDesk, Hinkes has joined the blockchain and digital currency practice of the law firm Carlton Fields, where he will focus on litigating cases for token sellers.

“What we have seen so far is folks just settling with the regulators, but we have started seeing some companies that want to fight back or try to use the litigation process to get a better clarity on what their obligations are by challenging some of the positions taken by the regulators in court,” Hinkes told CoinDesk.

A member of the blockchain community since 2014 and occasional CoinDesk op-ed contributor, Hinkes has been for years advising companies including token issuers, bitcoin ATM networks, investment funds and high-net-worth investors.

Earlier in his career, though, he duked it out in court on behalf of corporate clients in construction, real estate and consumer fraud cases. As such, he will act as “a bridge between our firm’s crypto regulation and corporate practice and our litigation practice,” said Justin S. Wales, the co-chair of Carlton Fields’ blockchain practice.

This cross-training will be valuable to the team, Wales told CoinDesk, noting that the industry has already seen “a four-fold increase in suits involving cryptocurrencies or blockchain-based technologies in each of the last four years.”

“There is absolutely going to be more litigation in the space, both as defenses of regulatory enforcement and through civil litigation. We are already seeing this,” Whales said.

Hinkes will keep his job at Athena Blockchain, the firm he joined last year that helps companies issue tokenized securities, and his professorships at NYU. “Obviously, there are ethical concerns when an attorney has a stake in both in a bank and a law firm. But in consultations with legal folks at Carlton Fields, we’re comfortable with appropriate disclosures to be made,” Hinkes said.

Battle ready

As a harbinger of brawls to come, Hinkes cited the example of the startup Kik, which announced in January that it’s prepared to challenge the SEC in court to prove its initial coin offering (ICO) wasn’t a sale of unregistered securities.

After watching the Securities and Exchange Commission come after the ICOs of 2017, newer projects are acting cautiously, launching token offerings in the form of STO and working closely with the regulators to avoid any troubles. But those who had already sold tokens in the past year or two don’t have this option anymore.

The problem for the industry at the moment is that there is no comprehensive regulation to rely upon, Hinkes said.

“The regulators, for the most part, have so far provided us with a bunch of orders that were written in the way to tell everyone what they expected to do, but it’s not guidance and it’s not a law,” he said.

One way to clarify the situation would be for Congress or a state to issue a law about the legal status of token sales, but in the absence of that, the only other way to get more clarity is to challenge the regulators and their position in court, he added.

However, challenging the SEC will require some internal work, too, Hinkes said, concluding:

“I expect that companies will push against the regulators, which will mean the companies will have to do internal investigations and will first investigate and then negotiate with the regulators. I think there will be significant civil and criminal litigation to come, an I believe it’s going to become a larger part of the cryptocurrency and blockchain world.

source:coindesk.

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Sharia-Compliant Crypto Exchange Rain Adds Ripple’s Crypto Coin XRP to Its Trading Platform

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Bahrain based crypto exchange, Rain recently announced that they are the first to complete the Central Bank of Bahrain’s (CBB) regulatory sandbox and is now in the process of applying for a license as it has passed a Shariah compliance certification for the region.

Rain was founded in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago who shared a joint vision to create a fully Shari’a compliant exchange to provide trust for local cryptocurrency traders. It is backed by Bitcoin Core(BTC) developer Jimmy Song.

The exchange has listed XRP in multiple pairs – XRP/BHD (Bahraini dinar), XRP/SAR (Saudi Riyal), XRP/AED (United Arab Emirates dirham), XRP/KWD (Kuwaiti dinar), XRP/OMR (Omani rial) and XRP/USD (US dollar).

Although, the exchange is in the beta version until they receive full licensure with the Central Bank of Bahrain. Although Rain’s sharia compliance certification is based on BTC, ETH, LTC, but the exchange is reportedly looking to obtain Sharia certification for XRP

Abdullah Almoaiqel said:

“This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security, and trust. We are excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a suite of cryptocurrency investment opportunities. We could not be more excited to have graduated the sandbox and are very close to our public launch now.”

If a Muslim today wants to invest, or be involved in Bitcoin, the information available to them mainly depends on the route they take.

A practicing Muslim with an inquiring mind may have to go through several loops, to find a reasonable argument, before reaching a conclusion. An argument, no matter how balanced, has to have its origins from within the proposed Islamic Finance Model as described by the Shariah.

Rain exchange hopes to bridge this gap. Industry experts say it could encourage new capital flows into the crypto ecosystem from a part of the world rich in natural resources like oil and gas. As it stands, few Persian Gulf residents officially participate in the crypto markets, partly for fear of the sector’s shadowy reputation.

Source.bitcoinexchangeguide

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