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Max Keiser: Facebook’s Crypto to Kill XRP & Altcoins, Boost Bitcoin (BTC)

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Globalcoin, An XRP Killer?

Facebook’s soon-to-launch crypto asset has been called many things: a Bitcoin-killer; regulators’ Trojan horse into the cryptocurrency space; and a ploy to make George Orwell’s “1984” a reality are among what some pundits have deemed the asset. Today, another pseudonym has been attributed to the technology giant’s cryptocurrency, rumored to be a stablecoin meant for the company’s billions of clients. This pseudonym, according to Bitcoin bull Max Keiser, is an XRP-killer.

On Twitter this week, the long-time anti-establishment figure, known for his segment on RT, claimed that Facebook’s digital asset, dubbed “Globalcoin” according to some reports, “obviates [the] need for hundreds of alt-cons including XRP.” Keiser goes on to state that the altcoin apocalypse is nigh, looking to the fact that Globalcoin will likely decimate any need for any other digital medium of exchange, save for Bitcoin, which also acts as a store of value.

Although the white paper for Facebook’s project has yet to be released, many speculate that it will act as an easy-to-use stable medium of exchange. It isn’t clear whether or not Globalcoin will be used in a banking setting, just as XRP is trying to, but it likely sure could, especially considering that preliminary reports state that operators of Facebook’s nodes will need to pay $10 million.

How Facebook Could Boost Bitcoin

Could Facebook’s coin really boost Bitcoin, though? According to Ari Paul, the founder of BlockTower Capital, it’s entirely possible.

In a tweet storm, Paul explained that while centralized cryptocurrencies are inherently “uninteresting” to fervent crypto crusaders, who are enamored with censorship resistance, immutability, security, and peer-to-peer systems, they will directly “increase global interest dramatically.”

Laying out a hypothetical scenario, the BlockTower chief investment officer notes that 30 million of Facebookcoin users (10% of Paul’s hypothetical audience of 300 million) could eventually “stumble across Bitcoin,” meaning that the (decentralized) cryptocurrency’s community would double in size, no questions asked. Not only would this bolster adoption, but this influx of users would also increase Bitcoin’s network effects, thus increasing the value of BTC.

Source:ethereumworldnews

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Leading Crypto Altcoin may Drop 40 Percent if Support Fails

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Leading Crypto Altcoin may Drop 40 Percent if Support Fails

While Bitcoin has enjoyed a productive year so far, the Altcoin market has been quite slow. Only two out of the thousands of altcoins on the cryptocurrency market were able to outperform Bitcoin throughout the first half of 2019.

But there could be more trouble in the near future for the altcoin market, particularly Binance, as crypto analyst predicts a 40% decline if the next support levels fails.

During the first half of this year, Binance made several announcements, launched a DEX and margin trading among others. Between the consistent positive media attention and the Binance Launchpad platform for IEOs using the native crypt token of the exchange, pushing demand upwards, the altcoin known as Binance Coin’s value increased drastically as a result.

But in June, things started to go south for the so-called crypto market poster boy. Binance revealed it will soon be shutting its doors to US-based investors – a category of crypto investors that make up the majority share of the market.

The move is to comply with international financial market regulators, who don’t want the U.S citizens to trade certain crypto assets that may be deemed securities or fall under certain regulatory guidelines.

Instead, Binance will close deposits and trading for these customers, and drive them into a new US-based Binance exchange with just 29 Bitcoin and alcoins under consideration for inclusion.

The uncertain circumstances regarding the future value of Binance Coin, how it is implemented in the United States market, if at all, and several other unanswered questions persist, and it’s causing the value of Binance Coin to fall.

One crypto analysts believes the current value of Binance Coin could drop a further 40% if support doesn’t hold in BNB price charts.
The analyst wrote on Twitter, “If you are holding @cz_binance’s coin, you sure as hell want to see a bounce from diagonal support + 19.5k area. Failure to do so, next support is nearly 40% lower

Exchange will close access to USA accounts in 2 days – curious to see this play out.”

Binance Coin has been one of the strongest performers in 2019, surpassing both Bitcoin and Litecoin as the best performing crypto asset in the market. Outside these three assets, however, the rest of the altcoin market has been performing poorly.

Much of altcoins bleed out is blamed on the lack of investor willingness to take the regulatory risk related with some of the more exotic altcoins found on Binance and other platforms. There is fear that these altcoins cannot be traded in some jurisdictions, basically making them worthless to some investors.

Instead of getting caught holding permanently heavy loads, investors have been avoiding altcoins in favor of the more regulatory friendly Litecoin and Bitcoin.

Source Link: https://www.newsbtc.com/2019/09/10/leading-crypto-altcoin-may-drop-40-if-support-fails/

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UpBit to Delist all Private and Anonymous Altcoins Soon

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Various cryptocurrency exchanges continue their war against privacy coins. Some governments around the world have taken exception to the currencies providing more anonymity and privacy than Bitcoin ever will. As a result, UpBit has confirmed it will remove all trading pairs which fall under this category. A worrisome development, although it seems unlikely too much will change for these markets. 

Regulation in South Korea

It is not uncommon to see trading platforms delist certain currencies every now and then. It is pertinent for these companies to get the most bang for the buck regarding the resources they provide. Additionally, exchange operators have to adhere to very strict guidelines imposed upon them by their local government. More often than not, those rules force companies to make tough and unpopular decisions. In the case of upBit, there isn’t too much they can do about the current demands. 

For the South Korean exchange, adhering to the FATF is the number one priority. This organization regulates financial service providers regarding anti-money laundering protection. Additionally, a new commissioner was appointed for the FSC, the Financial Services Commission. Combined, they are seen as a joint task force which seeks to regulate all financial aspects of South Korea, either for better or worse. For cryptocurrency exchanges, it forces them to abide by those organizations’ guidelines at all times, even if they don’t necessarily agree with them. 

The Coins to be Removed

Anyone who has kept close tabs on cryptocurrency regulation in Asia may have noticed a peculiar trend. Governments genuinely oppose privacy and anonymity-oriented cryptocurrencies. This trend has become apparent several months ago and is now seemingly spreading to other regions across Asia. In South Korea, it forces exchanges to delist Monero, Dash, ZCash, Haven, BitTube, and PIVX. All of those currencies are considered to be a threat regarding money laundering when using cryptocurrencies. 

While this particular “law” isn’t overly popular in South Korea, it isn’t something that will be changed either. Especially with the new FSC commissioner at the helm, it seems likely to assume a further crackdown on these types of currencies will occur fairly soon. That in itself would be rather interesting to watch, albeit it could also spell trouble for these altcoins. Until recently, getting listed on a South Korean exchange was the main objective for these projects. Now that they are getting removed, a very troublesome shift lies ahead.

No big Volume Loss

Although a delisting of altcoins can be problematic, it seems unlikely that much will change for these particular projects. UpBit has never generated much trading volume for any of the pairs mentioned. ZCash is the one with the most volume over the past few days, although the $450,607 in trades won’t make much of a difference. Haven Protocol and Moner are further down the rankings, further confirming South Koreans using this trading platform never showed much interest in those pairs to begin with.

The bigger problem is how other trading service providers will respond. Stories involving Monero, Dash, and others getting delisted have become fairly common. As such, the Western exchanges may start to rethink their position on these particular assets as well. If that were to happen, the altcoins mentioned above could find themselves in a rather unfavorable position altogether. 

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Altcoin Season on the Horizon? Bitcoin Dominance Hits Reversal Point

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Altcoin Season on the Horizon? Bitcoin Dominance Hits Reversal Point

Despite the drawdown in the price of Bitcoin — which some analysts say would result in a change of tides for altcoins — BTC dominance continues to tick higher. As of the time of writing this, the key market metric is approaching 70% for the first time in years, implying that once again, almost all cryptocurrency inflows are making their way into Bitcoin.

But, as time passes, an increasing number of traders have claimed that a so-called “altseason” is on its way.

Bitcoin Dominance Hits Key Mark

In March 2017, the world was shown the power of “altseason” when thousands of what were then little-known crypto assets exploded. If you were to peruse a site like CoinMarketCap during that time — no, era — you would see countless seemingly random digital assets posting 50%+ or even 100%+ days. This occurred for big caps, not just small no-name cryptocurrencies.

In 2017’s mania, Ethereum, for instance, rallied from $10 to $1,400, making many cryptocurrency investors fortunes.

At the start of the altseason, Bitcoin dominance was around 70%.

According to a recent tweet from Bitcoin Birch, a founder at crypto startup Lunar, the last time this key metric flirted with this round level, the biggest altseason in history was kicked off shortly after, when BTC fell off a cliff relative to altcoins.

Indeed, in March began a sharp downtrend in Bitcoin dominance, which ended when the figure hit some 32% in early-2018. Youch.

There’s no saying that the same will happen again. But, there are other signs pointing towards an impending resurgence for altcoins — or at least a lull in the bloodbath.

As reported by NewsBTC previously, Adaptive Capital partner and analyst Willy Woo believes that altcoins may soon find some support against Bitcoin. He posted the below image on Twitter, which shows that the altcoin capitalization-to-Bitcoin capitalization ratio and the altcoin market volume-to-Bitcoin market volume indicators are currently “heading into a region of support.”

Indeed, as the Bitcoin-centric Adaptive Capital partner chart depicts, the two aforementioned indicators are currently poised to encounter two key lines of historical support. Should history repeat itself, altcoins should bounce in the coming months, potentially to kick off what crypto traders call an “altseason”.

Also, last week the TD Sequential indicator flashed a sell nine candle for the one-week Bitcoin dominance chart.

Will There Really be An Altseason?

While these indicators are pointing towards an altseason, NewsBTC would be remiss not to talk about the other side of the story.

Responding to an inquiry about altcoins, Anthony “Pomp” Pompliano, a partner of Morgan Creek Digital, wrote that he believes “almost every single one will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.”

Indeed, over recent months, exchanges begin a mass process to purge lower-quality/non-popular crypto assets. Bittrex, for instance, has delisted some 50 altcoins for U.S. clients this year; the SEC has ramped up its attacks on this sector; and Binance’s flagship platform, which supports a swath of cryptocurrencies, has decided to pull out of the U.S.

Also, data shows that the altcoin market remains very illiquid. Arcane Crypto found that if you measured a cryptocurrency’s dominance by weighting the market capitalization of all cryptocurrencies against their trading volume, “Bitcoin’s market dominance is pushed well above 90%.”

Featured Image from Shutterstock

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