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Tron marks Independence Day, June 25: TRX/USD double-top pattern spotted

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  • In under a year, Tron has surpassed Ethereum daily transaction recording 1.5 million transactions.
  • Correction from $0.0400 resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area.

The Tron Foundation is celebrating one year since the first Independence Day. June 25, 2018, was the day that Tron launched its mainnet. The date is also used to mark the genesis block for Tron blockchain. According to the founder of Tron, Justin Sun, the network has been able to hit various milestones since then.

Some of these include an increase in staff from just 10 to 400 spread around the world. Besides, this number is expected to rise to 600 by the end of 2019. The development team has been able to release 22 updates on Tron protocol. The network has 3.1 million addresses on the mainnet and supports 1.5 million transactions daily catching up with Ethereum in less than one year. The decentralized applications ecosystem has over 500 DApps that record 50,000 active users.

These including other milestones have helped push Tron back into the top ten with a market cap of $2.5 billion. Tron is currently ranked as the 10th largest asset. It has an exchange-traded volume of $990 million and a circulating supply of 66,682,072 TRX.

Looking at the 4-hour chart, Tron recovered from June lows around $0.0291 and even retested the resistance at $0.0400. However, correction above this level is hampered leading to the formation of a double top pattern with the highs achieved in the first week of June around $0.0400. Meanwhile, a correction has resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area. Other key areas to look out for are $0.0360 support, $0.0320 support area and June lows at $0.0291.

TRX/USD 4-h chart

source:.fxstreet.

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Ethereum

ETH/USD technical analysis: Ethereum bleeds below $200 as US senate frowns at Facebook’Libra

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  • The cryto market is bleeding as Facebook’s libra may face legal issues. 
  • ETH is under strong selling pressure now below the $200 mark

Breaking: Bitcoin tumbles under $10,000 as U.S. Senate mulls Facebook’s Libra

ETH/USD daily chart

The July’s selloff keeps going as the market trades below the $200 mark and the 50 and 100 SMAs. Cryptocurrencies are dropping on the back of potential legal and privacy issues with Facebook’s Libra. 

ETH/USD 4-hour chart

The market is seen as weak below 220 resistance and its main SMAs. The level to beat for bears is 180 followed by 120 on the way down.

Additional key levels

ETH/USD

OVERVIEW
Today last price198.54
Today Daily Change-29.55
Today Daily Change %-12.96
Today daily open228.09
TRENDS
Daily SMA20288.68
Daily SMA50275.75
Daily SMA100232.95
Daily SMA200182.55
LEVELS
Previous Daily High235.48
Previous Daily Low202.87
Previous Weekly High318.46
Previous Weekly Low262
Previous Monthly High363.54
Previous Monthly Low226.48
Daily Fibonacci 38.2%223.02
Daily Fibonacci 61.8%215.32
Daily Pivot Point S1208.81
Daily Pivot Point S2189.53
Daily Pivot Point S3176.2
Daily Pivot Point R1241.42
Daily Pivot Point R2254.76
Daily Pivot Point R3274.03

source:.fxstreet.

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Cryptocurrency

Facebook’s Libra Should Be Regulated Like a Security, Says Former CFTC Chair

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Libra is a security, says a former Commodity Futures Trading Commission (CFTC) chairman in prepared remarks to the U.S. House of Representatives.

Gary Gensler, who chaired the CFTC from 2009 to 2014 and previously held leadership roles at the U.S. Treasury Department, says in written testimony that Facebook’s new cryptocurrency project looks like an investment vehicle and that Libra may even resemble some banking structures.

Gensler will testify before the House Financial Services Committee on Wednesday, as part of a panel of expert witnesses on the potential implications of Libra. He will join Public Citizen president Robert Weissman, Columbia University law professor Katharina Pistor and Georgetown University law professor Chris Brummer.

In Gensler’s remarks, obtained by CoinDesk, he describes how the Libra cryptocurrency might be classified as a security.

At the heart of his argument is Libra’s structure: Libra itself is intended to act as a kind of stablecoin, with its value pegged to a basket of sovereign currencies and government bonds. Members of the Libra Association, the governing council charged with overseeing the cryptocurrency’s ongoing development after it launches, will receive a Libra investment token – a security token, as Facebook has acknowledged.

Collateral earned on the basket of currencies backing Libra (referred to as the Libra Reserve) will go to holders of the investment token, according to documentation Facebook published about the project last month.

Gensler argues this means Libra itself looks like a security, saying:

“As currently proposed, the Libra Reserve, in essence, is a pooled investment vehicle that should at a minimum, be regulated by the Securities and Exchange Commission (SEC), with the Libra Association registering as an investment advisor.”

‘Pooled investment vehicle’

According to Gensler, Libra is a security for the same reasons that the Libra Investment Token is a security.

There may be debates on whether and how Libra qualifies as a security under the Investment Company Act of 1940, the Howey Test, or the “Reves Family Resemblance Test,” but none of these are strictly important for this analysis, he argues, explaining:

“It’s unambiguous that [the Libra Investment Token] is a security as it will receive a net return based upon interest on the Libra Reserve.”

In Gensler’s view, the actual Libra token is “part of the same pooled investment vehicle,” and therefore faces the same market risks as the investment token.

The SEC is already considering whether Libra could be considered a security, and therefore falls under its purview, according to a Wall Street Journal report.

“Further, investor protection will be just as important for the proposed Libra token as it is for investors in international bond funds or in commodity ETFs such as gold, silver, or oil ETFs,” Gensler says. “I also believe that each Authorized Reseller of the Libra token would need to be a registered broker dealer.”

He describes holders of Libra as a “2nd class of investors” in the Libra Reserve.

Bank too?

Securities concerns aside, aspects of Libra’s setup also may fall under banking regulations, Gensler adds.

The Libra Reserve is effectively proposing “a private form of money” which can be used for payments, storing value and lending “the proceeds to banks (as deposits) and governments (as debt securities),” he says.

These applications are similar to services offered by banks.

“Thus, there is some basis to consider the Libra Reserve as a bank or to apply bank-like regulation to it,” Gensler proposes. “At a minimum there should be restrictions on Libra Reserve’s investments and prohibition on its ability to lend or operate as a fractional bank.”

(It’s worth noting there’s actually precedent for a stablecoin issuer operating as a fractional bank: Tether.)

source:coindesk.

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Ripple (XRP/USD) forecast and analysis on July 16, 2019

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Cryptocurrency Ripple (XRP/USD) is trading at 0.3111. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Ripple (XRP/USD) forecast and analysis on July 16, 2019

As part of the Ripple course forecast, a test level of 0.3280 is expected. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2430. The conservative sales area for Ripple is located near the upper border of the Bollinger Bands indicator at 0.3540.

Ripple (XRP/USD) forecast and analysis on July 16, 2019

Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and closing quotations of the pair above the 0.3650 area. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Ripple (XRP/USD) forecast and analysis on July 16, 2019 implies a test level of 0.3280. Further, it is expected to continue falling to the area below the level of 0.2430. The conservative area for selling Ripple is located area of 0.3540. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3650. In this case, we should expect continued growth.

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