NEO PRICE ANALYSIS (NEO/USD)
During the last 24hrs, NEO/USD pair went down by 0.9%, having moved from $17.5100 to the current price rate of $17.3556. The bearish outlook was supported by the 21 day MA that was seen gravitating above the 7 day MA that signaled a bearish rally
The markets sow a sideways price movement that was reflected by the RSI that was hovering between level 60 and 40. This placed resistance level at $17.6260 and support level at $17.1006 with a circulating supply of $70,538,831 coins in the last 24hrs.
Despite a bearish outlook, the price of NEO is likely to go bullish due to the new NEO’s Dgamemaker platform that provided game lovers a chance to practice their skills in game development. As the growing gaming community expands, explore their interest in gaming the current market performance of NEO is likely to benefit.
NEO PRICE PREDICTION
At the moment, the 21 day MA and the 7 day MA are tending towards each other. The 7 day MA looks set to cross the 21 day MA that indicates a bullish sign. New target should be set at $17.6000.
CARDANO PRICE ANALYSIS (ADA/USD)
ADA has undergone a bearish outlook in the last 24hrs. The descending channels confirmed the bearish rally. The 21 day MA is also seen above the 7 day MA that indicated a downtrend. The RSI indicator X has dropped from a high of 48.20 to a low of 27.50, which showed that the market is currently on an oversold territory.
Following a strong sell-off that took place late June, the pair’s price has dipped by 4.3% over the last 24hrs, having moved from $0.079304 to $0.075876. The bears seemed to have taken control over the market momentum, thus resulted in increasing sellouts.
CARDANO PRICE PREDICTION
Despite a generally bearish outlook, the RSI is currently trading flat which, indicates a lack of momentum in the market. Nevertheless, a bullish rally is likely to be seen if the bulls up there move. New targets should be stood at $0.07800.
MONERO PRICE ANALYSIS (XMR/USD)
XMR/USD is down by 2.16 over the last 24hrs. It started trading at $103.22 and is currently trading at $100.99. This was followed by a short-term period of consolidation that placed support at $101.57. A breakdown was later seen at around 20:00, that dipped the price down to a low of $97.77.
The RSI indicator X reflected the downtrend since it dipped sharply to a low of 31.50 before it rose up to a high of 52.17. The bearish signal was supported by the 21 day MA that was seen above the 7 day MA. Currently, the RSI is heading north, which shows the reluctance of investors to sell their XMR coin in anticipation for better prices. The fall of XMR price may be due to the recent reveals of Monero’s blockchain security vulnerabilities. This allowed miners to access certain crafted blocks that forced the Monero Wallet to allow fake deposits for an XMR amount.
MONERO PRICE PREDICTION
Currently, all the indicators point towards a bullish rally. The 7 day MA has crossed over the 21 day MA, and the RSI is heading north that indicates a bullish signal. New targets should be set at $102.05.
Crypto Trader Says Mysterious Whale Building Massive Buy Walls – Plus Ethereum, Ripple and XRP, Litecoin, Zcash
From a mysterious crypto whale on Binance to a new fork of Zcash, here’s a look at some of the stories breaking in the world of crypto.
Ethereum and Bitcoin
Crypto traders say an Ethereum whale is making a huge splash on the crypto exchange Binance.
According to Three Arrows Capital CEO Su Zhu, the whale has bought 300,000 ETH worth about $70 million in recent weeks. The most recent buy order clocks in at 20,000 ETH worth about $4.5 million.
The big buy order triggered a debate on whether the whale is trying to create the illusion of demand to push the price of Ether, Bitcoin and the entire crypto market higher.
On Sunday, a separate crypto whale was accused of selling 15,000 ETH on the crypto exchange Bitstamp and triggering a cascade that pushed Bitcoin and the overall crypto market at large into a downward spiral.
Ripple and XRP
The Canada-based crypto exchange CoinField has rapidly expanded its use of XRP as a base pair on the platform. The exchange says it now has 30 coins paired directly with XRP.
Litecoin creator Charlie Lee just sat down for an interview with MaiCoin. The podcast looks at Facebook’s Libra, Lee’s upcoming meeting with Justin Sun and Warren Buffett and Asia’s love for Tether (USDT).
Lee says lunch with Buffett is exposure for crypto. As for flipping the vocal crypto critic into a Bitcoin or Litecoin supporter, Lee says,
“It’s not possible to convince him. He doesn’t invest in technology stuff, so he’s not and won’t be into Bitcoin, and that’s not surprising at all.”
The privacy coin Zcash just had its first “friendly” fork, creating a new coin called Ycash. The new coin was created by Zcash team member Howard Loo, and is described as having a number of goals that differ from Zcash.
“We are launching Ycash to restore a goal – mining on commodity hardware – that appears to have been largely abandoned on the Zcash blockchain. We are also launching Ycash to uphold a promise – that the Zcash Founders Reward would be forever capped at 2.1 million coins – that we fear will come under increasing pressure between now and the expiration of the Founders Reward in October 2020.”
Japan Eyes Development of SWIFT-Like Platform for Cryptocurrencies: Report
While world leaders are facing the threat of Libra and Facebook’s massive userbase of 2.5 billion, enough to transform the entire global financial system seemingly overnight, Japan is spearheading the development of a SWIFT-like network for cryptocurrency, reports Reuters.
Similar to the SWIFT network used by banks, the new international crypto-based platform would allow banks to track transactions and more effectively fight money laundering.
Set to launch in the next few years, it would be monitored by a team related to the inter-governmental Financial Action Task Force (FATF).
Given the decentralized nature of cryptocurrencies which run on public blockchains, however, it remains unclear how the system would conduct its surveillance.
Meanwhile, the world’s financial leaders are moving in concert to stay ahead of the Libra threat. Gathering at the G7 conference in France on Wednesday, Italy’s finance minister told Reuters,
“There’s widespread concern and a decision that this concern should translate into action… to control what’s going on.”
The news outlet reports that a source said there was “a very large consensus on the need to act quickly” in response to the changing landscape of money and global payments and with Facebook’s looming entry into the industry.
Japanese Finance Minister Taro Aso is initiating plans for a comprehensive assessment of Facebook’s Libra.
Said Aso following the first day of the G7 gathering,
“Applying existing regulations alone may not be enough. A comprehensive examination is needed to see if Libra poses new challenges that existing rules do not take into account…
On the other hand, authorities need to respond in a timely fashion so they’re not behind the curve.”
Facebook Libra Risks to Financial Stability Demand ‘Highest’ Regulatory Standards, Says G7
The G7 group of nations has warned that cryptocurrencies such as Facebook’s Libra are a threat to global financial stability.
A task force set up by the G7 to examine the issues said that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism, Reuters reportsThursday.
Following a meeting of finance chiefs from the G7 in Chantilly, France, this week, the group also said it would address tax issues raised by the digital economy, as per a draft summary of the meeting obtained by Reuters.
As expected, Facbook’s Libra and its perceived risks to the monetary control of regulators was high on the agenda at the meeting, although some benefits were also observed.
Benoit Coeure, European Central Bank (ECB) board member and head of the G7 task force, told the G7:
“A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion.”
Yet, he went on to say that such cryptocurrencies raise “serious risks” to policy priorities, such as anti-money laundering, financing of terrorism, consumer and data protection, competition and compliance with tax rules.
Bank of France governor and and member of the governing council of the ECB, Francois Villeroy de Galhau, also said that, while regulators seek to encourage innovation, “that cannot come to the detriment of the security of the consumer.” He also said more details were needed regarding gray aspects of Facebook Libra.
A piece in the Financial Times today further quotes Coeure as saying that cryptocurrencies like Libra “could also pose issues related to monetary policy transmission, financial stability and the smooth functioning of and public trust in the global payment system.”
French finance minister Bruno Le Maire echoed previous concerns over the threat to the dominance of national currencies by a token launched by a tech firm with billions of users, saying: “The sovereignty of nations might be weakened or jeopardised by these new currencies.”
The draft document from the G7 stated that “significant work” is required from developers of stablecoins like Libra before regulatory approval is likely to be granted.
The FT cites the document as saying:
“As large technology or financial firms could leverage vast existing customer bases to rapidly achieve a global footprint, it is imperative that authorities be vigilant in assessing risks and implications for the global financial system.”
Among its draft recommendations, the G7 says such stablecoins must meet the highest regulatory standards and come under regulatory oversight. A good legal basis in jurisdictions where they operate is also key in order to guarantee adequate protection for stakeholders and users.
The group further lists the need for “operational and cyber resilience” and secure, transparent management of assets to protect market integrity.