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Libra made lawmakers uncomfortable as they feared losing dollar dominance, suggests ShapeShift’s Voorhees

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Cryptocurrency exchange ShapeShift is celebrating its 5-year anniversary and Erik Voorhees the founder and CEO of the exchange recently echoed his thoughts through a podcast by Epicenter, about the several happenings in the crypto ecosystem.

Voorhees started the segment by talking about the recent addition of mandating registration and KYC in the exchange. The numerous hacks that have widely impacted the biggest exchanges led to ShapeShift decreeing the need for users to complete KYC, he said.

The first and the largest cryptocurrency by market cap has many loyal fans in the ecosystem, and Voorhees exclaimed that the fact that the bitcoin community detests other crypto projects and kill time on Twitter “shitting” on other projects is a sad sight to watch. He said,

“I see myself as part of the entire cryptocurrency ecosystem and not just the bitcoin ecosystem and, not just the ethereum ecosystem.”

He also believes that the tribalistic people do not know how the coins can profit one and other. The man behind ShapeShift further compared the maximalists to angry sports fans and the only unifier is the common enemy of the crypto world, which is fiat currencies, banks, and governments.

Facebook’s intervention into the crypto world has surely caught a lot of attention. Voorhees explained how Libra stands out for him because of its two main designs, which is the fact that it is built using blockchain technology and that it is backed by not just one but a basket of fiat currencies.

Voorhees believes that Facebook’s crypto venture made the U.S. lawmakers “uncomfortable” as they feared losing dominance over the world’s financial system. Facebook’s well established global reach posed as a greater threat to them than Bitcoin or other cryptocurrencies, he added.

Source:ambcrypto

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How Cryptocurrency Is Making An Impact On Pensions

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The investment firm Cambridge Associates is a privately held investment company based in the United States. The firm provides investment portfolio management and advisory services to foundations, private clients, pensions, institutional investors and more. The US-based firm has pensions and endowments consultant with more than $385 billion in assets under advisement, has stated institutional should start getting involved in the crypto industry.

The company have said:

“In looking across the investment landscape, we see an industry that is developing, not faltering. Although the crypto industry remains in its infancy, we think institutional investors should begin exploring it.”

They say that no more than 1 percent is invested either directly into cryptos like Bitcoin and Ethereum into ICOs or STOs or otherwise indirectly into crypto/blockchain firms.

“The vast majority of institutional investors have little to no cryptoasset exposure. We expect traditional venture capital funds to increase their investments in cryptoassets going forward, meaning institutional investor exposure is also likely to rise.”

In a somewhat detailed statement, they explain that the different cryptocurrency investment strategies have potential, highlighting institutional investors aren’t able to invest more htan 20 percent in a non0qualifying investment. The firm says that “the industry is nascent and an allocation of more than 1% of a portfolio on a look-through basis does not appear prudent, even for those comfortable assuming the very high risks involved.”

The US-based firm was founded in 1973 by James Bailey and Hunter Lewis and now has a workforce of over 1,300 employees. They have changed their tune after the firm told institutional investors to stay away from cryptos at the height of the 2017 bull run.

In November 2017, Cambridge Associates said, “in our opinion, institutional investors are better served focusing on investing in companies seeking to profit from the development and adoption of blockchain technology and ‘fintech’ (financial technology) more broadly than holding cryptocurrencies directly.”

The company is now implicitly making recommendations to diverse from cryptos of no more than 1 percent of holdings after they made research into the crypto space.

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Are Ethereum, Ripple and Litecoin About To Start a Reversal Against Bitcoin?

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The cryptocurrency markets have seen a sweet rebound over the past couple of days, which has led many to believe that the previous bearish pressure may be about to conclude. Against Bitcoin BTC, 3.14%, the altcoins are starting to show signs that they may finally start to climb. If they can continue to do this, we can expect these altcoins to also continue increasing in terms of USD value in the coming weeks.

Ethereum

Ethereum price₿0.0187
Key ETH resistance levels₿0.0190, ₿0.0200, ₿0.0210, ₿0.0218
Key ETH support levels₿0.0185, ₿0.01790

Ethereum ETH, 2.18% has seen a 3.62% price increase over the past 24 hours, which has seen the price for the coin rise to the $200 level again. Ethereum has suffered a 14% price fall over the past 30 days as the cryptocurrency remains in 2nd place with a market cap value of $21.5 billion.

Buy/Sell Ethereum (ETH)

ETH/USD chart, 1-day candles

Taking a quick look at the ETH/USD chart above, we can see that Ethereum had dropped beneath $200 and continued lower to find support at the 6 month old rising support trend line. 

After reaching this support, we can see that Ethereum has rebounded as it is now on the path to head higher. The next level of strong resistance lies at $202 and $220 (200-day EMA).

ETH/BTC chart, 1-day candles

What has been going on?

Against BTC, we can see that Ethereum has been trapped within a steep descending price channel for the previous 2 months of trading. Price action remained within the price channel until reaching a low of around ₿0.01767, where a rebound had occurred. 

We can see that in yesterday’s trading session, ETH/BTC managed to break above this descending price channel, a strong sign that the downtrend may be concluding. If ETH can continue to rise and remain away from the price channel, we can expect some very strong gains to be experienced for ETH.

Where can we go from here?

If the bulls continue to climb further higher, we can expect immediate resistance to be located at ₿0.019 and ₿0.01937 – this is then followed with more strong resistance at ₿0.02. Above ₿0.02, we can expect higher resistance at ₿0.02042, ₿0.021, ₿0.02183, ₿0.022, ₿0.0225, ₿0.02390 and ₿0.02452.

Alternatively, if the sellers start to push the market lower once again we can expect immediate support beneath the market to be located at ₿0.0185. This is then followed up with some more support at the ₿0.01790 and ₿0.01767 levels.

What are the technical indicators showing?

The RSI is currently involved in a battle at the 50 level which indicates indecision within the market. However, if the RSI can climb above the 50 level (which will be for the first time since early June) we can expect the bullish pressure to ignite.


Ripple (XRP)

Ripple price2,637 SAT
Key XRP resistance levels2,800 SAT, 2,846 SAT, 3,000 SAT
Key XRP support levels2,455 SAT

Ripple XRP, -2.23% has seen a small 1.3% price increase over the past 24 hours, bringing the price for the cryptocurrency up to $0.2840. XRP has suffered a steep 30% price drop over the past 90 days as XRP now holds the 3rd position with a market cap value of $12.18 billion.

XRP/USD chart, 1-day candles

Looking at the XRP/USD chart above, we can see that at the start of August, XRP had been hit hard, with the coin falling beneath the year-long strong support at $0.30. XRP continued to travel lower until finding support at the $0.2584 level, where a rebound higher was seen.

XRP is now trading at the $0.2842 level as the bulls in the market attempt to grind their way back toward $0.30.

XRP/BTC, 1-day candles

What has been going on?

Looking at the XRPBTC chart above, we can see that XRP had slid beneath a rising trend line during early August, which had seen XRP fall beneath 3,000 SAT and continue further lower. We can see that XRP fell much further until finding support at the 2,455 SAT level, where the rebound had occurred.

However, during this rebound, XRP has now been able to overcome the resistance at 2,800 SAT and is bound by the range between here at 2,455 SAT.

Where can we go from here?

If the bulls can continue with the ascension higher, we can expect immediate resistance to be located at 2,800 SAT, 2,846 SAT and 3,000 SAT. Then, we can expect higher resistance to be located at 3,200 SAT, 3,400 SAT, 3,600 SAT and 3,800 SAT. The resistance at 3,800 SAT is further bolstered by the 100-day EMA – if the bulls can break above, the next level of resistance above is located at 4000 SAT. 

What are the technical indicators showing?

The RSI is trading along with the 50 level, which shows that the bulls are attempting to gain control over the market momentum. If the RSI can climb away from the 50 level, we can expect XRP heading towards 3,800 SAT pretty soon.


Litecoin

Litecoin price฿0.00720
Key LTC resistance levels₿0.00741, ₿0.00800, ₿0.00824
Key LTC support levels₿0.00709, ₿0.00688, ₿0.00638

Litecoin LTC, -1.62% has seen a 2% increase over the past 24 hours, bringing the Litecoin price to $77.92. The cryptocurrency has seen a price drop of about 20% over the past 30 days Litecoin is ranked in the 5th position with a total market cap value of $4.90 billion.

LTC/USD chart, 1-day candles

Looking at the LTC/USD chart above, we can see that Litecoin dropped beneath a symmetrical triangle (and the 200 day EMA) at the start of August which had caused Litecoin to continue to keep slipping until finding support at the $70.82 level. Litecoin has rebounded from this level of support to trade at $77.92.

LTC/BTC chart, 1-day candles

What has been going on?

Looking at the daily chart above, we can see that Litecoin has also been tumbling during the initial stages of June. Litecoin had dropped from a high above ₿0.00978 and had continued to fall until finding support at ₿0.007097. Litecoin has returned to this level of support recently and looks to be in the weakest position against BTC amongst the coins on this list. 

Where can we go from here?

If the sellers continue to push the market lower, we can expect immediate support to be located at ₿0.007097. Beneath this, further support is then to be expected at ₿0.006889, ₿0.006380 and ₿0.006268.

Alternatively, if the bulls can push the market above the current resistance at ₿0.007418, we can expect further higher resistance to be located at ₿0.008. Above this, higher resistance is then found at ₿0.008244, ₿0.0090, ₿0.009415 and ₿0.01.

What are the technical indicators showing?

The RSI is still well below the 50 level, which shows that the bears remain in control of the market momentum. If we would like to see LTC/BTC climb higher, we would need to see the RSI break above the 50 level.

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Teen sentenced to 20 months in prison for hacking services in exchange for cryptocurrency

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Elliot Gunton, a 19-year old teenager from Mounteney Close in Norwich was sentenced to a 20-month prison sentence on 16th August. Gunton was also asked to pay back  £400,000 for hacking services he offered in exchange for cryptocurrencies. A Norwich Crown Court on Friday sentenced him for his crimes after he pleaded guilty in earlier hearings.

Gunton was caught when the police visited his house in June 2016 to see whether he was complying with the Sexual Harm Prevention Order for a previous offense. Police authorities seized Gunton’s laptop in April 2018 after they found software which he used for committing cybercrimes.

Further investigations revealed that Gunton was involved in mining sensitive personal data of individuals, which he sold to others who could have used it for illegal activities like intercepting calls. Police found out that Gunton had put out advertisements about selling compromised sensitive data in exchange of $3000 in Bitcoin.

Preventive measures taken by Gunton was not enough

Gunton did everything in his capacity to avoid falling under the radar of authorities, he dealt in cryptocurrencies instead of hard cash, deleted his activities online, but still left certain clues that led to his conviction. One important piece of evidence came from his online conversation with potential clients where he discussed illegal business. These conversations led authorities to seize  £275,000 worth of cryptocurrencies and Gunton’s conviction.

One of his twitter conversations read,

“having lots of money is cool….but having lots of money without people knowing is cooler”.

The charges framed against Gunton included breaching sexual Harm Prevention Order, hacking offenses and money laundering. Gunton pleaded guilty to the charges levied against him and was sentenced to 20-months in prison; however, he was immediately released as he had already served the sentence time during his remand. Apart from the jail-sentence and the fine, Gunton was also issued with a three and a half year community order with certain preventions like not using Internet at the workplace or supervised locations, or delete the Internet history or use and store any kind of cryptocurrency.

Sergeant Mark Stratford, the detective on the case said,

“This was a complex investigation which relied on the expertise of officers and staff from the Norfolk and Suffolk Cybercrime Unit. This emerging type of criminality requires police investigators to be at the forefront of technological advancements in order to effectively combat the ever-growing paradigm of cybercrime.”

Source:ambcrypto

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