- The ranks are determined on the basis of tech, applicability and creativity of the crypto assets.
- China’s central bank circulated a statement highlighting the government’s opinion on crypto.
China’s Center for Information and Industry Development (CCID) has recently released new crypto rankings. The ranks are determined on the basis of tech, applicability and creativity of the crypto assets. The index places a premium on smart contract platforms. EOS, Ethereum and Tron have reportedly secured first, second and third spots respectively.
However, major cryptocurrencies are ranked down the list. Bitcoin, Stellar and XRP are ranked 9th, 10th and 18th, respectively. Litecoin is on the 27th while Bitcoin Cash secured the 32nd spot. Binance Coin or Bitcoin SV, which are the 8th and 9th largest coins by market cap, are not even included in the list.
Although the blockchain technology got immense support from President Xi Jinping, China is still uncertain about cryptocurrency. The country is likely backing enterprises for blockchain. China is also reinforcing a strict ban on domestic cryptocurrency exchanges, which initially began in September of 2017.
At the end of November, China’s central bank circulated a statement highlighting the opinion of the government on crypto. Primitive Ventures partner Dovey Wan highlighted a few key points from the release.
1. ICO, IFO, IEO, STO are all unauthorized illegal public offering and securities issuance, and potentially illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes.
2. Shanghai law enforcement agency will conduct ‘Special rectification of cryptocurrency-related trading platform, which can be registered overseas, shall be immediately rectified and retired’.
3. They will further regulate trading platform whose servers are outside mainland but providing virtual currency trading services to domestic residents, and will continue to strengthen the clean-up [of] the fiat payment and settlement channels and gateways.
4. Investors should be careful not to mix blockchain technology with cryptocurrency, and there are multiple risks in cryptocurrency financing, issuance and trading (again, Blockchain not crypto).
China will release crypto rankings every two months. The next rankings will be dropped in February.
SUNDAY DIGEST: BITCOIN PRICE SAUNTERS AND RIPPLE STEALS HEADLINES
- Bitcoin Price: Meh…
- XRP And Ripple In The News This Week
- Bitcoin and Crypto News In Brief
- And Finally…
This week saw the World Economic Forum in Davos. What better opportunity for US Treasury Secretary, Steven Mnuchin, to take a dig at 17-year-old Swedish girl, Greta Thunberg? Of course, many took the opportunity to discuss important things like Bitcoin and cryptocurrency.
BITCOIN PRICE: MEH…
Okay, so I’d like to just write ‘meh!’ and move on, but apparently I’m contractually obliged to give you a little more than that…
Bitcoin’s heroic ascent of the $9k peak was over before they’d even got out the sandwiches. In fact, it had fallen back to $8650 between last week’s Sunday Digest being written and being published.
At least fees were still low.
Price trundled along sideways until Thursday when it took another hit down to the $8300s. On Friday we saw another push upwards towards $8500, but that faltered and BTC price returned to the $8300s, where it has remained ever since.
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Let’s finish with a round-up of some pretty diverse bitcoin price predictions from this week. We have had fairly moderate forecasts, such as not revisiting $7k in our lifetimes and $12.5k by May. And of course, we have had more ambitious possibilities, like $100k in 2021, and even $424k in 2021, although to be fair, that last one was more of a ‘what if’ than an actual prediction.
Probably best to see what happens in the next week before we overcommit ourselves, eh?
XRP AND RIPPLE IN THE NEWS THIS WEEK
Netherlands-based fiat-XRP on-ramp XRParrot was forced to close this week due to the country’s strict interpretation of the latest EU anti-money-laundering directive.
Later in the week, XRParrot developer, Wietse Wind’s XRPTipBot for Twitter also got blocked, apparently for impersonating itself.
Ripple-backed Moneygram also confirmed a push towards achieving dominance in the Indian remittances market.
Ripple CTO, David Schwartz, defended the company on Quora, claiming that the XRP network was indeed decentralized, and Ripple cannot block XRP transactions.
The Bank of International Settlements (BIS) chief told the World Economic Forum in Davos that cross-border payments are a top priority, leading many to hope that this could finally be XRP’s hour in the sun.
At the same event, Ripple CEO Brad
We learned that Ripple secured $200 million in round C funding last year, making it the biggest fundraiser in the blockchain space in 2019.
We also found out that in Q4 2019, for the first time ever, Ripple returned 2.7 billion of the 3 billion XRP released from escrow.
Some suggested that if US Courts eventually recognize XRP as a commodity, the price could soar to $500.
BITCOIN AND CRYPTO NEWS IN BRIEF
With US authorities still dragging their heels, it’s nice to see the Australians taking a lead. The Australian Securities and Investment Commission (ASIC) this week approved Raiz Bitcoin investment retail fund. Sure it took 95% of sugary ETF to swallow just 5% of Bitcoin goodness, but it’s a start.
During the ongoing Indian Supreme Court hearing, the Reserve Bank of India (RBI) denied that it had ever banned Bitcoin and virtual currencies.
A number of major central banks including Canada, England, Japan, Switzerland, and the ECB have formed a think tank on CBDCs (Central Bank Digital Currencies).
Bahrain also looked at joining the CBDC party, being the first nation to trial a new CBDC toolkit developed by the world economic forum.
Bitcoin SV had another mini-pump this week. Its mid-week gains were lost again by the weekend, but it still stands 150% up on the price a month ago, leaving many still waiting for the big crash back down.
Facebook’s Libra Association lost another of its founder members in Vodafone, who explained: “We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion. We remain fully committed to that goal and feel we can make the most contribution by focusing our efforts on [mobile payments platform] M-Pesa.”
Ethereum 2.0 actually seems to be making some visible headway towards becoming a reality, as an important smart contract was successfully verified this week.
Furthermore, the eventual move to proof-of-stake gained further proof-of-support, when it was revealed that up to a million ETH could already be staked in anticipation of Beacon Chain.
New York gaining the dubious honor of being crowned the world’s crypto-litigation capital, with twice as many blockchain-related cases as any other venue.
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 26/01/20
EOS slid by 3.68% on Saturday. Reversing a 1.76% rise from Friday, EOS ended the day at $3.4963.
A bearish start to the day saw EOS slide from an intraday high $3.6355 to an early morning low $3.4969.
Steering clear of the major support and resistance levels, EOS recovered to $3.62 levels by late morning before hitting reverse.
Falling short of the first major resistance level at $3.7734, EOS slid to a late intraday low $3.4903.
While steering clear of the first major support level at $3.4240, the reversal saw EOS slide deep into the red.
At the time of writing, EOS was up by 1.48% to $3.5480. A choppy start to the day saw EOS fall to an early morning low $3.4330 before striking a high $3.5627.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to break back through to $3.56 levels to support a run at the first major resistance level at $3.5911.
Support from the broader market would be needed, however, for EOS to breakout from the morning high $3.5627.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $3.6355 would likely cap any upside.
Failure to move through to $3.56 levels could see EOS hit reverse.
A fall back through to sub-$3.54 levels would bring the first major support level at $3.4459 into play.
Barring another broad-based crypto sell-off, however, EOS should steer clear of sub-$3.40 levels and the second major support level at $3.3955.
Looking at the Technical Indicators
Major Support Level: $3.4459
Major Resistance Level: $3.5911
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 1.35% on Saturday. Following on from a 0.12% decline on Friday, Ethereum ended the day at $160.12.
A bearish start to the day saw Ethereum slide to an early morning intraday low $157.40 before finding support.
Steering clear of the first major support level at $156.56 Ethereum rallied to a late intraday high $162.41.
Falling short of the first major resistance level at $166.18, Ethereum fell back to close out the day in the red.
At the time of writing, Ethereum was up by 0.04% to $160.18. A choppy start to the day saw Ethereum fall to an early morning low $159.09 before striking a high $161.26.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $161 levels to support a run at the first major resistance level at $162.51
Support from the broader
Barring a broad-based crypto rally, the first major resistance level at $162.51 and Saturday’s high should cap any upside.
In the event of a rally, the second major resistance at $164.91 would likely pin Ethereum back from $165 levels.
Failure to move back through to $161 levels could see Ethereum return to the red.
A fall through to sub-$160 levels would bring the first major support level at $157.56 into play before any recovery.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $154.01.
Looking at the Technical Indicators
Major Support Level: $157.56
Major Resistance Level: $162.51
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP fell by 1.25% on Saturday. Following on from a 1.53% pullback on Friday, Ripple’s XRP ended the day at $0.21965.
A bearish start to the day saw Ripple’s XRP fall from an intraday high $0.22278 to an early morning intraday low $0.21661.
Steering clear of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.2156.
After a mid-morning return to $0.222 levels, Ripple’s XRP fell back to $0.217 levels by late morning before finding support.
Ripple’s XRP recovered to $0.222 levels late in the day before sliding back to sub-$0.22 levels and into the red.
At the time of writing, Ripple’s XRP was up by 0.43% to $0.22060. A mixed start to the day saw Ripple’s XRP fall to a low $0.21781 before rising to an early morning high $0.22298.
Avoiding the first major support level at $0.2167, Ripple’s XRP broke through the first major resistance level at $0.22250.
For the day ahead
Ripple’s XRP will need to move back through to $0.2220 levels to support a breakout from the first major resistance level at $0.22250.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through the first major resistance level.
Barring a broad-based crypto rally, the first major resistance level at $0.22250 would likely continue to pin Ripple’s XRP back.
Failure to move back through to $0.2220 levels could see Ripple’s XRP struggle later in the day.
A fall through to sub-$0.22 levels would bring the first major support level at $0.2167 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.21 levels. The second major support level at $0.2138 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.2167
Major Resistance Level: $0.2225
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
This article was originally posted on FX Empire
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Indian Prime Minister Modi Awards Young Entrepreneur for Cryptocurrency App
India’s Prime Minister Narendra Modi has awarded a young entrepreneur for her cryptocurrency price tracking application while the government is still deliberating on the country’s crypto policies. News.Bitcoin.com caught up with the award recipient to find out more about her app. Meanwhile, the Reserve Bank of India (RBI) is being challenged in the supreme court regarding its crypto action.
Modi Awards Creator of Crypto App
While the Indian government is deliberating on whether to regulate or ban cryptocurrencies in the country, Prime Minister Narendra Modi has awarded a young entrepreneur for her cryptocurrency tracking app creation. Modi tweeted on Jan. 24: “I am delighted that the very talented Harshita Arora has been conferred the Bal Shakti Puraskar 2020 … She has been focussing on a wide range of sectors. Her passion towards science, technology and human welfare are clearly visible.”
The award recipient, 18-year-old Kumari Harshita Arora, created an app called Crypto Price Tracker, a portfolio management and price tracking tool for cryptocurrencies, which she designed herself.
Interacting with the award winners at his residence, the prime minister said that he is proud to see the awareness of their duty towards society and the nation, local media reported. There were 49 winners in various categories; Arora was awarded the Bal Shakti Puraskar 2020 for her excellence in innovation. Noting that he gets inspiration and energy from the award recipients, Modi was quoted as saying: “When I was getting introduced to you a while back, I was really surprised. The way you all have tried in different fields, the work that has been done at such a young age … is amazing.” The prime minister added:
WHENEVER I HEAR ABOUT SUCH COURAGEOUS WORK OF ALL YOU YOUNG COMRADES, TALK TO YOU, I ALSO GET INSPIRATION AND ENERGY.
The Bal Shakti Puraskar award is given by the government of India every year “to recognize exceptional achievements of our children in various fields i.e., innovation, scholastic achievements, social service, arts & culture, sports and bravery,” explained the government’s website. It is also “to recognize the contribution of dedicated individuals and institutions, whose tireless efforts complement the actions taken by the government of India for the welfare of children.”
Arora’s Crypto Tracking App
News.Bitcoin.com caught up with Arora who shared some details about her award-winning app. “I created a cryptocurrency portfolio management and price tracking application called Crypto Price Tracker and launched it on the App Store in Jan 2018,” she told the news team, noting that it was later acquired by Redwood City Ventures. The entrepreneur elaborated:
MY APP RECEIVED A LOT OF POSITIVE FEEDBACK FROM THE CRYPTO COMMUNITY
Crypto Price Tracker is a portfolio management app that does price tracking and customizable alerts. It tracks the prices of over 1,000 cryptocurrencies from over 18 exchanges in 32 fiat currencies. It also provides price charts for all monitored cryptocurrencies during the last one day, one week, one month, three months, and one year.
Users can create time-based alerts to get prices of a coin as a push notification regularly or at a specific time. They can also create price threshold-based alerts to get notifications when the price of a certain coin drops, rises or changes by a certain percentage. The app is available in the Apple app store, but not in the U.S., however.
Is the Indian Government Changing Its Stance on Crypto?
An entrepreneur winning such a prestigious award from the Indian government for crypto-related work came as a surprise to many in the crypto community since lawmakers have been considering an anti-crypto bill. The interministerial committee (IMC) headed by former Finance Secretary Subhash Chandra Garg recommended a ban on all cryptocurrencies, except state-issued ones. Garg has since resigned but maintains a negative view on the future of cryptocurrencies.
“Now this is interesting,” Varun Sethi, also known as Blockchain Lawyer, tweeted in response to the news of Arora receiving the award, pointing out that the “draft law by the interministerial committee imposes punishment for direct / indirect use of cryptos.”
Indeed, the crypto bill drafted by the IMC states that “No person shall directly or indirectly use cryptocurrency in any manner,” including providing cryptocurrency-related services to consumers or investors. Those in violation face a fine or imprisonment of “not be less than
one year but which may extend up to ten years, or both,” according to the text of the bill. However, the bill has not been introduced in parliament and the Indian crypto community believes that it is flawed and will not be introduced as is.
Indian social media influencer by the name “Shalini” commented, “India is in a love-hate relationship with cryptocurrency,” adding:
WHILE RBI FIGHTS AGAINST CRYPTO IN THE SUPREME COURT, OUR PRIME MINISTER JUST AWARDED HARSHITA ARORA A PRESTIGIOUS AWARD FOR INNOVATION IN VARIOUS FIELDS INCLUDING CRYPTO (SHE CREATED A CRYPTO PRICE TRACKING APP).
The Reserve Bank of India has repeatedly displayed its negative stance towards cryptocurrency. In April 2018, it issued a circular banning regulated financial institutions from providing services to crypto businesses. The supreme court is currently hearing the petitions against this ban, which will resume next week.