Why Bitcoin, Litecoin & XRP are Inevitably the Future of Money

Cryptocurrency prices are being ridden hard by bears since they hit their peaks, however, according to Nigel Green, founder, and CEO of deVere Group, moving forward crypto bulls will be proven right.

Crypto is the Biggest Shakeup since Global Financial Crash

Since Bitcoin and cryptos hit the peak in December 2017, the market has been ridden hard by the bears. Now, Bitcoin is expected to drop below $3,000 with no bullish signs predicted for 2019. However, it is only a short term view as experts and analysts have repeatedly shared.

Now, the similar thoughts are further presented forward by deVere Group founder and CEO, Nigel Green. In his Forbes post, he shares that cryptocurrencies including BitcoinLiteconEthereum, and XRP are “the biggest and most fundamental shake-up in the financial sector since the global financial crash of 2008.”

It has been 10 years since the leading cryptocurrency is in existence, launched in response to the global crisis, and during this period it went through severe ups and downs. Moving forward, Green says there are few key drivers that explain, “why they are inevitably the future of money.”

Cryptos have Already Changed the Way the World Handles Money

The world economy is increasingly becoming digitized, so much so that “digitalization is now widely hailed the ‘Fourth Industrial Revolution.’” Being digital in their “very nature,” cryptocurrencies future certainly looks bright.

Globalization and Decentralization are the other reasons. Cryptocurrencies are not only borderless but unlike fiat currencies are not controlled by the central banks or governments. Moreover, crypto and blockchain provide real-life workable solutions in sectors ranging from retail, finance, real estate, tech, and healthcare.

Green provides the instance how Ripple is “becoming best-placed to develop into a principal global implementer of transfers by foreign individuals back to their home country in the form of remittances.” Hundreds of banks and financial institutions across the world are working with crypto and according to him, “this is a trend that is set to continue and grow.”

International regulation of the crypto sector, at this point, is “inevitable.” With some countries moving toward self-regulation and others planning their own digital currencies, the moves are been made.

Surveys had shown that…

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Find Out: How Ripple’s CEO just sent XRP price soaring

Ripple’s XRP has soared over the last 24 hours, adding some 10% to its market capitalization and sending the likes of bitcoin and ethereum higher, after Ripple chief executive Brad Garlinghouse sparked speculation a highly-anticipated tie-up with rival Swift could be back on the table.

Bitcoin and the wider cryptocurrency market has struggled over the last week as long-awaited institutional investment in the sector remains on the horizon.

Ripple’s XRP leap triggered a rebound for bitcoin, up 1% over the last 24 hours, and ethereum, up 3.5% over the same period. Bitcoin cash climbed back over the $2 billion market cap mark, adding 6%, according to prices from CoinMarketCap, which tracks most major cryptocurrencies.

Garlinghouse, speaking on a panel at the Paris Fintech Forum said there were “ways [Ripple] could work with Swift.”

The Ripple CEO was speaking alongside Gottfried Leibbrandt, Swift’s out-going chief executive, who announced the international payments network was partnering with Ripple rival, blockchain company R3.

Swift’s network, which boasts some 11,000 financial institutions and moves $200 billion around the world every day, plans to link R3’s platform with its new payments standards framework Global Payments Innovation.

Garlinghouse, meanwhile, took the opportunity to publicly criticize Swift’s aging system.

“Decentralized systems…

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Binance Now Supporting Visa and MasterCard Payments

Binance, the world’s largest cryptocurrency trading exchange by volume, announced today that both debit and credit card payments for cryptocurrencies are now open — thanks to a partnership with Simplex, a fully-licensed financial institution that offers online fraud-protected payment processing solutions. 

Binance users are now afforded the opportunity to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP (XRP) via Visa and MasterCard debit and/or credit cards — a process which takes between 10-30 minutes on average.

The fee for card payments is 3.5 percent per transaction or $10 USD — whichever amount is higher.

Facilitating Mainstream Adoption

The move comes as part of Binance’s long-term goal or increasing both the adoption and accessibility of cryptocurrencies for the wider public. Explained Binance CEO Changpeng Zhao:

We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.

Likewise, Simplex CEO and cofounder Nimrod Lehavi stated:

Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.

It should be noted that purchasing cryptocurrencies through Binance via Simplex is subject to local bank policies.


Continual Development

Binance’s partnership with Simplex comes shortly after the world’s leading exchange launched support for euro and British pound sterling trading via Binance.je and Ugandan shillings trading via Binance Uganda.

Zhao sees the construction of fiat gateways as critical to facilitating mainstream adoption of cryptocurrencies and cryptocurrency trading, stating:

The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.

What do you think about the partnership between Binance and Simplex to allow debit and credit card payments on the platform? Let us know in the comments below! 

Images courtesy of Twitter, Shutterstock.

The post Binance Now Supporting Visa and MasterCard Payments appeared first on Bitcoinist.com.

Source: Bitcoininst


Is Bitcoin Oversold?

Bitcoin and major cryptocurrency prices were trading higher on Wednesday, attempting to bounce off their 2019 lows.

In Wednesday trading, a single bitcoin BTCUSD, +1.14%  was changing hands at $3,471.05, up 1.2% since Tuesday’s level at 5 p.m. Eastern time on the Kraken crypto exchange. The cryptocurrency is looking to snap a five-day losing streak.

Read: Here’s why bitcoin isn’t the next gold, in one chart

What are analysts saying

“The price of bitcoin has been trading mostly sideways during the past three days and the fact that it failed to break above the 50-day moving average shows that the bulls have no momentum behind them,” wrote Naeem, Aslam, chief market analyst at Think Markets U.K.

“Having said this, things could change in the coming days because of the Relative Strength Index (RSI) has dipped into oversold zone. A reading near 30 shows that the price is oversold and it generally brings new buyers in the market and reading near 70 sends the message that it is overbought.”

The RSI is a momentum indicator that measures the magnitude of recent price changes that are defined as either overbought or oversold.

Altcoins and futures

Altcoins — the group of more than 2,000 cryptocurrencies other than bitcoin — were…

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Bitcoin is nearing the key 200-week moving average, which served as strong support in December

  • Bitcoin is again closing on the 200-week moving average, which served as strong support in December. The weekly RSI is more bearish this time round, though, and is reporting undersold conditions.
  • A weekly close below that level could be followed by a slide back to September 2017 lows near $2,970.
  • A failure to push prices below the 200-week SMA support would weaken the bears. A bullish reversal, however, would be confirmed only above $3,658 – the high of gravestone doji carved out Saturday.

Bitcoin (BTC) is on the defensive after a drop to six-week lows and could soon test crucial long-term support below $3,300.

The cryptocurrency fell to $3,322 – the lowest level since Dec. 17 earlier today – bolstering the bearish view put forward by Monday’s high-volume range breakdown. Trading volumes jumped to 18-day highs near $7 billion yesterday, according to CoinMarketCap data.

The high-volume sell-off has likely opened the doors to re-test of December lows near $3,100.

Moreover, the long-term support level put the brakes on a sell-off back in December, and was followed by a corrective bounce to levels above $4,000.

A strong bounce from the 200-week SMA line would likely embolden the bulls, but the probability of a bull reversal from that SMA support looks low, according to technical indicators.

As of writing, BTC is trading at…

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Bitcoin makes a significant move, hits a new price for 2019

Bitcoin, the largest cryptocurrency by market cap, was down as much as 4.8% to below $3,388 a coin early Monday, printing at its lowest level since December 17, 2018.

That was not far above $3,136, bitcoin’s lowest level since September 2017. Its rivals ether (-7.21%), litecoin (-4.7%), and bitcoin cash(-8.77%) were also under pressure.

“The cryptoasset movement today is nothing more than technical,” Mati Greenspan, senior market analyst at eToro, told Business Insider.

“There’s no need for overreaction here. Bitcoin is continuing to trade within the core area of support between $3,000 and $3,500, within the broader range of $3,000 – $5,000, where it’s been since November 2018.”

Investors in the digital currency saw…

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Find out which Crypto could be the one that leads the next bull run

It’s another weak day for crypto, as  bitcoin (BTC) fails to push above $3600. This weakness is likely to continue now that the much awaited Bitcoin (BTC) ETF has been withdrawn. In spite of this market weakness, there is one crypto that has showing strength, and that’s Tron (TRX). Tron (TRX) has been on a sustained uptrend for the past few weeks, and seems to be breaking away from the rest of the market. If this continues and the market exhibits signs of prolonged weakness, Tron (TRX) could easily gain more bullish momentum for the next couple of months. Here’s why.

First, this uptrend could create FOMO around Tron (TRX), and this could  significantly drive up demand in Tron. That’s because, if it’s the only major crypto giving gains, then investors will begin to look into it more. This buying pressure could see the value of Tron (TRX) rise significantly this year, when compared to other  cryptos. Signs of such a scenario already there. Even as the rest of the market remains weak, Tron (TRX)’s volumes are on the rise.  It’s an indicator that more investors could be turning to Tron (TRX) as their investment of choice.

Then there is the fact that Tron (TRX) has some solid fundamentals backing it up. Whenever, some random altcoin pumps, when the rest of the market is weak, the expectation is usually that they will dump. However, Tron is quite different, in that, it has some strong fundamentals backing it up. For instance, the number of Dapps launching on the Tron blockchain has been on the rise for the past one  year.  This is due to the efficiency of this blockchain. Tron (TRX) has very low transation costs, and is one of the most scalable platform blockchains out there.  This means that over time, Dapps will rise on Tron. Since Tron (TRX) is the native token for the Tron ecosystem, its value will keep rising over time as Dapps increase.

Then there is the aspect of marketing. Justin Sun is loved and hated equal measure for hyping up Tron (TRX). However, this is a positive thing for Tron (TRX), because it will play a role in drawing in new investors,  especially now that it is showing signs of stregth relative to the rest of the market. Thanks to aggressive marketing and strong fundamentals, Tron (TRX) is likely to sustain its growing bullish sentiment.

From the charts, Tron (TRX) has formed a…

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JP Morgan Analysts: Bitcoin Price Could Sink Even Further, to THIS price

Analysts at JP Morgan have predicted that Bitcoin (BTC) could fall below $1,260, while banks will not benefit from blockchain for at least three to five years, Reuters reported on Jan. 24.

According to Reuters, analysts from the major global investment bank think that the true value of cryptos is still unproven, and that they only make sense in a hypothetical “dystopian” event, wherein investors have lost faith in major traditional assets like gold and the U.S. dollar. The analysts stated in a report:

“Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging [than cryptocurrencies].”

JP Morgan also said that institutional involvement in the crypto market has slumped over the past six months, with individual traders making up the majority of the market. In its crypto report, the company claimed that using crypto for payments will remain “challenged,” adding that the firm was unable to find any major retailers that accepted crypto in 2018.

JP Morgan’s analysts have further suggested that Bitcoin is likely to drop to around $2,400, and could even fall below $1,260 if the current bear market persists. At press time, the biggest cryptocurrency is trading at $3,595, down around 1.7 over the past week, according to data from CoinMarketCap.

While JP Morgan forecasted that…

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Why Gold Prices May Offer Clues About Next Big Bitcoin Move

Bitcoin (BTC) traders could get cues from an apparent negative correlation that has developed between bitcoin and gold prices.

Gold picked up a strong bid at $1,196 on Nov. 13 and jumped to $1,300 on Jan. 4, possibly due to a sell-off in the weakening U.S. dollar. The greenback was down against most currencies in last two months of 2018 on growing speculation that the Federal Reserve (Fed) could decrease or pause interest rate hikes in 2019.

Bitcoin, however, did not benefit from that broad-based sell-off in the dollar. The cryptocurrency instead saw a revived bear market with a convincing move below $6,000 on Nov. 14 – a day after gold found takers around $1,200 per ounce.

That price action indicates that the two assets are inversely correlated. Validating that argument is the 90-day correlation coefficient of -0.593. The statistical measure ranges from -1 to 1, with a negative number representing the inverse relationship between the two variables, while a positive number implies direct correlation.

As a result, the leading cryptocurrency by market value could be influenced by the next move in gold prices. Currently, the safe haven metal is trading at $1,285, having hit a three-week low of $1,276 earlier this week.

Meanwhile, BTC is trading in a narrow range above $3,500 for the 13th straight day. The prolongedperiod of consolidation could end with a strong bullish move if the corrective pullback in gold worsens.

It is worth noting that correlation is not causation and only describes the relative change in one variable when there is a change in another…

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Bitcoin Broken

Senior Banker Warns Bitcoin Has A ‘Basic’ Problem

Bitcoin has long struggled to justify its price, now hovering around the $3,500 mark, as it battles against network issues, extreme volatility, and stalling usage.

The bitcoin price fell steadily throughout last year, after rocketing to near $20,000 per bitcoin at the end of 2017, as many of the sky-high expectations for the burgeoning sector failed to materialize as quickly as many had hoped.

Now, Huw van Steenis, senior adviser to Bank of England (BoE) governor Mark Carney, has warned bitcoin, as well as other major cryptocurrencies, “fail the basic tests of financial services.”

“I’m not so worried about cryptocurrencies,” Van Steenis told Bloomberg Television in an interview from Davos. “[Bitcoin and cryptocurrencies] fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower.”

Bitcoin, along with many of its peer cryptocurrencies, has attracted criticism in the past for same issues Van Steenis highlighted. Last year, Carney warned bitcoin could be heading for…

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