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Litecoin Price Analysis: Litecoin Struggling Upon Reaching $70, Will Hold The Significant Support?

Litecoin has seen a further 5% price decrease over the past 24 hours, which has brought the price of the cryptocurrency down to $70. This latest price drop is mostly a result of Bitcoin dropping back beneath the $10,000 region as things start to look bleak for the overall cryptocurrency market.
Litecoin remains the fifth-largest cryptocurrency with a market cap of $4.47 billion. Litecoin has managed to rebound at the 0.007 BTC level against BTC – but if this support breaks, we could see Litecoin at $50 over the next few weeks.

Looking at the LTC/USD 1-Day Chart:

  • Since our previous Litecoin analysis, we can see that Litecoin has fallen back into our support at the $70 level. The cryptocurrency seems to be on the bearish footing – mainly accommodated by the recent BTC breakdown. Some positive news could be coming upon reaching down to the significant support level around $67.
  • From above: The nearest level of resistance lies at $74.72 and $77.45. Above this, higher resistance lies at $80, $84.77 and $88 (200 days EMA). If the bulls can break above the 200 days EMA, further higher resistance lies at $90, $95 – $96.18 and $100.
  • From below: The nearest level of support is located at $67.23, which is provided by a short term downside 1.272 Fibonacci Extension level. This level of support is further bolstered by a long term rising support line. This combined area of support is expected to allow the market to rebound. If the sellers do break beneath this level, further support can be found at $65, $63, $60.91 and $56.60.
  • The trading volume remains low, same as the rest of the market.
  • The RSI indicator is below the 50 level, which shows that the sellers are in complete control of the market.

ltcusd_aug21-min

Looking at the LTC/BTC 1-Day Chart:

  • Against Bitcoin, we can see that LTC has fallen further lower but has managed to find strong support at the 0.007 BTC level. Like the majority of the altcoins, Litecoin forecast is looking dire against BTC. However, if BTC does continue to fall – we may see a resurgence within the altcoin market, which would see LTC/BTC surge.
  • From above: The nearest levels of resistance lies at 0.0074 BTC and 0.0078 BTC. Higher resistance is located at 0.008 BTC, 0.008244 BTC, and 0.0086 BTC. If the bulls can drive LTC/BTC higher, further resistance is expected at 0.009 BTC and 0.0094 BTC.
  • From below: The nearest level of support lies at 0.0070 BTC. IF the sellers push the market beneath this, the next level of support is expected at 0.0068 BTC. If the sellers continue to push the market lower, we can find support at 0.0065 BTC, 0.006380 BTC, and 0.0060 BTC.
  • The RSI is rising, which is a promising sign. It shows that the sellers are starting to lose their strength within the market. However, we would need to see the RSI break above the 50 level for any bullish recovery. The Stochastic RSI is looking to produce a bearish crossover signal which could be a bad sign for the bulls.
ltcbtc_aug21-min

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Source: Crypto Potato

Tether Plans to Issue Chinese Yuan-Pegged Stablecoin CNHT

New findings have revealed that controversial stablecoin issuer, Tether, is seemingly working on a new stablecoin project dubbed “CNHT”. The new stable coin will be pegged to the offshore Chinese official fiat currency Renminbi (RMB/CNY).

This was confirmed today by Zhao Dong, a shareholder at Bitfinex, a cryptocurrency exchange owned by iFinex Inc., which is also the parent company of Tether. Dong is also the founder of the digital asset management platform RenrenBit. He revealed that “his company would be one of the first to invest and test the upcoming CNHT stable coin which will be launched in the near future.”

Despite that Tether is yet to make an official announcement, further research shows that the stable coin had been already working on its Chinese stablecoin since April, according to information on EtherScan block explorer rightly revealed.

The details of the new stable coin on Etherscan shows that the token has a total supply of 10,000,000 CNHT held in a single smart contract address.

Chinese Regulation’s Question Marks

With the People’s Bank of China (PBoC) edging closer to launching its official Central Bank Digital Currency (CBDC), that would act as a digital Yuan both within and outside the country, Tether may struggle with getting regulatory approval for its CHNT stablecoin.

Besides, even if Tether will receive an approval for the CNHT, the stablecoin may not be as successful as the USDT as almost all the crypto trading platforms in China currently have support for the USDT’s Tether.

Despite issuing the largest stablecoin by market cap, the Tether has spent its four years of existence battling a lot of scandals. From accusations of manipulating Bitcoin price in 2017 and not having a full audit on Tether to burning 500 million USDT in 2018. Added to the above, is the ongoing investigation by the NY Attorney General’s office, which is going after iFinex, the parent company of Tether and BitFinex.

tether_history_scandals
The history of Tether’s scandals

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Source: Crypto Potato

International Currency Transfers in 2019: Is Crypto Penetrating the Market at All?

The international money transfer market is not merely big, it’s enormous. The foreign currency exchange trade volume reaches $4.8 trillion on an average day and last year global remittances to low and middle-income countries reached the record $529 billion. This number will, no doubt, keep growing as the globalization makes it easier for people to find employment worldwide.

The growing volume of these transactions requires changes to the money transfer industry itself. Not so long ago, remittances were prohibitively expensive, which stopped many of the developing economies from getting real benefits these transfers can offer.

The situation is slowly changing with money transfer companies offering cheap or even no-fees transactions, thus making remittances affordable. However, these services aren’t so widespread as to be available in every part of the world that needs cheap money transfers.

Blockchain technology and cryptocurrency might be solutions for this. In theory, they provide an opportunity to make international money transfers extremely cheap. However, there are many factors that prevent these fintech solutions from becoming the industry standard. The question here is whether this situation will change or if the hype around it dies down and the whole thing will be forgotten.

International Money Transfer Market Layout Today: Where Is Crypto Exactly?

For all the changes caused by the rise of affordable money transfer platforms, the industry is still dominated by banks and few money transfer companies that have an extremely extensive network. Western Union and MoneyGram are top providers among those.

Among money transfer companies, Currencies Direct, WorldFirst, and Global Reach are the foreign currency transfer leaders in 2019. And they will definitely stay at the top of the lists come 2020 and 2021. However, what happens in five or ten years is much harder to predict.

Those predictions are so hard because the role of cryptocurrency remains an unknown. Its presence and acceptance are growing worldwide, but experts are doubtful that it will actually reach the point where it replaces fiat currency.

Yet, the benefits of blockchain technology and cryptocurrencies cannot be denied, especially for the money transfer market as they make such transactions, basically, free. Should cryptocurrency become universally accepted, money transfer companies risk going out of business altogether. And the places of current leaders places will be taken over by Veem and FlashFX, which had the foresight to start using crypto early.

MoneyGram is also taking steps to ensure it survives the rise of crypto by integrating ripple. The xRapid is still in the experimental stage for this company, but it shows great promise. Most importantly, it shows the company’s acceptance of the inevitable change.

Banks are catching on and starting to use blockchain and crypto. They aren’t as fast to accept cryptocurrencies, in particular, because of the risks associated with them. However, we can see that various financial institutions are looking for ways to adapt to these fintech developments.

Even governments of the world are trying to experiment with creating local digital currencies. These might be the replacement for modern cryptocurrencies, which will actually stick due to lower volatility.

One thing is sure, cryptocurrency won’t replace fiat money overnight, if ever. Therefore, the companies and financial institutions that are leading the industry now might adjust and find ways to adopt crypto and blockchain technology in some form. After all, being innovative is what got them to be leaders in the first place.

Why Isn’t Crypto Widespread Yet?

The benefits of cryptocurrency and blockchain technology are many, and their growing popularity makes one wonder why exactly these solutions seem to have such a hard time integrating? It’s true that massive changes are extremely difficult to achieve in the world of finance, but the solutions that offer huge advantages get adopted fast. And making international money transfers fee-free is a tremendous advantage.

In fact, this kind of advantage should be motivation enough for cryptocurrencies to receive government backing as they can make big changes for many economies, where remittances add a significant amount to the GDP.

However, the situation seems the opposite. Instead of growing big and fast, cryptocurrencies seem to be ion the decline. The main reasons for this include:

  • Extreme volatility: As long as this volatility remains, businesses will not be able to work efficiently with crypto because the risks are too high.
  • Lack of awareness: The number of resources dedicated to cryptocurrency is increasing, but they make very little change. The majority of people who make international transactions simply don’t know that such a solution is available and how to use it. For this to change, there should be specialized educational programs instituted on the state level. This is the only way to spread the awareness of cryptocurrency operation as wide as possible. Otherwise, it will remain a niche service.
  • Lack of regulation: While some people, especially those who use cryptocurrency for speculation, see the lack of regulation as a major benefit, it’s actually one of the main factors that prevent it from becoming a universally-accepted currency. Without a proper regulatory system in place, crypto cannot be used as a payment method by the majority of businesses as it doesn’t comply with any tax or statutory requirements. Local digital currencies might be able to solve this problem.

All in all, crypto and blockchain technology definitely has a future on the global finance market. However, what kind of a future this will remain to be seen. The way they are now, they are too imperfect to become major players. However, as the fintech industry continues to evolve, there might appear solutions that will become universally-accepted worldwide. They might be born from the current attempts by the industry leaders to adopt these technologies.

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Source: Crypto Potato

Bitcoin Should Be Regulated Like Other Electronic Financial Services, says US Secretary of State Mike Pompeo

There is no bad publicity. Not long ago after Donald Trump had tweeted about Bitcoin, another mention of the most famous cryptocurrency is coming on behalf of Mike Pompeo, the United States Secretary of State.

In his opinion, the first-ever cryptocurrency should be regulated like every other electronic financial service existing today. His main concern is around the anonymous transactions that occur daily.

Potential Risks from Lack of Regulation

Mike_Pompeo_official_photo
Mike Pompeo. Image from Wikipedia

Bitcoin and cryptocurrency usually rise in politics in relation to funding terrorist activities, as well as shady transactions. Pompeo said in a recent interview to CNBC that a world where it’s harder to trace transactions may reduce the security globally.

“The risk with anonymous transactions is one that we all know well. We know this from 9/11 and terror activity that took place in the 15 years preceding that where we didn’t have good tracking, we didn’t have the capacity to understand money flows and who was moving money.”

He also stated that open transactions had kept the world safer during as they are easier to be traced.

Pompeo’s Solution

The US Secretary of State also admitted that money-laundering and ‘shady transactions’ have been occurring long before Bitcoin. Mentioning 9/11 as proof of an incident when there was no clear understanding of money-flows and proper tracking. However, the main issue is hidden in the lack of regulation, no matter the forms of payments. His solution is concentrated on all financial markets’ openness and regulations.

“It has helped keep the entire world secure and to fight terrorism and other nefarious activity (and criminal activity as well) by having access to this information. We need to preserve a global financial system that protects that”

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Source: Crypto Potato

Bitcoin Plunges $800 In Hours: Can The Price Maintain Above $10,000? BTC Analysis & Overview

The short-term action continues going back and forth inside the marked horizontal triangle on the following 4-hour chart.

After two days of consolidation below the triangle’s descending trend-line with zero success to break through, Bitcoin plunges $800 to set $10,082 as its current daily low. As mentioned here on our previous analysis, the $10,800 area is a tough resistance, containing the 50-days moving average line (marked purple) and the 4-hour descending trend-line (marked yellow).

Looking at the bigger picture, the daily chart, we can see that Bitcoin had yet to produce a higher low and had been moving in a lower-high formation, which is bearish. The question is, can Bitcoin maintain the lower boundary of the triangle, which is roughly around $9950 – $10,000? That support had held the Bitcoin price for over a month.

Total Market Cap: $264 billion

Bitcoin Market Cap: $182 billion

BTC Dominance Index: 68.9%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance:
Following the recent hours’ plunge, Bitcoin is now facing the strong mentioned support level between $9800 and $10,000, along with the ascending trend-line on the 4-hour chart and the 100-days moving average line (marked white).

In case of a break-down, the next support levels to be tested are $9600 and $9300 – $9400. The last is a crucial area which contains the red ascending trend-line on the daily chart. Below is the $8800 and $8500.

From above, Bitcoin is not facing the $10,300 support turned resistance area. Further above is the $10,600 (4-hour MA-200), before getting to the $10,800 for a second chance.

– Daily chart’s RSI: The RSI indicator looks bearish after failing to maintain the 50 level and now facing the 43-44 levels in a last effort to stay above its previous low. If the RSI does succeed, it might be a first bullish sign that the price could indeed remain above the $10,000 region and that the bulls are still here.

– Trading Volume: So far, we are witnessing one of the lowest volume weeks since April. Maybe typical to July and August, but this amount of volume could be enough to move the whole Bitcoin market.

BTC/USD BitStamp 4-Hour Chart

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BTC/USD BitStamp 1-Day Chart

btc_aug21_d-min

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Source: Crypto Potato

FairPlay: Traceable Casino Experience on Blockchain

Featured – The trustless and transparent nature of blockchain technology has proven to be a game-changer for the iGaming industry. Perhaps the biggest fear among online players is the fear of getting cheated or manipulated. This is especially true when it comes to online casinos. Moreover, there is a constant worry that games are manipulated as the odds are skewed in favor of casinos. 

Considering these challenges, the emerging blockchain technology has everything to become the much-needed solution. And here’s where the FairPlay casino comes into the picture. 

FairPlay is a licensed casino that has implemented an Honesty Control solution based on blockchain technology. 

Introduction to FairPlay Casino

FairPlay is a licensed blockchain casino which publishes and stores available gaming statistics in smart contracts. As such, these stats are publicly available and all transactions carried out at the casino can be verified through the blockchain explorer. 

This is intended to provide a solution to one of the most challenging issues that players tend to face when playing at online casinos – the lack of transparency.

Additionally, FairPlay’s blockchain-based capabilities provide transparency not only for players but for all participants of its ecosystem, including affiliates and game providers. Users are able to check the amount of their bets, winnings, and losses in a convenient blockchain explorer. They can also calculate the payout percentage, which provides a serious edge. 

The Concept of Decentralized Gambling

In order to ensure players’ trust, FairPlay uses the TruePlay software which leverages blockchain technology to eliminate possibilities of hacking and altering game results. The software uses hashing to store game data on blockchain and make sure that nobody can manipulate the system. The data can be tracked on the blockchain explorer and, also, the casino website where recent bets, wins, losses, deposits, and withdrawals are displayed. 

Thanks to blockchain technology, the casino players also benefit from secure, fast, transparent, and cheaper transactions. 

Cryptocurrency Deposits and Withdrawals: TPLAY Token

FairPlay allows its users to make deposits in various cryptocurrencies by simply transferring funds to a designated wallet. This process takes no more than a few minutes.

The list of accepted coins on FairPlay.io includes Bitcoin, Ethereum, Ethereum Classic, Litecoin, Tether USDT, Cardano, Tron, Dash, Zcash, and Bitcoin Cash SV. As you can see, these are some of the most popular large-cap cryptocurrencies.

Players can deposit and withdraw funds using any of them but all bets at the casino are made in TPLAY tokens. 

Based on the ERC-20 standard, the TPLAY token is released by the TruePlay platform as a secure token for gaming transactions that could be easily saved and monitored on blockchain. 

Once a player makes a deposit in cryptocurrency, FairPlay converts it to TPLAY tokens automatically. The ratio is 1000 TPLAY tokens = 1 ETH. When a withdrawal is requested, the casino once again automatically converts TPLAY tokens back to a designated cryptocurrency and transfers the funds to a selected wallet. 

It’s also important to note that deposits in Bitcoin and Ethereum have no limits applied. However, newly added coins have minimum deposit requirements. For example, the limit for Cardano is 490 ADA (as of writing this), while the limit for Tether is 40 USDT. 

The deposit process is fairly straightforward and takes three basic steps. First, you need to create a wallet for your preferred cryptocurrency. Then, you have to purchase that crypto. And finally, you have to send it to your FairPlay address. It’s as simple as that. 

Reputable Gaming Providers and Welcome Bonuses

In addition to providing high-quality blockchain-based services, FairPlay also seems to recognize the importance of a broad portfolio of different games. As such, the casino receives its games from some of the most reputable providers in the iGaming industry, including but not limited to iSoftBet, MicroGaming, Play ‘n’ Go, Playson, PG Soft, and Spinomenal. 

With that said, there is a broad range of different games available at the casino such as Slots, Roulette, Card Games, Video Poker, and even a lottery. Some of the available slots include Down the Pub, Warlords, Gold Rush, Odysseus, Space Lights, Fruits of the Nile, Fireworks Master, and so forth. As for card games, users can enjoy different varieties of Black Jack, Poker, Baccarat, and Progressive Red Dog. 

Additionally, the casino has regular promotions available for new players. At the time of this writing, every new player receives 30 free spins on a selected game. All the users have to do is go through the registration process. 

FairPlay also has a very prominent bonus scheme for further deposits. 

Conclusion

FairPlay appears to be a well-made online casino which implemented blockchain technology to get rid of issues stemming from the lack of verifiability and transparency. 

The casino offers a wide range of games and accepts multiple cryptocurrencies. 

The overall appeal seems appropriate as new players are stimulated to join the platform by both welcoming bonuses and a wide variety of games. 

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Source: Crypto Potato

Crypto Market Update (Weekly): Bullish News On Bakkt’s Launch As Bitcoin Holds Firmly Above $10,000

The volatility which characterizes the current market conditions, as well as Bitcoin’s relative stability in recent weeks can definitely be deceiving. Bitcoin is currently trading above $10,000 and rumors of institutional capital on the way are attracting the attention of many investors, especially in light of the news that Bakkt, the new Bitcoin futures trading platform of ICE, will be launched in September. However, there’s no significant enthusiasm among the general public and past experience proves that only a sharp rise in price drives the masses forward. 

In the meantime, you can see the comparison of the value of the network against inflation in Bitcoin in a logarithmic graph:

inflation Network Value coinmetrics-min
Source: coinmetrics

It is also interesting to note that since Segwit was implemented, the unapproved transactions that have reached the Mempool have been trending downwards.

Uncofirmed transaction Mempool (jochen-hoenicke)-min
Source: jochen-hoenicke

However, while Bitcoin’s winter is behind us, alternative currencies holders can still feel the fierce cold and see how Bitcoin’s dominance in the market and social networks overcomes all the dramas of ICOs whose names no longer go before them.

Will the Alt’s recover? And if so, who will be the last survivors on the Alt’s island? Recently, we are seeing more and more exchanges that are delisting Alt’s that do not meet regulatory requirements or whose trading volume is controlled by bots, market makers or is nonexistent at all. The Alt’s situation is definitely not in its prime, but have we hit rock-bottom yet?

Of course, the regulatory domain also brings news as New Zealand issued guidelines for payroll payments in cryptocurrencies and the IRS issued another round of letters with a request to regulate the matter as soon as possible. In addition, the New York Supreme Court ruled that the New York Attorney General has jurisdiction over Bitfinex and required the parent company, iFinex, to provide the documents previously requested.

In conclusion, the crypto market continues its maturation and continually heals itself. 2019 keeps a positive trend and it seems the industry’s most important mission is to build appropriate infrastructure and build the grounds more meaningful adoption.

Market Data

Market Cap: $276,3 B
24h Vol: $47,9 B
BTC Dominance: 69.1%
BTC: $10,678 3.9%
ETH: $197,1 5.5%
XRP: $0.27 7.2%
BTC Shorts (BFX): 6.3 K BTC

BTC Longs (BFX): 25.6 K BTC

Market-Update42-minqq

Santander UK Reportedly Halts Coinbase Payments. Well-known bank Santander UK has reportedly halted payments to the popular cryptocurrency exchange Coinbase. The decision has supposedly been made because of the increased fraud associated with the US-based exchange.

6 Reasons Why 2020 Could Be the Best Year in Bitcoin’s History. Bitcoin’s halving, the increasing amount of people comparing it to gold, Libra’s controversy, traditional inflation, mass adoption, and its scarcity are just six of the reasons for which 2020 could be the best year in Bitcoin’s history.

Bitcoin Price Surges After Bakkt Bitcoin Futures Launch Date Announced. The Intercontinental Exchange (ICE) will have its Bakkt Bitcoin futures trading platform launched on September 23rd. The news caused Bitcoin to begin a series of positive moves.

Satoshi Nakamoto “Reveal”: Yet Another PR Stunt? A press release started circulating the Internet a few days ago, claiming that Satoshi Nakamoto would reveal his identity yesterday. However, the websites mentioned have no relation to the anonymous creator of Bitcoin and were created using cheap domains just a few days ago, hinting that the whole thing is nothing but fake.

Binance to Launch Localized Stablecoins Resembling Facebook’s Libra. The world’s largest cryptocurrency exchange, Binance, is set to launch a regional version of Facebook’s Libra. The project is called Venus and it’s intended to battle the “financial hegemony” and to leverage Binance’s position as an established leader in the field.

Samsung Adds Bitcoin Support to Its Blockchain Keystore. Recently, Samsung, the South Koreain international conglomerate, announced the company’s Blockchain Keystore SDK for developers. The latest release now supports Bitcoin. This version follows the previous release which only supported ERC20-based tokens and ETH.

Israeli Bitcoiners Petition Banks to Disclose Crypto Policies. The Israeli Bitcoin Association, which is a nonprofit organization, has filed a freedom of information petition with a court in Jerusalem. It seeks to require local banks to disclose their policies on money which originates from digital currencies.

Charts

This week we’ve analyzed Bitcoin, Ethereum, Ripple, Augur, and Metal; click here for the full price analysis.

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Source: Crypto Potato

Crypto Price Analysis & Overview: Bitcoin, Ethereum, Ripple, Augur, Metal

Bitcoin

Bitcoin is again falling below the trend line, for the third time since the beginning of this parabolic trend in April. Meanwhile, the price continues to be rather volatile and the chart seems to be waiting in the coming days. Support in this range is around $10,500 and it’s not as stable as we’ve seen recently. Resistance is at $11,300 and if the price breaks above, we may see the bulls return to town.

BTCUSD-minqq

Ethereum

Against the USD, the support around $215 was critical and a quick correction brought the price down to $174, putting pressure on holders. However, the price returned quickly over the 200MA which gives hopes but the support levels are formed around $200 which should be considered.

ETHUSD-minqq

Against BTC, ETH is a little more stable but it is still in the lows of 2019. Meanwhile, the support holds at around 0.018BTC. Resistance is at 0.02BTC. Is this the floor and is the FUD in the market signaling it? In the past, we’ve seen that FUD around projects can have a significant impact on the price but it appears that this is not the case for now.

ETHBTC-minqq

Ripple

Against the USD, we thought the bottom was at 28 cents but apparently that’s not the case as it dropped to 24 cents. It has since come back up to face resistance at 28 cents. That’s not a positive sign for one of the leading cryptocurrencies.

XRPUSD-minqq

Against Bitcoin, the price is supported around the delicate level of 2500 SAT and there’s low resistance at 2800SAT. It doesn’t really look good for the short term. The last time the price touched 2000SAT was back in December 2017.

XRPBTC-minqq

Augur

Against the USD, the weekly chart corrected with a failed attempt to break $20, from where the price decreased. Currently, it’s trading at around $10. Support in this range is at around $9.5 and resistance is at $13.5.

REPUSD-minqq

Against Bitcoin, the daily graph allows us to see the bigger picture as the price has corrected and lost a lot against BTC. You can, however, see attempts to break up on the way down as well. Meanwhile, the price is stabilizing at around 0.0009BTC, which is within the range of the floor. The resistance is at around the 50MA at 0.0011BTC.

REPBTC-minqq

Metal

Against the USD, the price reached its bottom at 25 cents where the extraordinary trading volume kicked in. Perhaps, this is an indicator of an Alts season that’s on the way or it may be the fact that trading against Bitcoin is difficult to influence the dollar value of this particular currency. In any case, support is around 35 cents and resistance is at 42 cents, which also contains the 200MA.

MTLUSD-minqq

Against BTC we can see serious volume as well. Resistance in this range is at around 50MA at 370SAT, provided the trend maintains. Support is built in the 300SAT area.

MTLBTC-minqq

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Source: Crypto Potato

Bitcoin Surges to $10,800 Despite NY Supreme Court Denying Bitfinex Claims

Bitcoin is on a positive track lately, increasing by more than $1,000 in five days alone. The cryptocurrency is currently trading at around $10,800, marking yet another positive leg up of about 3% on the day. The increase comes despite seemingly bad news for the crypto community that the New York Supreme Court denied Bitfinex’s lack -of-jurisdiction claim.

Bitcoin’s On The Move Again

Over the past five days, Bitcoin has surged by more than 12 percent, gaining upwards of $1,000. This got its price to its current point at around $10,800. 

Today alone, the world’s leading cryptocurrency is up by around 3% and is currently battling with the major resistance level at $10,800 which also contains the 50-days moving average line. 

BTC/USD. Source: CoinGecko

As Cryptopotato reported, if the bulls manage to break above this level, we can expect the next line of resistance to fall within the $11,000 – $11,200 range, which also contains a descending trend line that started to form after the 2019 high of $13,880. Further resistance can be expected between $11,500 and $11,600. 

Bad News Don’t Matter

Bitfinex has been under the radar of the New York Attorney General for quite some time now. Back in July, the New York Supreme Court Judge Joel Cohen decided to extend his preliminary injunction because he wasn’t ready to make a decision on the matter. 

Back then, iFinex filed a claim, arguing that the NYAG lacks jurisdiction over the case since the companies no longer served customers from New York.

Just yesterday, though, Judge Cohen ruled that the cryptocurrency exchange and the stablecoin issuer would have to go on turning over documents about a loan that the latter company (Tether) made to Bitfinex. However, the companies are expected to fight this ruling. 

Ruling on the matter, Cohen said:

The Court disagrees with the Petitioner that it is (or can be) premature for the Court to determine whether it has jurisdiction to issue orders impacting the rights of Respondents in this proceeding. That said, the Court finds based on the evidence and applicable law that it has jurisdiction – and a clear statutory mandate – to adjudicate this matter. Accordingly, Respondents’ motion is denied, and the temporary stay of the investigation is dissolved.

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Source: Crypto Potato

Binance to Launch Localized Stablecoins Resembling Facebook’s Libra

The world’s leading cryptocurrency exchange, Binance, has announced plans to launch a “regional version” of Facebook’s Libra called Venus. According to the official announcement, the main idea behind the cryptocurrency is to battle the established financial hegemony while taking advantage of the company’s position as a leader in the cryptocurrency field. 

The Birth of Venus

In the announcement, Binance, the world’s largest cryptocurrency exchange, stated that it intends to launch a new cryptocurrency called Venus. Being upfront as always, Binance didn’t hide the fact that inspiration was drawn from Facebook’s Libra, which is currently facing serious regulatory hurdles. 

Binance “hopes to use the technological innovation power given by the times to instigate a new currency and create an independent “regional version of Libra” called Venus. By the looks of it, Binance aims to launch localized stablecoins which are intended to “progressively” replace traditional fiat currencies. 

The exchange also noted that it will leverage its position as an established blockchain enterprise that has managed to forge strong connections not only within the community but with regulators and other businesses. To that end, Binance will provide full technical support, a multi-dimensional cooperation network, as well as risk compliance. 

Promoting Financial Change

The “Korean version” of Libra, as the statement terms it, aims to leverage emerging technology in order to promote financial change. 

Binance notes that we’ve already seen a lot of jurisdictions jump on the crypto bandwagon, including Malta, Switzerland, Uganda, and countries from Europe and Africa as well. Moreover, it claims that the latest developments within the Shenzhen Special Economic Zone including research and promotion of digital funds is a step in the right direction and likely to facilitate the success of its cryptocurrency. 

Much like Facebook’s Libra, Venus will abide by existing regulatory frameworks, and Binance’s statement laid out the things that will have to happen in order for Venus to thrive. First, central governments will have to establish a strategic position on the matter of blockchain and stablecoins. Moreover, private enterprises should be allowed to issue their own stablecoins and develop cross-border payment settlement systems. 

We’d like to stress that Facebook’s Libra received mixed reactions from regulators worldwide, which has caused some to believe that the project won’t see the light of day

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Source: Crypto Potato