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XRP: the third largest cryptocurrency in the world (or is that second now?) with a market cap of over $12 billion, and one of the most loyal communities in crypto acting as around the clock marketing team; So why isn't XRP on Coinbase yet?
Throughout 2018, despite months upon months of campaigning, pleading and in some most cases whining to get a listing, Coinbase remained ambivalent towards XRP and its ‘army’.
Intermittent within the aforementioned campaigning, pleading, and whining, were rumors that Coinbase had decided to list XRP; rumors that tremendous an impact on price, especially in March when XRP rose to $1.08. Of course, speculation was ultimately proven false.
It's certainly not for lack of trying, Ripple even tried to bribe their way in, back in April last year when the firm attempted to bribe Coinbase by offering to lend the exchange $100 million worth of XRP to start letting users trade the asset. All to no avail…
Until suddenly. News flash.
Coinbase releases a list of 30 cryptocurrencies that they're “exploring”.
A multitude of prayers had been answered, XRP made the list…
“Being explored? That’s not good enough!” the XRP army exclaimed “… I know! Let’s incessantly tweet to Coinbase until they add XRP!”
The firm is accused of controlling a dominating share of XRP, essentially classifying the asset as a security.
Due to this accusation, some of the claimant’s assert that they were misled by the investment structure they bought into. In their eyes, XRP is a security - similar to a share in the company - and therefore Ripple violated securities law, by not keeping investors clued up about pertinent decisions as per the Securities Exchange Act of 1934.
Is XRP a security?
The SEC currently use the Howey test to decide whether or not a digital asset should be classed as a security.
Designed by the Supreme Court in 1946 the test filters out four deciding factors including; an investment of money in a common enterprise, an expectation of profits from said investment and if any profits come from the efforts of a third party promoter.
The initial lawsuit filing argues that XRP fulfills all these criteria and is therefore classified as a security:
“The XRP offered and sold by the defendants had all the traditional hallmarks of a security, yet defendants failed to register them as such… XRP purchasers reasonably expected to derive profits from their ownership of XRP, and [Ripple] themselves have frequently highlighted this profit motive.”
So, if found to be a security by the federal court, claimants would be in for a windfall, and Ripple would be in for a … fall.
Not everyone believes XRP is a security, this apparently includes CZ, CEO of Binance:
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Bitcoin faced a very tough year in the form of 2018. No one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. This decline led to many traders to question the future of bitcoin. However, there are some analysts which believe that the future of bitcoin is secured. According to them, bitcoin is about to boom.
In this article, we will discuss how it is the best time to buy BTC. Also, we will be looking at the factors which depict that bitcoin is about to boom:
1. Bitcoin ETF approval:
Bitcoin ETF i.e. Exchange-Traded Fund is supposed to get the approval from the securities regulator of the United States. As per one of the commissioners of Securities and Exchange Commission (SEC), even though most of the ETF applications were rejected last year, this year it will be likely to be approved. It got revealed after a leaked interview on Twitter on 5 February 2019.
For those who are not aware of ETF, it is basically a fund which is traded on a stock market. The main benefit of a bitcoin ETF would that after the approval, the investing process in the crypto space would become more facilitated and attractive for the investors. If the ETF bitcoin is approved, it would surely boom the bitcoin and crypto space.
2. Entry of institutional money in the crypto space:
There were rumors in the last months of 2018 that the mega institutional money could enter in the crypto space. However, due to some breakdown of the market, it doesn’t occur. Now in this year, the analysts are confident that finally, the institutional money will enter the crypto space. And the entry is very soon. The reason is the availability of updates and secure platform for the cryptocurrencies. Also, with the evolution of Lightning Network in BTC, it will increase the no of transaction per seconds and would remove the problem of scalability.
Hence, the investors of institutional money are in eager to enter in this space. And if this occurs, it would act as the catalyst, the crypto world was looking for, especially, Bitcoin.
3. The launch of Bakkt:
Bakkt was about to be launched in the month of January 2019 itself. However, it needed some final approvals from the finance committee of the United States. And unfortunately, before it could get those approvals, the Trump Government Shutdown Crisis started on 22 December 2018 and lasted for 35 days. Now, once the shutdown closed on 25 January, it is expected that Bakkt would get the required approvals from the United States Financial Commission soon. On 7th February, a party that claims to represent Bakkt sent emails to thousands of people claiming that the launch date is set on March 12. If that proves to be correct, it could raise the price of bitcoin once again.
Bakkt is an exchange platform which is going to be launched by ICE (ICE (Intercontinental Exchange). ICE is the same organization which is responsible for the smooth working of the famous NYSE (New York Stock Exchange). Also, the Microsoft cloud is working along with this project to sort out the storage problems.
4. Big companies entering crypto space:
The capability of crypto space and the success of this market in 2017 is not hidden from anyone. Many large companies are still interested in investing and contributing to this market and entering day by day in this space. The interset and entrance of huge companies in crypto space would surely uphill the market, especially bitcoin. Some of the big companies that are entering in the crypto space are Microsoft (by providing Azure cloud to Bakkt), Twitter( the CEO of the company itself admitted that he have some bitcoins and called cryptocurrency as the market of future), Facebook (it recently acquired a London based crypt company known as ChainSpace).
Apart from the above tech-giants, Google also announced to launch a tool to search the top cryptocurrencies in the crypto space. Other companies that are entering in this market are Telegram, Baidu etc. The entrance of these big companies into the crypto market shows the positive sign of rising of bitcoin.
5. Biggest bear market till now:
The crypto space faced the huge declination in its history in recent days. As stated earlier, no one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. So, this implies that it has hit the biggest bear market until now. And if it is so, that it is the best time to buy the bitcoins. The hitting of the bear market is common in any financial market. It just needs some time when the bull market will return and again the crypto world will rock as it used to be 1 year ago.
The bear market is the phase when the value of the stock fell miserably and undoubtedly, in the history of crypto space, it is the biggest bear market dropping around 82% in one year! The bear market can end within a month or within a year or it may take some years too but once it would end, the bitcoin will rule the finance market.
The above factors indicate that bitcoin is about to boom and it is the best time to buy bitcoin at $3560 only. Who knows that by investing around $10500 today, you would get $60000 within a year!
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The immediate outlook for bitcoin will remain bearish while prices are held below the 6-hour chart 50-candle moving average, currently at $3,417.
Litecoin’s BTC-denominated exchange rate (LTC/BTC) clocked seven-month highs earlier today. A close above 0.010182 BTC would confirm an inverse head-and-shoulders breakout and open up upside toward 0.013 BTC. The rally, however, may not happen immediately, as the 14-day relative strength index (RSI) is reporting overbought conditions.
LTC’s bullish setup would be invalidated if prices fall back below 0.010182 BTC. That looks unlikely, though, given the bullish long-term moving averages.
Bitcoin (BTC), which continues to languish near seven-week lows, is being outshone by a surge in litecoin prices.
BTC, the world’s leading cryptocurrency by market capitalization, is currently trading at $3,390 on Bistamp and risks falling to December lows near $3,100, having charted bearish higher low at the crucial 6-hour chart 50-candle moving average (MA) this week.
Meanwhile, litecoin, the fourth-largest cryptocurrency by market cap, is currently changing hands at $37.70 – a 12.7 percent gain on a 24-hour basis. LTC’s BTC-denominated exchange rate jumped to 0.011404 BTC on Binance earlier today marking the highest level since July 21, 2018.
Latest Lightning Code Release Trolls With a ‘Block Size’ Increase
The rally looks sustainable, too, as trading volumes across exchanges have increased by 34 percent to $879 million in the last 24 hours.
While the exact reason for double-digit gains is not clear, the cryptocurrency may have picked up a strong bid in reaction to the news that the Litecoin Foundation is in talks to implement privacy features for litecoin via the Mimblewimble protocol.
So far, litecoin’s double-digit jump has not had a positive rub off on the broader market, and the top 10 cryptocurrencies by market capitalization are still trading flat or with minor gains.
The broader market sentiment, however, may improve if BTC responds to LTC rally by climbing the crucial resistance of the 6-hour chart 50-candle moving average (MA), currently located at $3,417. That would boost the odds of a corrective bounce toward the resistance at $3,658.
On the daily chart, LTC/BTC is trading well above the inverse head-and-shoulders neckline level of 0.010182 BTC. A bull breakout would be confirmed if prices close today above that level.
The inverse head-and-shoulders bullish reversal pattern works best when it appears at the bottom of the sell-off, as is the case with LTC/BTC currently.
Therefore, a breakout, if confirmed, could yield a rally to 0.0134 BTC (target as per the measured move method) – albeit after a minor bout of consolidation, as the 14-day relative strength index is reporting overbought conditions.
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Cryptocurrencies broke out of their mundane trading range on Friday, as bitcoin and its altcoin peers posted their biggest gains in over a month. The move follows an explosive rally for Litecoin earlier in the day that was sparked by news that the protocol is moving closer to implementing privacy transactions.
Crypto Breakout
In the span of roughly 11 hours, the cryptocurrency market added $11 billion in value, reaching its highest level since early January. At the time of writing, the combined crypto market cap was worth $121.3 billion. It had peaked north of $122 billion earlier.
The bulk of the rally occurred over a two-hour stretch midday, as bitcoin and the major altcoins catapulted higher. Bitcoin peaked north of $3,700 on most major exchanges and printed a high of $3,800 on Bitfinex. The hourly chart showcases the sharp rise in momentum seen across the RSI and MACD.
The data feed on CoinMarketCap shows a 24-hour gain of 8.1%.
Litecoin was at the center of the dramatic turn and is presently tracking gains of 29%. The LTC price has clawed back above $43.00, its highest since mid-November. The gain propelled LTC to fourth spot on the crypto market index.
Like bitcoin, Litecoin has entered overbought territory as a result of the latest advance.
Weekly Recap: Crypto Markets Get a Shake-Up as Litecoin Ascends; Bitcoin ETF Has Another Backer at the SEC
Ethereum surged 14.1% to $119.54, where it was just $400 million shy of XRP for second spot in the market-cap rankings. As for XRP, it rose 7.2% to $0.3139, its highest in over a week.
EOS headed for double-digit gains, climbing 16.4% to reach $2.73. Bitcoin cash rallied 13.3% to $130.52. Double-digit gains were also reported for Monero, Cardano, IOTA and NEO.
The broad rally was accompanied by a 52% surge in trading volume, as exchange markets turned over more than $23 billion.
Lite the Torch
Litecoin was making waves long before bitcoin and the other major altcoins took off. The cryptocurrency surged 16% overnight after the Litecoin Foundation confirmed it was partnering with Beam Privacy to implement the Mimblewimble protocol. The protocol provides additional layers of privacy and confidentiality on the Litecoin blockchain.
For Litecoin founder Charlie Lee, confidential transactions are a precursor to fungibility. Without this crucial link, digital assets can never compete with fiat currency as a mode of transaction.
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin,” Lee tweeted last month. “Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
More on the Litecoin rally: LTC/USD Sees Big Double-Digit Gains as Litecoin Foundation Moves Closer to Privacy Ambitions.
Litecoin reached a notable milestone on Friday by trading at fresh seven-month highs against bitcoin. The LTC/BTC exchange rate peaked at 0.01183190, according to CoinMarketCap.
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A Chinese media outlet, PANews recently carried out a survey in which it evaluated the responses of 4,200 people. The survey was regarding their inclination towards crypto assets and was routed through a crypto-friendly media outlet 8BTC.
Following the survey, it concludes that 98.22% of those surveyed were aware of cryptocurrency technology. Among the respondents, 40% have expressed that they are willing to invest in cryptocurrencies sometime in the future. Meanwhile, some of them also indicated a skeptical vibe regarding the cryptos. The survey shows that 63 percent of the population said that that there was no requirement for crypto in terms of payment.
Plus, only 22.2 percent of the individuals have heard about the concept of blockchain-powered tokens. While 14.6% of those surveyed have made a capital allocation within the crypto space.
Reportedly, the lack of infrastructure in China might be the reason behind the skepticism regarding crypto. Chinese consumers seem hesitant to step into the crypto market perhaps due to the rise of China’s social credit system, which punishes those for breaking laws, however civil or criminal. Also, the majority Chinese respondent didn’t consider cryptocurrencies as a viable medium of payment.
Interestingly, most of the crypto buyers were in the 19-28 age range, who were investing anywhere between 10,000 to 100,000 yuan. Notably, the Chinese government recently published its latest ranking of cryptocurrencies. In the ranking, Bitcoin positioned at 18th place and EOS at the top. Ethereum holds the second place, being the third largest cryptocurrency.
Back in November, former United States Congressman, Ron Paul conducted a survey on Twitter, in which 94,894 votes were counted favoring Bitcoin over more traditional forms of money. One more survey occurred in Germany that unveiled that over-one third of big German businesses consider blockchain as revolutionary as the internet. The Chinese government has recently become stricter against the crypto space, increasing scrutiny over this technology. On this, a Hong Kong-based trader, Charles stated that while the government’s step to ban crypto-related social media channels and physical events may sound harsh, especially considering free speech rights, in reality, China remains one of the world’s most liquid OTC-based cryptocurrency markets.
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Crypto market has interested many investors looking at the returns. However, it is an extremely volatile and uncertain industry. To avail its benefits while avoiding hacks and frauds, clarity and regulations are a must.
Late last year, South Korea intended to impose a ban on cryptocurrency operations. But, now the country is taking active steps to regulate the crypto space. Recently, South Korea’s top financial regulator has shared information regarding six cryptocurrency-related bills that have been submitted to the National Assembly. Reportedly, the recent bill is designed to protect the rights of crypto owners and to provide safety and reliability of crypto transactions.
A spokesperson for the regulator stated, “There are six proposals made by the National Assembly members … [however] there is no crypto-related bill submitted by the FSC to the National Assembly.” The bill has different proposals for crypto regulation, all of them are addressing user protection clauses such as damage compensation, prohibition of money laundering and market manipulation, use of nonpublic information, and disclosure requirements.
As of now, no follow-up measures have been announced. The first bill is an amendment to the Electronic Financial Transactions Act which was introduced in July last year. The bill recommends definitions for the virtual currency, and all the terms related to it. The bill also proposes a few steps to protect crypto users including restricting transaction methods.
The next two bills state that it is required to have approval from the Financial Services Commission for a virtual currency entity. The other bill proposes to regulate cryptocurrency transactions, and also seeks the FSC registration of those involved in the transactions.
Further, the fourth bill is the Act on the Reporting and Utilization of Specified Financial Transaction Information. The sixth bill is called the Digital Asset Trade Promotion Act. The bill states, “The purpose of this law is to protect the rights of digital asset owners and to ensure the safety and reliability of digital asset transactions and to contribute to the development of the national economy by stipulating matters concerning the transactions of digital assets.
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Mizuho is launching its new stablecoin pegged to the Japanese Yen in 1:1 ration that will promote the spread of cashless digital systems in the country.
Japan’s second-largest banking institution Mizuho bank is currently preparing the infrastructure to launch its stablecoin by March 2019, reports Asian Nikkei Review. The report suggests that the stablecoin will be pegged to the Japanese Yen. Furthermore, the stablecoin will also facilitate making cashless payments with no-fee transfers among its users.
The stablecoin aims at improving services for low-cost cross-border transfers and remittances. Mizuho’s digital currency service will provide direct competition to Japan’s local credit card companies. This will further help to promote more digital payments in the country while moving towards a cashless society.
Mizuho is also talking to 60 other regional banks to collaborate and support the liquidity for the stablecoin. Earlier in 2017, Mizuho Group chairman Yasuhiro Sato initially termed this as the “J-Coin” project. This project started by Mizuho bank included other regional banks, Japan post bank, and other Japanese “megabanks”. If things go as per the plans, this project will see the first instance of stablecoin mass adoption by banks, financial corporations, and retail users.
Cashless Payments to be Made Possible Using Simple QR Codes
Ahead of the 2020 Tokyo Olympics, Japan is planning to spearhead its cashless economy. In this regard, the Japanese government has introduced subsidies and tax breaks to encourage businesses to accept online payments.
The purported J-Coin project involving Mizuho’s stablecoin will have a simple QR code at vendor outlets to make cashless payments. The QR code could also be easily accessed through a dedicated smartphone application supporting the stablecoin. The Mizuho stablecoin will be pegged to the Japanese Yen in 1:1 ratio.
In addition to the Mizuho Bank, the Mitsubishi UFJ Financial Group also launched its MUFG stablecoin in April 2018. The financial group plans the nation-wide rollout of the MUFG stablecoin by 2020.
In future, the Mizuho stablecoin can also be used to give salary payments to the bank’s employees. It will also team up with China’s huge online payment platform Alipay which allows payments using QR codes. This will also allow foreigners to easily make payments in Japan.
During his interview with The Yomiuri Shimbun, Mizuho Financial Group President Tatsufumi Sakai said:
“The business of financial settlements has become more important and is expected to continue to grow. So we have to take a serious approach.”
The president also said that it will leverage the data from new payment services for its future businesses. Mizuho is currently pursuing cross-industry alliances with several other IT companies.
“We’ll do business with other companies if we have the opportunity. Timing and speed are very important. There is a limit to how much we as a financial institution can develop just through our conventional businesses. We’re focusing on new technology,” Sakai said.
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Given that the next generation of investors will come of age having been immersed in the digital world from infancy, many Crypto advocates believe that bitcoin or another cryptocurrency asset could one day function as “digital gold,” providing people with an easy-to-access hedge against market uncertainty and central banking malfeasance.
Gold Sees Resurgence as Crypto, Stocks Falter
But though bitcoin — this year’s crash notwithstanding — ranks as one of the top performing assets of the past several years, it remains firmly in the price discovery phase and consequently serves primarily as a speculative financial instrument rather than a true store of value.
Bitcoin (blue) has provided long-term hodlers with astronomical returns over the past half-decade, but it has also been wildly volatile relative to gold (red), as demonstrated by its performance in 2018.
Today’s investors, much like their ancestors, still turn to gold and other precious metals when faced with economic uncertainty. Google search data reveals that this remains the case, even as a growing cohort of investors signal that bitcoin is their asset of choice for long-term hodling.
Both Google searches for “gold” and the gold price itself have increased throughout the fourth quarter amid mounting concern over the near-term direction of the stock market following a prolonged bull run that may be finally running out of steam. Stocks made a historic recovery on Wednesday, but futures slipped after the market close, suggesting that investors haven’t seen the last of the downturn yet.
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The United States-based cryptocurrency exchange Kraken has added Bitcoin Cash and Ripple to its margin trading services. Margin trading function allows the users to trade with the funds which they do not actually possess. Margin trading leverage the users’ accounts. It can not only lead to greater profits but also can amplify losses.
The exchange is already offering margin trading services to six cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), Augur (REP), and Tether (USDT). After adding Bitcoin Cash (BCH) and Ripple (XRP) the service will be available for total eight cryptocurrencies. According to the exchange,
The borrowing limit will depend on the verification level of the account. Yesterday the exchange posted a blog on its website regarding the details of the new launch. According to the blog, for different currency pairs, the available leverage amount is different. You can check the details in the blog. Margins open fee is 0.02% while rollover fee is 0.02% / 4 hours.
In the blog, the exchange also warned its users about the danger of high-risk margin trading. According to the exchange, if unrealized losses are huge, the margin positions can be forcibly closed to protect the funds which users have borrowed to open the positions. It means the users can be forced to take a large loss on trade rather than waiting for a much favorable price. The exchange recommended maintaining a healthy account balance to back margins.
The exchange also requested the users to take time to fully understand the margin trading and how it works so that the users can know about the risk involved with margin trading. The users can also clear their doubts via Kraken’s knowledge base or support center.
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WhatsApp is zeroing in on India to test a way into the cryptocurrency market…
Developments continues behind the mysterious closed doors of Facebook over a possibly cryptocurrency for the social media giant. However, one of Facebook’s companies – WhatsApp – may be bearing the first fruits of said work.
It’s now been revealed that WhatsApp is looking to introduce a new digital payments system – a posh way of saying cryptocurrency – that’s initially going to be focused on India. The aim of the currency will be to process transactions, in effect legitimizing such transactions that are already taking place to some degree on the service.
The attraction of India is that WhatsApp enjoys a very heavy userbase in the country. Furthermore, it’s also a nation that attracts a lot of digital financial transactions. It’s estimated, as per a report at Bloomberg, that people sent nearly $70bn to friends and relatives living in India, from elsewhere in the world. WhatsApp – and Facebook – want a piece of that.
The aim will then be to roll the work out into other markets that are developing, but for India to be the testing ground for the work. This all follows months of speculation after Facebook went on a blockchain staff hiring spree earlier in the year. The company is now believed to have a blockchain development team number just shy of 50 people.
Facebook hasn’t made an official announcement as to what it’s up to just yet, but the wise money is now edging towards a release for the service in 2019. We’ll keep you posted.
