HolyTransaction Bets Big on Universal Cryptocurrency Wallet – BTC Ethereum Crypto Currency Blog

HolyTransaction Bets Big on Universal Cryptocurrency Wallet

Even with bitcoin prices surging in recent days, not everyone in the cryptocurrency industry is focusing solely on the success of its most popular digital currency.

HolyTransaction is a new cryptocurrency company that wants to be the market leader in the often speculative world of alternative digital currencies, and believes it stands to make big gains in the market by doing so. During a recent investor event at Plug and Play, Andrey Zamovskiy, CEO of HolyTransaction, told an audience the altcoin market is worth $30bn today by transaction volume, and that this number could be as high as $90bn by 2016.

To reach this market, HolyTransaction has built a wallet that allows users to exchange various altcoins in one place. But the company insists that it is not an exchange in the traditional way. Holy Transaction promotes an ethos of being the easiest way to store, and convert, a variety of altcoins.

Zamovskiy has been working on bitcoin-related technologies for many years, and finally came to the conclusion that building a wallet that can accept many cryptocurrencies is something the industry needs. Zamovskiy told CoinDesk:

“People essentially need a Coinbase for every cryptocurrency.”

Early struggles

However, the road to this realization was not an easy one for Zamovskiy. His first commercial bitcoin product came in 2011. Called BitMerch, it allowed businesses to accept BTC on websites.

Zamovskiy is from Ukraine, so most of his customer base for BitMerch was in Europe. And while he was able to sign up over 1,000 customers for BitMerch, the amount of bitcoin sales was very low. It quickly became clear to the entrepreneur that people were not spending bitcoin – because they didn’t even know what it was.

Zamovskiy said:

“We realized the real problem of bitcoin is not acceptance but distribution within customers.”

Developing an altcoin wallet

Armed with this information, Zamovskiy attempted to start another business in Ukraine that would get people to buy bitcoin with credit cards, but even that presented a number of problems.

One was that the Ukrainian payment processor declined most international credit cards. Another was that obtaining bitcoin via cards presented a number of fraud issues – stolen cards could be used to obtain bitcoin, and then be fairly hard to track down.

It was made clear, due to these issues and others, that another business idea would be required. Zamovskiy realized he would need to move to America in order to grow a cryptocurrency business. After some more trial and error, he eventually started HolyTransaction and was accepted as a startup at the Plug and Play Accelerator in Sunnyvale, CA.

CEO Pitching HolyTransaction at Plug and Play to investors. CEO Zamovskiy pitching HolyTransaction at Plug and Play to investors.

HolyTransaction currently makes money by charging its users 1% each time coins are exchanged within its wallet, and it plans to grow revenue as the altcoin market expands.

Wallets help a coin thrive

According to Coinmarketcap, there are currently 37 cryptocurrencies that have a market capitalization of more than $1m. To make decisions on what coins to include in its wallet, Holy Transactions relies on feedback from its userbase. The startup also monitors a site called CoinGecko, which measures market cap, social media shares, developer repository activity and other metrics to give coins a ranking score.

HolyTransaction thinks servicing top altcoins is important because many of them do not have sufficient wallet alternatives outside of a main client. Zamovskiy said:

“We are talking constantly with people in the community, and there are not enough wallet options.”

A lack of wallets can hurt an otherwise worthwhile coin, according to Zamovskiy. He pointed to namecoin and NXT in particular as alternative cryptocurrencies that struggle because of a lack of wallet choices. “NXT, for example, only has a client wallet. There’s no hosted wallet,” said Zamovskiy.

A wallet, not an exchange

Many altcoin investors use sites like Cryptsy to trade altcoins, and in theory, HolyTransaction is a potential competitor for those operating in this market. But when pressed, the company insisted it doesn’t want to be an exchange, but more like a traditional bank that offers a number of currency options. Zamovskiy explained:

“It’s like when you go to the bank and wish to convert a currency. Banks don’t ask for your ask price, bid price. They just provide you with a flat rate.”

HolyTransaction wants to be known as a trusted wallet partner within the cryptocurrency community.

The top ten cryptocurrencies together have an $8.2b market cap. Bitcoin alone is $7.7b. Data: CoinmarketcapThe top ten cryptocurrencies together have an $8.2b market cap. Bitcoin alone is $7.7b. Data: Coinmarketcap

Instead of having to trust a shifting market flooded with coin (and wallet) options, investors can use the HolyTransaction platform to maintain safe storage, moving value in and out as needed.

Swapping coins

The altcoin market is almost always wavering on the whims of a brand-new coin reaching some new, lofty status, which often pushes some older coin down the ladder. Auroracoin is a notable example – there was a lot of hype surrounding this Icelandic-originated coin earlier this year, only for its price and subsequent interest to drop significantly.

Because of this, HolyTransaction will have to remain vigilant about keeping the most relevant coins part of its wallet. Right now, the company has six coins in its hosted wallet – bitcoin, blackcoin, dogecoin, darkcoin, litecoin and peercoin, and four more are to be added at some point in the future.

holytransactionwallet1The HolyTransaction altcoin wallet.

But, what will happen when a coin needs to be moved out of the top 10, effectively removing it from the wallet?  The company has a solution for that, said Zamovskiy:

“[We] can’t expect the same 10 to always be at the top. We can use several strategies, but we would probably just send the encrypted private key to the user.”

Western banking and altcoin investors 

Through Zamovskiy’s knowledge of the intricacies of regulation, HolyTransaction has been able to land a partnership with Interac in compliance-friendly Canada, a feat also recently achieved by California-based expresscoin. The company has also completed its time at the Plug and Play incubator, and will set up its headquarters in the Bay Area, while maintaining an engineering office in Ukraine.

From this new location, HolyTransaction will provide a service it believes people need, because investors will continue to place faith (and money) behind alternative cryptocurrencies. Developers will keep making them, and money will flow into these coins.

“I believe that the majority of these [alternative] cryptocurrencies are by Russian developers,” said Zamovskiy. “[But] owners of theses currencies are usually based in the States, western countries.”

Coins image via Bitcoingarden

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/holytransaction-bets-big-universal-cryptocurrency-wallet

Original Article
Author: btcethereumadmin

Will Iceland Embrace a National Digital Currency? – BTC Ethereum Crypto Currency Blog

Auroracoin Airdrop: Will Iceland Embrace a National Digital Currency?

Auroracoin, the “cryptocurrency for Iceland”, will begin distributing auroracoins to the country’s citizens this week, starting tomorrow, 25th March.

The distribution, which is being called Airdrop, will send 50% of the total auroracoins in circulation to the country’s populace. Icelandic residents that enter their permanent resident ID on auroracoin’s official website will receive 31.8 AUR (roughly $385 at press time).

The fourth-place digital currency in terms of overall market cap, Auroracoin quickly rose to prominence amongst the myriad new digital currencies for its unique approach to community building. Further, as it climbed up the market cap leaderboard, auroracoin spawned a wave of imitators that has so far included scotcoin and spaincoin, among others.

Part of the reason for the interest was the altcoin’s strong nationalistic message.

Auroracoin’s creator, Baldur Friggjar Óðinsson, told CoinDesk the purpose is to give Iceland an alternative form of money to the Icelandic krona, or ISK:

“They [the government] want to force people to use a ruined currency, the ISK, of which they have printed way too much and which will be heavily sold when people will be free to do so.”

This idea that digital currency could be a liberating force, quickly spread.

But, this week’s Airdop may have the final say on whether or not it has a lasting impact on Iceland and the digital currency community in 2014 and beyond.

How the Airdrop will work

In a detailed Airdrop blueprint section of the auroracoin website, there is a strategic plan in place to distribute the altcoin to Iceland’s residents in stages.

Over the next four months, everyone in Iceland with valid permanent residency ID will be able to obtain 31.8 auroracoin. After that, there will be two additional stages where remaining AUR will be distributed. That amount will come from the remainder of the total premined 10.5M AUR set aside for Airdrop.

The stages are:

  • Stage 1 – Every Icelander will be able to claim a gift from me [Óðinsson] of 31.8 AUR, commencing on midnight March 25th. This stage will last 4 months. 
  • Stage 2 – The Airdrop is reset. Every Icelander will be able to claim a part of the coins leftover from Stage 1 in the premine addresses. The amount of coins shall be calculated in the following way: (Stage 1 remaining coins / 330,000 = coins awarded). In this stage and the following, both the original recipients of the coins will be able to retrieve their gifts, as well as other Icelanders. This stage will last another 4 months. 
  • Stage 3 – The Airdrop is reset again. Every Icelander will again be able to claim a part of the coins, leftover from Stage 2 in the premine addresses. The amount of coins shall be calculated in the following way: (Stage 2 remaining coins / 330,000 = coins awarded). This stage will last 4 months. At all stages the claimed coins will be a irreversible gift with full transfer of ownership. 

Óðinsson warns on the blueprint page itself that there are uncertainties with Airdrop:

“I can not guarantee a 100% fair outcome of the Airdrop and no claim can be made against me if there are imperfections in the process.”

Experts offer predictions

Auroracoin is an intruiging effort to many, not in terms of technological innovation, but in how it could mark the beginning of a new precedent for digital currency dispersion and marketing.

Travis Skweres, the CEO of altcoin exchange CoinMKT, addressed this point when speaking to CoinDesk:

“One of the biggest problems that bitcoin faces is distribution. If [auroracoin] is wildly successful, I think we will see this model emulated in the future, it could be a very very big deal.”

Auroracoin is challenged by a lack of awareness, however, argues Dan Held, co-founder of Zeroblock and a product manager at Blockchain.info.

“I think the concept of adding cryptocurrency as a meta layer on top of a pre-existing demographic is a cool idea, [but] I highly doubt more than 1% of the Icelandic population even knows about it.”

Others indicate that auroracoin’s core technology will be its biggest obstacle.

Peter Bushnell, the founder of feathercoin, noted that scrypt ASICs, which may lead to centralized mining operations, are coming soon.

“I remember several SHA-256 coins being devastated by SHA-256 ASICs when they turned up. I am not sure why auroracoin or any other coin right now would launch scrypt coins.”

Still, until it proves successful, some simply view it as an interesting novelty.

Adam Draper, whose Boost VC incubator accelerates bitcoin startups, summed up this view, saying:

“Like bitcoin it is an experiment, however, they are claiming a nationality. I think that is an interesting concept.”

The case for auroracoin

Still, there is a powerful incentive for the country to embrace auroracoin.

In the wake of the 2008 global economic crisis when Iceland’s banks defaulted on $85b, the Iceland government enacted capital controls to protect the krona.

Over the past three years, Iceland’s rate of inflation has been over 4% annually.

Since enacting capital controls, Iceland has maintained a larger money supply. Source: Trading EconomicsSince enacting capital controls, Iceland has maintained a larger money supply. Source: Trading Economics

In 2009 the IMF published a report that Iceland’s capital controls were actually helping the country, but that over time capital outflow restrictions should be removed gradually.

But, the government has not acted on this advice yet, and there are concerns that the continued controls could cause massive sell-offs of the Krona in the future. A mix of annually high inflation numbers with anxiety about capital controls is the impetus for auroracoin as an alternative for Iceland’s population.

Óðinsson says that auroracoin is a tool to give some power back to Iceland’s people:

“One of the most important power in society is the power over money. That is why the government monopolizes the Icelandic currency.”

Government views

For now, it’s clear that the existing digital currency community has been the most receptive to auroracoin’s message.

Auroracoin’s relatively small number of coins in circulation has created a speculative market for it, and at one point it was more valuable by market capitalization than litecoin.

10-day AUR/BTC on Cryptsy, one of the most popular auroracoin markets. Source: Cryptocoincharts10-day AUR/BTC pair on Cryptsy, one of the most popular auroracoin markets. Source: Cryptocoincharts

Whether because of speculation or the country’s capital controls, the powers that be in Iceland are suspicious of auroracoin.

On March 14, the country’s Parliamentary Economic Affairs and Trade Committee held a closed meeting to talk about the altcoin. No official notes regarding the meeting’s agenda were made public on the Parliament’s website.

Vice Chair of Economic Affairs and Trade, Pétur Blöndal, told a media outlet at the time that “consumers were not warned of this medium,” as a method of exchange, while the chairman of the committee, Frosti Sigurjónsson, has written on his website that he believes auroracoin is a scam.

Predicting the results

Theories abound on how tomorrow’s airdrop will be received. Given that the general public in Iceland probably knows very little about auroracoin, much less digital currencies, many are anticipating tepid results.

Of course, a number of people could go claim their coins, dump them on the market and fill up the sell order book, dropping the price. Though counterintuitive to the purpose of auroracoin, the fact of the matter is, it’s free money for people living in Iceland, and those inclined will see the opportunity to cash out.

Exchanges see the opportunity, too. UK-based bitcoin buying and selling service Bittylicious has announced today that it will be bringing on auroracoin. Others will do so as well.

Auroracoin, in effect, will allow Icelanders to circumvent currency controls. The question is whether it will cause the price of each coin to drop precipitously.

Images courtesy of auroracoin

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/auroracoin-airdrop-iceland-embrace-national-digital-currency

Original Article
Author: btcethereumadmin

BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK – BTC Ethereum Crypto Currency Blog

If the bulls successfully defend the 200-day moving average on several major cryptocurrencies it might offer buying opportunities for traders.

Recently, the chairman of Virgin Galactic Chamath Palihapitiya said that “everybody should probably have 1% of their assets in Bitcoin,” as it is “an uncorrelated hedge” to the excesses in the financial industry. He did not approve of the strategy to buy Bitcoin only when the equity markets are down. Instead, he said that investors should keep a long-term view on Bitcoin and consider it as “insurance”.

Fundstrat’s Tom Lee said that blockchain and crypto will disrupt the financial industry over the next twenty years. For the short-term, Lee retained his bullish stance on Bitcoin. He said:

“I think there’s even a chance that Bitcoin could end, or touch the level of, somewhere around $30,000 this year.”

Daily cryptocurrency market performance. Source: Coin360

This week has been brutal for several asset classes like equities, energy, and cryptocurrencies due to Coronavirus cases surging in various parts of the world. While the equity markets continue to plunge, several major cryptocurrencies are currently attempting to stage a turnaround.

In technical analysis, it is usually accepted that when an asset is above its 200-day moving average, it is bullish. Though the recent fall in cryptocurrencies has been sharp, the bulls are attempting to defend the 200-day MA, which is a positive sign.

Let’s analyze the charts to spot the levels which might signal a trend reversal.

BTC/USD

The bulls are attempting to keep Bitcoin (BTC) above the 200-day simple moving average at $8,758. However, the failure to push the price above $9,000 is likely to attract another round of selling that can drag the leading cryptocurrency to the next support zone at $8,240.67-$7,856.76.

BTC USD daily chart. Source: Tradingview

The 20-day EMA has turned down and the RSI is in the negative territory, which suggests that bears have the upper hand in the short-term.

However, if the BTC/USD pair bounces off the current levels and rises back above $9,000, it will indicate demand at lower levels. If the price sustains above $9,000, a rise to $9,600 and above it to $10,500 is possible.

Therefore, we will wait for the price to rise and sustain above $9,000 before proposing a trade in it.

ETH/USD

The bulls attempted to stage a recovery on Feb. 27, which hit a roadblock at $238.258. The failure of the bulls to sustain Ether (ETH) back above $235.70 indicates selling by the bears at higher levels.

ETH USD daily chart. Source: Tradingview

The 20-day EMA has turned down marginally and the RSI is just below the midpoint, which shows that the bears are at an advantage in the short-term. On the downside, $197.75 is likely to act as strong support.

If the bulls can push and sustain the ETH/USD pair above the 20-day EMA, it will indicate strong buying at lower levels. Such a move might offer a buying opportunity once again.

XRP/USD

After the sharp fall on Feb. 26, the bulls attempted a pullback on Feb. 27 but they could not propel XRP above the 200-day SMA at $0.25232. The failure to rise above the 200-day SMA and the neckline of the head and shoulders (H&S) pattern is likely to attract further selling.

XRP USD daily chart. Source: Tradingview

On a break below the $0.2225-$0.21302 support zone, the decline can extend to $0.18043, which is the target objective of the H&S breakdown. With the 20-day EMA sloping down and the RSI in negative territory, the advantage is with the bears.

Our negative view will be invalidated if the XRP/USD pair reverses direction from the current levels or one of the supports and sustains above $0.28550.

BCH/USD

Bitcoin Cash (BCH) attempted a rebound off the $306.78 levels on Feb. 27, which fizzled out at $336.80. This shows a lack of buyers at higher levels. The 20-day EMA is sloping down and the RSI is close to the oversold territory, which shows that bears are in command.

BCH USD daily chart. Source: Tradingview

Currently, the bears are again attempting to sink the BCH/USD pair below the critical support of $306.78. If successful, a fall to the 200-day SMA at $281.76 and below it to $270.15 is possible.

The first sign of recovery will be a breakout of the descending channel. Above the channel, a move to $360 is possible. We will wait for a reliable buy setup to form before turning positive.

BSV/USD

The bulls attempted to push Bitcoin SV (BSV) back above the critical level of $236 on Feb. 27 but failed. This shows that the bears are aggressively defending the resistance levels. The downsloping 20-day EMA and the RSI close to the oversold zone suggest that bears are in command.

BSV USD daily chart. Source: Tradingview

The next support to watch on the downside is $173.66 and if this level cracks, the decline can extend to the 200-day EMA at $154.70. A turnaround might be signaled if the bulls can push the BCH/USD pair back above $236 and sustain it. Until then, we suggest traders remain on the sidelines.

LTC/USD

Litecoin (LTC) attempted a pullback on Feb. 27 but met with stiff resistance close to the previous support turned resistance of $66.1486. This shows that the bears are aggressively defending the resistance levels.

LTC USD daily chart. Source: Tradingview

On the downside, the bulls are trying to keep the LTC/USD pair above the 200-day SMA. If successful, we might see another recovery attempt by the bulls. A break above $66.1486 will be the first indication that the downtrend might be over.

However, if the bears sink and sustain the price below $57, a fall to the next support at $50 is possible. We will wait for a new buy setup to form before proposing a trade in it.

EOS/USD

The bulls are attempting to defend the 200-day SMA but are not able to achieve a strong rebound off it. This shows a lack of urgency among the bulls to buy at current levels. If the bears sink EOS below the 200-day SMA at $3.36, a fall to $2.4001 is possible.

EOS USD daily chart. Source: Tradingview

The downsloping 20-day EMA and the RSI close to the oversold territory suggests that bears have the upper hand.

A break above the downtrend line will be the first indication that the bulls are attempting a relief rally. The EOS/USD pair is likely to pick up momentum above $4.00. Until then, we remain neutral on the pair.

BNB/USD

Binance Coin (BNB) has broken below the 200-day SMA. If the bears can sink the price below $17.70, a drop to $16.4288 is possible. If this level also cracks, the next stop is likely to be $14.

BNB USD daily chart. Source: Tradingview

With the 20-day EMA sloping down and the RSI close to the oversold zone, the advantage is with the bears.

Nevertheless, if the BNB/USD pair turns around from the current levels and breaks above the channel, it will be the first indication that the downtrend might be over. We will wait for a new buy setup to form before recommending a trade in it.

XTZ/USD

Tezos (XTZ) has been holding close to $2.6, which is the 50% Fibonacci retracement level of the most recent rally. This is a positive sign as it shows that investors are not panicking and closing their positions in a hurry.

XTZ USD daily chart. Source: Tradingview

If the bulls can carry the XTZ/USD pair above $3.011, we expect a rally to $3.50 and above it to the lifetime highs.

Conversely, if the bears can sink the price below the $2.5263-$2.28451360 support zone, the pair is likely to weaken and drop to $1.831. We might suggest short-term trades after the price sustains above $3.011.

LINK/USD

Chainlink (LINK) has displaced Cardano (ADA) as the tenth cryptocurrency by market capitalization, hence, it has been included in the analysis. Though the altcoin plunged below the 20-day EMA on Feb. 25, the bulls have defended the trendline aggressively.

LINK USD daily chart. Source: Tradingview

The bounce off the trendline has again carried the price above the 20-day EMA, which is a positive sign. If the bulls can push the price above $4.15, a rally to $4.50 and above it to $4.8671 is possible.

Our bullish view will be invalidated if the price turns down from the current levels and plummets back below the 20-day EMA. Such a move will indicate a lack of buyers at higher levels. The LINK/USD pair will turn negative on a break below the trendline.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

13,000 ATMs in South Korea to Support Litecoin Withdrawal and Remittances – BTC Ethereum Crypto Currency Blog

13,000 South Korean ATMs will soon facilitate fiat withdrawal and international remittance services using Litecoin.

On Feb. 28, the Litecoin Foundation announced a partnership with MeconCash to roll-out Litecoin (LTC) to Korean won withdrawals and remittances from 13,000 ATMs in South Korea.

The partnership will see LTC integrated onto MeconCash’s M.Pay payments platform. Litecoin will also be accepted as payment on MeconCash’s retail platform MeconMall, and to pay for games that accept M.Pay rewards.

According to CryptoCompare, 24-hour trade between Litcoin and won produced nearly $4.3 million in trade — comprising 0.82 percent of total trade at press time.

Charlie Lee, the managing director of the Litecoin Foundation, described the partnership as “a big step toward expanding Litecoin’s footprint in the South Korean market.” 

In 2018, South Korea produced a record volume of remittances with $6.25 billion worth of transfers.

Cryptocurrencies compete for Asian remittance market

An increasing number of cryptocurrencies are seeking to capture the Asian remittance market, with Ripple launching several partnerships in the region during February.

On Feb. 25, Ripple announced that South Korean cross-border remittance provider and money transfer companies Hanpass and Sentbe had joined its blockchain-based financial services network RippleNet. 

The next day, Ripple revealed a partnership with European money transfer provider Azimo to use distributed ledger technology for its remittance service into the Philippines.

Original Article
Author: btcethereumadmin

BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Investors may interpret the current correction in cryptocurrencies as a long overdue pullback and purchasing opportunity.

The equity markets sold off sharply on Feb. 24 and 25. Even gold, a traditional safe-haven has stalled its rally. On similar lines, cryptocurrencies are also witnessing a period of correction. 

The total crypto market capitalization has dropped from about $308 billion on Feb. 15 to $248 billion at press time, which is a fall of about 19.50%. For an investor, this is a normal and healthy correction, which can provide an opportunity to buy or add to existing positions.

In an interview with CNBC, billionaire investor Tim Draper said that he has shifted his money out of stocks and into Bitcoin and cryptocurrencies. He reiterated his target of $250,000 for Bitcoin by the end of 2022 or early 2023. 

Draper expects a revolution towards a decentralized world in the next decade and this is what makes him bullish on cryptocurrencies. Although he did not share a specific figure as to what percentage of his portfolio in Bitcoin, he did say that it was “a lot.”

Daily cryptocurrency market performance. Source: Coin360

Speaking to CNN, Morgan Creek Digital co-founder Anthony Pompliano stressed that everything in the world will be digital in a few years.  According to Pompliano, even though several central banks might launch a digital version of their currencies, Bitcoin would rule supreme because its monetary policy is superior to the policies of central banks. 

The current correction in cryptocurrencies is likely to shake out the speculators who were getting active after the sharp run this year. This should offer an opportunity to long-term investors looking to add to their portfolio or initiate fresh long positions in cryptocurrencies. 

Let’s analyze the charts to find out whether the correction is over or if cryptocurrencies decline further.

BTC/USD

Bitcoin (BTC) has broken below the small descending channel and the psychological support at $9,000. The support levels are being broken thick and fast. With today’s fall, the sequence of higher lows that was in force since January of this year has been broken. This is a bearish sign.

BTC USD daily chart. Source: Tradingview

The 20-day EMA has started to turn down and the RSI has dipped into the negative zone, which suggests that bears are back in the game. The next support on the downside is the $8,240.67-$7,856.76 zone.

Conversely, if the BTC/USD pair rebounds off the current levels and rises above $9,000, it will be a huge positive as it will indicate strong buying at lower levels. We will wait for the decline to end before suggesting a trade in it.

ETH/USD

Ether (ETH) broke below the symmetrical triangle on Feb. 25, which is a bearish sign. The selling has intensified today and the altcoin has plunged below the next support at $235.70. This triggered our suggested stop loss of $230 on the remaining long positions.

ETH USD daily chart. Source: Tradingview

The 20-day EMA has started to turn down and the RSI has dipped to the negative zone, which suggests that bears have the upper hand. The next stop is likely to be $197.75, which is just below the 50-day SMA at $203.

We expect the bulls to aggressively defend $197.75. A bounce off this support is likely to face resistance at $235.70. We will wait for the ETH/USD pair to form a new buy setup before recommending a trade in it.

XRP/USD

XRP plunged below the $0.26362 support on Feb. 25, which triggered our suggested stop loss on the long positions at $0.26. The drop also completed a head and shoulders (H&S) pattern, which has a target objective of $0.18043.

The 20-day EMA has turned down and the RSI has dipped into the negative zone, which suggests that bears have the upper hand.

XRP USD daily chart. Source: Tradingview

The next support on the downside is $0.21302 and below it $0.19979. We expect the buyers to step in closer to these levels. However, any pullback is likely to face stiff resistance at the neckline of the H&S pattern at $0.26362.

If the price turns down from the neckline, the decline will resume. However, if the bulls can push the XRP/USD pair above $0.26362, it will signal strength.

BCH/USD

Bitcoin Cash (BCH) broke below the 50-day SMA on Feb. 25 and continued to slide down. The bulls are currently attempting to defend the support at $306.78. If the buyers can push the price back above $360, it will signal demand at lower levels.

BCH USD daily chart. Source: Tradingview

However, if the rebound off $306.78 fails to climb above $360, the bears will attempt to resume the down move to the next target objective of $270.15. 

The 20-day EMA has turned down and the RSI is in the negative territory, which suggests that bears are in command. We will wait for the BCH/USD pair to signal a turn around before proposing a trade in it.

BSV/USD

Bitcoin SV (BSV) broke below the critical support at $236 today, which is a huge negative. With both moving averages on the verge of a bearish crossover and the RSI in the negative zone, the advantage is with the bears.

BSV USD daily chart. Source: Tradingview

If the price sustains below $236, the decline can extend to the next support at $173.66, which was the intraday low made on Jan. 14, when the BSV/USD pair had jumped 144.40% in a single day.

Conversely, if the bulls can push the price back above $236 and sustain it, a move to the 20-day EMA is possible. 

LTC/USD

Litecoin (LTC) has dipped below the support at $66.1486 and the descending channel. The 20-day EMA has started to turn down and the RSI is in the negative zone, which suggests that bears have the upper hand. 

LTC USD daily chart. Source: Tradingview

The next support on the downside is at $50. We expect the bulls to defend this level aggressively.

Alternatively, if the bears fail to sustain the LTC/USD pair below the channel, the bulls will make another attempt to push the price above $66.1486. We will turn bullish after the price sustains above $66.1486 for a few days.

EOS/USD

EOS has broken below the 50-day SMA and the support at $4.00. The next support on the downside is $3.3555. The 20-day EMA is sloping down and the RSI is in the negative territory, which suggests that bears have the upper hand.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair bounces off $3.3555, the bears will attempt to defend the overhead resistance at $4.00. If the price turns down from this level, the decline will resume.

However, if the bulls manage to push the price back above $4.00 it will signal buying at lower levels. We will wait for a new buy setup to form before suggesting a trade in it.

BNB/USD

The tight range of $21.80-$23.5213 in Binance Coin (BNB) resolved to the downside on Feb. 25. This attracted selling and as a result, the altcoin has plummeted below the 50-day SMA at $19.68. The next support on the downside is at $16.4288.

BNB USD daily chart. Source: Tradingview

The 20-day EMA has started to slope down and the RSI is close to the oversold zone, which suggests that bears have the upper hand.

Any relief rally from the current levels or from the support at $16.4288 is likely to face resistance at the downtrend line. We will wait for the decline to end before suggesting a trade in the BNB/USD pair.

XTZ/USD

Tezos (XTZ) is attempting to rebound off $2.5263, which is just below $2.6025, the 50% Fibonacci retracement level of the most recent rally. If the bulls can push the price above the 20-day EMA at $2.975, a move to $3.50 is possible.

XTZ USD daily chart. Source: Tradingview

However, if the bulls fail to push the XTZ/USD pair above the 20-day EMA, the bears will attempt to sink the price back below $2.5263. If successful, a drop to the 61.8% Fibonacci retracement level of $2.28451360 is likely. We will wait for a new buy setup to form before suggesting a trade in it.

ADA/USD

Cardano (ADA) has broken below the critical support at $0.0560221 and the 50-day SMA at $0.0524. The 20-day EMA has started to turn down and the RSI has dipped into the negative territory, which suggests that bears have the upper hand.

ADA USD daily chart. Source: Tradingview

The bulls are currently attempting to defend the support at $0.0461161, which is just below the 61.8% Fibonacci retracement level of $0.0475943.

If the price rebounds off the support, it might move up to the downtrend line, which is likely to act as a stiff resistance. If the ADA/USD pair turns down from the downtrend line, the decline is likely to extend to $0.0408858. 

Conversely, a break above the downtrend line will be the first signal that buyers are attempting a comeback. We will wait for a new buy setup to form before proposing a trade in it.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

MYTVCHAIN.COM RECORD GROWTH FOR THE FIRST BLOCKCHAIN WEB TV PLATFORM DEDICATED TO SPORTS CLUBS AND ATHLETES.

MYTVCHAIN.COM  RECORD GROWTH FOR THE FIRST BLOCKCHAIN ​​WEB TV PLATFORM DEDICATED TO SPORTS CLUBS AND ATHLETES.

 

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in October 2018 and has already won over 33,000 users and web TV channels for sports clubs in more than 50 countries, with over 1.5 million visits in the first month of the year alone. The company had already announced, in September 2019, that the channel “Sport in France” launched on the initiative of the French National Olympic and Sports Committee (CNOSF), had joined the platform to develop the promotion of all disciplines, all federations and their clubs.

The company is developing its blockchain-based technology by allowing users to share their storage space and bandwidth. The MyTV token will be used to remunerate not only the users and the community in these shares but also to remunerate the users who will share the contents of their clubs on their social networks. Once the MyTV tokens have been earned, users will be able to make donations to their favorite sports clubs or even buy services such as subscriptions to channels or access to exclusive content via token.

With a community of several thousand users and fans, the company is under a private sale of its MyTV tokens which will close the 28th of February and offers discounts. The conditions of sale are available on https://mytvchain.io/press. Participants can register and create their wallet at https://ieo.mytvchain.com/press. If the sale of MyTV tokens does not reach the targeted € 8 million  an IEO (Initial Exchange Offering) will take place from February 29 to March 27 on the Latoken and Vindax exchanges.

MyTVchain offers a 10% bonus or any MyTV token purchase on its platform using this referral: https://bit.ly/2PDbdaD

Xavier Gesnouin, President of MyTVchain specifies that “the growth of the platform in terms of audience allows us to accelerate its monetization with the launch in a few weeks of a set of services for Sports Clubs and Fans, based on MyTV token which will be listed on exchanges after the IEO. Several media groups have contacted us and wish to join us, we will certainly have the pleasure of making announcements soon. ”

Contacts : info@mytvchain.com   @MyTVchain
News contact : press@mytvchain.com   /MyTVchain
Website : www.mytvchain.com   /MyTVchain Official
IEO website : www.mytvchain.io   @mytvchain

 

 

Bittylicious Extends Credit Card Payments to Altcoin Buyers – BTC Ethereum Crypto Currency Blog

Bittylicious Extends Credit Card Payments to Altcoin Buyers

Bittylicious

Bittylicious now allows users to purchase all of its available altcoins with MasterCard and Visa credit and debit cards.

The UK-based bitcoin brokerage first announced support for credit card payments this May when it added the payment option for bitcoin buyers. Bittylicious accepts bank transfers, cash payments and select mobile payments services such as Barclays Pingit, though card payments are only available in euros.

Speaking to CoinDesk, Bittylicious founder and director Marc Warne cited strong demand for the payment option as the motivating factor behind the decision, and he added that the service upgrade would be finalized over the coming days.

Warne said:

“All altcoins (as well as bitcoins of course) may be purchased with a credit or debit card on Bittylicious, hopefully as of Tuesday. Almost all are available immediately, with a couple more of the recent additions being added shortly.”

The announcement comes at a time of increasing activity in the UK digital currency exchange space, as new exchange services such as Yacuna and Bitok have launched in recent weeks.

Founded in 2013, Bittylicious is one of the oldest exchange services in the UK, facing notable competition from Coinfloor. Bittylicious sells blackcoin, dogecoin, darkcoin, feathercoin, maxcoin, peercoin, quarkcoin, StartCOIN, vertcoin and worldcoin.

Existing security applies

Warne stressed that altcoin buyers will be subject to the same security procedures as bitcoin buyers.

Users first need to upload an ID, Warne explained, which is then vetted by card processors. The process will take about one business day and serves as an added safeguard against fraud.

Bittylicious

Bittylicious users also need to provide their own wallet for all bitcoin and altcoin transactions. For a more in-depth overview, Warne suggested prospective users review its online ‘Bitcoin Buying Guide‘ for more details.

Evolving payment options

Warne suggested that credit card payments have remained a popular payment option at Bittylicious since their introduction, and that he does not see enabling credit card payments as contradictory to the larger goals of bitcoin.

Rather, Warne suggested that supporting more payment options is good for the ecosystem as it encourages more buyers to enter the community.

“Many people that either want to make a purchase without having to log in using their online banking, or want to make larger purchases, are happy to pay a little extra to use their card,” he added.

Going forward, Warne said Bittylicious plans to streamline its card process and increase the number of local payment methods to European markets.

Images via Shutterstock; Bittylicious

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/bittylicious-extends-credit-card-payments-altcoin-buyers

Original Article
Author: btcethereumadmin

Wikileaks Gathers $37M in BTC Since 2010 – Over $400K Sent After Julian Assange’s Arrest – BTC Ethereum Crypto Currency Blog

The world was shocked when Wikileaks cofounder Julian Assange was arrested in April after being cooped up in the Ecuadorian Embassy in London since 2012. Following his arrest, the original Wikileaks bitcoin address saw significant support as $32,000 worth of BTC poured into the wallet in two days. Since 2010, Wikileaks’ address saw 4,043 BTC donated or around $37 million at today’s exchange rates. Moreover, Wikileaks has gathered over $400,000 in BTC donations since Julian Assange was taken into custody last spring.

Also Read: Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

Wikileaks Gathers Over $400K in Bitcoin Donations Since Julian Assange Was Taken Into Custody

Years ago, the U.S. government started an investigation on Wikileaks cofounder Julian Assange for computer-related crimes allegedly committed in 2012. However, Assange requested asylum at the Ecuadorian Embassy in London and Ecuador’s government allowed him to stay until 2019. A U.S. indictment charges Assange with conspiracy to commit computer intrusion during the Chelsea Manning investigation. Manning accessed classified government intelligence and it was subsequently published on Wikileaks. On April 11, 2019, the Ecuadorian Embassy in London was raided and he was charged with failing to show up to court. Assange also faces extradition to the U.S., but he remains in prison awaiting trial, which started on Monday. Assange is also accused of using the Ecuadorian Embassy to meet with Russian leaders and international hackers.

Julian Assange the co-creator of Wikileaks being taken into custody on April 11, 2019. Since then, the nonprofit has gathered over $400K worth of BTC donations and Wikileaks has obtained $37 million worth of BTC (at today’s exchange rates) since 2010.

Immediately after Assange was arrested, BTC donations started pouring in and the Wikileaks donation wallet saw roughly $20K in BTC on April 11th alone. The following day, donations continued and that Friday Wikileaks accrued $32,000 worth of BTC donations. Wikileaks has recently started a new address and has asked people not to donate to the older address. The old address obtained approximately 4,043 BTC ($37 million) before the nonprofit organization shared a new address. The new Wikileaks BTC address has 6.76 BTC ($63K) on February 25 and people can also donate bitcoin cash (BCH), litecoin (LTC), ethereum (ETH), monero (XMR), and zcash (ZEC). Since the arrest last April, Wikileaks obtained over $400,000 worth of BTC including the 6.76 BTC donated during the course of last week.

The First Financial Blockade Against Wikileaks

Wikileaks has always been supported by the general public and cryptocurrency advocates have rallied for the website and Assange as well. Donations pay for “Wikileaks projects, staff, servers, and protective infrastructure.” In 2010, Wikileaks and Assange contemplated using bitcoin for donations after the U.S. government, Senator McCain, Senator Lieberman, Visa, Mastercard, Paypal, Amex, and Moneybookers created a financial blockade against the organization. In 2017, Assange tweeted that the 2010 financial blockade invoked “[Wikileaks] to invest in Bitcoin” and the nonprofit generated a “50,000% return” from those donations.

Members of the U.S. government, Senator McCain, Senator Lieberman, and the payment networks Visa, Mastercard, Paypal, Amex, and Moneybookers all blocked financial transactions to Wikileaks in 2010. This is when Assange decided to have the organization accept BTC for donations. The specific address in this picture has changed since last week, and Wikileaks has asked the public to use the new one instead.

But when it was first announced in 2010, Satoshi Nakamoto and a few other bitcoiners were not too keen on Wikileaks using bitcoin for donations at that time. When someone said that the Bitcoin community should “bring it on” with Wikileaks, Nakamoto wholeheartedly disagreed. “No, don’t ‘bring it on.’ The project needs to grow gradually so the software can be strengthened along the way. I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.” Nakamoto stated five days later on December 11, 2010:

It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.

Assange has always been a cryptocurrency proponent and he’s considered one of the earliest members of the cypherpunks from the eighties and nineties who helped promote cryptographic technologies.

Proof-of-Life, the Banking Blockade 2.0, and ‘Bitcoin Is the Real Occupy Wall Street’

Satoshi’s words didn’t stop Assange and Wikileaks from using bitcoin and a number of people believe that Wikileaks and the creation of the Silk Road marketplace helped propel bitcoin to new heights. The crypto donations strengthened Wikileaks as well, and in December 2017, the nonprofit suffered a second financial blockade. Assange told his Twitter followers a few times that month about the situation. He called it a “banking blockade 2.0” and Assange said U.S. intelligence was making it difficult for Wikileaks donors.

Assange suggested people should send cryptocurrencies instead and Wikileaks started accepting digital assets like zcash, monero, and litecoin. The Wikileaks founder has always supported bitcoin and a year before the banking blockade 2.0, people were concerned that Assange wasn’t alive because they hadn’t heard from him in a while. At the time, the Wikileaks editor-in-chief read the BTC blockchain hash of block 447506 during a recorded video. A number of people believe that the hash was read during the video to prove Assange was alive.

The extradition hearing for Wikileaks founder Julian Assange began Monday, February 24, 2020, in London. American prosecutors want Assange, 48, brought to the U.S. to face charges of hacking conspiracy and releasing classified documents. James Lewis, the U.S. government’s lawyer in the case, told the court in London that Assange is not a journalist but merely a hacker who published unredacted classified information on multiple occasions.

A week before the banking blockade 2.0, Assange tweeted that “Bitcoin is the real Occupy Wall Street.” Crypto enthusiasts have been awfully kind to Assange over the years, donating more than $37 million worth of BTC since 2010, and over $400K in BTC donations since he was taken into custody last April. The website Assange created has given the world an inside look at how governments worldwide have committed crimes against humanity. Wikileaks has a treasure trove of logged data that explores controversial subjects like Guantanamo Bay, the Afghan War, the Iraq War, and shady government dealings. There’s a reason why governments want people like Assange and Edward Snowden silenced. However, Assange knew early on that governments cannot stop censorship-resistant money.

What do you think about the $37 million worth of BTC donations given to Wikileaks since 2010 and over $400K in BTC donations since he was taken into custody last April? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Wikileaks, Wiki Commons, Pixabay, Fair Use, and Twitter.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Wikileaks Gathers $37M in BTC Since 2010 – Over $400K Sent After Julian Assange’s Arrest appeared first on Bitcoin News.

https://news.bitcoin.com/wikileaks-gathers-37m-in-btc-since-2010-over-400k-sent-after-julian-assanges-arrest/

Original Article
Author: btcethereumadmin

Cryptocurrency Regulation in the Caribbean: Is It the Perfect Sandbox?


How many Caribbean countries do you know off the top of your head? Out of almost 700 Caribbean islands only about 30 are inhabited, each with their own stance on cryptocurrency.

The Caribbean Islands are first and foremost known as tourist destinations, but they have also, over time, picked up a reputation as shady offshore havens. The local regulatory stances on cryptocurrency are slow to evolve but are consistently pointing towards a more transparent future.  

Despite their reputations, efforts are underway to regulate cryptocurrencies in the Bahamas and elsewhere in the Caribbean. A hotbed for fintech, the Caribbean has been revitalized by the growing and largely unregulated Bitcoin market. 

Here is an overview of the Caribbean cryptocurrency industry from Solomon Brown, Head of PR for Freewallet, a cryptocurrency wallet developer

Islands, regulations, and cryptocurrency usage

Cryptocurrency regulations vary from island to island. Caribbean countries have different views of distributed ledger technologies and blockchain. Islands like the Bahamas and Antigua and Barbuda are well on their way to having established cryptocurrency regulations, Haiti’s viewpoint on the matter can be called controversial and Cuba is a bit behind the ball on passing cryptocurrency laws. 

Image via Pixabay

The Bahamas

Legislators in the Bahamas have signaled that they would like to incorporate cryptocurrency into the legal framework of the island’s economy, but with the way things stand now, there’s still a lot of work to do for that to happen. 

Graham Thompson Attorneys, a leading Bahamian law firm, concluded in a whitepaper, titled, ‘’The Bahamas’ place in a Cryptographic World’’: “It is important that the Bahamas seek to not wedge virtual currency business into a legislative framework that doesn’t quite fit but to develop a piece of legislation, either by amendment to the PSA or otherwise, that is virtual currency specific.”

 Indeed, the only official law offering regulatory treatment in the sphere is the old Central Bank of the Bahamas Act that dates back to 2010 when we had hardly heard of legal framework and standards in the digital token sphere

Image via Pixabay


The act defines currency as follows: “8. (1) The currency of The Bahamas shall be the notes and coins issued by the Bank under the provisions of this Act. (2) The unit of the said currency shall be the dollar, which shall be divided into one hundred cents.” It mentions that it is the “Sole right of the Bank to issue notes and coins”. Obviously, as it makes no specifications for digital tokens, it is hardly able to regulate the emerging local cryptosphere. 

Little by little things are beginning to change. On November 7, 2018, the Central Bank of the Bahamas issued a discussion paper on proposed approaches to the regulation of cryptocurrency assets. This paper describes the proposed regulatory posture on cryptocurrency assets and related instruments for supervised financial institutions (SFIs) under the remit of the Central Bank of The Bahamas. 

This includes the application of government-imposed limitations on the range of cryptocurrency payment instruments called the Exchange Control (EC) regime. The planned operations will allow Caribbean countries to better stabilize their economies by constraining in- and out-flows of currency, and subsequently keeping exchange rate volatility at bay. 

In 2019, the Securities Commission of Bahamas (SCB) took cryptocurrency a step further by releasing the draft called “Digital Assets and Registered Exchanges Bill, 2019.” 

The DARE Bill, 2019 regulates the requirements for issuing or selling digital tokens in the country, and how sellers and related firms must conduct their businesses. It also covers the sections that ensure the entrepreneurs comply with anti-money laundering (AML) and counter-financing of terrorism (CFT) laws and protect their clients’ data and assets.

Cuba

In Cuba, cryptocurrency may be the ultimate solution for US economic sanctions-caused problems. Not supported by the government, Bitcoin has been extensively used to top up phones, shop online and send funds after the roll-out of mobile internet in 2018. The founder of the Telegram channel CubaCripto estimates about 10,000 Cubans trade cryptocurrencies. Some use it as a side job, some get remittances from abroad. 

Brazil-registered Fusyona can be called the first cryptocurrency exchange operating in Cuba. It helps with remittances, charging up to a 10% fee and working via larger exchanges. As other platforms hesitate to develop activity in the country, cautious of the US penal fines, Fusyona’s founder is using Bitcoin, saying “for Cubans it is a necessity and can be a solution to their exclusion from the global financial community.” Nevertheless, the exchange is planning to get authorised by the Cuban government. 

Image via Pixabay

Funnily enough, in July 2019 the Cuban government was considering issuing its own cryptocurrency coin, but it decided to hold back on it to avoid money laundering and/or clashing with its communist principles. 

The state’s central bank has been investigating the pros and cons of cryptocurrency and will soon discuss the prospects of using cryptocurrency at a meeting with global financial leaders in Washington. But, in the meantime, there are no administration bills that specifically place cryptocurrency under regulation. 

Haiti

The legal status of cryptocurrency in Haiti is controversial. Cointobuy’s analysis tool has ranked Haiti 208 out of 249 countries in terms of cryptocurrency safety. Obviously, it isn’t secure to invest in ICOs or trade cryptocurrency in this country. Nevertheless, cryptocurrency entrepreneurs of this small island have come up with a number of brilliant ideas. It is safe to say Haiti is enjoying a real blockchain boom led by a number of exciting and meaningful startups that are trying to shape the future of agriculture, production, and other spheres.

For instance, AgriLedger is a project that will enable users to trace the food supply chain and find out how products are grown or transported. The Blockchain Cotton Project (BCP) works in a similar way: it will endorse smallholder cotton farmers that provide cotton for US clothing producers. Farm locations will be tracked by GPS and BCP will also verify whether the cotton is organic or fair-trade and guarantee the farmers a fair price for their cotton. 

Apart from this, Haiti is the homeland of groundbreaking educational projects like Cryptocurrency for Haiti and the Haiti Blockchain Alliance. They help common people get acquainted with the potential of blockchain. The Haitian Central Bank announced at the Haiti Tech Summit in June 2019 that it will be launching its own digital currency.

Dominican Republic

Little is known about the cryptocurrency industry in this region. After the Dominican Republic government banned using any kind of cryptocurrencies in transactions, all the financial institutions in the country cut down on crypto. However, citizens have kept using it at their own risk. 

Barbados

In Barbados, cryptocurrency regulations are still on the fence. The Central Bank of Barbados has expressed a positive attitude towards BTC and is starting to make changes on this front. 

On July 5th, Bitt Digital Inc. became the first blockchain-based company to complete and exit the 8-month-long regulatory sandbox guided by the Central Bank of Barbados and the Financial Services Commission. Governor of the Central Bank of Barbados, Cleviston Haynes, confirmed that the Regulatory Review Panel (RRP) considered the type of business activity trialed by Bitt to be a candidate for regulation under legislation that is currently being drafted. 

In June 2019, the Central Bank of the Republic of Haiti invited Bitt to present the likely benefits of a national blockchain-based digital currency.

Jamaica

Currently, the legal framework in Jamaica does not deal with crypto. Digital currencies are hardly defined or regulated under the Securities Act or the Bank of Jamaica Act. The Banking Services Act deals with e-money which is closer, but still distant from BTC and cryptocurrency. However, recently efforts have been made to rectify the situation and take digital currencies into account.

Jamaica is bigger than most Caribbean countries. Lately, it has economically outperformed many of its neighbors. In 2018, the Jamaica Stock Exchange (JSE) was identified by Bloomberg as the fastest growing exchange in the world. It was the second time the publication had named the JSE the best performing exchange.

In April 2019 the JSE announced that it was going to enable the live trading of security token offerings (STOs) and digital assets with the support of the Canadian FinTech company, Blockstation. The move was aimed at helping businesses raise capital through STOs and establish themselves in the financial community, while also promoting safe digital asset transactions in the market. Presumably, the JSE, the Financial Services Commission and the Bank of Jamaica (BOJ) will shortly issue the regulations and guidelines that will facilitate this new digital trading.

The Organisation of Eastern Caribbean States

This inter-governmental organization aims at promoting economic development along with other legal aspects. Protocol members and Anguilla use the Eastern Carribean Dollar issued by the Eastern Caribbean Central Bank. 

In spite of having no cryptocurrency regulations, these 11 countries have signed up to participate in a pilot program that will test the use of cryptocurrencies alongside the country’s national currency. Only time will tell if the blockchain-based digital version of XCD is OECS’s short cut to a cashless society.

Saint Kitts and Nevis

This OECS member is willing to take part in the Digital Eastern Carribean Dollar ‘test drive’. However, the Saint Kitts and Nevis government is negative about accepting Bitcoins as a payment for the Citizenship by Investment Program (CIP), which has been warmly welcomed in many Caribbean countries. 

Antigua and Barbuda

Unlike their Caribbean counterparts from Saint Kitts and Nevis, government officials from Antigua and Barbuda are drafting laws to regulate Bitcoins. According to local media outlets, Antiguans are interested in using cryptocurrency to pay for public services.

The authorities of the Caribbean jurisdiction are developing a special bill with the aim of securing the status of legal currency for Bitcoin, the circulation of which is allowed in the territory of Antigua and Barbuda.

The decision was made during a meeting of the Cabinet of Ministers with experts from the Antiguan Leisure & Gaming Association, dedicated to best practices in accepting Bitcoins as payment for goods and services. Thus, very soon, Bitcoin could turn into an official means of payment in Antigua and Barbuda.

Interestingly, while enumerating the benefits of Bitcoin, Antiguan officials who promote its legalization in their home country noted that Bitcoin makes it easy to track transactions, which is very important considering how many see the Caribbean country as a “tax harbor. ”

Saint Lucia

In recent consultations with the authorities of Saint Lucia, representatives of the mission of the International Monetary Fund (IMF) said that central banks should not ignore Bitcoin. According to IMF experts, virtual currencies can compete with existing currencies and also challenge monetary policy.

Subsequently, it was reported that the Saint Lucian government was considering Bitcoin’s prospects and was exploring options on how to “make it work.” A corresponding statement was made by the Prime Minister of Saint Lucia, Allen Chastanet.

Caribbean cryptocurrency evolution

The 2018 BIS Annual Economic Report suggested that cryptocurrency is the “new petal in the money flower.” The taxonomy of money can be defined by four properties: the issuer, the form, the degree of accessibility and the payment transfer mechanism. Cryptocurrencies combine three key features:

  1. They are digital. Cryptos aims at providing security and rely on cryptography to prevent hacking and fraudulent transactions. 
  2. They are private, and by design, they have no intrinsic value, unlike commodity money. “Their value derives only from the expectation that they will continue to be accepted by others” – the report states.
  3. They allow for a digital P2P exchange.

The competitive advantage of cryptocurrency is its underlying distributed ledger technology. It enables each user to verify transactions in their copy of the ledger, ensure the accuracy of each transfer and rule out the possibility of double-spending.

Image via Pixabay

What does this mean for the Caribbean islands?  BTC has a number of potential benefits that could let the financial genie out of the bottle. 

For the small Caribbean countries that made a name for themselves as tax havens in a similar way to the Latin American Panama, cryptocurrency offers a way of evolving into the future. After a massive leak of financial files tied to the fourth-biggest offshore law firm in the world, it was hard for Panama to recover from reputational losses. Panama shifted its focus onto cryptocurrency at the official level by working out taxation protocols and supporting blockchain technology. 

The Caribbean seems to be following Panama’s example. The Bahamas are drafting regulations of cryptocurrency assets. The British Virgin Islands are issuing a national cryptocurrency coin. Antigua and Barbuda are offering citizenship for BTC. In other words, a good many Caribbean governments are willing to put themselves on the map in the cryptocurrency space. 

Image via Pixabay

In the opening stages of introducing cryptocurrency into the global economy, it is crucial for blockchain-based projects to keep security issues crystal clear. Gaining user trust is key to the mass adoption of Bitcoin. With operational security in the spotlight, it is important that locals use reputable cryptocurrency services such as top market leaders like Binance, Coinbase, and Bitfinance. As far as safe wallets are concerned, Freewallet is proud to work side by side with these big names to make cryptocurrency more available to a wider audience. It’s been a privilege for us to join our efforts in order to modernize the financial services sector. 

The Caribbean is boldly stepping into the future with cryptocurrency and we are happy to help this process along.

This article is Originally posted on CoinCentral.com
Author: Alex Moskov

BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, ADA – BTC Ethereum Crypto Currency Blog

Many cryptocurrencies are struggling to break above their overhead resistances, which could result in a minor correction or consolidation in the next few days.

The global equity markets are reeling under pressure as the coronavirus outbreak has spread outside China. While gold, the traditional safe haven, has been moving higher, Bitcoin has largely remained range-bound. This again puts focus on the frequently discussed perspective that Bitcoin is a completely uncorrelated to traditional markets. Sometimes it rallies with the equity markets and other times with gold but during certain occasions, such as now, it moves to its own beat.

In other news, Tron founder Justin Sun paid a record $4.6 million in a charity auction to have a meal with legendary investor Warren Buffet. However, it looks like he was not able to change Buffet’s skepticism on cryptocurrencies.

Daily cryptocurrency market performance. Source: Coin360

In a recent interview with CNBC, Buffet said that cryptocurrencies “have no value and they don’t produce anything,” hence, he does not own any cryptocurrency and “never will.” This shows how some traditional players are still not convinced about the advantages of cryptocurrencies.

Sun, however, remains convinced about the long-term prospects of cryptocurrencies. He said that Bitcoin will cross $100,000 in 2025 and will pull the major altcoins also along with it. While we are also positive in the long-term, let’s see what the charts project for the near-term.

BTC/USD

Bitcoin (BTC) is currently trading inside the descending channel. If the bears sink the price below $9,600, a drop to the support line of the channel, which is close to the 50-day SMA at $9,176, is possible.

BTC USD daily chart. Source: Tradingview

The 20-day EMA has flattened out and the RSI has dropped close to the midpoint, which suggests a range-bound action for the next few days.

If the price breaks out of the channel, the bulls can carry the price to $10,500. If this level is scaled, the uptrend is likely to resume. Above this level, a move to the long-term downtrend line at 11,350 is possible.

We anticipate the bears to mount a stiff resistance at the downtrend line once again. However, if the bulls can push the price above it, the BTC/USD pair is likely to pick up momentum.

Conversely, if the bears sink the price below the channel, the trend will turn in favor of the bears. We do not find any reliable buy setups at the current levels, hence, we remain neutral on the pair.

ETH/USD

Ether (ETH) has been largely stuck between $235.70 and $288.599. We spot a symmetrical triangle, which usually acts as a continuation pattern. With both moving averages sloping up and the RSI in the positive zone, the advantage is with the bulls.

ETH USD daily chart. Source: Tradingview

If the bulls can push the price above the triangle and the overhead resistance at $288.599, the uptrend will resume. The triangle setup has a target objective of $330. If this level is crossed, the up move can extend to $366.

Contrary to our assumption, if the bears sink the ETH/USD pair below the triangle, a drop to $235 and below it to the 50-day SMA at $200 is possible. Therefore, we suggest traders retain the stop loss on their remaining long positions at $230.

XRP/USD

The bulls are struggling to carry XRP higher. This shows a lack of demand at higher levels. We spot a possible head and shoulders pattern that will complete on a break and close (UTC time) below $0.26362.

This bearish setup has a target objective of $0.18043 on the downside, which is close to the recent lows at $0.17468. However, it might not be a waterfall decline as we expect the bulls to defend the support at $0.21.

XRP USD daily chart. Source: Tradingview

Conversely, if the price bounces off $0.26362, the bulls will once again attempt to carry the price to the overhead resistance at $0.31503. Above this level, a retest of $0.34681 is possible.

The XRP/USD pair is likely to pick up momentum on a break above $0.35. For now, the traders can protect their long positions with stops at $0.26.

BCH/USD

Bitcoin Cash (BCH) is stuck between the 20-day EMA at $404 and the 50-day SMA at $368. While the bulls are buying the dips to the 50-day SMA, the bears are selling close to the 20-day EMA.

BCH USD daily chart. Source: Tradingview

If the bulls fail to push BCH above the 20-day EMA, the bears will make another attempt to sink the price below the critical support at $360. If successful, a drop to $306.78 is possible.

On the other hand, if the bulls can push the BCH/USD pair above the 20-day EMA, a move to the trendline of the ascending channel is possible. We do not find any reliable buy setup at the current levels, hence, we suggest traders remain on the sidelines.

BSV/USD

The bears are defending the 20-day EMA, which shows a lack of demand at higher levels. If Bitcoin SV (BSV) dips below the 50-day SMA at $277, a drop to $236 is possible. A break below this support will be a huge negative.

BSV USD daily chart. Source: Tradingview

Contrary to our assumption, if the bulls can push the price above the 20-day EMA, a rise to $337.80 is possible. A break above this resistance can result in a move to $382.47 and above it to the lifetime highs.

If the BSV/USD pair bounces off the support at $236, we might suggest a long position with a close stop loss. Until then, we remain neutral on the pair.

LTC/USD

Litecoin (LTC) is struggling to climb above the overhead resistance at $80.2731. This shows that the bears are still active at higher levels. If the price dips below the 20-day EMA at $73.60, it can again decline to the support at $66.1486. This will keep the altcoin range-bound for a few more days.

LTC USD daily chart. Source: Tradingview

The LTC/USD pair will turn negative on a break below the support at $66.1486. If this support cracks, the next level to watch out for is $50.

Conversely, if the bulls can propel the price above the overhead resistance zone of $80.2731-$84.3374, the pair is likely to pick up momentum. The target levels to watch on the upside are $100 and above it $125.

Therefore, the traders can buy on a breakout and close (UTC time) above $85. We shall suggest a close stop loss after the trade triggers.

EOS/USD

The bears are again attempting to defend the 20-day EMA. This is a negative sign as it shows that the sentiment is changing from buy on dips to sell on rallies. If EOS drops below the 50-day SMA at $4.00, it is likely to drop to $3.50.

EOS USD daily chart. Source: Tradingview

With the 20-day EMA sloping down and the RSI dipping into the negative territory, the advantage is shifting in favor of the bears.

However, if the bulls defend the support at $4, the EOS/USD pair might again attempt to move up to $4.40 and above it to $4.8719. The pair is likely to pick up momentum on a break above the overhead resistance zone of $4.8719-$5.50.

BNB/USD

Binance Coin (BNB) is currently stuck in a tight range between $21.80 and $23.5213. The 20-day EMA has flattened out and the RSI is just above the midpoint. This points to a balance between the buyers and sellers.

BNB USD daily chart. Source: Tradingview

The advantage will tilt in favor of the bulls if the price breaks out and sustains above $23.5213. Above this level, a move to $27.1905 is possible.

On the other hand, if the BNB/USD pair drops and sustains below $21.80, it would signal an advantage for the bears. The next support on the downside is the 50-day SMA at $19.52 and below it $18.

XTZ/USD

Tezos (XTZ) is currently witnessing profit booking that can drag the price to the 20-day EMA at $3.014, which is just above $2.9204864, the 38.2% Fibonacci retracement of the most recent rally.

XTZ USD daily chart. Source: Tradingview

If the price rebounds off $2.9204864, the bulls will once again attempt to push the price above the lifetime high at $3.9499.

Nonetheless, if the support at $2.9204864 cracks, the XTZ/USD pair can drop to $2.6025, which is the 50% retracement level of the rally. We do not find any reliable buy setups at the current levels, hence, we are not proposing a trade in it.

ADA/USD

Cardano (ADA) has once again climbed back into the top ten list of cryptocurrencies by market capitalization, hence, it has been included in the analysis. The bulls are currently attempting to keep the price above the critical support at $0.0560221, which is just below $0.0570183, the 38.2% Fibonacci retracement level of the most recent rally.

ADA USD daily chart. Source: Tradingview

If the support holds, the ADA/USD pair might remain range-bound between $0.0560221 and $0.0652290 for a few more days. The flattish 20-day EMA and the RSI close to the midpoint also suggest a range formation.

A break below $0.0560221 can drag the price to the 50-day SMA at $0.0517. Alternatively, a break above $0.065229 can push the price to $0.0722722.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin