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2021 started on a bad note for Ripple. While all the other coins were relishing the gains acquired during the recent bull run, XRP was the only coin that endured destruction. The lawsuit that the SEC slapped Ripple with almost destroyed the altcoin as several prominent exchanges went on to withdraw support for the asset.

While Ripple has been taking measures to quash the lawsuit, XRP had fallen down to the seventh position on CoinMarketCap. Despite several setbacks, Ripple has time and again revealed that it was moving ahead untethered by the lawsuit. Brad Garlinghouse, the CEO of Ripple in his recent interview affirmed that the platform would continue exploring new markets.

The crypto and blockchain platform witnessed a blip after the SEC charged Ripple for selling unregistered securities. In a recent report by Reuters, Garlinghouse revealed that the platform would go ahead with its plan of jumping into Asian waters. He said,

“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets.”

The Asian market has been gaining a lot of traction with governments diving into digitalization. Ripple, has been encountering regulatory issues only in the United States, therefore the platform’s potential shift from the US could be beneficial for the platform.

Garlinghouse even affirmed that XRP has found shelter in over 200 exchanges across the globe. Just three or four exchanges suspending trade of the asset in the US wouldn’t have a big impact on the asset.

Additionally, Garlinghouse filed a motion to Federal Judge Analisa Torres seeking the dismissal of the SEC lawsuit against him citing “regulatory overreach.”

The crypto market was witnessing a massive setback. Cardano [ADA] managed to escape from the previous ones but was seen stuck with the bears, this time. The altcoin overhauled several coins like XRP, Litecoin [LTC] as well as Binance coin [BNB] and took over as the fourth-largest cryptocurrency. ADA had even surpassed the largest stablecoin, Tether [USDT], in terms of market cap. Though this didn’t last for too long, ADA’s market cap was noted at $34.71 billion.

The price of ADA soared to record a new all-time high amidst the bear market. After recording an all-time high of $1.48 on 27 February 2021, the altcoin began experiencing major retracements. This further instigated a series of speculations regarding the asset hitting $2 very soon. At the time of writing, ADA was trading for $1.13 with a 5.98% drop in the last 24-hours. Nevertheless, ADA incurred gains of over 3.44% in the last seven days.

The short-term price chart of ADA was seen bringing back hope. The altcoin was prepping for a change in trend, affirmed the bulls. The Parabolic SAR indicator after laying out a long string of dotted lines over the candlesticks was finally seen flipping this earthward. With just one dot below the candlesticks, the indicator revealed the presence of bulls. The Chaikin Money Flow indicator was seen heading above zero or the bullish realm.

The Relative Strength Index indicator was seen exactly at 50 median which further pointed out a neutral sentiment in the Cardano market.

Unlike its short-term price chart, ADA on its one-day chart was seen harboring the bears. The MACD indicator was noted in a bearish crossover which was formed recently. The Awesome Oscillator indicator had formed red closing bars further insinuating a bearish sentiment. The Money Flow Index indicator was seen delivering a buyers’ notion in the ADA market as the marker was noted at 70 median.

With the crypto industry gaining traction across the globe, several regions have started to scrutinize the market. Kentucky, however, is trying to attract more crypto activity in the country by offering tax breaks.

Bitcoin and other cryptocurrencies have been surging in terms of price. Bitcoin rose close to a high of $60K. This seemed to have attracted an array of people into the industry which further elevated the activity of the miners while making the rewards they get more valuable. As several regions have been pouring in their funds into crypto mining, Kentucky seems to be jumping on the bandwagon.

In a recent report, it was revealed that the lawmakers in Kentucky were looking to spruce up the adoption rate of crypto in the region. A bill was reportedly given a green signal by the government for eliminating the tax on electricity used for crypto mining by the local operators.

The summary of the bill read,

“Create new section of KRS 139 which defines various terms relating to commercial mining of cryptocurrency using blockchain technology, provides sales and use tax exemptions on the tangible personal property directly used and the electricity used in commercial mining of cryptocurrency as of the date of approved application, provides for a four year sunset from July 1, 2021 to June 30, 2025, and requires the amount of the exemption to be reported by the Department of Revenue beginning on January 1, 2022 and every January 1 thereafter;”

A whopping $1 million a year was noted as the bill’s fiscal noted to the General Fund.

Crypto mining isn’t an easy process, noted Representative Steven Rudy. He pointed out that it wasn’t the job of people “sitting in their mom’s basement” whereas, the process is extremely “sophisticated” as well as technical.

An array of US states have been exhibiting interest in crypto. Miami was seen taking a plunge into the industry while several others followed. Kentucky seemed to be joining this list.

The crypto market is probably in its most volatile state. All the assets including, Polkadot [DOT], Bitcoin [BTC], Binance coin [BNB] were seen falling back after achieving new highs. Bitcoin has been swinging between $49K and $52K. While the king coin is finding it hard to form strong support at $50K, moving back to its all-time high could be difficult for BTC. Binance coin [BNB] was out of the crypto spotlight after it slumped down below $250. The altcoin even made way for Cardano [ADA] to take over the third position on the crypto ladder.

Polkadot [DOT] had witnessed an influential surge in terms of both price as well as market cap in the last few weeks. The fairly new coin shot up to a high of $42.06, which was quite a head-turner. DOT climbed up the crypto ladder and accommodated the sixth position. At press time, DOT’s market cap was noted at $33.67 billion. The asset was priced at $36.68 with a 1.54% drop, in the last 24-hours.

The short-term price chart of DOT was seen vacationing with the bears. The Bollinger Bands indicator suggested limited volatility as the bands were seen converging. This was quite beneficial for the altcoin considering the bears present in the DOT market. The Awesome Oscillator affirmed this by forming red closing bars.

The Money Flow Index indicator was over 50 median which further suggested that DOT was in the buyers’ zone.

The one-day price chart of DOT brought in positivity in the altcoin’s market. The Parabolic SAR indicator had brought down the dotted lines below the candlesticks further restricting a downward breakout. The Chaikin Money Flow indicator mirrored this sentiment by remaining over zero. The Relative Strength Index announced that DOT was close to being overbought as the marker was close to 70 median.

While DOT could encounter a short-term blip, the asset could have a smooth journey, in the long run, the aforementioned indicators suggested.

The upgrading of Ethereum’s network to ETH2.0 did not only bring about the benefits of greater scalability and faster transaction speeds. It has also given rise to many staking platforms.

Is this good or bad? This is a question most Ethereum users don’t really pay attention to. For many, what matters is that they have a platform to use in order to earn staking rewards. However, different platforms have different policies and features.

Here’s a rundown of some of what staking platforms are offering to differentiate themselves from others.

At least one staking platform acknowledges the issue of custodial staking, which is the default for most platforms. Under this arrangement, there is a centralized service that manages all of the ETH staking process on behalf of the user. This means that the service provider takes custody of the user’s private validator keys and withdrawal keys.

Custodial staking comes with a number of risks. For one, it would be difficult for users to guarantee the security of their keys. They have no influence on how the custodian secures the keys. Additionally, the setup is predisposed to the chances of suffering from reduced rewards and drastic slashing penalties.

Non-custodial stalking platforms eliminate the said risks while ensuring a high level of transparency. They usually employ open source systems and rigorous auditing. Also, many of them maintain a policy of not taking a share from user rewards.

There are also platforms that follow the semi-custodial model. Under this approach, the staking service provider usually advertises its platform as non-custodial in nature, but they actually require users to surrender their validator keys. Users get to keep their withdrawal keys but not the ones for validation. This model serves as an acceptable enough compromise for both the staking service platform and the users. It comes with the risk of suffering from severe slashing penalties and reduced rewards, but it is less prone to successful cyber theft or hacking attacks

The dApp TronPredict has found an opportunity to become a staking platform by introducing TronPredictToken in TronPredict V3.0. Users get to earn this new token whenever they stake their prediction on TronPredict. The amount that can be earned is based on how much TRX was invested.

This is not necessarily the standard idea of staking, but it is an innovative approach by decentralized apps to offer something based on the idea of ETH staking. In a way, it helps promote a sense of reliability among users by making them go back to the platform later.

This idea of staking has been made popular by CryptoLocally, which released the second generation of its Finance Wallet back in November 2020. The upgraded wallet makes it possible for users to earn staking rewards. CryptoLocally integrates popular decentralized finance protocols such as Maker and Aave to enable easier yield farming under a non-custodial staking model.

With the growing popularity of Ethereum and the news of its rising prices, it is not unlikely for it to come close to the success of Bitcoin. With this comes the emergence of more staking platforms in their various forms and innovations.

The CEO of Ripple, Brad Garlinghouse, has reportedly filed a motion to suspend the lawsuit that the Securities and Exchange Commission [SEC] of the United States imposed against the crypto platform.

While Ripple has time and again tried to diminish claims of XRP being a security, the SEC outrightly accused Ripple of selling unregistered securities. Despite Ripple denying this, the SEC went on to prolong this lawsuit. Amidst this, Brad Garlinghouse decided to write to the Federal Judge urging her to terminate the lawsuit against him.

The SEC hit Ripple with the lawsuit back in December 2020, however, this lawsuit went in for a little alteration. The amended version pointed out that the CEO of the company, Brad Garlinghouse, along with its former CEO Chris Larsen was part of manipulating the XRP market. Further denying these accusations, a recent letter submitted to Federal Judge Analisa Torres, by Garlinghouse’s lawyers on behalf of the CEO suggested that SEC’s lawsuit against him should be dismissed on grounds of regulatory overreach.

The letter further suggested that Garlinghouse had alerted the SEC of its inaccuracies during the investigative process itself. However, the same “defects” have reportedly been carried forward in its amended version as well. The letter further read,

“The SEC has not adequately alleged that Mr. Garlinghouse knew or recklessly disregarded that Defendants’ transactions in XRP were investment contracts or that Ripple was somehow acting improperly in selling XRP such that he can be liable for aiding and abetting Ripple’s sales. Nor – under Supreme Court and Second Circuit precedent – can the SEC establish that Mr. Garlinghouse’s sales and offers of XRP fall within the territorial scope of the Securities Act.”

Brad Garlinghouse, has about four lawyers –  Alexander Javad Janghorbani, Lucas Dehaan Hakkenberg, Matthew Solomon as well as Samuel Loewenson Levander representing him against the SEC. A total of twenty-one lawyers are helping Ripple in this lawsuit.

While Ripple awaits trial, XRP continues to slump like the other coins in the market.

Binance coin [BNB] was one coin that remained untethered by the bears in the market for a long time. Unfortunately, the asset had to succumb to the bears. While all the assets were trying to recover from the latest carnage, BNB was seen taking it slow. The altcoin was trading for $249.45, during the time of writing, with a dainty change in its price over the last 24-hours. In terms of market cap, BNB did see impeccable growth. However, Cardano [ADA] took over the altcoin as the third largest coin. At press time, BNB was standing as the fourth largest cryptocurrency with a market cap of $38.67 billion.

Meanwhile, all the other assets were seen trying to get rid of the bears from their respective markets. Bitcoin had finally moved past $50K and was trading at $52,000.86 with a 6.47% surge in the last 24-hours. Almost all the altcoins were seen mirroring a similar trend.

Things looked positive for BNB on its short-term price chart. The altcoin was seen harboring the bulls after a long stay of the bears. The Parabolic SAR indicator formed a bullish pattern below the candlesticks hindering any sudden breakouts in the downward direction. The MACD indicator went in for a bullish crossover, earlier today and retained it. The Relative Strength Index indicator was seen in the buyers’ zone.

Amidst a bearish market, BNB managed to score an all-time high of $342. But, the asset endured a major pullback back into $200. The Bollinger Bands indicator used in the one-day price chart of Binance coin was seen wide apart further implying the possibility of an increase in volatility. But the bands were seen prepping for a convergence which could mean that this volatility could be limited.

The Awesome Oscillator formed an array of red closing bars which suggested that the bears had taken over the BNB market. The Money Flow Index, however, pointed out that a buyers’ sentiment was intact in the market.

The increased demand for cryptocurrencies has compelled Turkey’s government to look into the prospects of the industry.

The overall market cap of the cryptocurrency is currently beyond $1 trillion. Bitcoin slumped down to a low $5K during this time last year. Presently, BTC is trading for a whopping $52,239 while its market cap is on the verge of hitting $1 trillion. These numbers have lured in a huge amount of people across the globe. To keep things in check, the Turkish government seems to be following suit of other countries and studying the pros and cons of the crypto-verse.

Turkey gained a lot of traction due to the increased adoption of crypto during the inflation of the Turkish Lira. This could have urged the government to take a deeper look into the crypto industry. Turkey’s Ministry of Treasury and Finance took to Twitter and shed light on its latest initiative. The tweet read,

“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”

While Turkey has time and again proved to be a crypto-friendly country, the latest probe could bring about certain regulations with regard to crypto. With India yearning for a ban on the entire industry, the community and crypto lovers of Turkey hope that the Middle Eastern country steers away from a ban.

Additionally, studying the industry would take time, meanwhile, the government has been prepping for the launch of its digital currency. While news pertaining to setting pilot of the country’s digital currency in 2021 was making the rounds, the government is yet to deliver updates about the same.

Tron [TRX] was pushed to the 25th spot on the cryptocurrency ladder. A week after the price drop has, however, ignited signs of a market uptrend.

Despite the fact that Tron was now struggling in its attempt to move above the upper ceiling, the market-wide positive sentiment could, in fact, be picked up by the crypto-asset.

Tron [TRX] was up by 2.78% over the past 24-hours which pushed its price to $0.0492 on the 3rd of March. At the time of writing, the crypto-asset registered a market cap of $3.54 billion and a 24-hour trading volume of $1.41 billion.

Tron [TRX] formed higher lows in the daily chart as it eyes to breach a crucial resistance level. If the bulls continue to accumulate at lower levels, the crypto-asset could see a much-needed upward push.

The moving averages also remained pretty much unfazed by the downward price action on the 23rd of Feb leading to up to the first week of March. Despite noting a minor nudge, the 50 DMA [Pink] and the 100 DMA [Blue] settled quite below the TRX price candles supporting from further decline.

In addition, the rising moving averages are a bullish sign.

MACD appeared to be gearing up for a positive flip depicting a weakening bearish momentum as the crypto-asset formed a local bottom.

The Stochastic RSI also noted an uptick from the sell-off zone in tandem with TRX’s price action. Furthermore, the RSI also broke above the 50-median line suggesting a slow increasing sentiment of buying pressure among the investors in the Tron market.

If the bulls can sustain the price above $0.049-level, a bullish comeback could essentially materialize. According to the above charts, TRX is leaning towards the buying pressure, in which case, it could potentially target its immediate resistance of $0.056.

Other resistance levels were found to be at $0.060, and $0.064 while its support points were at $0.044, $0.035, and $0.028 respectively.

Amazon Web Services [AWS] service announced support for Ethereum out on ‘Amazon Managed Blockchain’. AWS happens to be the cloud computing platform offering a subsidiary out of the American multinational technology company.

With this roll-out, AWS clients will now be able to get the provision to Ethereum nodes in minutes as well as connect to the public Ethereum main network and test networks such as Rinkeby and Ropsten.

According to the official blog post, the e-commerce giant’s “managed blockchain”, existing customers of the platform is set to achieve secure networking, encryption at rest and transport, secure access to the network via standard open-source Ethereum APIs, fast and reliable syncs to the ETH blockchain, and strong elastic storage for ledger data.

It went on to add that,

“Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates ETH software upgrades, improving the availability of customers’ ETH infrastructure.”

The services will not be limited to decentralized finance [DeFi] applications. But customers will also be able to build analytical products like smart contract monitoring tools and fraud detection software can also benefit from this scalable, highly available, and fully managed Ethereum service on Amazon Managed Blockchain.

The release also revealed that Ethereum on Amazon Managed Blockchain is currently available across the following AWS regions: US East [N. Virginia], Asia Pacific [Singapore], Asia Pacific [Tokyo], Asia Pacific [Seoul], Europe [Ireland], and Europe [London].

Amazon’s tryst with blockchain-related services dates back to 2019. This was the first time when the platform gave its users initial access to blockchain networks, nodes, DApps, as well as smart contracts.

Besides, Amazon Managed Blockchain also happens to support another permissioned blockchain network called ‘Hyperledger Fabric’ that aimed at enterprise applications.

According to the latest data available on Etherscan, there are more than 8,000 ETH nodes on the network. Around 34% of the total are concentrated in the US.

China is trailing behind with 6.71% while Japan has 2.76% and South Korea with 2.38%.

Ethereum nodes are increasingly becoming more and more widely spread out which is an advantage that the network has in terms of resilience.

Source: www.tronweekly.com


Bitcoin Breakout Signal Shows Top Crypto Likely Heading to $100,000 As Investors Choose BTC Over Gold: Bloomberg Analyst

Bitcoin Breakout Signal Shows Top Crypto Likely Heading to $100,000 As Investors Choose BTC Over Gold: Bloomberg Analyst

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, says Bitcoin (BTC) appears to be heading to $100,000 as it edges closer to replacing gold as a reserve asset.

In a new edition of the Bloomberg Crypto Outlook, McGlone writes that the Grayscale Bitcoin Trust (GBTC), which closed at a 2.7% discount at the end of February, signals that the king coin’s value could be preparing for a two-fold increase.

The analyst suggests that GBTC’s price drop, along with CME-traded BTC futures trading significantly higher, suggests the world’s leading cryptocurrency has formed a solid price foundation.

“Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. Indicating capitulation selling, the Grayscale Bitcoin Trust closed at its steepest discount ever, while December CME-traded Bitcoin futures settled about 20% higher.”

McGlone goes on to say the top cryptocurrency appears to be in the process of replacing gold as a growing number of investors now choose Bitcoin over the precious metal to diversify their portfolio.

He says the change in investment preference comes as Bitcoin undergoes a decline in volatility.

“Undistorted by price, we see the rising tide of Bitcoin adoption as simply prudent, notably for the gold allocators through history, increasing risk of the metal heading toward redundancy in a world quickly going digital…” 

“Annual Bitcoin volatility will decline below that of Amazon.com in a few years, if past patterns prevail, we believe.”

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Source: dailyhodl.com


Top Crypto News: 03/03 – Cryptocurrency News

Top Crypto News: 03/03 – Cryptocurrency News

Let’s find out some interesting crypto news for today.

ENJIN announced the listing of ENJ on Japan’s GMO Exchange. Moreover, GMO provides financial services fostered by GMO Internet, which is listed on the Tokyo Stock Exchange. It provides a secure and robust ecosystem for cryptocurrency transactions. Apart from crypto-assets investment, GMO Coin also provides leverage trading options.

Notably, crypto-collectibles and NFTs are exploding nowadays and gaining popularity. Further, Enjin empowers game developers by allowing game items to be tokenized and incorporated into their own games without any knowledge of blockchain. Hence, this news will open new opportunities for the Enjin project to explore more markets. Additionally, this fueled the price of ENJ to over $1. At the time of press, it is trading at $1.12, which is amounted to over a 200% rise in the past 30 days.

PAID Network partnered with DAO Maker to fuel the IDO launch on the Ignition launchpad. Moreover, DAO Maker supports projects to obtain a community and then uses the project’s token in adding value to those communities. As per the tweet, DAO Maker will boost the PAID ecosystem by identifying and incentivizing the best behavioral fits of Ignition participants. Furthermore, Shadows, the first project launched on Ignition, aims to be a decentralized financial hub that facilitates trading, issuing, lending, and borrowing synthetic assets.

Amazon Web Services (AWS) announced the general availability of Ethereum on Amazon Managed Blockchain. As per the official blog, AWS users will get the facility to provision Ethereum nodes in few minutes and connect to the public Ethereum main network, as well as test networks such as Rinkeby and Ropsten. Moreover, Amazon Managed Blockchain provides secure networking via Ethereum’s open-source APIs to the customer. Besides this, Amazon Managed Blockchain provides services such as nodes management, automation of Ethereum software upgrades, and more. Additionally, this will also empower developers to build smart contracts and monitoring tools through its scalable and fully managed Ethereum service.

MANTRA DAO announced its support of Polygon for multi-chain expansion. Moreover, Polygon is an easy-to-use platform for Ethereum scaling and infrastructure development that connects secured chains. This expansion will boost the Polygon version of dApps that will feature payments of MATIC tokens while processing on-chain transactions. In addition, MANTRA DAO will utilize the Polygon SDK to create complex and scalable dApps to enhance their product offerings.

Power Ledger partnered with Tata Power-DDL and India SmartGridF to launch the first live solar energy trading project in Delhi. According to the official blog, Power Ledger will facilitate peer-to-peer (P2P) trading of solar power, which is a pilot project currently testing in India’s capital city, Delhi. In addition, TPDDL’s 150 sites and their customers will use this platform to sell excess energy to other commercial and residential sites. This whole transaction process will occur on Power Ledger’s blockchain which takes near-time settlement with complete transparency. Additionally, this P2P trading trial will continue till June 2021, which will go through different trading algorithms.

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Source: cryptoliveinsider.com


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