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BSpin’s Reload Bonus

BSpin Casino offers over 728 games from some of the best software providers, including some red… read more

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Bitcoin Chaser – April 30, 2021

BSpins Reload Bonus

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Uniswap Price Analysis: 18 May

Uniswap’s price was holding above support at $35.44, however, after the recent push, the price dropped below this level. This drop in value increased volatility in the market and was followed by a rec

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Uniswap’s price was holding above support at $35.44, however, after the recent push, the price dropped below this level. This drop in value increased volatility in the market and was followed by a recovery effort that pushed the price right above the support line.

Currently, UNI was trading at $35.80 with a market capitalization of $20.08 billion.

Uniswap hourly chart

Source: UNIUSD on TradingView

The above chart of UNI indicated that the price of the digital asset fell under the $35.55 support. Although bearish pressure pushed the asset’s value under this level, the market always bounces back. Despite the recent downtrend, buyers boosted the price higher and gave way to a bull trend.

UNI’s value could be looking to move towards higher levels.

Reasoning

Bollinger Bands were noting a strong divergence, at the time of writing. This divergence hinted at the rise of volatility once again as the price tried to build higher. Signal line pointed at the rise of bullishness as it moved under the candlesticks marking the upward trending price.

The 50 moving average had also slipped under the price bars and was acting as immediate support.

The rise in buying pressure had been a result of the inflated prices as highlighted by the rising value of the relative strength index from the oversold zone. Currently, RSI value had moved past the equilibrium zone and remained at 56. This indicated that the buying pressure was dominant in the UNI market while the momentum was also growing for buyers.

Crucial levels

Entry-level: $36.30
Take profit: $37.83
Stop-level: $35.53
Risk to Reward: 1.97

Conclusion

The current UNI market suggested a bullish movement for the digital asset. Going forward, the price of UNI could rise to the immediate resistance at $37. While the indicators suggested a strong market, a sudden shift in volatility could change this trend.


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Source: https://ambcrypto.com/uniswap-price-analysis-18-may

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Why The SEC Opposes XRP Holders’ Involvement In Action Against Ripple

XRP holders have been trying to gain a voice in the action against Ripple Labs and some of its executives filed by the Securities and Exchange Commission (SEC). However, the regulator has opposed by any means at its disposal. In a reply memorandum filed on May 17th, the Commission reiterated its position against the motion […]

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XRP holders have been trying to gain a voice in the action against Ripple Labs and some of its executives filed by the Securities and Exchange Commission (SEC). However, the regulator has opposed by any means at its disposal.

In a reply memorandum filed on May 17th, the Commission reiterated its position against the motion to intervene presented by the collective called “Movants”, 6 XRP holders in the representation of their community.

The SEC claims that these investors are “improperly” trying to take a role in the action via an “amici curiae”, a form of legal instrument that would grant the holders a status of assistance in the case. Thus, they could provide expertise and their unique point of view as investors.

The regulators claim that the XRP holders can’t “offer any unique perspective”, information or additional details that could provide value in court. Also, the Commission added that the Movants have a bias point of view and “advocate for the same outcome as Defendants”, Ripple Labs and executives Brad Garlinghouse and Chris Larsen. The documents claims:

Seeking to inject themselves as “third-party defendants” in this action, Movants would act as “friends” of Defendants, not true “friends of the court,” if permitted to participate as amici.  And Movants’ arguments are not relevant to (and would improperly expand) the violations charged by the SEC in this action.

How XRP Holders Could Affect The Action On Ripple Labs

Therefore, the SEC asked for the denial of the motion presented by Movants and claimed that their involvement would bring “prejudice” to the court. In that way, this participation could “transform the nature” of the case and even go as far as deny the SEC the right to “discovery”, according to the document.

One of the Movants, lawyer John E. Deaton, responded to the memorandum. The expert said that the legal entities in the United States had granted “amicus” in cases where parties, according to the SEC’s logic, could be classified as “bias”. Deaton added:

It’s granted to someone with strong interest in or views on the subject matter of an action, but not a party to the action.

Lawyer Jeremy Hogan said that XRP investors should not participate as full litigants but acknowledged that they can bring relevant facts to the court. Hogan added:

to argue that Ripple and the XRP litigants are in collusion goes too far. I think the Judge should (and will) grant limited “amici” participation – something obviously the SEC doe NOT want to see happen.

While the crypto market bleeds, XRP has held a strong ground against bears and trades at $1,62, at the time of writing. Lower timeframes show medium profits with 7.9% in the daily chart. Higher time frames are in the green with a 15.4% and 4.3% profit respectively.

Ripple XRP XRPUSDT
XRP with moderate gains in the daily chart. Source: XRPUSDT Tradingview

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Source: https://bitcoinist.com/why-the-sec-opposes-xrp-holders-involvement-in-action-against-ripple/?utm_source=rss&utm_medium=rss&utm_campaign=why-the-sec-opposes-xrp-holders-involvement-in-action-against-ripple

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BIC’s Video News Show: Cardano Update

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In this episode of the BeInCrypto video news show, host Jessica Walker will discuss Cardano (ADA), its recent flock of supporters and projects gaining momentum in preparation for its Alonzo update, which will enable smart contracts on the blockchain.

Why is Cardano Going Up While Other Cryptos Drop?

Unlike most other cryptocurrencies, cardano was largely unaffected by Tesla announcing it would suspend accepting bitcoin (BTC) as payment. In fact, ADA rallied, pushing about $2 for the very first time. 

Increasing appeal of Cardano

Investors seeking greener alternatives to bitcoin could be one of the reasons for Cardano’s rally. Unlike bitcoin, ADA utilizes a much less energy intensive proof-of-stake (PoS) consensus mechanism. The fact that fellow PoS crypto Polygon also saw a boost lends credence to this theory. This appeal has led to a growing number of partners for the Cardano ecosystem.

Cardano also now includes crypto stalwart Mark Cuban as one of its supporters. Cuban has recently started a Twitter thread asking about the utility of certain cryptocurrencies. In response to this thread, Cardano founder Charles Hoskinson aired a video about Cardano’s plans for the future. After an exchange of tweets with Hoskinson, Cuban ultimately said that he’s rooting for the project.

Alonzo upgrade and enabled projects

Despite ADA’s price declining at the time of recording, several interesting developments could strengthen the long-term prospects of Cardano. First and foremost is Cardano’s Alonzo upgrade, announced in April. This will enable support for smart contracts on Cardano by August. This upgrade paves the way for dApps and decentralized finance (DeFi) applications and provides developers with tools for creating business applications.

DeFIRE

First among them is DeFIRE, which is a Cardano-based smart order routing platform. The firm announced it had successfully raised $5 million ahead of its up-and-coming Initial DEX Offering. It will be the first fiat on-ramp and swap solution for Cardano native tokens, allowing token holders to swap one Cardano token for another directly. It is designed to support massive liquidity from institutional order flow originators and retail traders. 

Revuto

Revuto is the next project that has been attracting attention, as it will be the first public token sale on the Cardano platform. Anyone can participate and reserve a spot on the sale by signing up for their Whitelist.  Revuto provides users with a simple solution to manage their subscriptions to certain services, such as Netflix and Microsoft, among others. Additionally, Revuto reduces costs, has protection against hidden fees and free trial “traps,” and takes full advantage of Cardano’s newest features.

CardStarter

We also noticed a strong interest in CardStarter. This Cardano project accelerator is up over 40,000% since launching in mid-April, catapulting from a price of $0.15 at launch to a high above $60 on May 11. CardStarter also offers projects building on Cardano the option to crowdsource early funding from a community of donors on its platform.

Holding the CARDS token guarantees early allocation to vetted projects that utilize the CardStarter platform to CARDS holders. Growth has been fast and it already has a market cap of over $100 million.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/bics-video-show-cardano-update/

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SEC Allegedly Using All Means Possible to Block XRP Holders From Presenting Evidence

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The case being raised by XRP holders to present evidence is allegedly being blocked by the U.S. Securities and Exchange Commission (SEC) using “red herrings, personal attacks, and irrelevant case law to distract the court from XRP holders’ meritorious request for intervention.”

In a recently submitted memorandum of law in reply to Plaintiff, Securities and Exchange Commission’s opposition of Proposed Intervenors’ Motion to Intervene, XRP holders said that the existing parties do not adequately represent their interest.

The SEC has been in an ongoing battle with Ripple Labs since last December. Announcing on December 22 that they had filed an action against Ripple Labs and two of its executives, Brad Garlinghouse and Chris Larsen. This filing alleged that Ripple had conducted an unregistered securities offering of $1.3 billion.

Ripple denies these claims on the basis that their tokens, XRP, are a cryptocurrency and not an investment contract. This case has not gone the way of the SEC thus far, with Ripple winning several crucial battles since the filing last Christmas.

Now, XRP holders claim that they should be allowed to speak for themselves:

“XRP Holders do not seek to broaden the scope of the SEC’s claims but rather protect their interests and provide the Court with critical information necessary for the fair disposition of this case. If intervention is granted, there will be no delay in the proceedings or adjudication of this case.”

They further say that “intervention will provide this Court with a more complete picture of the issues presented and contribute to a just and equitable adjudication of all claims and defenses.”

Case so far

Ripple’s CEO Garlinghouse has slammed the SEC on several occasions since they first filed against Ripple. He has gone on to point out that the SEC is the only regulatory watchdog in the developed world to deem XRP a security.

While the case has gone in Ripple’s favor by enlarge, the initial lawsuit had a disastrous effect on the company. The price of XRP fell more than 70% last December and many exchanges delisted XRP. However, the token has recovered to new highs since and some shrewd appointments, such as Rosie Rios, former U.S. Treasurer, have seen faith restored in Ripple Labs.

Latest case by the SEC

In their latest filing for the objection for third party defendants, SEC lawyers claimed:

“Seeking to inject themselves as ‘third-party defendants’ in this action, Movants would act as ‘friends’ of Defendants, not true ‘friends of the court,’ if permitted to participate as amici. And Movants’ arguments are not relevant to (and would improperly expand) the violations charged by the SEC in this action.”

With the U.S. government officials suggested permitting third-party defendants to intervene would open the door to intervention by even more XRP investors. This ongoing battle is further evidence of the SEC’s complex relationship with cryptocurrency.

XRP token

The XRP token is a digital asset created specifically for financial institutions and payment providers. Like the SWIFT payments system, it works as a payment settlement and remittance system where transactions are adopted by a network of servers.

Converse to the function of bitcoin (BTC) as an alternative to fiat currencies, XRP tokens are used by the Ripple payment system as a cheaper and speeder network than bitcoin or traditional payments systems.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Adam is working in London while studying for a self-paced MicroMasters in Data, Economics and Public Development online with MITx. Before this he studied at Trinity College Dublin where he first became interested in cryptocurrency and blockchain. First writing for a university publication on cryptocurrency in 2015, Adam has been writing about and following the crypto economy ever since.

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Source: https://beincrypto.com/sec-allegedly-using-all-means-possible-to-block-xrp-holders-from-presenting-evidence/

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