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Ripple XRP Continues Consolidating Its Value Above $0.6 New Support Level

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Ripple XRP was down by 3.45% at 04:52 AM, UTC today , trading at $0.6286 with trading volume of $1,770,624,452, and market capitalization stands at $29,030,014,025, thus ranking it the sixth largest cryptocurrency.

Since June 21, XRP has been in a consolidation phase, although sellers appear to overweigh buyers but gradually decline.

The 4-hour XRP/US Dollar chart at Bitstamp exchange shows the presence of the CAH (cup and handle) formation that signals that Ripple cryptocurrency is in a correction phase (trend continuation) as sellers appear to be slowly gaining the majority. The presence of three black crows (3BC) further confirms the downward trend continuation. However, the downward trends seem to be weak, as indicated by short candlestick bodies and the Doji candlestick pattern that indicates a relative strength ratio. Both sellers and buyers try to steer the price in a particular direction.

Ripple appeared to have formed a death cross, as shown by the 50-day moving average crossing below the 200-day moving average. This signals the presence of a bear market, which is further confirmed by the MACD lines that moved below the 0-level, though the convergence of two lines signals a weak downtrend as buyers try to bring the prices upwards.   

On July 9, Ripple has been considered to form a pennant pattern and, therefore, could reclaim an upward trend, trading at the 0.6447 level. But its hopes were thwarted again a few days ago that saw the cryptocurrency declined its value, and is currently trading at $0.62.

Meanwhile, crypto has been unmoved by recent events, thus consolidating its price nicely. Since the beginning of 2021, the value of XRP stood at about $0.22, and after a few months, its price climbed to an all-time high of $1.84 on April 16.  On May 19, the entire crypto market crashed and consequently wiped the value of XRP by half.  However, the Ripple price has continued to decline since then as the value of the entire crypto tokens have not recovered from the recent crash.

Although the price of XRP has been adversely affected by the ongoing legal dispute with the US SEC and consequently delisting by several exchanges, so far, Ripple cryptocurrency has not vanished.

Crypto has emerged as one of the most promising investments this year. Unlike Bitcoin, Ether, and other big crypto tokens, XRP does not market itself with its decentralization. Instead, Ripple is closely associated with many banks, investment firms, and organizations worldwide, and its influences from outside companies have been its key success.

While it is difficult to predict the value of XRP because of the ongoing legal dispute and current regulatory concerns facing the crypto market, Ripple cryptocurrency is likely to consolidate its price within the range of the $0.65 resistance zone and the $0.60 support zone.

The bear market can be invalided if buyers manage to overpower sellers and steer the price up.

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Source: https://Blockchain.News/analysis/ripple-xrp-continues-consolidating-its-value-above-0.6-new-support-level

Blockchain

Happy birthday Ethereum!

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Today marks the sixth birthday of the Ethereum network and Ether – the world’s second-largest digital asset.

Ethereum was created by the crypto innovator Vitalik Buterin when the project was officially proposed in a white paper in late 2013.

The following January, a 20-year-old Buterin, headed down to the annual North American Bitcoin conference in Miami, Florida, clutching that white paper.

It’s there he met his Ethereum co-founders – a group of Canadian crypto evangelists who immediately saw the huge potential of Buterin’s idea.

Crammed into a little beach house, they invited Buterin to stay and turn his vision into reality.

Within six months, Vitalik had dropped out of the computer science program at the University of Waterloo, and moved out to Zug, Switzerland (now known as crypto valley) along with the rest of the group-turned-team.

The founding members of the Ethereum network included Gavin Wood (Solidity smart contract language creator), Anthony di Lorio (DeCentral founder), Joseph Lubin (ConsenSys founder), and Charles Hoskinson (Cardano founder).

After the completion of an $18m funding round in 2014, development begun and Ethereum slowly materialised as a viable decentralised network.

However, tensions between members set in and the team begun to unravel.

Charles Hoskinson was the first to go, many others would follow.

Today, only Buterin still works on the project.

After a period of successful testing on July 30, 2015 – the first block of Ethereum was mined and the Ethereum mainnet was launched.

The network has rapidly grown to become one of the most prominent components of DeFi and the crypto industry at large. However, a victim of its own success, gas and transaction fees have begun to slow.

This is why Ethereum is now preparing for an imminent scalability update to Ethereum 2.0.

Watch this space.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice

 

 

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Source: https://coinrivet.com/happy-birthday-ethereum/

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Binance to halt derivatives and futures trading in Europe

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Binance has officially halted futures and derivatives products offerings across the European region, commencing with Germany, Italy, and the Netherlands. 

The leading cryptocurrency exchange continues to limit products to users amid the ongoing challenges it faces from global regulators.

The move means users from these countries will not be able to open new futures or derivatives products accounts “with immediate effect”. 

Binance confirmed that if existing users have any open positions in these markets, they are advised to close them, noting that a further announcement would be made at a later date to confirm a 90-day period in which to close open positions.

Binance clarified the importance of European markets to their offerings and invited regulators to open a dialogue to discuss the requirements necessary at local levels. The discussion marks Binance’s continued efforts to collaborate with local and national regulators on the necessary requirements to operate in these areas.

“The European region is a very important market for Binance, and it is taking proactive steps towards harmonising crypto regulations, which is a positive sign for the industry,” wrote Binance in a tweet.

Binance also said it does “not actively market Futures and Derivatives Products locally” and that they plan to start “further scaling down” access to these products within Europe. 

The announcement follows Binance’s recent removal of high leverage trading products from its product offerings and a seemingly relentless wave of scrutiny and oversight from global regulators. 

Despite recent efforts to appease regulators by CEO Changpeng Zhao (CZ), Binance has been forced to delist certain margin trading pairs and cease trading and support for stock tokens like Tesla and Coinbase. Binance is also preparing to cut daily withdrawal limits from two Bitcoin (BTC) to 0.06 BTC in August.

Additionally, leading banking institutions and payment processors in the UK have started to limit transfers to and from Binance, citing “excessively high fraud rates” as a key reason for the decision. 

Binance has also been banned in Malaysia and given 14 days notice to shut down its operations. According to an announcement released today, the Securities Commission of Malaysia has issued public enforcement actions against Binance for “Illegally Operating in Malaysia.”

Binance has been given 14 business days from July 26 to comply. The order demands that Binance disables its website and mobile apps in Malaysia alongside ceasing “all media and marketing activities”.

The announcement also mandated Binance CEO Changpeng Zhao to ensure full compliance with the order. Malaysia’s securities regulator also urged citizens to desist from trading with crypto exchanges operating in the country illegally.

Binance-owned exchange WazirX is also being investigated by authorities in India to determine whether it was complicit in alleged money-laundering conducted by betting apps, which collected more than $134 million in the past 10 months. The Enforcement Directorate is investigating allegations that Chinese-operated betting apps laundered a portion of funds through WazirX.

CEO Changpeng Zhao remains optimistic about the future of Binance despite the recent regulatory issues faced by the exchange. He recently disclosed that Binance US, which operates separately from Binance, was looking to go public.

“Binance US is looking at the IPO route,” he said.

“Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen.”

 

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Source: https://coinrivet.com/binance-to-halt-derivatives-and-futures-trading-in-europe/

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PayPal to launch crypto trading in UK

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PayPal has announced an extension of its cryptocurrency trading platform to UK customers.

This is a significant change of tune by the company, whose former CEO Bill Harris described Bitcoin in 2018 as “a useless payment system, and a ridiculous store of value”.

Now, however, the electronic payment service has slowly begun integrating cryptocurrencies on a large scale, with the moves described as part of an incremental new strategy by new CEO Dan Schulman as he revealed details in his recent Q2 reporting call.

“We continue to be really pleased with the momentum we’re seeing on crypto,” he said.

“We’re going to launch, hopefully, maybe even next month in the UK, open up trading there.”

Trading of crypto assets such as Bitcoin (BTC), Ethereum (ETH), and LiteCoin (LTC) is planned to arrive for UK users by the end of August. Currently, PayPal allows cryptocurrency transactions up to $100,000.

However, PayPal retains control of user’s cryptocurrency in a move reminiscent of traditional centralised financial practices, with no mechanism for transfers to private wallets.

This leads to the ‘not your keys, not your coins’ argument.

Jose Fernandez da Ponte, Vice-President for Blockchains, Crypto, and Digital Currencies suggested this will be a future feature incorporated into the Venmo platform.

Venmo – an easy payment app owned by PayPal – has become a primary facilitator of cryptocurrency trading for the company. The app is popular in the United States, but has made little impact on the British market.

Schulman indicated that Venmo is preferential as it can be used easily in day-to-day commerce, also noting the app’s rapid growth to 70 million users and revenues in excess of 180%.

“We’re also seeing strong adoption and trading of crypto on Venmo,” he added.

“In this quarter, we expanded the Venmo value proposition to allow merchants and consumers to pay for goods and services.”

Crypto in commerce seems to be the predominate focus of PayPal, although its ‘super app’ will operate a centralised trading exchange, this is a competitive space with the likes of DashDirect launching earlier this week.

Automated Clearing House (ACH) sits at the core of PayPal’s market-dominating strategy, allowing vendors and merchants to set-up direct debits to user’s crypto wallets.

“We’re working right now on transfers to third-party wallets, and we really want to make sure that we create a very seamless process for taxes and tax reporting,” Schulman explained.

“And so we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform.”

Implementation of DeFi products into PayPal’s ecosystem is fundamental to the firm’s potential success in integrating commerce with mass adoption, a fact that doesn’t escape their CEO.

“How can we use smart contracts more efficiently?” he asked in the Q2 call.

“How can we digitise assets and open those up to consumers that may not have had access to that before?”

“There are some interesting DeFi applications as well. And so we are working really hard.”

Needless to say, PayPal’s moves on cryptocurrency are of huge significance for crypto adoption – with the platform representing an easy and widespread point of entry for new crypto users.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice

Disclaimer: We do not give advice on financial products.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://coinrivet.com/paypal-to-launch-crypto-trading-in-uk/

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Zero-commission Trading Platform Robinhood is Valued at $32B amid IPO Prices at $38 per Share

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The popular stock and cryptocurrency platform Robinhood’s initial public offering (IPO) is valued at $38 per share at the low end of the previously estimated price range of $38-$42, with the company’s market value up to $32 billion.

According to a CNBC report Wednesday, Robinhood will publicly issue under the code of “HOOD” on Nasdaq in the United States and will issue 55 million shares at the low end of expectations at $38 per share.

It is reported that this Robinhood listing is the seventh-largest IPO in US stocks this year. The IPO issuance is led by the investment banks of Goldman Sachs and JPMorgan Chase. 

Its public prospectus on July 1 disclosed its relevant financial situation, which shows that Robinhood turned a loss to profit in 2020, with its 2020 net revenue of $959 million and a net profit of $7.45 million compared to last year’s data——a net loss of $107 million.

As of the second quarter of this year, its platform has more than 22.5 million active users, and it is predicted that 2021 Q2 revenue will be in the range of approximately $546 million to $574 million, nearly twice the quarterly revenue of $244 million in the same period last year.

Robinhood is unanimously committed to providing more thoughtful services to young and first-time investors. As reported by Blockchain. News on July 28, Zero-commission financial trading platform Robinhood is exploring a new feature designed to protect investors from price fluctuations during investing in cryptocurrency trading.

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Source: https://Blockchain.News/news/zero-commission-trading-platform-robinhood-is-valued-32b-amid-ipo-prices-38-per-share

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