Category: Crypto

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Crypto

Ethereum (ETH) Dropped 8% In The European Trading Session But Is Correcting Upwards

SEC news will determine the future of the Ethereum (ETH) project but other cryptocurrencies may also be affected. The ETH is now quoted at around $745 and its immediate support is $700, while a $680 level will provide stronger support.

The US cryptocurrencies regulators have been sending mixed messages for some time now

The Securities and Exchange Commission (SEC) has not been clear that some cryptocurrencies are security tokens. Last week, the Ethereum (ETH) team brought to the attention of the US regulators that today, May 7th, is the day that SEC and CFTC officials have to release the cryptocurrencies classification.

Ethereum co-founder, Joseph Lubin, recently said that impending regulations could shape the future of Ethereum tokens. However, he added that they were not at all concerned about classification as a security asset. Lubin said in a commentary:

We spend a great deal of time with lawyers in the U.S. and other countries, and we’re pretty sure it’s not a security asset; it’s never been a security asset.

On the other hand, Micheal Piwowar, a commissioner at the SEC, has a different point of view:

Is an ICO a security asset? So far, as our president has said, everyone he has looked at, everyone I have seen, is a security. Bitcoin (BTC) itself is not a security but these custom tokens for these initial coin offers, most of them are. There are some legitimate things going on and then… Literally, there are frauds.

Ethereum (ETH) price analysis

Ethereum (ETH) price is correcting upwards, trading now at approximately $745, after falling briefly below the $700 level in today’s European trading session when the ETH/USD dropped about 8%.

The gap between the moving averages is narrowing to indicate that the ETH/USD could continue to roll back to the $800 level. On the upside, therefore, the next target is the $760 level, as the first level for upward correction, the $740 level has been achieved.

On the downside, immediate support has formed around $700, while below this level, the $680 zone is a great support highlight.

Thus, Ethereum (ETH) is suffering today because of the SEC latency in giving a clear classification of cryptos but also due to the fact the Japenese announced stricter cryptocurrency regulations, thus affecting the whole cryptocurrencies market today.

 

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Crypto

Cryptocurrencies Market Is Declining As Japanese Regulators Announced Much Stricter Cryptocurrency Regulations

Cryptocurrencies market have generally declined today, May 7th, as concerns about Japan’s cryptocurrencies regulation have offset indications that South Korea could curb its restrictions. At the moment of this writing, in descending order by market capitalization, Bitcoin (BTC) has dropped by 1.94% in the last 24 hours and reached $9.397, according to Bitfinex cryptocurrency exchange, the Ethereum (ETH) has fallen by 5.27% to $745 in the last 24 hours, while the Ripple (XRP) has dropped by 4.64% to the $0.82 level.

Furthermore, the Bitcoin Cash (BCH), the product of a bifurcation of the Bitcoin (BTC) and currently the fourth crypto coin by market capitalization, has recorded a decline of 5.48% in the last 24 hours hitting the to $1,638 level.

At this moment, the single cryptocurrency for top 10 which is appreciating is the EOS (EOS).

Cryptocurrencies market is declining due to the announcement of much stricter cryptocurrency regulations coming from Japan

Japan’s Financial Services Agency will implement strict guidelines for local cryptocurrency exchange platforms to prevent another cyber attack in the crypto-verse, according to reports coming out at the end of the last weekend.

The FSA will present a “five-point plan” to strengthen regulations for cryptocurrencies transactions which will include stricter security standards such as double authentication for coin transfers and a system to ensure that coins are not stored in online wallets as these are prone to piracy.

A more thorough “know your customer” process would also be developed to prevent money laundering, according to reports.

Japan’s implementation of stricter cryptocurrency regulations has shadowed the more encouraging news that the governor of South Korea’s Financial Supervisory Service, Yoon Suk-Heun, is considering lessening up the local cryptocurrency regulations.

“The Financial Supervisory Service (FSS) will collaborate with the Financial Services Committee (FSC) when an inspection of financial policies and institutions has different configurations relating to different areas. FSC inspects policies, while FSS examines and supervises financial institutions but under FSC supervision,” said Yoon.

In short, cryptocurrencies market is in decline today, with all the major cryptocurrencies showing losses, due to the new announcement that much stricter cryptocurrency regulations will be implemented in Japan.

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Crypto

Verge (XVG) Is Now Listed On The Indian Cryptocurrency Exchange Bitbns

Earlier, Verge (XVG) was listed, in the premiere, on one of the most important Indian cryptocurrency exchanges in the world. Bitbns, that posted the listing announcement yesterday, is, now, the only crypto exchange in India in which it is feasible to buy and/or sell XVG.

Bitbns reported that XVG exchange operation would be started at 04:00 EST (or 13:30 Indian time):

Verge (XVG) listing on Bitbns Indian cryptocurrency exchange helps XVG in its recent struggle for worldwide acceptance

The news is noteworthy as an important step in Verge’s worldwide spread.

Whilst the central bank of India, the Reserve Bank of India, has issued an ordinance on April 5th instructing banks to refrain from providing cryptocurrencies payments by any means, it has also given them a three-month deferral period.

Cryptocurrencies trade volumes have been steadily on the rise since the Indian crypto regulation was introduced. This is likely because of two factors.

First, cryptocurrencies investors in India wish to obtain as much as they are able to obtain from the cryptocurrencies market as long as the cryptocurrency exchanges continue to be active (which are usually offering more liquidity and possess lower fees than peer-to-peer OTC exchanges).

In the second place, there is a developing sentiment in India that the government would not ban trading in cryptocurrency and even if the bank decides to ban cryptocurrency exchanges, cryptocurrencies trading will still be possible via peer-to-peer.

While the RBI looks like it’s possessing an extremely negative perception on crypto assets, in general, and on the probable threats these assets present, in special, as reported by The Times of India, the Indian central bank is currently exploring the possibility of introducing its own cryptocurrency.

In the meantime, Verge (XVG) is listed on one of the most important cryptocurrency exchanges in India, Bitbns, and this announcement will most probably help the coin on the long-term. Meanwhile, at the moment of this publication, Verge (XVG) is not doing well today in the cryptocurrencies market as it trades at $0.076, recording a decline of 4.02% in the last 24 hours.

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Crypto

IOTA (MIOTA) And Porsche Work Together On The Stratup Autobahn’s “Program 4”

In the latest update on the IOTA Twitter page, is announced that IOTA (MIOTA) and Porsche Digital Labs partnered to develop “Program 4”, a new project conceived by Startup Autobahn.

Startup Autobahn is an entrepreneurial business that was founded in May 2016. The firm was created by Daimler, Plug and Play, University of Stuttgart, and Arena2036. In the meantime, it has employed 9 new enterprises and has been responsible for numerous projects concerning the renewal and the future of transportation. Startup Autobahn intends to unveil its plans at the forthcoming Expo Day in July 2018.

Even more, Startup Autobahn successfully introduced IOTA (MIOTA), Porsche and several other technology start-ups to create a smart transportation platform for innovation. In February, Porsche began a trial run regarding this new blockchain technology in the vehicles industry. Blockchain technology delivers a safer network and enhances automobiles licensing.

The IOTA (MIOTA) partnership with Porsche in the development of blockchain technology for smart transportation will help the crypto in the long-run

IOTA is a pioneering organization that runs an open source ledger that allows secure transactions and data transfers between the technologies within the Internet of Things (IoT). IOTA is renowned for cleverly using DAG instead of the blockchain that causes it to be exponential. IOTA provides free transactions no matter how large the data and transaction are.

The IOTA (MIOTA) cryptocurrency is, at the moment, the 9th crypto coin in the world. IOTA (MIOTA) holds a market capitalization of $6.4 billion with an outstanding supply volume of $113 million. At the moment of this publication, the IOTA (MIOTA) trades at $2.28, as the coin dropped by about 2.6% in the last 24 hours.

Just 3 day ago, on May 3rd, IOTA (MIOTA) soared to $2.65, its maximum level reached in the last 4 months. During that day, MIOTA’s market capitalization had hit the $7.3 billion level.

Now, that IOTA (MIOTA) works with Porsche to the “Program 4” blockchain technology for smart transportation, within Startup Autobahn, MIOTA value might increase in the long-run.

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Crypto

Cryptocurrencies Market In India Is Bullish Despite The Approach Of New Regulations

India’s crypto investors and cryptocurrency exchanges continue to lead a struggle to keep the domestic cryptocurrencies market active which could be affected by the new regulations and bans imposed on cryptocurrencies transactions within India, announced last month by the Reserve Bank of India (RBI).

Sources point out that Indian crypto investors remain optimistic about the market outlook for the coming months after banks and lenders begin to abide by the ban on facilitating any transaction with cryptos within  India, as they believe that peer-to-peer negotiations will be able to survive the new regulations and elevate the decentralized cryptocurrencies market. Nowadays it is even possible to buy bitcoin with credit card at P2P platforms.

This vision has allowed cryptocurrency exchanges trading volumes to skyrocket in India, reaching daily trading volumes of $75 million, according to data from the Indian cryptocurrencies stock exchange, Coindelta. In this way, the domestic cryptocurrencies market would have recovered to the levels prior to the regulatory measures and is positioning itself to begin a new trading season in the beliefs of the old cryptocurrencies investors.

Despite Indian regulatory targeting crypto investors and cryptocurrency exchanges, Indian cryptocurrencies market investments are on the rise

Today, Bitcoin (BTC) prices have also been recovering in the market, trading again at $10,000 but dropped back to a little above $9,500US. Despite all these, Indian crypto investors decided to put more money on BTC, in comparison to early April when the sentiment was bearish. Therefore, Indian cryptocurrencies market is surrounded by a bullish sentiment.

Shivam Thakral, CEO at BuyUcoin, one of the most reliable cryptocurrency exchanges an crypto asset Indian origin, noted that exchange operators, cryptocurrencies investors and analysts are taking advantage of the 3-month delay in the application of the government ban on trading Rupees for cryptocurrencies, a phenomenon that has also helped the rise of the local cryptocurrencies market.

Thus, India’s cryptocurrencies market traders and the crypto investors are having a bullish attitude as the Indian traders don’t believe regulations will negatively influence cryptos unless they are completely outlawed in India.

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