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Bitcoin is trying to trick you! Consolidation phase

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Litecoin short-term Price Analysis: 19 September

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Litecoin’s price has had to endure a period of consolidation over the past week. On 12 September, the cryptocurrency’s price fell by close to 8 percent from $51 to close to $47 and since then, Litecoin has been struggling to recover its losses. However, while LTC might be gaining some positive momentum, it may note a minor dip over the coming few days before pushing north again.

At press time, Litecoin was being traded for $48.2 with a market capitalization of $3.1 billion. At the time, it was occupying the 10th spot on CoinMarketCap’s list, while registering a minor fall of 0.5 percent over the past 24-hours.

Litecoin 2-hour chart 

Source: LTC/USD, TradingView

According to Litecoin’s 2-hour chart, ever since the aforementioned price drop, LTC’s price has been confined to a descending triangle formation. The past week saw it register a downtrend as the crypto registered lower highs. Over the same period, LTC has gained considerable support from the $47-price level and if bearish pressure were to see an increase, the cryptocurrency may also have to rely on the support level at $46.

The $49-mark remains a significant point of resistance in the way of Litecoin, with respect to a complete recovery on the charts. In the next few days, the coin is likely to remain within the descending triangle formation and is likely to test its first support once again, before rekindling the possibility of a price break out.

Source: LTC/USD, TradingView

At press time, the MACD indicator had undergone a bearish crossover and was showing the slight possibility of a reversal as the MACD line was inching closer to the Signal line. Further, the RSI, after having languished in the oversold zone, was holding fort in the neutral zone.

Source: CoinMetrics

Interestingly, over the past 3 months, Litecoin has seen its ability to move on the price charts independently increase. This may be because the correlation between Litecoin and the word’s largest cryptocurrency has fallen from 0.86 to 0.80.

Conclusion

Litecoin’s price has been part of a descending triangle channel formation for close to a week now and in the coming days, the cryptocurrency’s price is likely to remain within the formation. This would include a minor dip for the coin’s price as it is likely to test the support at $47, before gaining enough momentum to initiate a breakout and head towards its immediate resistance.

Source: https://eng.ambcrypto.com/litecoin-short-term-price-analysis-19-september

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“Bitcoin Is A Solid Store Of Value”, MicroStrategy Founder Testifies

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The founder of Microstrategy, “the largest independent publicly-traded business intelligence company,” as it brands itself, has recently made remarkable comments about Bitcoin’s ability to scale. Michael Saylor, took to Twitter to express what can be summed up as “tried-and-tested” feedback on Bitcoin’s seamless scalability features. “Bitcoin scales just fine as a store of value,” Michael Saylor, who is obviously still very bullish on Bitcoin said.

Earlier this week, Microstrategy was making rounds in the cryptocurrency space after Saylor revealed that the company has keyed into the wave of digital currencies once again, by increasing its existing Bitcoin holdings by 16,796 Bitcoins at an aggregate purchase price of $175 million.

Michael Saylor also revealed on Thursday that another 21,454 BTC off-chain transaction was recently carried out. 78,388 off-chain transactions were made in the acquisition process, while a significantly lesser amount of 18 on-chain transactions was all that was needed to secure the acquired Bitcoins into a cold wallet for storage. On-chain transactions often require miners to make confirmations that validate the transactions. Up to 51% of the network participants must agree on the accuracy of the transaction before the ledger is updated.

When it comes to scalability, the Bitcoin blockchain has its fair share of barriers and the delay in transaction speed caused by a high volume of pending transactions has called for solutions like the lightning network. While some developers were of the opinion that block sizes should be increased for on-chain renovation, others called for off-chain improvements. In spite of this, as Saylor observed, Bitcoin is still able to carry out transactions at a good rate, even with a 7 TPS, on-chain scaling is still moderate.

Saylor has not always been a Bitcoin advocate. In 2013, the CEO linked Bitcoin to online gambling, alerting the public that Bitcoin was a time bomb waiting to explode. He can be quoted saying “Bitcoin’s days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.” 

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Modifying his statement in an interview with the co-founder of Morgan Creek Digital, he said; “I’m really ashamed to say I didn’t know I tweeted it, until the day I said I bought $250 million worth of Bitcoin.” So far, Microstrategy has purchased 38,250 Bitcoins since July 28th when it first showed interest in acquiring cryptocurrencies. It will no longer be surprising to see Microstrategy securing more cryptos in the future as its recent Bitcoin purchase caused a 9% rally in tandem.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/bitcoin-is-a-solid-store-of-value-microstrategy-founder-testifies/

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Report: Privacy coins don’t conflict with Anti-Money Laundering laws

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Privacy-oriented cryptocurrencies like Monero (XMR) do not conflict with Anti-Money Laundering laws, according to a major global law firm.

Perkins Coie, a Seattle-based international law firm, published a report devoted to the AML regulation of privacy coins on Sept. 15. In the report, Perkins Coie aims to dispel the purported misconception that privacy coins like XMR are fundamentally incompatible with AML compliance, arguing that regulated entities are capable of complying with AML obligations while supporting privacy coins.

According to Perkins Coie, privacy coins ultimately present “no incremental challenges or requirements” to Virtual Asset Service Providers, or VASPs, other than the need to collect, retain and transmit certain customer and transactional data to the recipient. The firm emphasized that these requirements are not unique to VASPs, adding that they should remain subject to the same standards as traditional financial institutions.

The report goes on to say that if VASPs serve as custodians of the private keys of their users, they will be able to see the number of privacy coins and report on suspicious activity in compliance with AML measures. For example, Monero — the world’s largest privacy-focused cryptocurrency — essentially enables users and VASPs to disclose certain transactional details associated with a given account to a third party, the report noted.

Perkins Coie’s experts emphasized that these features are part of the key functionality built into the Monero protocol, stating:

“This enables users and VASPs to disclose certain transaction details associated with a given account to a third party without publicly disclosing that user’s transactional information. In addition, VASPs can require up-front disclosures as part of their registration process and on an ongoing basis to meet their obligations.”

Apart from arguing for privacy coins’ compatibility with AML, the report outlines the crucial role of financial privacy in general. 

“Businesses rely on and expect financial privacy. Without maintaining confidentiality, commercial transactions would be visible for competitors and nefarious actors to analyze, predict, front-run, and exploit. This radically transparent type of environment would likely result in market manipulation by participants, a hindrance to innovation, and an unfair advantage for competitors and counterparties alike,” it states.

Perkins Coie’s report comes shortly after the United States Internal Revenue Service announced a bounty of up to $625,000 to anyone who can crack Monero’s privacy.

Major cryptocurrency intelligence firm CipherTrace reportedly claimed that their crypto tracking tool is capable of tracing Monero transactions. A number of industry players subsequently expressed skepticism regarding the matter.

Source: https://cointelegraph.com/news/report-privacy-coins-don-t-conflict-with-anti-money-laundering-laws

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