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CoinStaker 2020 Prediction – Is Binance Coin Rise Sustainable in the Long Run?

What is the future of Binance Coin and can this kind of progress be maintained in the years to come?

The post CoinStaker 2020 Prediction – Is Binance Coin Rise Sustainable in the Long Run? appeared first on CoinStaker | Bitcoin News.

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The entire crypto community is buzzing about Binance and Binance Coin. As one of the biggest cryptocurrency platforms in the world right now, Binance is at its peak. However, not everyone would agree – some say that this is just the beginning of the Malta-based platform.

When the official reports published the fact that Binance Coin toppled Bitcoin on a global scale, the entire community of cryptocurrency users was aghast. What’s the secret of the new top-performing cryptocurrency and can we expect to see this trend maintain in the years to come? Let’s find out.

Anatomy of the Binance Coin

Binance coin was introduced in 2017 for easier transactions on the Binance trading platform. However, what first started as an ERC-20 Ethereum-based token project, quickly evolved into a cryptocurrency in its own right. Bit by bit, Binance Coin grew in both strength and popularity.

The main appeal of Binance coins lies in the intended use. Binance tokens were created primarily for the uses of the loyalty program, but it didn’t take long before the whole thing caught fire among other users as well. Binance Coin users are given a host of perks: they get discounts for exchange fees and a chance to participate in the referral program on the platform.

However, massively positive predictions for Binance Coin so far come from the dual nature of the currency. Binance Coin shares some of the trading traits that stablecoins hold. Just like stablecoins, it’s both handy for traders as a host of companies have it as a valid payment method. But, the other side of the coin is that the price chart is not fixed. Thanks to the possibility of growth, the users have an opportunity for great speculative profit.

Overthrowing Bitcoin

After just two years of existence, Binance Coin managed to bring down the mighty Bitcoin.

Over the years, Bitcoin, as one of the most known cryptocurrencies in the world, has been dictating the trends in the cryptocurrency market. This year brought good news for Bitcoin, but the overall result is not as bright as it was in previous years. Smaller cryptocurrencies have been pushing and pulling completely unaffected by Bitcoin. One and possibly the biggest reason for that is the rise of Binance Coin.

Nevertheless, what counts the most is the trust of the users. The entire market has gradually matured, so the presence of smaller cryptocurrencies is not as surprising as was otherwise expected. Bitcoin, even with the rise of Binance Coin, will certainly remain the top, the first choice for millions of users around the world.

While other currencies like Litecoin and Ethereum are just showing up in various industries, Bitcoin has been a trustworthy option for years. Finance, technology, entertainment, and especially online gambling are just some of the areas where Bitcoin is popular. You can find a list of the best crypto-oriented casinos, including Bitcoin casinos on BestCasinos by clicking here. Users still believe in Bitcoin, especially as the years of confidence are behind them. And longevity in the cryptocurrency market often proves to be the deciding point. That is why individuals in all spheres opt for Bitcoin without considering other options.

Quick Success: A Good or Bad Sign?

A quick surge in popularity usually means a good thing. The fact that more and more people are turning towards new blockchains and currencies means that we, as a community, are ready to step up the usage of digital currencies in everyday life. But, on the other hand, sometimes a breakneck speed of progress can signal the downfall of the same capacity.

The digital currency market is stabilizing, but right now is still very delicate and fragile. It would take years before the entire community becomes as stable as it is currently aiming to be. Nevertheless, progress is always good – and the rise of the Binance Coin hints at the future of finance and trade in years to come.

As far as predictions go, finance analysists and experts have faith in the future of this coin. Binance Coin is expected to rise in 2020, while predictions for the next 5 years are even more generous. Given the nature of the digital market, looking that far into the future might not mean anything. Be that as it may, it’s obvious Binance Coin is here to stay.

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The post CoinStaker 2020 Prediction – Is Binance Coin Rise Sustainable in the Long Run? appeared first on CoinStaker | Bitcoin News.

Source: https://www.coinstaker.com/coinstaker-prediction-binance-coin/

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Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap

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Recently surfaced FinCEN documents revealed that some giant banks have knowingly transmitted trillions of dollars in suspicious transactions from Ponzi schemes and terrorist organizations. Names such as HSBC, Standard Chartered, Bank of America, JPMorgan Chase, and more, have been collecting significant fees while flying under the radar for years.

FinCEN Documents Reveal Big Banks’ Actions

BuzzFeed reported on September 20th about receiving thousands of documents of suspicious activity reports (known as SARs) sent from banks to the US Financial Crimes Enforcement Network (FinCEN). Banks are required to provide SARs in case of evidence of suspicious activity.

Although FinCEN sends the SARs to law enforcement agencies for further review, the entity doesn’t enforce the banks to seize operating with suspicious individuals or companies.

Nevertheless, some giant banks, including HSBC and Standard Chartered, who were already prosecuted or fined for financial misconduct, have continued to transfer money for suspected criminals.

HSBC
HSBC Building. Source: Flickr.

The Corruption Within The Legitimate System

BuzzFeed’s investigations indicated that HSBC’s Hong Kong branch allowed a known Ponzi scheme dubbed WCM777 to move more than $15 million even after three states banned its operations. The total amount stolen from investors is over $80 million, according to authorities. The scam’s owner used the funds to buy two golf courses, a 7,000 Sq.Ft. mansion, and a 40-carat diamond.

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Standard Chartered transferred significant amounts on behalf of a Dubai-based company accused of laundering cash for the Taliban called Al Zarooni Exchange.

Some US giants such as Bank of America, Citibank, JPMorgan Chase, and American Express “collectively processed millions of dollars in transactions for the family of Viktor Khrapunov.”

Khrapunov is the former mayor of Kazakhstan’s most populated city who fled the country after Interpol issued a Red Notice for his arrest. Later on, Khrapunov was convicted in absentia on charges, including bribe-taking and defrauding the city through public property sales.

“The FinCEN Files expose an underlying truth of the modern era: the networks through which dirty money traverse the world have become vital arteries of the global economy. They enable a shadow financial system so wide-ranging and unchecked that it has become inextricable from the so-called legitimate economy. Banks with household names have helped to make it so.” – concluded BuzzFeed.

Former suspicious transactions investigator Martin Woods said that “some of these people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world.”

The leaked SAR documents have been submitted to FinCEN between 2000 and 2017 and cover transactions worth about $2 trillion.

Where’s Bitcoin’s Place?

Ever since Bitcoin began gaining traction a few years ago, people outside of the cryptocurrency field have often criticized the asset claiming that it enables criminals to transfer funds anonymously. Those individuals argue that the unregulated nature of cryptocurrency is to blame.

Interestingly, FinCEN Director Kenneth Blanco urged the US to enforce strict regulations on digital asset usage to minimize the adverse impact.

However, numerous reports compiled on the matter have indicated that Bitcoin is not as frequently employed for illicit transactions as most people tend to believe. In fact, this one showed that only 0.5% of all BTC transactions are linked to illegal activities.

The leaked FinCEN documents could further reaffirm the narrative that fiat currencies are still way more utilized for illicit transactions.

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Source: https://cryptopotato.com/document-leak-suggests-major-banks-facilitated-transfer-of-2-trillion-in-dirty-money-10x-current-bitcoins-market-cap/

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Bitcoin Price Analysis: Crucial Moment For BTC After Closing Under 150-Day Support, Bear Market Inbound?

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Bitcoin’s price has just closed underneath the primary channel support (yellow line) on the daily chart for the first time since April 26, 2020 – over 151 days ago.

This could spell doom for the leading crypto’s short to mid-term prospects unless significant bullish volume arrives to drive BTC back into the up-trending channel.

According to data by Coinmarketcap, the global crypto market cap has also fallen back under $325 billion and set a new lower high for the first time since the extreme Coronavirus crash in March 2020 (see red arrow). This is usually a strong indication that the market has now turned favorably bearish.

crypto market capital
Chart by Coinmarketcap

BTC Price Levels to Watch in the Short-term

On the daily BTC/USD chart, we can see that the price is hovering above the critical support-resistance zone (green) at around $10,200 – $10,000.

This particular area is also reinforced by the 0.618 Fibonacci level, which previously acted as a strong resistance for Bitcoin back in May and June this year.

Bullish traders are currently using this solid foothold to attempt a re-entry back into the main channel above $10,380.

This is a crucial moment for BTC. Failing to break this resistance will likely result in a lack of confidence in the leading asset and further downside towards $10,000 and even the unfilled CME gap below at $9,665 – $9,925.

If this does happen, the 200-EMA (red line) at $9,800 will likely be one of the first supports to help slow down the decline. From there, the bottom of the CME gap at $9,665 should also provide a rebound opportunity for bulls once it finally closes. Other supports lower down can be found at $9,160 and the 0.5 Fibonacci level at $8,867.

The daily RSI adds further confirmation that Bitcoin’s price will likely continue to decline. There’s been a noticeable divergence between the price action and the RSI since August 1 (yellow arrow on RSI), which usually indicates that the trend is weakening. The daily MACD is also decidedly bearish, with selling volume appearing on the histogram as well as a bearish divergence between the 12 and 24 moving averages.

Total market capital: $329 billion

Bitcoin market capital: $190 billion

Bitcoin dominance: 57.9%

*Data by Coingecko.

Bitstamp BTC/USD Daily Chart

bitcoin trading
BTC/USD chart via Tradingview
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-analysis-crucial-moment-for-btc-after-closing-under-150-day-support-bear-market-inbound/

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Altcoin Season on Wall Street: SPI Energy Stock Surges 3000% on Electric Vehicle News

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When it comes down to sharp price movements, people tend to relate them to the cryptocurrency market and especially alternative coins. However, a massive four-digit percentage price surge occurred yesterday on Wall Street with a little-known company after it announced plans to enter the electric vehicle (EV) business.

3,100% Pump In A Day On Wall Street

Headquartered in Hong Kong, SPI Energy, a part of SPI Group, operates as a solar panel developer and wholesale supplier. Interestingly, the company also serves as a “turnkey, one-stop cryptocurrency mining hosting and equipment solution.”

Yesterday, though, SPI Energy launched a wholly-owned subsidiary called EdisonFuture Inc. The new firm’s establishment would enable the company to “design and develop electric vehicles (EV) and EV charging solutions.” Essentially, this would position EdisonFuture in the same field as arguably the most popular EV developer – Elon Musk’s Tesla.

SPI Energy CEO Xiaofeng Peng commented that Tesla has already demonstrated that this end-to-end business model in the renewable energy space can “generate significant value.”

Yesterday’s announcement impacted SPI Energy’s shares almost immediately. SPI closed the Tuesday trading session at $1,05. However, the stocks skyrocketed to a daily high of $33,53 on Wednesday, thus registering an impressive increase of nearly 3,100%. Consequently, the company’s market value also surged from about $15 million to roughly $460 million.

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The high volatility continued until the end of the trading session, but this time in the opposite direction and SPI closed at $14.

So, It’s Not Just The Altcoins

The above example is not the first in which a Wall Street-traded company stock has showcased notable volatility. Earlier this year, the popular corporation operating a few rental car brands Hertz Global Holdings, filed for bankruptcy. The company stock plummeted to below $0,50 but in a few days surged by 1,000% to $5.53.

The drama regarding the German-based online payment processor Wirecard AG also resulted in highly-volatile stock price performance. After filing for insolvency due to missing $2.1 billion, WDI nosedived from 100 EUR to 1 EUR per share in less than a week. A few days later, news of ban lifting in the UK pushed the stock price to 9 EUR (a 900% surge).

Similar extremely volatile developments are generally linked to the cryptocurrency market, where double, triple, and sometimes even quadruple-digit price increases could occur among altcoins.

The difference is that the cryptocurrency market is unregulated, and it trades 24/7. On the other hand, Wall Street and all other global financial stock exchanges are highly regulated, with numerous watchdogs following each move.

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Source: https://cryptopotato.com/altcoin-season-on-wall-street-spi-energy-stock-surges-3000-on-electric-vehicle-news/

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