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Cryptocurrencies In The United States

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Cryptocurrencies In The United States - Blockchain24.co

Cryptocurrencies seem to fit into the USA perfectly – yet the country appears to be reluctant to the idea of decentralized money. 

The topic of cryptocurrency utilization in the United States is constantly recurring on many occasions. Despite being the leader in new technologies and the birthplace of many high tech companies, decentralized money is still a debatable matter in this country. Last year was exceptionally hard for crypto in that matter, because of the ongoing legal fight with Facebook’s stablecoin, Libra. We got used to the situation when the American market is an inhospitable ground for cryptocurrencies. But what exactly has caused this situation?

The cradle of crypto

The American aversion to cryptocurrencies seems especially bizarre in the country, which is an origin place of the blockchain technology itself. Although the identity of Satoshi Nakamoto still remains unknown, many other crypto developers began their work in the United States – for instance, a blockchain technology pioneer, Hal Finney, who was largely involved in the development of the first cryptocurrency.

With the first projects and developers, the first crypto community appeared. Although the overall idea of Bitcoin was transnational, the initial group of its enthusiasts originate mostly from the USA. Cryptocurrencies appeared to be a natural enhancement for the American economic system, which is strongly attached to values such as freedom and independence. The recent history, however, proved that this match works only in theory.

Unpleasant memories

At first, the United States government didn’t really care about the cryptocurrencies. The problems started when the idea of decentralized money became more popular, and some of its realizations appeared to be in conflict with the law. It was the moment when the authorities started to be more interested in this topic, paying attention to two particular cases.

The first one applies to cryptocurrency utilization in money laundering, tax evasion, and any other financial crimes. Because of the high anonymity of decentralized assets, they can easily slip just under the radar of law enforcers. It eventually led to a tightening anti-money laundering policy, which resulted in popularization of Know Your Customer (KYC) procedures

High privacy of cryptocurrencies was also the reason for the second problem which the authorities have with Bitcoin: the potential for illegal trade. Cryptocurrencies quickly found their place on darknet marketplace such as Silk Road, offering people a chance to buy various illicit goods anonymously. Although the best days of such dealings are already behind us, they still cast a shadow over the good name of the crypto industry.

Afraid of corporations

However, the real war between the government and cryptocurrencies began with the announcement of Facebook’s attempt to create its own cryptocurrency, Libra. It met with a strong objection from the side of the American authorities, which caused the ongoing regulatory discussion about the decentralized assets.

Although the main subject of the conflict was the government’s fear of big corporations gaining power to issue their own money, in most cases it concerned common cryptocurrency fans. For example, it forced American crypto exchange Poloniex to move outside the USA borders, making its users unable to trade there.

Public opinion

But that’s all the authority’s perception of the decentralized money. What about the voice of people? According to the research carried out by Finder at the beginning of 2018 (still before the major downfall, which occurred at the end of the year), only 8% of Americans have invested in cryptocurrencies. The reason for this, according to the survey, was the high risk and lack of a real need to use the decentralized money

Is this research worrying? Not necessarily. The next part of the survey showed that the popularity of decentralized money is growing with every generation. Millennials are far more eager to trust cryptocurrencies than their predecessors. Maybe bitcoins will be even more popular among the generation Z (or zoomers, as the Internet has recently started to call them).

Blockchain opportunity

Faith in younger generations isn’t the only hope which the cryptocurrency industry has. Among American authorities, various politicians support the idea of decentralized money. One such person is Ian Calderon, the Majority Leader of the California State Assembly, who is trying to popularize it in his state. Other states are also proposing various ideas for blockchain or cryptocurrency utilization. However, all those actions are still only a drop in the bucket. Without proper regulation on a national scale, the cryptocurrencies will always be only a margin of the American economy.

Artykuł Cryptocurrencies In The United States pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.

Source: https://www.blockchain24.co/cryptocurrencies-in-the-united-states/

Blockchain

Hong Kong taps ConsenSys for phase 2 of digital currency development

ConsenSys to take over phase two of project Inathon-LionRock The blockchain firm will team up with PwC and HK Forms Project involves the execution of a cross-border proof-of-concept Project Inathon-LionRock is about to enter phase two as Hong Kong taps ConsenSys blockchain firm to take finalize the development. Hong Kong’s finance regulator singled out ConsenSys […]

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  • ConsenSys to take over phase two of project Inathon-LionRock
  • The blockchain firm will team up with PwC and HK Forms
  • Project involves the execution of a cross-border proof-of-concept

Project Inathon-LionRock is about to enter phase two as Hong Kong taps ConsenSys blockchain firm to take finalize the development. Hong Kong’s finance regulator singled out ConsenSys to finalize the execution of a CBDC to a cross-border proof-of-concept in phase two of the Inathon-LionRock fintech project.

Notably, Inthanon refers to the distributed ledger technology of Thailand’s CBDC, while LionRock is Hong Kong’s CBDC version. The Hong Kong Monetary Authority (HKMA) commenced the digital currency development initiative last year jointly with the Thai central bank, to evaluate the execution of a CBDC to international settlements. As per the official statement, ConsenSys disclosed it would team up with PriceWaterhouseCoopers and HK Forms on the PoF.

Hong Kong taps consenSys technology

The execution of DLT comprises avoiding the current banking system and permitting inter-bank direct transfers. The objective is to form a link connecting Inathon and LionRock and implement an international settlement protocol, to subdue the problems faced today in cross border transactions such as policies, expenses, and backtracking.

Moreover, ConsenSys has participated in digital currency development before. The Ethereum studio is among the entities contracted by Singapore’s financial regulator for its CBDC concept. Furthermore, the ConsenSys worked with the central bank of South Africa for project Khokha to create a robust, low cost potent inter-bank network on utilizing DLT. As Hong Kong taps ConsenSys for its digital currency project, its experience in the field explains the decision.

Consensys to spearhead Inathon-LionRock phase two

As per the official statement, ConsenSys will utilize its commercial stack to evaluate the PoF solutions, with more weight placed on three vital factors in the scalability, interoperability, and security of the solution. Furthermore, the blockchain firm justified its adoption of Ethereum solutions stating that the network is perfect for digital currency development based on scalability and privacy.

The Inathon-LionRock is a fintech partnership between the HKMA and the central bank of Thai. Furthermore, some other ten commercial banks were included in the project back in May last year. The pilot project run between financial institutions earlier this year produced excellent results, hence phase two of the project.

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Crypto Price Analysis & Overview September 25th: Bitcoin, Ethereum, Ripple, Chainlink, and Tezos

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Bitcoin

Bitcoin dropped by a total of 3% over the past seven days of trading as it reached the $10,600 level today. The cryptocurrency briefly pushed above the $11,000 mark last Friday but could not sustain this level as it broke beneath it during the weekend. On Monday, BTC saw a precipitous 7.5% fall as it dropped from $10,910 to reach as low as $10,200.

Bitcoin continued to head lower on Wednesday as it reached $10,140 before the buyers regrouped to initiate a rebound, which happened yesterday. During the rebound, BTC managed to break back above the 100-days EMA and reach as high as $10,760 – where it ran into resistance at the bearish .382 Fib Retracement.

The coin has dropped slightly from there to trade at $10,600 today.

Looking ahead, if the bulls can continue above the $10,760 level, higher resistance lies at $10,900 $11,000, and $11,200. Added resistance is expected at $11,340 (bearish .618 Fib Retracement), $11,500, and $11,600.

On the other side, the first level of support lies at $10,430 (100-days EMA0. This is followed by support at $10,330, $10,140, and $10,000.

btcusd-sep25
BTC/USD. Source: TradingView

Ethereum

Ethereum suffered a steeper 11.3% price decline over the past week as it reached the $346 level today. The coin was trading above $380 last Friday but started to drop lower during the weekend. On Monday, Ethereum fell from $365 to reach as low as $335 (100-days EMA).

The price decline continued on Wednesday, which saw ETH drop as low as $320. Luckily, the bulls regrouped for a rebound on Thursday in which ETH managed to reach the $252 resistance (bearish .236 Fib Retracement). It also produced a bullish engulfing candle, which is a strong bullish signal.

Moving forward, if the buyers can break the $352 level, resistance lies at $364 (2019 high), $382, $390, and $400.

On the other side, support is first expected at $336 (100-days EMA). Beneath this, support lies at $320, $306, and $300.

ethusd-sep25
ETH/USD. Source: TradingView

Ethereum also struggled against Bitcoin this week as it fell from 0.035 BTC to reach as low as 0.0311 BTC yesterday. The coin had found support yesterday at the .618 Fib Retracement, which allowed it to bounce higher to the current 0.0326 BTC level.

Looking ahead, if the bulls push higher, the first level of resistance lies at 0.033 BTC. Above this, resistance is located at 0.0337 BTC (March 2019 Support), 0.0347 BTC, and 0.0352 BTC.

On the other side, the first level of support lies at 0.032 BTC. This is followed by support at 0.0315 BTC (100-days EMA), 0.0311 BTC (.618 Fib Retracement), and 0.030 BTC.

ethbtc-sep25
ETH/BTC. Source: TradingView

Ripple

XRP witnessed a 5.5% price fall this week as the coin dropped from $0.25 to reach as low as $0.22 yesterday. The cryptocurrency managed to rebound from there to get as high as $0.24 today. However, the market is facing resistance at the 100-days EMA and must pass this to continue higher.

If the bulls break $0.24, the first level of resistance lies at $0.251 (bearish .382 Fib Retracement). Following this, resistance lies at $0.261 (bearish .5 Fib Retracement), and $0.271 (bearish .618 Fib Retracement).

On the other side, the first level of support lies at $0.235 (200-days EMA). This is followed by support at $0.23, $0.22, and $0.217.

xrpusd-sep25
XRP/USD. Source: TradingView

XRP is also struggling against BTC as it posted a fresh 2-month low at 2165 SAT (downside 1.414 Fib Extension) yesterday. The coin had slipped from 2300 SAT last Friday and continued lower until it hit the 2165 SAT support.

XRP has since bounced higher to reach the 2250 SAT level today.

If the bulls can break 2250 SAT, resistance is first located at 2300 SAT (bearish .382 Fib Retracement). Above this, resistance lies at 2350 SAT (bearish .5 Fib Retracement), 2400 SAT, and 2460 SAT.

Alternatively, support lies at 2200 SAT, 2165 SAT, and 2111 SAT.

xrpbtc-sep25
XRP/BTC. Source: TradingView

Chainlink

LINK saw a substantial 10% price fall over the past seven days, which saw the coin breaking beneath the $10 level and hitting as low as $7.31. There, it found support at a downside 1.272 Fib Extension level, which allowed it to rebound yesterday to reach the $9.90 resistance level today.

If the bulls can break $10, the first level of resistance lies at $10.40. Above this, resistance is found at $11.37 (bearish .382 Fib Retracement), $12, and $12.63 (bearish .5 Fib Retracement).

On the other side, support first lies at $9.00. Beneath this, support is found at $8.67, $8.00, and $7.31.

linkusd-sep25
LINK/USD. Source: TradingView

Against BTC, LINK dropped as low as 0.00072 BTC during the week. It was trading above a 3-month-old rising trend last Friday, but it went on to collapse beneath this support over the weekend. After reaching 0.00072 BTC, LINK bounced higher to get to the current 0.000935 BTC level today. Notice that it has returned to the previous rising trend line, which is now acting as resistance.

Looking ahead, the first level of resistance lies at 0.00095 BTC. This is followed by resistance at 0.001 BTC, 0.00103 BTC (bearish .382 Fib Retracement), and 0.00112 BTC (bearish .5 Fib Retracement).

On the other side, support is first found at 0.00091 BTC. This is followed by support at 0.0082 BTC, 0.00072 BTC, and 0.0007 BTC.

linkbtc-sep25
LINK/BTC. Source: TradingView

Tezos

XTZ saw the steepest price fall on this list as it dropped by 13% over the past 7 days. The coin fell beneath the $2.32 (.618 Fib Retracement) support on Friday and continued lower to crate a new 5-month price low as it reached $1.91. This support held over the past few days, and Tezos rebounded from here yesterday to reach $2.15 today.

Looking ahead, if the bulls break $2.20, resistance is found at $2.32, $2.53 (bearish .382 Fib Retracement), and $2.72 (bearish .5 Fib Retracement).

On the other side, the first two levels of support lie at $2.00 and $1.91. Beneath this, support is expected at $1.74 (.786 Fib Retracement), $1.68, and $1.56.

xtzusd-sep25
XTZ/USD. Source: TradingView

Tezos is suffering further against BTC as it produced a 7-month price low this week after reaching 18,600 SAT. The coin has since bounced from here to break back above 20,000 SAT today.

Looking ahead, the first level of resistance lies at 21,000 SAT. This is followed by resistance at 22,000 SAT, 21,750 SAT, and 24,300 SAT.

On the other side, beneath 20,000 SAT, support lies at 19,380 SAT, 18,600 SATm ad 17,600 SAT (.886 Fib Retracement). Added support lies at 16,600 SAT and 15,600 SAT.

xtzbtc-sep25
XTZ/BTC. Source: 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/crypto-price-analysis-overview-september-25th-bitcoin-ethereum-ripple-chainlink-and-tezos/

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Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update

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Another action-packed week took place in the crypto field. Unfortunately, the market is currently in decline as the entire capitalization lost around $16 billion over the past seven days.

The good news for Bitcoin bulls is that BTC managed to maintain itself above the critical psychological and technical support of $10,000. Things were looking rather promising until Monday when the price shot up to about $11,000.

Unfortunately, it was then when Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, it was a couple of days of sideways action until Wednesday when it dipped even further, calling questions whether or not $10,000 will hold. In the late hours of Thursday, however, Bitcoin bulls woke up and pushed its price to where it currently rests around $10,650.

Elsewhere, on Sunday, Buzz Feed reported that major banking giants such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, were knowingly facilitating the transfer of up to $2 trillion related to suspicious and even criminal activity. This further supports the narrative that cash is used for illicit activities way more than Bitcoin. After all, $2 trillion is roughly 10x Bitcoin’s total market capitalization.

In another interesting development, the world will finally have its first official Bitcoin exchange-traded fund, though it may not be quite where people expected. It’s a collaboration between Nasdaq and a regulated Brazilian fund manager and will be launched on the Bermuda Stock Exchange (BSX).

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DeFi markets continue to boom as the total value locked in lending protocols surpassed $10 billion this week.

In any case, it’s interesting to see whether or not the hype will continue or if we will soon witness the burst of what many consider to be a DeFi-fueled bubble.

Market Data

Market Cap: $337B | 24H Vol: 105B | BTC Dominance: 58.3%

BTC: $10,613 (+2.46%) | ETH: $344.46 (+2.61%) | XRP: $0.237(+5.3%)

cryptopost_friday_1

World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. Nasdaq has collaborated with a regulated Brazilian fund manager to launch the world’s first Bitcoin exchange-traded fund (ETF). It should go live by the end of the year on the Bermuda Stock Exchange (BSX).

CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts. According to a recent report by CoinGecko, 23% of people involved in the cryptocurrency field invest in yield farming. However, 40% of them can’t read smart contracts, leaving them seriously exposed to inherent risks associated with failures in the code.

FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors. Leaked screenshots of a Telegram group chat that includes some of the most popular Ethereum proponents have sparked a tweetstorm in Crypto Twitter. It appeared as if the participants were planning to create a token, airdrop it to themselves, hype it up, and dump it on the community.

Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet. The popular venture capitalist Chamath Palihapitiya has said that his best investment bet so far has been on Bitcoin. This is despite him having invested in countless successful companies and startups.

Gemini Has Now Opened Doors to Crypto Investors in the UK. The popular US-based Bitcoin trading platform Gemini has officially launched operations for its entire range of services in the United Kingdom. This comes weeks after it received a license from the country’s Financial Conduct Authority (FCA).

Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap. Buzz Feed reported on a major document leak that suggests that major banks have been facilitating the transfer of up to $2 trillion associated with illicit and criminal activities. To put things in perspective, this is roughly 10x Bitcoin’s total market cap.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Tezos – click here for the full price analysis.

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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-maintains-10k-as-crypto-market-lost-16-billion-in-7-days-the-weekly-crypto-market-update/

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