There goes India’s cryptocurrency market. The Reserve Bank of India banned banks from allowing people to transfer money from their bank account into Bitcoin wallets.
The RBI banned Bitcoin on Thursday, effective immediately, according to The Economic Times.
Investors in these new digital assets have been waiting for the next big thing, but have been stuck with what one investor calls “mediocre coins from mediocre startups.” The market needs something new following last year’s run-in in Bitcoin and other top cryptocurrencies like Ether.
Messaging app Telegram is launching a coin sometime this year, but that has been closed to retail investors.
China has kept its ban on Bitcoin exchanges and initial coin offerings (ICO). And while India is not a big player, it just serves as a reminder of the headwinds the industry faces. This is keeping out short-term investors.
The post Good Luck Buying Bitcoin In India As Central Banker Bans appeared first on Belfrics India.
MakerDAO won’t compensate Vaults affected by liquidations during the March market crash
MakerDAO has concluded a governance poll in which Maker token holders have decided not to compensate Vault owners who suffered losses by liquidations during the March 12-13 market crash.
The post MakerDAO won’t compensate Vaults affected by liquidations during the March market crash appeared first on The Block.
BitMart Exchange partners with top cybersecurity solutions provider
Renowned crypto exchange firm, BitMart Exchange, has recently revealed its intentions to enter into a partnership with a cybersecurity firm, Hacken, to make crypto trading safer. In the tweet that was released, BitMart Exchange lamented the number of losses that clients have had to endure while saying this new development will be a groundbreaking innovation. […]
Renowned crypto exchange firm, BitMart Exchange, has recently revealed its intentions to enter into a partnership with a cybersecurity firm, Hacken, to make crypto trading safer.
In the tweet that was released, BitMart Exchange lamented the number of losses that clients have had to endure while saying this new development will be a groundbreaking innovation.
To make the platform hack-proof, BttMart will deploy an anti-fraud technology which was developed and produced by Hacken. This new technology will oversee the security on the platform while making sure that the site is resistant against hack attempts in the future.
BitMart Exchange plans to be the most hack-proof platform in the world
In the official announcement, ButMart said:
Our goal to become one of the safest trading platforms has never wavered and we have yet again deployed a new technology to help us achieve that aim.
With the technology deployed, hackers would not be able to mirror clients transaction details to access their accounts on the platform. Notably, BitMart Exchange needed the new security assurance to help its over two million clients all across the globe. The firm is one of the top ten digital assets exchange firms around the world due to the large pair of market varieties that it offers.
Hacken acts as a stumbling block between exchanges and hackers
Giving his review on the developments, CEO of BitMart Exchange, Sheldon Xia, said that this new security measure means that their customers have nothing to worry about when it comes to transactions carried out on the platform.
He also noted that their work with Hacken further pushes them close to their goal of owning one of the most sophisticated security in the globe. Hacken is not a small fish when it comes to cybersecurity as the firm boasts of a wide range of experience accrued over the years. Hacken has said it is the major stumbling block between crypto exchange platforms and hackers across the globe.
Ripple prices down to $0.231, what next?
Ripple has lost 0.8 percent at press time for today’s trading session. The daily charts show the markets are still biased for short positions. The daily chart indicates the market will break below the $0.228 support levels. Intraday traders will also find shorting oppornuties on the hourly charts. Hourly charts also shows that the market […]
- Ripple has lost 0.8 percent at press time for today’s trading session.
- The daily charts show the markets are still biased for short positions.
- The daily chart indicates the market will break below the $0.228 support levels.
- Intraday traders will also find shorting oppornuties on the hourly charts.
- Hourly charts also shows that the market is on a short term bearish flag which has lost volatility and trading sideways.
Ripple opened today’s trading session at $0.2329, reaching highs of $0.2338 and lows of $0.2306. At press time, the crypto was trading at $0.2311 after the prices lost 0.80 percent of its value. Today’s market prices have already erased the gains made yesterday, when intraday trading for the day was bullish.
Ripple price analysis on the daily chart
For three consecutive days, Ripple has failed to break the support level at $0.228, hitting the level twice on the daily chart. The chart also shows that the prices have resumed their bearish move on the daily chart, which for this week had been trending downwards, with the exception of yesterday, where intraday traders went long on the cryptocurrency.
The daily charts indicate that investors are still strongly biased to the downside, with the longer trend showing that the prices have just come out of a bearish flag with high volatility, which pulled back yesterday for intraday traders.
Ripple next move on the daily
The price analysis on the daily indicates that the bearish move has resumed today after yesterday’s bulls. The support levels at $0.228 are expected to be broken, with the prices moving out of the structure and starting a bearish move.
This is confirmed by the RSI indicator readings which are currently in their mid-30s and approaching the oversold region. This shows that the crypto is still biased for the short, with a high likelihood of breaking the support level at $0.228. Therefore, short positions on daily charts is a plausible trade for long term traders. This is in line with our previous analysis of the crypto.
Ripple Intraday Trading
The prices on the 1-hour ripple chart shows that the crypto is currently trading on a bearish flag, with prices moving within an ascending channel. However, this channels seems to have lost momentum in the last few hours, after failing to hit the resistance levels of the upper trend line after opening the markets near the $0.2343 pivot support level S1 on the hourly charts.
The hourly charts show the prices approaching the lower trendline of the lower channel, where it will likely face some resistance. However, with decreased volatility on the bearish flag, the prices seem to have lost all the momentum of continuous trading in the ascending channel. Therefore, prices will most likely break from the ascending channel to the downwards and approach the $0.2289 support levels.
A combination with larger timeframes indicates that the hourly price charts will more likely see a push to the downside after testing the support level of $0.2289. If this happens, the next stop for the prices will be on the S2 support levels at $0.2222.
Therefore, for short term ripple intraday traders, the short position is the most plausible trade for the day. Price action and indicator analysis show that the markets are still biased to the downside, even on lower timeframes.
Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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