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LINE debuts LINK token in Japanese crypto market

LINE Corporation has announced that it will make its entrance into the Japanese crypto market with the LINK token. Coming along with the news of its entrance into the Japanese crypto market, LINE will be the first crypto outfit to launch the LINK(LN) token sale. Line Corporation is a Tokyo-based subsidiary of the South Korean […]

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LINE Corporation has announced that it will make its entrance into the Japanese crypto market with the LINK token.

Coming along with the news of its entrance into the Japanese crypto market, LINE will be the first crypto outfit to launch the LINK(LN) token sale. Line Corporation is a Tokyo-based subsidiary of the South Korean internet search Naver Corporation.

It should be noted that the LINK token has already been listed on the firm’s US crypto exchange, Bitfront, which does not allow Japanese traders into its platform.

According to previous company records, the LINK token was launched as a reward-based system to the 84 million clients base on the LINEs platform.

LINE makes an entrance into Japanese crypto market with LINK

According to the company, their main objective is to create a platform where the clients on the LINE database can be rewarded from time to time.

The company said the users would be rewarded based on how frequently they use specific decentralized applications. LINK shares no resemblance with Chainlink, based on the decentralized Oracle network.

Even with the emergence of either project, LINE has warmed that they are into the Japanese crypto market to become number one. Even though the Chainlink symbol and LINEs token both go by LINk, they are not of the same developers. 

LINE says it hosts some other digital assets asides LINK

In 2018, the LINK token was present on the firm’s private blockchain network and was one of the significant digital assets on the Bitfront digital exchange at the time.

Presently, the digital asset would cohabit along with the other five crypto assets that were listed on the exchange. LINE announced recently that it would provide the Japanese crypto market with the LINE token, Bitcoin and some other major tokens. 

BitMax digital exchange was launched in September 2019 after undergoing full review by the Japanese licensing board FSA ( Financial Service Agency).

With the license already awarded, BitMax said it would start looking into how to continually upgrade their services to suit the needs of the Japanese crypto market. It should be noted that BitMax is also a subsidiary of LINE. LVC Corporation, also a subsidiary of Line Corporation, operates Line’s cryptocurrency and blockchain-related businesses.

Blockchain

XRP Entered Key Accumulation Zone, Eyeing A Move Towards $0.28

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XRP entered key accumulation zone as the price was in a lackluster action as of late with both sellers and buyers being unable to garner clear control over the near-term trend, hovering around $0.20 as we are reading more in the latest Ripple price news.

The consolidation came about as a result of the Bitcoin movement since it was struggling to gain any clear momentum as the price oscillates between the low region of $10,200 and the higher of $11,200. Because XRP entered key accumulation zone moving closely with BTC and the rest of the market, where it will head next will depend largely on whether the entire market will recapture the bullish momentum. With that being said, one analyst noted that the cryptocurrency is consolidating above the long-term base of support and says that this support will ultimately provide another major boost and will allow the price to start rallying towards $0.28 next.

xrp price
Image Courtesy of Crypto Michaël. Chart via TradingView.

If the XRP price moves to $0.28, it will mark a 20% climb from where it is trading now. at the time of writing, XRP is trading up over 3% at a current price of $0.24 which is around the same price level where it was trading over the past few days. The price dropped as low as $0.22 before it was able to find any major support with the bulls stepping up and making gains on the strong uptrend where this level was reached.

xrp weekly
Ripple’s XRP 7-day Price Chart (Source: Coingecko)

Bitcoin helped in the rebound as the benchmark cryptocurrency pushed from $10,200 to highs of $10,800 created a tailwind which lifted most of the assets higher. In order for XRP to continue ascending in the near-term, the bulls will have to continue defending against further losses. While speaking about where he expects XRP To go further, one analyst explained that the recent reaction to $0.22 shows how strong the base of support is for this cryptocurrency:

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 “XRP: The market is overly bearish, but the markets are actually on impressive support zones to accumulate some positions. Similar to XRP. Patience pays. Looking at some longs here, which could be towards $0.28 first in the next month.”

How altcoins such as XRP will trend in the upcoming weeks will depend on Bitcoin. The number one cryptocurrency has to be able to see sustained momentum if it reaches the $11,000 resistance.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/ripple-news/xrp-entered-key-accumulation-zone-eyeing-a-move-towards-0-28/

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Top Analyst Says Two Altcoins on Ultra Moon Mission As Bitcoin Eyes $11,400

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Widely-followed crypto analyst and trader Michaël van de Poppe says two altcoins appear to be gearing up to post big gains.

In a new strategy session, the technical trader known in the industry as Crypto Michaël says both the Curve Dao Token (CRV) and Swipe (SXP) “will go on an ultra moon mission.”

CRV is a governance token for the Curve platform that deputed in mid-August at nearly $12, according to CoinMarketCap. It’s since plummeted in price and is trading at $1.02 at time of writing. Van de Poppe says if it rebounds and breaks $1.65 it could leapfrog off that and reach $2.22-$2.70.

SXP powers the Swipe Network and its wallet application. After hitting all-time-highs of about $5.00 in mid-August, it has also since plummeted in price and is trading at $1.31 at time of writing, according to CoinMarketCap.

Van de Poppe says Swipe is going to move sideways, potentially around $1, before it can start a new bull cycle. After it starts hitting higher highs and lower lows, he predicts it will break out and target $3.00.

The trader also notes that it looks like Bitcoin is holding at its current price levels. BTC is trading at $10,727.64 at time of writing.

“Looks ready to test the $10,700-10,800 areas and maybe even $11,200-11,400 if the dollar slows down for a bit.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/AleksandrMorrisovich

Source: https://dailyhodl.com/2020/09/26/top-analyst-says-two-altcoins-on-ultra-moon-mission-as-bitcoin-eyes-11400/

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Bitcoin price recovers, resistance at $11,000

The Bitcoin price is on a recovery path after bouncing off from a support zone. The immediate resistance is at $11,000 but $12,500 of Sep 2020 highs is ideal.

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  • The Bitcoin price recovers, resistance at $11,000
  • Russia proposes a bill which categorizes Bitcoin and crypto as property
  • Binance banned in Russia
  • A bill in Israel may see Bitcoin and crypto classified as currencies

The Bitcoin price is bouncing back, snapping back to trend, reversing blips of early this week. From trackers, the BTC/USD pair has pared losses but is galloping ahead of ETH. 

Crypto as Currency?

Amid optimism is news from Israel. 

According to a local report, four members from Knesset–Israel’s legislative body, submitted a bill on Sep 22. If adopted, the rule will significantly change the way cryptocurrencies are taxed. 

Specifically, the bill seeks to change digital assets’ classification from property to currency under the country’s Income Tax Ordinance. 

This shall lift the taxation burden of coin holders who currently pay 25 percent as tax on capital gains. Should Bitcoin (and cryptocurrencies) be deemed as currencies, capital gains will drop to 15 percent.

The State of Israel can be among the leaders in the field of digital currencies. If only it recognizes the use of the blockchain as a currency for everything. It is precisely in this period when the economic future is unclear It is possible to promote digital payment options due to the social distance that has been forced on us.

Russia’s Strict Proposal

In Russia, a radical proposal by the Ministry of Finance was tabled to the State Duma—the parliament, on Sep 24. Controversial, the Ministry of Finance astonishingly considers cryptocurrencies as tools of money laundering and terrorist financing. 

Consequently, it proposes holders to submit any holding above $1,300 or (100K Rubles) to tax authorities. 

Failure attracts a jail term of up to three years. The softer option will be forced labor as punishment. The only good news this proposal bears is the classification of Bitcoin and crypto as property. 

However, this is to pave ways for tax authorities who can proceed to charge capital gains.

Binance Banned

On the same day, Binance—the world’s largest cryptocurrency exchange, was banned by the Roskomnadzor

Baffling, the agency says the site’s homepage promotes the buying and selling of Bitcoin. It is the second time in three months the agency is blacklisting Binance.

Bitcoin Price Prediction

Bitcoin Price Chart by Trading View for Sep 26
Bitcoin Price Chart by Trading View

The Bitcoin price is swinging between bearish and neutral judging from candlestick arrangements and technical indicators.

In the last day of trading, BTC has recovered losses against the USD and is flat. However, it is outperforming ETH in the daily and weekly charts.

Candlestick arrangements in the daily chart suggest strength in the immediate term. 

There is a double bar bullish reversal pattern from the 61.8 and 78.6 percent Fibonacci retracement level of July to September trade range. 

Since prices are back above the middle BB, bulls are likely to edge higher in the immediate term.

Strong liquidation levels is expected at $11,200 and $11,500. This is Sep 3 highs. A sharp, high-volume break above this level will nullify bearish attempts of Sep 1 and 2 and probably paves the way for bulls to retest $12,500.

BTC/USD Technical Indicators

  • Support lies between $10,100 and $10,400
  • Resistance is at $11,000 and $11,500.
  •  Most traders (88 percent) are bullish from sentiment analysis.

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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