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Weiss Ratings Expects Synthetix (SNX) Price to Reach $15 by Year End

On Wednesday (August 19), Weiss Ratings, the only financial rating agency that grades cryptoassets, explained why it is super bullish on decentralized finance (DeFi) project Synthetix (SNX). Weiss Ratings, which was founded in 1971 by Dr. Martin Weiss, started covering cryptoassets (tokens and coins) on 24 January 2018, when it launched a new website called Weiss Cryptocurrency Ratings. The […]

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On Wednesday (August 19), Weiss Ratings, the only financial rating agency that grades cryptoassets, explained why it is super bullish on decentralized finance (DeFi) project Synthetix (SNX).

Weiss Ratings, which was founded in 1971 by Dr. Martin Weiss, started covering cryptoassets (tokens and coins) on 24 January 2018, when it launched a new website called Weiss Cryptocurrency Ratings.

The idea was to provide a weekly paid report that gave an overall rating for each cryptocurrency (initially only 74 were covered), as well as two component grades: an “Invest Risk/Reward” grade and a “Technology/Adoption” grade. Grades range from A+ (best) to F (worst).

Here is how Synthetix is described by its Litepaper:

“Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths).

“This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties.

“This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities.

“SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network.

“It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX.”

In an article published yesterday, Weiss Ratings started by explaining why the DeFi sector is “booming” right now.

It then explained that SNX holders can stake their SNX tokens to create synthetic instruments (Synths) representing any kind of asset–such as gold, fiat currencies, and real estate–which can then be traded short/long on the Synthetix Exchange.

Next, Weiss Ratings gave three reasons for its bullishness on Synthetix:

  • Synthetix is well-positioned in the red-hot DeFi sector to “capture a big chunk of it.”
  • Synthetix offers potentially substantial rewards for staking SNX. According to a blog post published by Synthetix on 15 February 2019, “synths generate transaction fees, which are distributed to locked SNX holders as reward for providing collateral.” To further incentivise SNX holders to mint Synths, during years two to six of operation (we are now in year three), additional SNX will be distributed to SNX stakers.
  • Upcoming support for “futures and leveraged trading”.

Finally, Weiss Ratings says that their $15 price target for SNX (by end of 2020) is “conservative” and in reality “your gains could be a lot larger.”

According to data by CryptoCompare, currently (as of 11:00 UTC on August 20), SNX is trading around $6.385, up 5.99% in the past 24-hour period:

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin SV short-term Price Analysis: 27 November

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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice

As the value of Bitcoin faces hurdles in the market, many altcoins have also been falling on the charts. Bitcoin SV has been noting a strong devaluation and at press time, after a brief recovery effort, it was being traded at $166.16. Although the overall sentiment in the market appeared bearish, there could be a benefit in taking a long position in the short-term.

Bitcoin SV 1-hour chart

Source: BSV/USD on TradingView

The above one-hour chart of Bitcoin SV highlighted a downtrend within a descending channel. The asset was valued at $207 before it started trending lower and it sunk as low as $150. However, the price has managed to bounce back up, and currently looks like there could be a bigger recovery in the market and long positions could be realized.

Reasoning

The Relative Strength Index indicated that the sudden price drop had pushed the asset into the oversold zone. After dropping further in the oversold zone, there was finally a recovery set in motion and the coin has come out of the oversold zone.

As BSVmoves towards equilibrium, the price of the digital asset may also increase in the short-term. Since the resistance is marked at $169.89, and the support remained at $163, there could be a marginal increase in its value.

Positions

Entry for a Long position: $167.30
Take Profit: $172.513
Stop Loss: $163.41
Risk/Reward Ratio: 1.34

Conclusion

Even though bearishness prevails in the BSV market, there could be minimal recoveries noted to balance out the selling pressure in the market. The price of the asset may further consolidate in the short term given the immediate resistances and supports marked close at this level.

Source: https://eng.ambcrypto.com/bitcoin-sv-short-term-price-analysis-27-november

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ASIC Cancels AFS License of Jels Financial Group, Selectinvest

Both the companies failed to submit audited financials for several years.

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The Australian Securities and Investments Commission (ASIC) announced on Friday the cancellation of the Australian financial services (AFS) license of two companies: Jels Financial Group Pty Ltd and Selectinvest Pty Ltd.

Jels was granted the AFS license in September 2014, while Selectinvest was holding it since December 2003.

According to the regulator, Jels failed to demonstrate that it had the competence or resources for providing financial services. Primarily, the company failed to appoint a “key person” required for the licensing, and its sole corporate authorized representative was also insolvent.

Furthermore, the Victorian financial services provider did not file its audited accounts for the financial year 2017-2019, which is mandatory according to the licensing rules.

In the case of Selectinvest, the regulator pointed out that the financial service provider failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). 

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Additionally, Selectinvest did not report its annual financial and audit report since 2019.

Despite the cancellation, the companies can now move to the Administrative Appeals Tribunal (AAT) with an appeal to review the ASIC’s decision.

A Vigilant Regulator

The Australian regulator is vigilant towards the companies offering financial services under its purview. Finance Magnates earlier reported that the ASIC suspended 40 licenses in a year, ending in June. However, it also granted 394 new AFS licenses in the same period.

In September, the ASIC cancelled the AFS license of forex brokerage Union Standard International Group Pty Ltd (USGFX) as it entered into liquidation.

“We have new powers to refuse a license application where we have been provided false or misleading information or there is an omission of a material matter in an application, report, or statement from an applicant,” ASIC Commissioner, Danielle Press said earlier.

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Australia and Singapore announce plans for cross-border trade using blockchain.

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Australia and Singapore announce plans for cross-border trade using blockchain. – Coinnounce




























Australia and Singapore have announced plans to trial a blockchain system that aims to improve cross-border trade flow between the countries.

The Australian Border Force has partnered with two separate regulatory agencies in Singapore, Singapore Customs and Singapore Infocomm Media Development Authority, to run a digital verification schemes trial on the blockchain, which aims to streamline cross-border trade between the two countries. The trial, which started this week, will use the Border Force’s Intergovernmental Ledger and Singapore’s TradeTrust system to handle electronic documents for cross-border trade. The cross-border trade trial will be conducted by blockchain experts from both sides via the United Nations Centre for Trade Facilitation and Electronic Business. 

“Blockchain solution would increase the efficiency of trade.”

Several entities, including ANZ Bank, the Australian Chamber of Commerce and Industry, and the Australian Industry Group, are set to participate in the trials. Border Force Commissioner Michael Outram said the blockchain solution would increase trade efficiency between the two countries while also reducing administrative costs. “The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, the digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

Lawmakers around the world acknowledge the potential of blockchain tech. 

As reported earlier, King’s College London, the university’s Centre for Science and Security Studies (CSSS), suggested that using blockchain tech would help parties to the Nuclear Non-Proliferation Treaty build trust and make dismantling nuclear weapons more “safe, secure and reliable. In the last few years, governments around the world have acknowledged the potential of blockchain technology. Several countries are actively utilizing the technology in various fields including, healthcare and logistics. Earlier, Chinese President Xi Jinping had urged his country to take the lead in the blockchain sector. 

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Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.


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Source: https://coinnounce.com/australia-and-singapore-announce-plans-for-cross-border-trade-using-blockchain/

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