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BTC, ETH And XRP Are Making Their Own Rules

BTC, ETH And XRP Are Making Their Own Rules

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The status of cryptocurrency in India is a little uncertain. As it stands, cryptocurrency is in murky water, with the Reserve Bank of India (RBI), India’s central bank very much against cryptocurrency, the community is left stranded. Within India, traders and investors can trade crypto to crypto, however they are no longer allowed to cross into FIAT, meaning their assets must be left in cryptocurrency wallets. Indeed, this could change over the next few months, but, as it stands today, cryptocurrency in India is going to struggle to see any real adoption over the next few years, the country is now at risk of being left behind. This is evident simply just by looking at the status of Zebpay, India’s largest cryptocurrency exchange. Zebpay products are live, meaning Zebpay wallets are in use, however the exchange has been forced to close as a result of this ruling from the RBI. According to recent reports however, Bitcoin, Ethereum and XRP are now involved in steps that are set to totally bypass the rules established by the RBI in India. Led by Unocoin, India is now set to see the roll out of thirty new cryptocurrency based ATMs. These ATM’s are set to allow users to ‘cash in’ and ‘cash out’ using Bitcoin, Ethereum and XRP, Litecoin and Bitcoin Cash. In the most simple terms, these ATMs will allow people in India to access a point of cryptocurrency to FIAT exchange, a point that is not controlled or regulated by the rules set out by the RBI. How will this work? As stated, this is a project that is being rolled out by Unocoin, a well established cryptocurrency brand in India. Unocoin are installing thirty of their cryptocurrency ATMs across three cities in India, with the first now already live in Bangalore. The aim is simply to allow as many people as possible access to a form of cryptocurrency investment that is not policed by the RBI and one that still allows traders to convert their assets back to FIAT, not forgetting that this is forbidden by a crucial part of the current RBI ban. According to Ethereum World News Sathvik Vishwanath, the CEO of Unocoin has spoken out about the roll out of this new project:
“Following the launch of the first [ATM], Vishwanath added that his company has plans to launch machines in Mumbai and New Delhi in the next seven days. Explaining how these ATMs work, Vishwanath revealed that the minimum deposit and withdrawal amount will be 1,000 rupees ($13.5 U.S. Dollars) and will scale upwards in multiples of 500 rupees ($6.75). The CEO explained that all tokens and crypto assets available on Unocoin and Unodax, the startup’s crypto-to-crypto platform (still legal), will be able to be transacted through the ATMs.”
How does this bypass the RBI ruling? A key area in the RBI ruling is that no RBI regulated banks (so all banks in India) will be permitted to provide bank accounts to those who are engaging in cryptocurrency related activity. Thanks to the blockchain and thanks to the technology behind the machines by Unocoin, these ATMs offer users access to a non-RBI regulated bank account. It is through this that these machines are going to help the community bypass the RBI’s ruling. According to Ethereum World News Vishwanath has said:
“These machines are stand-alone machines that can accept and dispense cash. These ATMs help people to cash in and cash out which was not possible before due to RBI restriction on banks to not provide bank accounts. The gap is now completely filled by these ATMs except that physical access is required to deposit and withdraw money.”
The only restriction here is that these machines can only be used by people who are physically able to gain access to them. Other than that, it looks as if that through Unocoin, investment in Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash will once again become possible. BTC, ETH, XRP and others are making their own rules, such is the liberating beauty of the blockchain. Now, you may have noticed a recent surge in the price of Bitcoin - we want to end this video on a note of positivity today as this is the first surge we have seen for some time. What’s happened here? According to CCN:
“The price of Bitcoin has surged from $6,300 to $7,500 on Bitfinex, a major cryptocurrency exchange that reportedly operates Tether LLC, a firm that oversees the development of stablecoin Tether (USDT). Bitcoin is being traded with a significant premium on exchanges that have integrated USDT such as OKEx and Huobi, because traders have initiated the biggest sell-off of USDT to date. The sudden dump of USDT led the price of the stablecoin to drop to $0.94, by around 6 percent from its peg at $1. The drop in the value of USDT formed a premium on Tether-integrated cryptocurrency exchanges.”
The easiest way to understand this, is that a drop in the value of Tether as a result of a large dump in USDT has caused a surge in the purchase of Bitcoin and other currencies that are available through Tether on a range of exchanges. By converting USD to Tether, when Tether is at a rare and almost impossible low price, traders have the chance to get the very most for their money when they go on to trade this for Bitcoin, as we have seen today. The market surge is positive news, though as it stands we don’t expect this rise to continue for a significant amount of time, it’s an anomaly that at the very least demonstrates just how unpredictable and volatile the markets really are. References Coinmarketcap Zebpay Coinmarketcap Bitcoin Coinmarketcap Ethereum Coinmarketcap XRP Ethereum World News CCN

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BTC/USD Holding 19012.07 After Rebound: Sally Ho's Technical Analysis 3 December 2020 BTC

BTC/USD Holding 19012.07 After Rebound:  Sally Ho's Technical Analysis 3 December 2020 BTC

Bitcoin (BTC/USD) moved higher in today’s North American session as the pair appreciated to the 19466.58 area after trading as low as the 18885.00 area in the European session, a test of the 18922.31 area that represents the 23.6% retracement of the recent appreciating range from 15708.24 to 19915.14. The pair has recently traded around its recently-established all-time high around the 19915.14 area, a level that was established after Stops were elected above the previous all-time high of 19891.99.  Additional upside price objectives include the 20311.36, 20534.46, and 21909.24 areas, levels that relate to buying pressure that emerged earlier this year around the 6430.00 and 6854.67 areas.

Following the move to a recent all-time high, traders are paying close attention to recent areas of upside buying pressure, including the 13215.00, 14310.00, 15708.24, 16200.00, and 17610.77 areas.  Some important retracement levels related to these ranges include 18762.96, 18154.60, 17355.69, 17112.57, 16701.07, 16304.69, and 15935.90.  Below current price activity, additional areas of technical support include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18393.19 and the 50-bar MA (Hourly) at 19034.75.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19915.14/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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BTC/USD Priming for Another All-Time High? Sally Ho's Technical Analysis 2 December 2020 BTC

BTC/USD Priming for Another All-Time High? Sally Ho's Technical Analysis 2 December 2020 BTC

Bitcoin (BTC/USD) moved higher in today’s North American session as the pair appreciated to the 19165.94 area after trading as low as the 18335.00 area in the Asian session, a test of the 200-hour simple moving average.  The pair traded at an intraday high around the 19340 area during the European session, above the 61.8% retracement of the recent depreciating range from 19915.14 to 18109.00BTC/USD established a fresh all-time high at the 19915.14 area earlier this week after Stops were elected above the previous all-time high of 19891.99.  Traders are eyeing the 20311.36, 20534.46, and 21909.24 areas as upside price objectives.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and recent absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the recent decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a relative historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18371.71 and the 50-bar MA (Hourly) at 19137.33.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19915.14/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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Willy Woo: “I’ve never been so bullish for 2021“

Willy Woo: “I’ve never been so bullish for 2021“

Quick take

1 minute read

  • Willy Woo believes that the leading cryptocurrency reaching $300,000 in 2021 isn’t completely unreachable.
  • Writing in a thread of tweets earlier this week on the 1st of December, the analyst said that he has “never been so bullish“ when it comes to bitcoin and how it will perform in 2021.

Well-known analyst and Twitter commentator Willy Woo believes that the leading cryptocurrency reaching $300,000 in 2021 isn’t completely unreachable.

Writing in a thread of tweets earlier this week on the 1st of December, the analyst said that he has “never been so bullish“ when it comes to bitcoin and how it will perform in 2021.

He even went on to add that he was looking at a six-figure bitcoin by December next year.

“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question.”

Before we go any further though, it is worth noting that we are not financial advisors and this is not financial advice. Investing in crypto can be very risky so it’s always worth doing your research before putting your money into a digital asset such as bitcoin.

Bitcoin has had an exciting few weeks. At the start of last month, the United States presidential election pushed bitcoin to new heights and since then, it hasn’t stopped growing. Earlier this week, the leading coin was rejecting the $20,000 key resistance level but many people are still very excited about it surpassing this price range in the near future.“ 

Woo said,

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Gemini’s Tyler Winklevoss believes “cash is trash“ and that bitcoin will come out on top one way or another

Gemini’s Tyler Winklevoss believes “cash is trash“ and that bitcoin will come out on top one way or another

Quick take

1 minute read

  • “Cash is trash“.
  • Tyler Winklevoss slams Fiat currency in a recent CNBC interview.

“Cash is trash“.

This is what Tyler Winklevoss, one-half of the infamous Winklevoss twins said recently on CNBC it’s only a matter of time before investors decided to abandon the US dollar, as well as other Fiat currencies, and instead opt-in for bitcoin.

He said:

“at some point, it is hard to look at those data points and say that bitcoin isn’t an incredible store of value.“

To that end, the other half of the twins, Cameron said that bitcoin just needs to be “better than gold“. This will help see its price spike to insane levels.

Eventually, bitcoin will hit $500,000 in the twins' eyes. For those that don’t know, the two-run the Gemini crypto platform based in the United States.

The way bitcoin is currently acting would indicate that the twins are somewhat on the right lines. That’s not to say that bitcoin will eventually hit such a milestone as half $1 million but many enthusiasts believe that the ballroom that bitcoin has been recently experiencing is different to the previous market cycles due to how many institutional investors are getting involved with the industry. 

It’s also worth mentioning that bitcoin has matured massively over the course of 2020 and could have a permanent place in a financial system in the near future.

Bitcoin is being adopted all around the world consistently and has been over the past year. Only exciting things seem to be coming for the leading cryptocurrency but before we finish, it is worth noting that we are not financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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