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Is Bitcoin Legal In The US? Cryptocurrency Regulations Trends | Crypto-Geography - Part 2

Is Bitcoin Legal In The US? Cryptocurrency Regulations Trends | Crypto-Geography - Part 2

In case you missed you can check out the first part of this series here.

Is Bitcoin Mining Legal in the United States?

As implied by the FinCEN regulations, there’s no obligation on keeping virtual currencies. While spending, trading and exchanging crypto for fiat currency are considered money transmitters and should be reported. 

In June 2019, Squire Mining (SQRMF), a Canadian mining mogul with the most hashpower, signed a letter of intent to host blockchain cloud computing units - over 41,000 Bitcoin - to the United States. As mining migrates from China to the US, the latter is changing priorities from application and protocol development to focusing on infrastructure.

How to Buy, Store and Spend Crypto in the USA

If you’re wondering how interested Americans really are in the cryptosphere, here’s a fun fact: Bitcoin has become so popular that as a term it has outrun Kim Kardashian and Donald Trump in search requests by three times. 

Source: Consensys

Bitcoin is going mainstream in the States. It is already accepted as a payment by retailers and services like Overstock and NewsEgg and some major tech companies like Microsoft. The United States has over 3500 cryptocurrency ATMs and tellers – that’s 64% of all the crypto ATMs in the world. There is even a list of major cities in the US with ATM installations. Unsurprisingly, the top-5 cities are Los Angeles (372), Chicago (250), Miami (199), Atlanta (171) and Detroit (149).  Despite the huge amount of tellers where you can buy BTC, XRP, ETH, etc. a majority of people prefer to buy crypto via the various exchanges and crypto services online. 

Cryptocurrency has become an important aspect of local economies. California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts are the states with the largest amount of citizens who have cryptocurrency. 

In 2018, Finder surveyed 2000 US citizens to get an approximate idea of what coins Americans prefer to store. It comes as no surprise that Bitcoin is the number one cryptocurrency in the US.

Source: finder.com

Is Trading Bitcoin legal in America?

The question was raised on the federal level by the Securities and Exchange Commission, but the focus was on the use of blockchain assets as securities, such as whether or not certain Bitcoin investment funds should be sold to the public, and whether or not a certain offering is fraudulent. However, the SEC’s report focused entirely on Initial Coin Offerings, so the results don’t apply to BTC. To trade securities on the Blockchain, a company must register as an exchange, Alternative Trading System (ATS) or a broker/dealer.

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Top cryptocurrency businesses in the USA

In addition to the wide user base of cryptocurrencies in the US, the country is also home to some of the most influential crypto projects in the industry.  American crypto projects range from powerful exchanges to headline grabbing social media experiments. Here are some of the most notable. 

LedgerX is a New-York based Bitcoin trading platform. As a start-up, LedgerX was actively lobbying for Bitcoin and cryptocurrencies and after a few years got a derivatives clearing organization license from the U.S. Commodity Futures Trading Commission. That opened the door for the platform to bring classical financial tools to the cryptosphere. In November 2017, LedgerX launched the first long-term BTC options.

Ripple constantly finds itself the subject of debate in the crypto community regarding its centralised nature. Despite the mixed feelings, Ripple is already working with hundreds of financial institutions to drive crypto adoption and has launched the University Blockchain Research Initiative to support the research and development of blockchain technology. 

Gemini is a crypto exchange based in NYC that was created by the Winklevoss brothers. In 2016, Gemini became the world’s first licensed cryptocurrency exchange. Also, Gemini holds the distinction of being the first institution to launch Bitcoin futures contracts. 

Stellar was co-founded by Jed McCaleb, who was also among Ripple’s founders. The company strives to provide banking services for unbanked people. Their team is working to improve cross-border transactions and reduce fees and transfer times.

Steem is the native cryptocurrency of the blockchain-based social platform Steemit where users are rewarded for writing posts, commenting, reading and curating content. The NY-based company was founded by Ned Scott and Dan Larimer, who is also known as the CTO of EOS and creator of BitShares. 

Libra Coin

Libra deserves its own section as it is one of the most controversial crypto projects that are sure to change the cryptocurrency market and the entire financial sector. The project initiated by Facebook, with Visa, Mastercard, and PayPal among its 27 charter members, is set to join the pantheon of premier US cryptocurrency projects. Facebook decided to launch the project to give financial freedom to 2,000,000,000 adults around the world who are outside the financial system. Of course, the guys from Facebook believe that people will trust decentralized management systems more now, when trade wars build barriers for money, when the trade is limited to the borders of the countries in dispute. Yet, the troubling issue is that Facebook management has been repeatedly accused of centralization and cooperating with authorities. On the other hand, the positive impact of mass adoption Libra can bring, will strengthen the cryptocurrency industry. However, much to my regret, Libra contradicts the basic ideas of blockchain - privacy and decentralization, the core values that Freewallet and many crypto companies fight for. 

The third and final instalment of these articles will be released tomorrow at 12:30pm BST.

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BTC/USD Facing Challenge at 17850: Sally Ho's Technical Analysis 28 November 2020 BTC

BTC/USD Facing Challenge at 17850: Sally Ho's Technical Analysis 28 November 2020 BTC

Bitcoin (BTC/USD) glided higher early in today’s North American session as the pair appreciated to the 17444.88 area trading as low as the 16880 area in the European session, with the intraday high representing a test of the 100-bar 4-hourly simple moving average.  Traders are carefully monitoring how BTC/USD will trade around important historical upside price objectives that were absorbed during the pair’s recent climb near its all-time high, including the 17657.16, 17891.76, 18256.14, and 18946.91 areas.  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 absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the 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.  If the pair is able to resume its upward trajectory and establish a new all-time high, traders are carefully monitoring the 20311.36 and 21909.24 areas as upside price objectives.  Similarly, the 20534.46 area is an upside price objective related to buying demand that originated earlier this year around the 6854.67 area. 

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 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 17450.09 and the 50-bar MA (Hourly) at 17224.83.

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

Technical Resistance is expected around 19500/ 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

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

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ETH/USD Continues Recovery After Holding 503.57 Level: Sally Ho's Technical Analysis 28 November 2020 ETH

ETH/USD Continues Recovery After Holding 503.57 Level:  Sally Ho's Technical Analysis 28 November 2020 ETH

Ethereum (ETH/USD) extended its recent recovery in today’s North American session as the pair appreciated to the 529.90 area after trading as low as the 505.01 area in the European session, a test of the 100-bar 4-hourly simple moving average.  Traders lifted ETH/USD back above the 50-hour simple moving average during the North American session.  Some short-term upside retracement levels that traders are monitoring relate to the recent depreciating range from 623.22 to 480.08, and these include the 534.76, 551.65, 568.54, 589.44, and 592.59 levels.  The recent pullback was a test of the 479.03 area, representing the 78.6% retracement of the appreciating range from 439.77 to 623.22.  One level that traders are carefully monitoring is the 503.57 area, a level that represents the 38.2% retracement of the recent appreciating range from 310.00 to 623.22Stops were recently elected below a series of retracement levels including 579.73, 563.58, 553.14, 531.50, 526.88, 509.85, 496.86, and 483.06. Larger Stops were elected below the 550.01 and 504.72 areas, retracement levels related to the wider appreciating range from 313.00 to 623.22.  On the upside, Stops were recently elected above the 615.19 area during the climb higher, an upside price objective related to buying activity that originated around the 142.10 level earlier this year.  The pair’s next upside price objectives include the 637.79, 668.87, 679.78, and 698.88 levels.   Traders are also paying close attention to technical resistance around the 627.83, 638.28, and 652.36 areas. 

Stops were recently elected above the 583.59 and 592.24 areas during the ascent, retracement levels related to selling pressure that commenced around the 894.50 and 1419.96 levelsStops were also recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops triggered above the 503.54, 508.69, and 510.22 levels.  During pullbacks lower, traders are paying close attention to the pair’s trading activity around the 461.31 area, an upside price objective related to buying pressure that emerged months ago around the 125.52 area.   Some additional downside retracement levels include 432.71, 431.36, 427.78, 424.14, 422.81, 419.74, 415.20, 411.91, and 408.12. Additional areas of potential downside support include the 400.56, 395.87, 387.62, 380.03, 377.17, 367.24, 366.72, 354.44, and 353.78 areas.  Traders 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 bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 507.28 and the 50-bar MA (Hourly) at 519.49.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 627.83/ 637.79/ 668.87 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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

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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