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Litecoin, Waves, VeChain Price Analysis: 09 January

Thanks to its sheer dominance in the crypto-market, it’s only understandable that most of the market’s altcoins enjoy a significant correlation with Bitcoin. The same was evident over the past two wee

The post Litecoin, Waves, VeChain Price Analysis: 09 January appeared first on AMBCrypto.

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Thanks to its sheer dominance in the crypto-market, it’s only understandable that most of the market’s altcoins enjoy a significant correlation with Bitcoin. The same was evident over the past two weeks as Bitcoin surged to breach one resistance level after another, the altcoin market followed. However, this wasn’t to last, especially since the world’s largest cryptocurrency had already started to correct itself.

Source: CoinStats

At press time Bitcoin was being traded at $40,691 with a 24-hour trading volume of $61 billion.

Litecoin [LTC]

Source: LTC/USD on TradingView

The cryptocurrency popularly dubbed the “digital silver” to Bitcoin’s “digital gold,” Litecoin seemed to mirror BTC’s price movement on the charts more than any other cryptocurrency. Like BTC, LTC has surged exponentially on the charts over the past few weeks, with the cryptocurrency climbing by over 35% in just one week. In fact, so high is the optimism in the Litecoin market, many expect the crypto to breach the $200-mark soon.

It should be noted, however, that at press time, the cryptocurrency was still a long way away from touching its ATH of $360 on the charts.

As far as Litecoin’s technical indicators are concerned, the Parabolic SAR’s dotted markers were well below the price candles and highlighted the bullishness in the market. Further, the Relative Strength Index was continuing to skirt the overbought zone on the charts. While ordinarily, this would imply that a trend reversal was incoming, given how Bitcoin is performing and how Litecoin apes BTC’s movement, this may have to wait.

LTC was in the news recently after it briefly overtook XRP as the fourth-largest cryptocurrency by market cap on CoinMarketCap’s charts.

WAVES

Source: WAVES/USD on TradingView

Compared to Litecoin, the price movement of WAVES was radically different. While Litecoin has shot up on the price charts on the coattails of Bitcoin’s surge, WAVES has slumped, and it has been doing so since it hit a local top back in early December. Simply put, despite a healthy correlation, WAVES didn’t surge on the charts when the rest of the market did.

At the time of writing, WAVES was noting a period of consolidation. However, it should be mentioned that this came on the back of a week which saw the cryptocurrency drop by 22% on the charts.

The general bearishness in the market was underlined by the cryptocurrency’s technical indicators. The Awesome Oscillator was trending below zero despite the last few bars of the histogram flashing green, while the MACD line was well under the Signal line.

VeChain [VET]

Source: VET/USD on TradingView

VeChain, the cryptocurrency ranked 22nd on CoinMarketCap’s charts, has seen quite a lot of movement on its price charts over the past few weeks. The hike in price came at a good time for VET, especially since the months of September and October saw the crypto trade mostly sideways. At the time of writing, however, VET was recording some corrections, with the crypto down by over 12% after a remarkable hike of over 60%.

Despite the crypto depreciating as corrections set in, the market for the said cryptocurrency remained largely bullish. This was evidenced by VET’s technical indicators. The mouth of the Bollinger Bands was wide enough to suggest more near-term volatility, the Chaikin Money Flow was well above 0.20, underlining the strength of capital inflows in the VET market.

VeChain was recently in the news after a hospital in Cyprus used a Thor blockchain-backed app to certify COVID-19 vaccinations.

Source: https://ambcrypto.com/litecoin-waves-vechain-price-analysis-09-january

Blockchain

Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public

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Cameron and Tyler Winklevoss are reportedly exploring the option of making their cryptocurrency exchange Gemini public. The brothers could follow the steps of other US-based digital asset-related companies with similar intentions, such as Coinbase and Bakkt.

Gemini To Go Public?

Bloomberg reported today that the founders of the US-based crypto exchange Gemini are open to the idea of going public.

“We are definitely considering it and making sure that we have that option. We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.” – said Cameron.

Gemini, based in New York City, employs over 350 people. The exchange obtained a trust charter from the New York State Department of Financial Services shortly after its establishment and is licensed as a money transmitter in multiple US states.

Making a company public has been a hot topic within the cryptocurrency industry lately. Firstly, the largest US exchange Coinbase announced such plans with an estimated value of nearly $30 billion.

More recently, Bakkt, the Bitcoin futures trading platform owned by the Intercontinental Exchange, stated similar plans after a merger with a special acquisition company. Bakkt’s estimated enterprise value is at approximately $2.1 billion.

Gemini Releases A Credit Card With Crypto Rewards

The exchange also announced that it will launch a credit card that will provide users with cryptocurrency rewards. Dubbed Gemini Credit Card, it will enable up to 3% back in bitcoin and other digital assets. The rewards will be automatically deposited into the cardholder’s Gemini account.

The card comes after Gemini acquired Blockrize – a company specializing in building such products. The distribution will start later in the year, and the statement informed that there’s already a substantial waitlist with over 10,000 people requesting early access.

The card will work like traditional ones and will be available to US residents in every state while also accepted in merchants that accept regular cards.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior. Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We are excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.” – commented Tyler Winklevoss.

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Source: https://cryptopotato.com/following-coinbase-and-bakkt-winklevoss-gemini-reportedly-considers-going-public/

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FinCEN Extends Comment Window on Proposed Crypto Regulations

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With the initial deadline for comments long expired, FinCEN has decided to extend the comment period for its proposed controversial crypto regulation for an additional 15 days.

FinCen Sets New Deadline

The Financial Crimes Enforcement Network (FinCEN), an office of the U.S. Department of Treasury, announced the news of the extension via a press release on Thursday (Jan. 14, 2021). FinCEN’s earlier deadline was set on January 4, 2021.

Following the different requests for extension, it appears that FinCEN would not be hasty to implement the proposed regulation. The extension is beneficial for the industry, as affected entities can have time to analyze the proposal. Since the initial comment period, the bureau has received thousands of comments and is ready to receive more feedback.

An excerpt from the press release reads:

“FinCEN is providing an additional 15 days for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000[…] that involve unhosted wallets or wallets hosted in jurisdictions identified by FinCEN. FinCEN is providing an additional 45 days for comments on the proposed requirements that banks and MSBs report certain information regarding counterparties to transactions by their hosted wallet customers, and on the proposed recordkeeping requirements.”

The Proposed Regulations

FinCEN’s proposed crypto regulation required that cryptocurrency exchanges would keep records and verify “the identity of their customers if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.” Also, exchanges are expected to submit to FinCEN transactions that exceed $10,000.

However, the proposal saw pushback from the crypto community, with many saying that the rule was harmful to the industry. Companies like Jack Dorsey’s Square and Andreessen Horowitz opposed the rules, with Square noting that it could create unnecessary friction between crypto users and regulated entities.

Other comments noted that the original 15-days comment period was too short. As reported by CryptoPotato, days after FinCEN released its planned regulatory policy, U.S. crypto exchange Coinbase asked for an extension of the comment period.

According to Coinbase, the comment time frame was rushed and asked the bureau to instead consider a 60-day time frame. Also calling for an extension was a U.S. Senator and several members of Congress. The lawmakers also asked for an extension between 15-60 days to give concerned parties time to evaluate the proposed rule.

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Source: https://cryptopotato.com/fincen-extends-comment-window-on-proposed-crypto-regulations/

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Bulgarian Crypto Exchange Owner Sentenced To 10 Years in Prison for Laundering $5 Million

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A Bulgarian national was sentenced to serve ten years in prison after a major crypto-related fraud. Not long ago, the man was convicted in a transnational multimillion-dollar scheme to defraud over 900 American citizens.

An Auction Fraud That Victimized over 900 Americans

According to an official announcement by the United States Department of Justice, Rossen G. Yossifov, a 53-year-old man, had defrauded hundreds of American citizens during a well-masterminded illegal endeavor.

He managed and promoted the so-called RG Coins – a cryptocurrency exchange headquartered in Sofia, Bulgaria. Now, the US court has sentenced him for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense plus a conspiracy to commit money laundering.

During the crime, Iossifov and his Romanian co-conspirators, part of the Alexandria Online Auction Fraud (AOAF) Network, engaged a large-scale online fraud. They organized a false auction that victimized at least 900 Americans during its course.

As CryptoPotato reported, Iossifov was officially charged with participating and dictating the international fraud a few months ago. 

Providing Favorable Crypto Exchange Rates To Victims

According to initial court documents, the scammers made everything seem legit, providing invoices with trademarks of reputable firms to their victims.

One of the primary ways to lure people into the scam was that the conspirators designed their scheme to cater to criminal enterprises by providing better exchange rates to the AOAF Network members.

The Romania-based fraudsters posted false advertisements to popularize online auctions for expensive goods and vehicles that did not exist. They had also established call centers to offer customer support to advise client questions and “alleviate concerns over the advertisements.”

When convinced, victims had to fulfill a payment. Domestic associates of the criminals would accept the money, convert them into cryptocurrency, and transfer them to foreign-based money launderers. As per the announcement, Iossifov was the final gear that facilitated the last stage of the scheme.

Some of the trial’s evidence revealed that, in less than three years, Iossifov had laundered nearly $5 million in cryptocurrency for just four of his partners.

“This represented over $7 million in funds defrauded from American victims. In return, Iossifov made over $184,000 in proceeds from these transactions”, read the official court publication.

Apart from Iossifov and the five co-operators, so far, 17 more members of the Romanian crime network will face court for their role in this scheme. Seven others have already faced sentences with verdicts between 30 to 96 months. Three of the members of the scam are fugitives.

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Source: https://cryptopotato.com/bulgarian-crypto-exchange-owner-sentenced-to-10-years-in-prison-for-laundering-5-million/

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