Connect with us

All News

Ethereum’s Price Heading Back Above $300

Published

on

The ether-U.S. dollar (ETH/USD) exchange rate appears to be responding positively following shocks caused by regulatory actions in China.

Ethereum’s native cryptocurrency, which was just finding its footing following China’s ICO ban, took a dive to $198 on Friday, the lowest level since July 31, after major Chinese exchanges announced they would shut down ether-yuan trading under pressure from regulators.

Still, the sell-off in the cryptocurrencies was short-lived, as investors realized that the exchange crackdown would not affect crypto-to-crypto trading. The second largest cryptocurrency by market capitalization soon recovered and is back around $285 today.

This lead to expectations that Chinese investors will likely continue to participate in the market via offshore exchanges. Thus, cryptocurrencies regained their poise on Monday.

Forthcoming technical improvements may also be helping to lift the cryptocurrency.

A new version of ethereum’s Geth node software was released Friday. An update that includes various protocol changes for its upcoming “Metropolis” hard fork. Ethereum is currently on target to activate the so-called Byzantium upgrade within the next month.

Vitalik Buterin, ethereum co-founder speaking to TechCrunch on Monday, predicted the platform will match Visa’s transaction capacity in a couple of years: “Bitcoin is processing a bit less than three transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.”

With China seemingly out of the way, investors may push ether back above its 50-day moving average level of $300. According to CoinMarketCap, ether has lost 0.92 percent in the last 24 hours. At the moment, the currency is trading at the $285 level. On a weekly basis, the digital currency is down 5.3 percent, due to the China dip.

Investopedia defines “falling channel” as the price action contained between two downward sloping parallel lines.

In ether’s case, a bullish falling channel breakout can be observed, though it still needs to break above the 50-day moving average level of $300. In that case, prices could test $345–$350 levels (resistance being offered by the trend line sloping upwards from the July 16 low and July 29 low].

On the downside, only a break below $198 would revive the bearish view and shall open doors for a sell-off to falling channel support of $170-160.

 

All News

SEC, CFTC Crypto Meeting in the US

Published

on

By

The Securities and Exchange Commission(SEC) and Commodity Futures Trading Commission (CFTC) meeting recently took place today, Feb. 6. The written testimonies of Jay Clayton and J. Christopher Giancarlo, the chairmen of the SEC and the CFTC respectively, have now been released publicly.

SEC/CFTC

SEC chairman Jay Clayton talked about the importance of distinguishing between ICOs as securities and non-securities.

Clayton said:

“Investors should understand that to date no ICOs have been registered with the SEC, and the SEC also has not approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies. If any person today says otherwise, investors should be especially wary.”

A co-authored article in the Wall Street Journal showed both officials’ perspectives on the issue of cryptos, appearing during the World Economic Forum 2018 in Davos last month.

During the event many politicians had a voice to talk about the importance of cryptocurrency regulations.

Continue Reading

All News

Bank Bans Credit Card Crypto Purchases

Published

on

By

The Lloyds Banking Group in Britain is one of the giants in the whole world and the largest in the UK, and it has recently become the first major credit card provider in the country to ban its customers from using credit cards to purchase digital currencies.

Credit Card Ban: Cryptocurrencies

The ban comes after the case of J.P. Morgan Chase, Bank of America, and Citigroup’s similar choice yesterday to ban credit cards purchases of cryptocurrencies for all their customers.

Lloyds, has in itself Halifax, Bank of Scotland, and MBNA, and it will block its 9 million credit card users from buying cryptocurrencies.

However, Lloyd’s customers will still be free to buy cryptos with debit cards.

The credit card crypto ban came into place after Bitcoin saw a huge price drop in the market this week, falling below $8000 for several days which is not very good for the mainstream crowd.

Lloyds stated that the ban will “protect customers” that could store big amounts of credit debt if the market price keeps going crazy, which it may, if cryptos stay true to their rule of volatility

Continue Reading

All News

Airline in Japan to Support BTC

Published

on

By

Japanese airline, Peach Aviation has announced that it plans to accept Bitcoin (BTC) as a payment method.

Airline BTC Payment

The idea had been delayed, however it has been confirmed that they will in fact go through with it.

Japanese broadcasting corporation NHK World had previously posted an article about Peach Aviation doubting cryptocurrencies after the Coincheck hack for $534 mln. The article was removed not long after.

According to the airline, the rumors that Peach Aviation would not follow through with their BTC payment option after the NHK article, are false.

They said:

“There have been some reports today on our company retracting its plan to enable airline tickets to be purchased with Bitcoins; however, this is not something that was announced by our company and is not a fact. We are currently considering our start period in aiming to introduce such a service.”

Although it is still a new thing to include cryptocurrencies as a form of payment in airlines, Peach Aviation is not the first to accept them.

Back in July 2017, AirBaltic introduced to their customers the option to purchase flights with Bitcoin. On the Blockchain court, Singapore Airlines have just today, announced a Blockchain-based frequent flyer app which will be releasing in August this year.

Continue Reading

Trending

Get 97% OFF our Complete Course on Cryptocurrencies (BTC, ETH and more)HERE
+ +