Libra Association Holds Inaugural Meeting, Forms Board

The Libra Association, the governing body of Facebook’s proposed stablecoin, held its inaugural meeting today in Geneva, Switzerland. 

According to a report from Reuters on Oct. 14, the consortium reaffirmed their interest in creating a payments-oriented stablecoin that would be balanced by a basked of various, purportedly stable fiat currencies. 

Libra Association sets rules for governance

In addition to explicitly stating their interest in the project, the consortium’s 21 members also formed a five-member board and agreed to interim articles of association which, according to Swiss law, must describe how the organization will be governed. 

Most major decisions will reportedly require a majority vote of the ruling council, while proposed changes to membership or management of the reserve must pass by a two-thirds majority.

The five-member board comprises of Facebook’s David Marcus, representatives from non-profit Kiva Microfunds, PayU, venture capital firm Andreessen Horowitz and Xapo Holdings Limited.

Backers flee Libra Association

Today’s meeting in Geneva follows a spate of withdrawals from former consortium members. Earlier today, Booking Holdings, the owner of travel sites booking.com, priceline.com, agoda.com and Kayak, withdrew from the Libra Association.

Other major payments- and commerce-related firms have left the association, including Mastercard, Visa, eBay, Stripe and PayPal. According to Reuters, the only remaining payments firm in the Libra Association is Netherlands-based PayU, which purportedly does not operate in the United States, Canada and many areas in Africa and the Middle East.

Cause for optimism?

The Libra Association is apparently remaining optimistic about going ahead with the project. Dante Disparte, the head of policy and communications at Libra Association, told Reuters that the recent flight of major backers is “a correction; it’s not a setback.” However, Disparte further admitted that the coin could face delays as regulators continue to scrutinize the project. 

Earlier today, United States Treasury Secretary Steven Mnuchin said that the firms left Libra because it was not “up to par” with American Anti-Money Laundering standards. Mnuchin added that, if the project is not compliant when it launches, it could result in action from the Financial Crimes Enforcement Network, which is under the purview of the Treasury. 

Facebook CEO Mark Zuckerberg is slated to testify about the project before the House of Representatives Financial Services Committee at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”

News source CoinTelegraph.com

Dubai, Emirates NBD Sign MoU on Blockchain Trade Finance Solutions

The Dubai Chamber of Commerce and Industry (DCCI) has signed a memorandum of understanding (MoU) with Emirates NBD.

Middle Eastern news daily Saudi Gazette reported on Oct. 14 that the DCCI, which acts as an international business hub in Dubai, has signed an MoU with Dubai government-owned bank, Emirates NBD. 

The bank, which is one of the largest banking groups in the Middle East in terms of assets, will provide trade finance solutions for the Digital Silk Road, a Dubai 10X initiative, which uses blockchain technology to digitize trade processes in Dubai.

Dubai 10X is a program wherein various departments of government are tasked with researching and applying new and disruptive technologies to their administration and operations. 

Hamad Buamim, president and CEO of DCCI, reportedly said that the agreement with Emirates NBD is a major step forward for the initiative, adding:

“Trade finance remains one of the most important tools used today to facilitate international trade and commerce as it simplifies transactions for importers and exporters.”

The DCCI had signed an MoU at the beginning of July with the International Chamber of Commerce and Singapore-based blockchain startup Perlin to promote the adoption of blockchain trade solutions.

That same month, the DCCI entered another partnership with the Dubai International Financial Centre, Mashreq Bank and fintech firm Norbloc to launch a blockchain-based Know Your Customer data-sharing consortium in 2020.

Dubai real estate on the blockchain

In June, Cointelegraph reported that the Dubai Land Department and telecoms firm Etisalat signed an MoU concerning blockchain technology for real estate, with the intention to implement smart government standards and introduce paperless management and digital contracts for property transactions.

News source CoinTelegraph.com

Price Analysis 14/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

A draft report by the G7 group of nations outlined the risks associated with “global stablecoins.” The report said: “No stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed.” This report is likely to increase the troubles for Facebook’s Libra project.

Former Commodity Futures Trading Commission chairman Christopher Giancarlo believes that Libra and the prospects of central bank digital currencies will increase regulator’s intrusions into the crypto space. 

This can work as a double-edged sword. If regulators provide clarity, it is likely to attract large institutional players into the game, but if the regulators only look to stifle projects and create hurdles, crypto-sector growth could take longer than expected. 

Billionaire investor Tim Draper believes that with its borderless nature and decentralization, Bitcoin (BTC) will bring the world together. According to Draper,  it will change the way governments and politicians operate worldwide. He further goes on to say that “Bitcoin brought with it a few fundamental technologies that can accelerate our transformation from a tribal planet to a global one.”

In the short-term, regulatory uncertainty appears to be placing a cap on cryptocurrency prices. Let’s see if we spot any buy setups in the major cryptocurrencies.

BTC/USD

Bitcoin has been consolidating between $7,700 and $8,770 for the past few days. This shows a balance between both the bulls and the bears. Such phases of consolidation are often followed by a sharp directional move. 

If the price breaks out to the upside, it will indicate that the current consolidation period was used by the bulls to accumulate. On the other hand, if the price breaks down out of the range, it will indicate a period of distribution. It is difficult to predict the direction of the breakout, hence, it is best to enter after the Bitcoin makes a decisive move.

BTC/USD

If the bulls can push the price above the range, a move to the downtrend line of the symmetrical triangle is possible. A breakout of the downtrend line will signal the end of the correction and the start of a new uptrend.

Contrary to our assumption, if the bears sink the BTC/USD pair below the $7,700 to $7,337 support zone, it will be a huge negative. Such a move will delay the recovery and can extend the down move to $5,533, which is also at the  78.6% Fibonacci retracement level of the most recent rally. Therefore, aggressive traders who hold long positions can retain the stops at $7,700.

ETH/USD

Though Ether (ETH) fell below the support at $185, the bears could not capitalize on the advantage. The price has been trading just below $185 for the past three days. This shows that bulls are buying on minor dips and are not waiting for a deeper fall to make entries.

ETH/USD

The bulls will once again attempt to clear the overhead resistance zone of $185 to $196. If successful, a rally to $224 and possibly $235 is possible.

Conversely, if the bulls fail to scale the resistance zone, the bears will attempt to sink the ETH/USD pair to $164. A break below this support can drag the price to $152. Therefore, for now, aggressive traders can retain the stops on their long position at $160. We will suggest trailing the stops to $175 after the price rises above $200.

XRP/USD

XRP bounced off the moving averages on Oct. 12 and is currently attempting to break out of the overhead resistance at $0.29227. The 20-day EMA is slowly sloping upward and the RSI has climbed into positive territory, which shows that bulls have made a comeback.

If buyers can push the price above $0.29227 and sustain it, a rally to $0.34229 is probable. Traders can keep a stop loss on the long positions at $0.215. We would suggest trailing stops higher if the price moves northwards.

XRP/USD

Contrary to our expectation, if the bulls fail to sustain the price above $0.29227, the XRP/USD pair might remain range-bound between $0.220 to $0.29227 for a few more days. The downtrend will resume on a break below the critical support of $0.22.

BCH/USD

Bitcoin Cash (BCH) remains stuck inside the range of $203.36 to $236.07. The altcoin’s failure to even retest the breakdown level at the neckline is a negative sign. This shows a lack of urgency among the bulls to buy at the current levels. 

BCH/USD

The bears will now try to sink the BCH/USD pair below the low of $203.36. If successful, a drop to $166.98 is likely. On the other hand, if the bulls propel the price above $241.85, a pullback to the neckline is possible. 

A short-term trading opportunity will present itself for the aggressive traders on a breakout and close (UTC time) above $242. Until then, we remain neutral on the cryptocurrency.

LTC/USD

Litecoin (LTC) has not given up much ground after turning down from the 20-day EMA, which shows buying on dips. The bulls will again attempt to push the price above the 20-day EMA. If successful, a move to the downtrend line of the falling wedge pattern is likely.

A breakout of the downtrend line will be a positive sign and will indicate a change in trend. The next level to watch on the upside is $80.2731.

LTC/USD

Nevertheless, if the bears fail to break out of the 20-day EMA, a few more days of consolidation is likely. The LTC/USD pair will turn negative on a break below the recent lows of $50. We will wait for the price to break out and close (UTC time) above the downtrend line before turning positive.

EOS/USD

EOS has been trading close to the 20-day EMA for the past six days. Both moving averages have flattened out and the RSI is just below the midpoint. This shows a state of equilibrium between the bulls and bears.

EOS/USD

If the buyers can push the EOS/USD pair above the downtrend line and the 50-day SMA, it will indicate that the markets have rejected the breakdown below $3.1534. If the price sustains above the 50-day SMA, a rally to $4.24 and above it to $4.8719 is possible. Traders can initiate long positions as suggested in our earlier analysis.

However, if the bulls fail to scale above the 50-day SMA, the pair might remain range-bound for a few more days. It will turn negative on a break below the recent lows of $2.4001.

BNB/USD

Binance Coin (BNB) bounced off the previous resistance turned support of $16.4882 on Oct. 12. This shows the formation of a higher low in the short-term time frame. The 20-day EMA is flattening out and the RSI has risen above the midpoint, which suggests that the selling has subsided and the bulls are gradually making their presence felt.

BNB/USD

However, the relief rally is now likely to face stiff resistance at the 50-day SMA. If the bulls can push the BNB/USD pair above the 50-day SMA and the resistance line of the channel, it will signal the end of the downtrend. Therefore, we suggest a long position on a breakout and close (UTC time) above the channel with stops placed at $14. The target objective on the upside is $32.

Contrary to our assumption, if the pair turns down from the overhead resistance and plunges below $16.4882, a retest of $14.2555 will be on the cards. If this level also cracks, the downtrend will resume.

BSV/USD

Bitcoin SV (BSV) continues to trade in a tight range of $78.506-$90.40. This shows a balance between buyers and sellers. Neither party is confident about the next directional move, hence, they are playing it safe. 

BSV/USD

The longer the consolidation, the stronger the eventual breakout or breakdown from it will be. If the bulls succeed in breaking out of the range, a move to the 50-day SMA is possible. This is a stiff resistance to watch on the upside because the bulls have not been able to scale it since Jul. 11. Hence, a move above the 50-day SMA will signal a likely change in trend. 

Conversely, if the tight range resolves to the downside, a dip to the recent lows of $66.666 is likely. If this support also cracks, the BSV/USD pair will resume its downtrend. As the pair has been in a strong downtrend, we will wait for a reversal pattern to form before proposing a trade in it. 

XLM/USD

The dip in Stellar (XLM), in the past three days, could not challenge the immediate support of $0.055901, which shows that buyers are keen to enter on minor dips. The bulls will now try to push the price above the overhead resistance of $0.064886.

XLM/USD

If successful, a move to the downtrend line and above it to $0.088708 is possible. The moving averages have flattened out and the RSI has risen above 50, which suggests that bears are losing their grip. Therefore, traders can continue to protect their long positions with stops at $0.051. 

Our bullish view will be invalidated if the XLM/USD pair reverses direction from $0.064886 and plummets below $0.051014. However, we give this a low probability of occurring.

TRX/USD

Tron (TRX) is attempting to bounce off the moving averages, which is a positive sign. It shows that buyers are keen to defend the support. The price could gradually move up to the overhead resistance of $0.018660. This is an important level to watch out for because the price has repeatedly turned down from it.

TRX/USD

If the TRX/USD pair again reverses direction from $0.018660, a dip to the uptrend line and below it to the moving averages is likely. A breakdown of the moving averages can drag the price to $0.011240.

Conversely, if the pair can climb above $0.018660, it is likely to pick up momentum. The first target is $0.0256938 and above it $0.030. Therefore, traders can initiate long positions as suggested by us in an earlier analysis. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

News source CoinTelegraph.com

Europol: Crypto-Ransomware Remains Most Prominent Cyber Attack

The European Union Agency for Law Enforcement Cooperation (Europol) released its 2019 Internet Organized Crime Threat Assessment (IOCTA) report.

Crypto exchanges continue to be a magnet for hackers

On Oct. 9, Europol presented its IOCTA report of the cybercrime threat landscape. According to the EU-focused law-enforcement organization, cybercrime must be approached in a holistic sense, saying:

“Countering cybercrime is as much about its present forms as it is about future projections. New threats do not only arise from new technologies but, as is often demonstrated, come from known vulnerabilities in existing technologies.”

Europol’s fifth edition of its IOCTA report paints a troublesome picture and shows that cryptocurrency-ransomware remains the most prominent cyber attack that European cybercrime investigators are confronted with, followed closely by attacks that illegally acquire financial data, such as credit card information, online banking credentials or cryptocurrency wallets. The report adds:

“Cryptocurrency exchanges continue to be a magnet for financially motivated hacking groups. In 2018, over $1 billion in cryptocurrencies were stolen from exchanges and other platforms worldwide.”

Europol further points out that different entities within the cryptocurrency ecosystem could be perceived as profitable targets for cybercriminals. The law enforcement agency believes that the trend of crimes is evolving to target cryptocurrencies and that more financially motivated cybercrime gangs will shift their focus to any entity with large holdings of cryptocurrency assets. Europol adds:

“Law enforcement must continue to build trust-based relationships with cryptocurrency-related businesses, academia, and other relevant private sector entities, to more effectively tackle issues posed by cryptocurrencies during investigations.”

Europol Shuts Down Counterfeiting Ring

Cointelegraph previously reported that Europol, together with the Portuguese police, had seized funds worth €70,000 ($77,200) in what they describe as one of the most advanced counterfeiting operations ever seen. Law enforcement succeeded in bringing down the ring, which sold fake notes on the dark web in return for Bitcoin (BTC).

News source CoinTelegraph.com

Booking Holdings Leaves Facebook’s Libra Association

Leading online travel company Booking Holdings has ditched the Libra Association, the governing consortium of Facebook’s proposed Libra stablecoin.

Booking Holdings has thus become the latest in an array of companies that abandoned the project, leaving it with 21 founding members out of the initial 28 organizations, Bloomberg reported on Oct. 14.

A promising start

Booking Holdings — which stands behind travel sites booking.com, priceline.com, agoda.com and Kayak, among others — became a founding member of the Libra Association in June. In August, Booking Holdings CEO Glenn Fogel said that he believes that blockchain-based currencies will continue to grow and could become more popular.

At the time, Fogel predicted that cash will be rarely used in the future, adding that he sees the potential for a new form of global currency that is protected and secure:

“When Bitcoin became well known, many questioned its legitimacy, and while the jury is still out on the future of Bitcoin, I do believe currencies with a blockchain base will continue to surface and may become more widely accepted across the globe, especially outside the U.S., which has a well-accepted credit card payment system.”

Ahead of upcoming Mark Zuckerberg testimony

The move comes ahead of Facebook CEO Mark Zuckerberg’s testimony on Libra before the House of Representatives Financial Services Committee on Oct. 23. Announcing the meeting, Congresswoman Maxine Waters mentioned the draft bill “Keep Big Tech Out of Finance Act,” which is designed to ban large tech firms from getting licensed as financial institutions in the United States.

Previously, Calibra wallet CEO David Marcus testified before the House Financial Services Committee and the Senate Banking Committee in regard to Libra’s development and its features. Marcus claimed that Facebook intends to be compliant with the U.S. Financial Crimes Enforcement Network in distributing Libra.

However, some lawmakers met Marcus’ statements with skepticism and concern. Earlier today, U.S. Treasury Secretary Steven Mnuchin attributed the recent spate of firms abandoning Facebook’s Libra stablecoin project to regulatory concerns, although some industry stakeholders believe that policymakers pressured companies to leave the project.

News source CoinTelegraph.com

Report: G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability

The G7 group of nations has reportedly drafted a report which says that “global stablecoins” pose a threat to the global financial system.

According to the BBC on Oct. 13, a draft report from the G7 outlined the various risks associated with digital currencies. It also said that, even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators, stating:

“The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed. […] Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement.”

The G7 also states that global stablecoins with the potential to scale rapidly could stifle competition and threaten financial stability if users lose confidence in the coin. 

The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week. 

Further problems for Libra?

The BBC states that, while the report does not single out Facebook’s proposed Libra stablecoin project, it could spell further trouble for the already beleaguered proposed payments system.  

Global regulators are increasingly leaning on the project, with the Bank of England recently establishing provisions with which it must comply before it can be issued in the United Kingdom.

Facebook CEO Mark Zuckerberg will testify before the United States House of Representatives Financial Services Committee about Libra later this month. The head of the committee, Democratic Representative Maxine Waters, has been a noted critic of the project. Earlier this year, the committee drafted the “Keep Big Tech out of Finance Act.”

Libra has seen several major partner firms of its governing consortium leave the project recently. On Oct. 4, major payments network PayPal withdrew from the organization and was soon followed by Visa, Mastercard, Stripe and eBay. 

Furthermore, Finco Services of Delaware initiated a lawsuit against Facebook, alleging trademark infringement, unfair competition, and “false designation of origin” regarding the use of the Libra logo. The plaintiff is also suing its former designer, who did the logo work for Facebook, for reusing the design.

News source CoinTelegraph.com

Telegram Responds to Investors on SEC Action, Hearing Set for Oct. 24

Telegram Open Network (TON) developers responded to its investors after American regulators abruptly announced that its $1.7 billion token sale was illegal.

No clear feedback from SEC for 18 months

According to a TON letter to investors obtained by Cointelegraph, the firm has been trying to solicit feedback from the United States Securities and Exchange Commission (SEC) for the past 18 months regarding the TON blockchain and does not agree with the recent action. It wrote:

“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the SEC’s legal position.”

Court hearing is scheduled for Oct. 24

In the letter, Telegram stated that they are continuing to assess the best ways to resolve the situation in the interests of relevant parties, including but not limited to evaluating whether to delay the launch date.

After deeming Telegram’s initial coin offering (ICO) illegal, the SEC also filed a temporary restraining order, setting a court hearing in New York for Oct. 24.

Following the news, New York Times tech reporter Nathaniel Popper tweeted on Oct. 12 to point out the involvement of high-profile investors in Telegram’s $1.7 billion ICO, including Benchmark, Sequoia and Lightspeed. He wrote:

“The SEC’s move to shut down Telegram’s crypto project raises  questions about the big venture capital firms that gave it $1.7 billion and convinced themselves that it would pass regulatory muster. That includes Benchmark, Sequoia and Lightspeed.”

Yesterday, a private Telegram channel for TON investors removed all previous posts and announced it will be taking a break amid the increased level of regulatory uncertainty.

Criticism against SEC over no clarity for crypto

The SEC has been notably criticized for its lack of clarity regarding cryptocurrencies and ICOs. In late September, a group of lawmakers from the U.S. Congress sent a letter to the authority’s chairman Jay Clayton, urging the commission to issue clear guidance on cryptocurrencies. Previously, Representative Warren Davidson hosted a crypto roundtable where participants expressed their concerns over the existing legal framework for ICOs and crypto.

Earlier this year, John Berlau, a senior member at libertarian think tank Competitive Enterprise Institute, criticized the SEC’s approach to regulating cryptocurrencies, arguing that its “burdensome regulation” kills transformative innovation. He also argued that the SEC’s scrutiny could threaten the functionality of blockchain tech if the agency treats cryptocurrencies as securities. In early April, U.S. lawmakers reintroduced the Token Taxonomy Act that aims to exclude crypto from securities laws.

News source CoinTelegraph.com

Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum

The privacy-focused cryptocurrency Zcash (ZEC) is seeking access to Ethereum’s decentralized finance (DeFi) ecosystem.

Zcash’s shielded addresses on the Ethereum network

On Oct. 13, Coindesk reported that the topic of interoperability was the theme of the now concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller cryptocurrency projects displayed interest in accessing Ethereum’s DeFi ecosystem. Summa co-founder, James Prestwich, told the news outlet:

“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”

Developers all over the world have been working on interoperability solutions to enable different networks to interact more efficiently in an attempt to eradicate existing issues in regard to scalability and speed. 

In that regard, Josh Swihart, VP of marketing and business development at Electric Coin Company, said that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network, adding:

“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”

When asked why decentralized app creators might want shielded address and smart contract options, Zcash Foundation board member Ian Miers said:

“You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.”

Zcash gets delisted on Upbit and OKEx

Cointelegraph previously reported that South Korean cryptocurrency exchange Upbit was ceasing trading support for six cryptocurrencies, including Zcash. The exchange clarified that the reason for delisting these six privacy coins is to block the possibility of money laundering and the inflow from external networks.

Just days before, OKEx Korea confirmed it would halt trading of Zcash and other privacy-focused coins. The exchange said that the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force.

News source CoinTelegraph.com

BNB Gains 23% Plus Other Top-5 Cryptos This Week: LINK, HT, XRP, TRX

The United States Securities and Exchange Commission (SEC) has been in the thick of the action over the past week. First, the SEC rejected the Bitcoin ETF application from Bitwise Asset Management and NYSE Arca. Next, the governing body obtained a temporary restraining order against Telegram and its wholly-owned subsidiary Telegram Open Network (TON) for hosting a securities sale which would culminate with the distribution of Gram (GRM) tokens within the U.S. The SEC claims that the ICO was illegal as Telegram did not register the offering. 

While both news events are overwhelmingly negative, the crypto markets have held their own and have not collapsed. This shows that the markets have matured and the market participants are not dumping their holdings in panic, which is a positive sign.

The chairman of the United States Commodity Futures Trading Commission (CFTC), however, provided a sigh of relief to crypto investors after its chairman Heath Tarbert said that his view is that “Ether is a commodity.” He also suggested that all forked entities should be treated the same as the original asset. 

BKCM founder and CEO Brian Kelly believes that the move by the CFTC provided regulatory clarity which is likely to attract institutional investors who were sitting on the sidelines. Kelly suggested that these investors are now more confident about adding Ether to their “commodity bucket.” 

With Bitcoin holding above its recent lows, some altcoins are also beginning to show strength. Let’s see if we find any bullish setups in the top five performers of the past seven days. 

LINK/USD

Chainlink (Link) has been among the top performers for the past three consecutive weeks. This shows that it is backed by momentum. However, after the stellar rise, can it continue its uptrend or will it succumb to profit booking?

LINK/USD

The LINK/USD pair recently closed above $2.0531 and this triggered our buy which was suggested in an earlier analysis. Our first target of $2.8498 was achieved last week, which shows that the bulls are not expecting a large fall, hence, are buying at higher levels.

Though the bulls pushed the price above $2.8498 during the week, they have not been to sustain the breakout. This shows profit booking by the short-term traders at the resistance level. However, with the rise in the past two weeks, the 20-week EMA has started to turn up, which shows that the advantage is with the bulls.

If the bulls can propel the price above $3, we expect the up move to reach $4 and above it $4.5826. Conversely, if the bulls fail to scale above $3, the pair might remain range-bound for a few more weeks. Our view will be invalidated on a break below $1.4612. 

BNB/USD

Binance Coin (BNB) has made a comeback into this list after a long absence. Let’s look at the events of the past seven days that have ignited trader’s interest in it. Recently, the exchange launched the eighth phase of its lending product which allows owners to earn an annualized percentage yield of as high as 10% for a few cryptocurrencies. 

Expanding its services, Binance launched peer-to-peer trading for its Android app users in China. The service will be available for Bitcoin, Ether and Tether (USDT) against the Chinese yuan. Binance CEO Changpeng Zhao said that this service will be expanded to other regions soon. Zhao also confirmed that users are able to use WeChat or Alipay for P2P transactions for payment, but both companies swiftly denied that this was true. Has BNB bottomed out or is it ready for an up move? Let’s study its chart.

BNB/USD

The bears could not capitalize on the sharp breakdown below $18.30 over the past two weeks. This resulted in a pullback that can carry the BNB/USD pair to the resistance line of the channel. As the downsloping 20-week EMA is also located at this level, we anticipate the bears to defend this resistance. 

If the price turns down from the resistance line of the channel, it can again dip towards $14.2555. A breakdown of this support will resume the downtrend but if the price rebounds off this level, it will indicate a bottom formation.

A breakout and close above the channel will indicate an end of the downtrend. Traders can initiate a long position on a close (UTC time) above the channel and keep a stop loss of $14. The first target will be a move to $33 and above it, a retest of the lifetime highs is possible.

HT/USD

Huobi Token (HT) rallied just above 10% in the past seven days and turned out to be the third best performer. Investors are now wondering whether it bottomed out and is now ready for the next leg of its upside move?

HT/USD

The pullback in the HT/USD pair found support just below the 50% retracement level of the rally from the lows of $0.88 to the highs of $5.3506. This is a positive sign and it shows that bulls are stepping in to buy on dips. 

On the upside, the bulls might face some resistance at $3.67 and $4.37. If both levels are crossed, a rally to $5.3506 will be on the cards. Traders can wait for the price to rise and close (UTC time) above the 20-week EMA before buying. A stop loss can be kept at $2.90.

Our bullish view will be invalidated if the pair turns down from one of the overhead resistance levels and plummets below $2.90. If that happens, a dip to $2.5878 is possible. 

XRP/USD

Ripple has merged three of its services, xRapid, xVia, and xCurrent, into its RippleNet offering. With this move, “instead of buying xCurrent or xVia, customers will connect to RippleNet — on-premises or through the cloud — and instead of buying xRapid, clients will use On-Demand Liquidity,” said a Ripple spokesperson. 

Bank of America (BoA) is also rumored to have hired a “treasury product manager” for Ripple. This shows that the bank is warming up to cryptocurrencies in some form. Similarly, United Kingdom-based financial software firm Finastra has joined RippleNet, which will help its customers with cheaper and faster cross-border payments.

For the past few days, Ripple Labs has been at the receiving end of criticism by some community members. However, Ripple CEO, Brad Garlinghouse, defended the company and said that its transparency has made it vulnerable to attack. While the  fundamentals are encouraging, has the technical picture also turned positive? Let’s study XRP’s chart.

XRP/USD

The relief rally in the past two weeks reached the first overhead resistance at the 20-week EMA. A breakout of this level will again hit a roadblock close to the 50-week simple moving average (SMA) and above it at the downtrend line of the descending triangle. If the bulls push the price above the triangle, it will invalidate the bearish pattern, which is a bullish sign. 

Aggressive traders can buy on a close (UTC time) above the 20-week EMA and keep a stop loss of $0.215. Risk-averse traders, however, should wait for the price to breakout and close above the triangle to buy.

Both moving averages are flattening out and the RSI is gradually rising to the midpoint. This suggests that the selling pressure has subsided. Our view will be invalidated if the pair turns down from one of the overhead resistance levels and plunges below $0.22. 

TRX/USD

This week Tron (TRX) has teamed up with the Stellar Development Foundation to form a new educational alliance that will provide working knowledge about blockchain technology to  university students. Let’s see if we can spot a buy setup on the TRX/USDT pair. 

TRX/USD

The TRX/USDT pair is facing resistance close to $0.018660. This level has acted as a stiff barrier over the past few weeks. If the bulls fail to scale it once again, the pair might again dip towards the critical support of $0.011240. A breakdown of this support will be a negative sign and could point toward a new downtrend.

However, if the bulls can push the price above $0.018660 with strength, the large range of $0.011240-$0.0409111 will come into play. It is possible that the moving averages could act as resistance but we expect them to be crossed. Therefore, traders can buy on a close (UTC time) above $0.01860 with a stop loss of $0.0110. The first target target being $0.030 and above it $0.0409111.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

News source CoinTelegraph.com

Crypto Markets Report Mild Gains, While Binance Coin Jumps 7%

Sunday, Oct. 13 — Bitcoin (BTC) continues to bounce around the $8,400 price mark, while most of the top-20 coins by market capitalization report slight gains.

Market visualization

Market visualization. Source: Coin360

Cryptocurrency markets are seeing mild gains, generally within a tight range of 1–2%. Binance Coin (BNB), the number eight coin by market capitalization, is the only top-20 coin that that stands out and is surging more than 7.5%. 

Bitcoin has been bouncing between $8,300 and $8,400 for most of the day. The world’s most popular cryptocurrency traded from an intraday low of around $8,330 up to its current trading price near $8,425, showing modest gains of around 1.2% in the past 24 hours. 

While BTC trades within a tight range and might be getting ready for a big move, billionaire investor Tim Draper stated that he expects Bitcoin to change how governments operate worldwide. Draper called Bitcoin “the startup currency” and says he believes that BTC will bring the world together:

“With Bitcoin, and the decentralization that comes with Bitcoin, geographic borders have become less relevant. No longer are we at the mercy of dictators and toll trolls to grow the world economy. […] In the long-term I believe with regard to business and economics, we are, more than ever, one world.”

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), meanwhile, has fallen back again and hit its intraday low at $180, while slowly crawling towards its current trading price of $184 per coin at press time. 

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

Ripple’s XRP is showing positive gains of 3% over the past 24 hours and is trading at about $0.280 per coin at press time. Over a seven-day period, XRP is up by nearly 7%.

Cointelegraph recently reported that Ripple fused three of its services into features of its RippleNet offering. A Ripple spokesperson explained that now, “instead of buying xCurrent or xVia, customers will connect to RippleNet — on-premises or through the cloud — and instead of buying xRapid, clients will use On-Demand Liquidity.”
Ripple seven-day price chart

Ripple seven-day price chart. Source: Coin360

All of the top-20 coins are showing moderate gains in the past 24 hours, with the exception of Chainlink (LINK), which is down nearly 2.5%. As mentioned above, Binance Coin takes the lead with more than 7.5% at press time.

The overall cryptocurrency market cap increased from $224 billion to $227 billion, with Bitcoin making up 66.8% of the total.

Keep track of top crypto markets in real time here

News source CoinTelegraph.com