Day: May 9, 2019

Ethereum (ETH) Price Could Break $175 As Bitcoin Climbs Towards $6.4K

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ETH price remains supported above the $164 level and recently recovered against the US Dollar. The price is still struggling to clear the $172 and $173 resistance levels, despite gains in bitcoin. There was a break above a key bearish trend line with resistance at $168 on the hourly chart of ETH/USD (data feed via Kraken). The pair could trade in a range before it makes an attempt to break the $172 and $175 resistance levels. Ethereum price is trading sideways with positive signs versus the US Dollar, but declined…

Nordic Banking Giant Nordea Opens Blockchain Trading Platform to More Clients

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Nordic private banking institution Nordea is expanding its offering of the blockchain-based trading platform we.trade to its small and middle-sized business customers (SMEs),  according to a press release on May 9. The platform will purportedly help address trust deficits extant in current cross-border trades made by SMEs. Patrik Zekkar, Global Head of Trade Finance and Working Capital Management at Nordea, explained: “Almost 60 percent of the SME’s said that they have to make advance payments so there is obviously a sense of insecurity surrounding cross-border trade. This is unfortunate, not…

US Lawmakers Form Fintech Task Force to Examine Industry

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The United States House of Representatives Financial Services Committee has passed a resolution to form the Task Force on Financial Technology, according to a press release by the committee on May 9. The new task force purports to “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech.” Congressman Stephen Lynch (D), the newly appointed chair of the Task Force on Financial Technology, commented in a press release on the need for the committee to reevaluate how to best protect consumers…

SEC Commissioner Hester Peirce Concerned Crypto Industry Hindered by Regulatory Delays

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United States regulator and so-called “crypto mom” Hester Peirce gave remarks in which she expressed fears that the cryptocurrency industry has been hindered by the Securities and Exchange Commission (SEC) dragging its heels. Peirce spoke at the Securities Enforcement Forum in East Palo Alto, California on May 9. In her speech, Peirce stated that, given the rapid development of the digital currency industry, she worried that the SEC’s hesitance to provide clear guidance would hold back its growth. The sticking point was, according to Peirce, how to decide when issuing…

Blockchain Entrepreneur, Ontario Regulators Seek Settlement in Namedrop Scandal

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The Ontario Securities Commission (OSC) along with blockchain corporation NextBlock Global Limited and its CEO Alex Tapscott, have filed for a public settlement hearing on May 9. Tapscott and NextBlock were previously accused by the OSC Staff of the Commission of misleading prospective investors during a funding round that reportedly “raised approximately $20 million from 113 accredited investors.” Investors were allegedly shown investor slide decks that falsely portrayed various well-known figures in the blockchain industry as NextBlock advisors. NextBlock allegedly did not inform the individuals that they were being purported…

What We Know About the Binance Hack So Far

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Binance, one of the world’s largest cryptocurrency exchanges, experienced a “large scale” data breach on May 7. The hackers reportedly stole around 7,000 Bitcoin (BTC), worth more than $40 million as of press time. As the platform explained via a public statement, the fraudsters had managed to steal users’ application programming interface (API) keys, two-factor authentication (2FA) codes and other information, which supposedly helped them to orchestrate the attack. Binance has announced that it will use its reserves “to cover this incident in full,” hence “no user funds will be…

Facebook Crypto Ad Ban | Platform Loosens Restriction on Crypto Ads

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According to CNBC, Facebook said on Wednesday that it will loosen its ban on cryptocurrency advertising on its platform. The result will allow businesses related to crypto and blockchain to promote their projects on the social network. The Facebook crypto ad ban first came into effect in January 2018. Facebook Crypto Ad Ban The social media giant first started blocking ads on initial coin offerings, saying it had concerns for its users’ welfare. It was afraid that many would fall for scams and fraudulent crypto products. But earlier this year…

Overstock’s Blockchain Arm Receives $5 Mln From Chinese Firm Following Delays

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Overstock’s blockchain subsidiary tZero has finally secured a $5 million investment from Chinese investment firm GSR Capital, Overstock announced on its latest earnings conference call on May  9. Following an investment in cash and marketable securities, Overstock evaluated tZero’s worth at $1 billion, which is $500 million less than the company initially projected in August 2018. The new funds represent around 2% of the originally projected investment of $404 million from GSR Capital and Singaporean private equity firm Makara Capital. The initial sum included $270 million for up to 18%…

Is Ripple (XRP) the Liquid alternative of Tether or USDC?

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Ripple (XRP) prices slide 1.7 percent The rollout of xCurrent 4.0 is an opportunity for banks to upgrade and even adopt xRapid That the World Bank and the IMF have Ripple Inc in their reports is bullish. At the core, Ripple Inc is introducing speed, efficiency and cost savings in the fund remittance sector searching for alternatives. Even so, the unregulated nature of XRP is slowing down adoption as prices range within a 4 cents zone. Ripple (XRP) Price Analysis Fundamentals For the extended consolidation, Ripple (XRP) is said to…

Weekly Bitcoin Price Indicator Prints Strongest Bull Signal Since Early 2018

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A technical indicator used to identify the momentum behind asset prices is registering its highest value since the beginning of 2018 when applied to bitcoin, a possible positive sign for the cryptocurrency’s market.  The relative strength index (RSI) takes into account the speed and change in price movements, i.e. momentum, to reveal when the trend of the underlying asset is shifting from bearish to bullish market conditions and vice versa, as well as when it has become overextended. Traditionally, an RSI value above 70 is considered to be “overbought” and…