Ripple (XRP) Targets Fresh Lows Despite Positive Crypto Sentiment

Ripple price is still trading in the red zone below the $0.2000 resistance against the US dollar. The price is declining and it could soon break the $0.1840 support area to continue lower. This week’s key bearish trend line is still active with resistance near $0.2055 on the hourly chart of the XRP/USD pair (data source from Kraken). A clear break below $0.1840 and $0.1800 might push the price to a new monthly low. Ripple price is showing bearish signs against the US Dollar, while bitcoin and Ethereum are in…

Binance Invests Undisclosed Sum in Crypto Derivatives Platform FTX

Crypto exchange colossus Binance has invested an undisclosed amount of money in derivatives platform FTX as part of a strategic partnership between the two firms. As part of the deal announced Thursday, Binance has purchased equity in the derivatives firm and purchased long positions in the FTX Token, FTT, the platform’s native coin.  “The investment will help accelerate the growth of FTX with support and strategic advisory from Binance while FTX maintains its independent operations,” FTX founder and CEO Sam Bankman-Fried said. In return, FTX will help develop Binance’s products,…

Ethereum (ETH) Could Dip And Rip Again, Bitcoin Turns Bullish

Ethereum is correcting lower from $135 and it is trading above $125 against the US Dollar. The price is likely to remain in a positive zone as long as it is above $120. There is a breakout pattern forming with resistance near $128 on the hourly chart of ETH/USD (data feed via Kraken). Bitcoin is showing green signals as it settled nicely above the $7,000 resistance area. Ethereum price is consolidating above $125 versus the US Dollar, similar to bitcoin above $7,000. ETH price might dip a few points, but…

GSR Partners With Canaan-Backed Startup to Offer Crypto Miners Derivatives

Liquidity provider GSR is introducing derivative products to help crypto mining companies hedge their risks against price volatility after partnering with Interhash, a mining services startup backed by Canaan Creative.  The companies announced on Friday that a new set of derivatives contracts, including swaps, would help miners manage their risks when running operations in 2020, including the upcoming bitcoin halving (when the amount of bitcoin produced per block mined is cut in half).  The new products are expected to launch next month, though a specific date was not provided. According…

Fowler May Change ‘Not Guilty’ Plea in Crypto Capital Laundering Case

Reginald Fowler, one of the individuals accused of running a “shadow banking” service for cryptocurrency startups, is expected to plead guilty to at least some charges during a court hearing next month. According to a letter written by Assistant U.S. Attorneys Jessica Fender and Sheb Swett on behalf of U.S. Attorney Geoffrey Berman, “it is anticipated that defendant Reginald Fowler will enter a change of plea at the next court conference.” U.S. District Judge Andrew Carter, who is overseeing the case in the Southern District of New York, endorsed the…

Blockchain.com’s New GBP Gateway Creates a Crypto-Hedge Against Brexit Uncertainty

Blockchain.com is adding a British pound (GBP) gateway to its cryptocurrency exchange, The PIT, as it prepares for Britain’s coming separation from the European Union, or Brexit. Announced Thursday in a press release, the addition will utilize Britain’s Faster Payments Service (FPS) to let Blockchain.com’s U.K.-based users buy cryptocurrencies almost instantly. The company framed its dual announcement as a bet on Britain at a tenuous time. With Prime Minister Boris Johnson’s recent landslide victory all but ensuring Brexit by Jan. 31, the nation is streaming towards an uncertain future.  That…

Op Ed: Tendencies and Opportunities of Bitcoin Taxation in the EU

In the U.S., the IRS is progressively clarifying the ambiguity persisting on the taxation of cryptocurrencies, as illustrated by the recent publication of a fairly detailed FAQ. In parallel, the U.S. tax administration is carrying out numerous tax audits.  In Europe, while no state has shown hostility, very few are those that have adopted a fiscal environment that encourages a positive development of cryptocurrencies. To understand taxation of cryptocurrencies in the EU, it must be kept in mind that the EU has no power over direct taxation (however, VAT is…

Iran President: We Need a Muslim Cryptocurrency to Fight the US Dollar

Iranian President Hassan Rouhani says the Muslim world needs its own cryptocurrency to fight American economic domination in international trade and cut reliance on the dollar, AP reported.  “The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime,” he said at the Kuala Lumpur Summit in Malaysia on Thursday.  Iran has been hit with severe economic sanctions by the U.S. that limit how the nation’s financial institutions make investments abroad since the dollar is the most common…

Dragonfly Capital, Paradigm Buy $27.5M Stake in Governing MakerDAO’s Future

Venture funds Dragonfly Capital and Paradigm have acquired $27.5 million worth of MKR tokens and plan to take part in the Maker Protocol’s governance system. Announced Thursday by the Maker Foundation, the $27.5 million raised will fund the foundation’s efforts to promote dai adoption in China and the broader Asia region. It’s expected Dragonfly and Paradigm, who already have a strong presence in the region, will advise on the expansion. “Dai continues to be the stablecoin of choice in all global markets for its decentralization and overall stability,” said Rune Christensen,…