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  • Wells Fargo to Pilot DLT-Based Cross-Border Settlement Platform

    American financial services company Wells Fargo & Company is planning to launch a pilot of a distributed ledger technology (DLT)-based internal settlement service in 2020. In a Sept. 17 press release, Wells Fargo described a DLT-based platform designed to perform internal book transfers of international payments within its global network using digitized cash. The company claimed that it has already successfully tested the concept of money transfers between the United States and Canada. Achievement of nearly real-time money transactions The impetus for the idea was the realization of nearly real-time money transactions with no impact on the underlying account, transaction postings and reconcilement infrastructure with cross-border transactions. DLT will also ostensibly help the company to eliminate the need for third parties and cut transfer time and transaction costs. Lisa Frazier, head of the Innovation Group at Wells Fargo, said that the company has seen increased demand for further reduction of friction regarding traditional borders, with DLT being able to aid in the issue. Frazier stated: “We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the…

    Sep 18, 2019
  • Millennials Insanely Tout Bitcoin and Andrew Yang as Their Retirement Plans

    More than any other generation, millennials face dismal retirement finance prospects. According to a recent report, those born between 1981 and 1996 face numerous economic disadvantages relative to other generations such as baby boomers and generation X. Consequently, they are expected to face overwhelming retirement finance challenges when they start leaving the workplace around three decades from now. That, however, did not stop social media users from making fun of millennials under the hashtag #millennialretirementplans. The retirement plans proposed on Twitter ranged from the bizarre and hilarious to serious ones. Owing to the well-known millennial appetite for avocados, there was no shortage of ideas of how this could turn into a (not-so lucrative) retirement plan. Silicon Valley, the New Master for Millennials Given that millennials came of age at a time when information technology was exploding, some of them are planning to ride on the coattails of the Silicon Valley giants of today (even though it is not clear whether those giants will still be existing when retirement comes around, and in what form, if so). Among the culprit for…

    Sep 18, 2019
  • Ripple Price (XRP) Rallies Significantly To Start Massive Uptrend

    Ripple price surged more than 15% after it broke the key $0.2650 resistance against the US dollar. The price is trading well above the $0.3000 level and it could continue to rise. There was a break above a bullish continuation pattern with resistance near $0.2930 on the hourly chart of the XRP/USD pair (data source from Kraken). The price is showing a lot of bullish signs, with many supports near the $0.3000 and $0.2950 levels. Ripple price rallied above $0.3000 to start an uptrend against the US Dollar and bitcoin. XRP price turned buy on dips and it could continue to rise towards $0.3200. Ripple Price Analysis In the past many analysis, we discussed the importance of the $0.2650 resistance for XRP price against the US Dollar. Yesterday, we even saw a major breakout pattern forming with resistance near $0.2630 on the hourly chart of the XRP/USD pair. Finally, the pair gained bullish momentum and broke the main $0.2620 and $0.2650 resistance levels. It opened the doors for sharp gains above the $0.2720 and $0.2800 resistance levels. Moreover, the price…

    Sep 18, 2019
  • 3 Global Monetary Policies That Are Bullish for Cryptocurrency

    Policymakers around the globe are enacting measures that make cryptocurrencies attractive to everyday investors. Some of these policies were drafted to monitor cryptocurrency transactions. However, there are some rules that limit a person’s financial liberties. Thus, such laws add to the appeal of digital assets. In this article, we reveal the three monetary policies that are bullish for cryptocurrencies. Developed Countries are Debasing Their Currencies Central banks of developed countries such as the U.S., Japan, the United Kingdom, and Switzerland have all employed their own versions of quantitative easing (QE) strategies over the last decade or so. The increased money supply in circulation was meant to stimulate lending and consumption. However, the injection of large sums of fiat currency in the economy has the adverse effect of inflation. As a result, fiat currency loses value over time. For instance, the purchasing power of the U.S. dollar has been in a sharp decline since 2008. The purchasing power of the dollar has been shrinking since 2008. | Source: Goldseek This is bad news for ordinary citizens who are trying to accumulate…

    Sep 18, 2019
  • ECB Revives Plans for a Rival Coin to Libra & Bitcoin

    It seems Facebook’s woes are starting to mount as the European Central Bank (ECB) revives plans to create its own digital currency in direct competition to Libra and bitcoin. Yet another Libra challenger steps up to the plate. This time, it isn’t China’s incipient central bank digital currency (CBDC) but instead a newly proposed CBDC from the ECB. According to Reuters, speaking at a news conference after a meeting of EU finance ministers in Helsinki, ECB board member Benoit Coeure noted that Libra was a “wake-up call.” “We also need to step up our thinking on a central bank digital currency.” Eurocoin vs. Libra This “wake up call” has allegedly resuscitated the ECB’s long-term efforts to create a digital currency. An official at the ECB gave an idea of some characteristics of the proposed project. Allegedly, the CBDC will be a digital form of cash that could be deposited directly at the ECB, negating the need for bank accounts or intermediaries. Unfortunately, things turned even sourer for Libra. Bruno Le Maire and Olaf Scholz, respective finance ministers for France and…

    Sep 18, 2019
  • Altcoins Awaken, What Has Driven The Epic XRP Surge?

    In a rare move this year the altcoins have taken off today and their big brother has stalled its engine. Specifically Ripple’s XRP and payments token Stellar Lumens are driving the rally as total market capitalization and volume crank higher. Ethereum Strong But XRP Stronger For the best part of this year Bitcoin has been ruling the roost and dominating market movements. However it is finally the turn of the altcoins today as BTC runs out of steam just above $10k. Total market cap 24 hours – Coinmarketcap.com Ethereum has been on a roll since the weekend and has managed to hold on to gains above the psychological $200 level. Yesterday’s BitPay support announcement has added to the bullish fundamentals for ETH and a golden cross on the four hour chart confirmed things technically. On the day Ethereum has gained a further 7 percent from just under $200 to top $211 at the time of writing. According to Tradingview.com ETH topped out at $215 a couple of hours ago before retreating slightly. It has now reached its highest level for…

    Sep 18, 2019
  • Analysts Discuss the Probability of Break Above $20,000 and Alt-Season

    Bitcoin [BTC] has continued to trade around the $10k support for quite some time now. The break above 10k came about in a bullish trend. However, a descending triangle pattern has panned out from the yearly highs. Leading crypto-analysts Tone Vays, Vanzen, Willy Woo, and David Puell weighed in on how they viewed Bitcoin price currently. Moreover, the altcoin dominance also decreased below 30% during the move. They also estimated the probability and the extent of an altseason. On Bitcoin’s Prolonged Price Action Bitcoin [BTC] has been prepping for a big move from the past couple of weeks. However, the price action has prolonged at $10,000 for quite some time now. Due to the institutional view of things and global economic turmoil, Bitcoin has enjoyed a bullish momentum in the first half of 2019. Moreover, the rise was also fuelled by the short squeeze – the capitulation of short-sellers. Vanzen talked about the general market sentiments using the Bitcoin Funding and premium index indicator developed by Neobutane. BTC/USD 1-day Chart with BitMEX Funding and Premium rate Indicator | Chart source…

    Sep 18, 2019
  • Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

    As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders.

    Sep 17, 2019
  • Is 70% the Limit for Bitcoin Dominance?

    Cryptocurrency market analyst Mati Greenspan has speculated that the current levels of Bitcoin dominance versus the rest of the cryptocurrency market might be the highest they will ever reach. He reasons that the last time Bitcoin dominance was as high as it is now, there wasn’t even a “developed market” for non-Bitcoin crypto assets. However, such a reading seems a little reductionist. For one, it doesn’t take into account the fact that most of the recent rise that has taken Bitcoin to its current dominance levels has been at the direct expense of the altcoin market. The Only Upper Limit on Bitcoin Dominance is 100% Posting to Twitter earlier today, Greenspan, a senior market analyst at eToro, suggested that Bitcoin’s current ~70% dominance level might be the highest it will ever again reach. The reasoning given was that prior to the 2017 altcoin boom, there wasn’t even a developed market for altcoins. Bitcoin dominance is now comparable to where it was before there was even a developed market for altcoins. Hard to see it getting much stronger from here. pic.twitter.com/pgfNWLQipr…

    Sep 17, 2019
  • Calibra CEO Argues that Libra Poses No Threat to Nations’ Monetary Sovereignty

    On Monday, The Bank for International Settlements hosted a meeting in Basel, Switzerland to discuss the issue of stablecoins like those proposed by Facebook and J.P. Morgan. After the meeting, Calibra CEO David Marcus took to Twitter to try to allay any concerns policymakers might have about Libra’s potential for threatening the monetary sovereignty of the modern nation-state. Marcus addressed that risk in a series of tweets: “About monetary sovereignty of Nations vs. Libra: Recently there’s been a lot of talk about how Libra could threaten the sovereignty of Nations when it comes to money. I wanted to take the opportunity to debunk that notion. Libra is designed to be a better payment network and system running on top of existing currencies, and delivering meaningful value to consumers all around the world.   Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve. As such there’s no new money creation, which will strictly remain the province of sovereign Nations.  …

    Sep 17, 2019
  • Canada Revenue Agency Audits QuadrigaCX’s Corporate Tax Returns

    The Canada Revenue Agency (CRA), the country’s tax authority, is auditing the corporate tax returns filed by QuadrigaCX, the now-defunct Canadian cryptocurrency exchange. CRA’s request for documents and information is significant According to an article by the Globe and Mail on Sept. 16, QuadrigaCX is now being audited by the CRA which has requested the tax returns from Oct. 1, 2015, to Sept. 30, 2018. The Canadian exchange has been generating headlines ever since its CEO, Gerald Cotten, was declared dead in India without ever revealing the passwords to access the company’s cryptocurrency reserves. Bankruptcy trustee EY, which oversees the exchange’s insolvency proceedings, said that the CRA’s request for documents and information is significant, stating: “The Trustee intends to discuss the request for information with CRA Audit and their counsel and will return to Court for further direction, if necessary.” The bankruptcy trustee added that responding to all of the information requests from various law enforcement agencies and regulators will have a direct affect on how much money is available to repay QuadrigaCX’s 115,000 creditors. However, EY admits that there…

    Sep 17, 2019
  • Smart contracts ensure high Ethereum demand despite low ETH transactions

    Ethereum network is seeing record-high due to the presence of smart contracts. This means that the network has evolved from just being a platform for ETH transactions to something much greater. Ethereum Smart Contracts: Burning too much gas? The most active smart contract on the network is an Ethereum-based Ponzi scheme. The contract has been growing recently. People have been talking about the contract across social media platform Twitter. People have been sending ETH to this for a short opportunity window for profit gains. The scheme has been burning around a quarter (27%) of Ethereum network’s gas. Gas is a fraction of Ethereum token that is used by a contract to pay block miners. The second-largest contract is “Tether USD” that issues and trades USDT coins across the Ethereum network. Tether has a supply of almost two billion (1.95B) tokens on the network. The contract burns up to 30 percent of the Ethereum network’s gas. This takes up more computational power than decentralized applications with high activity. Usage rate higher than 30 percent causes the transaction price to rise and…

    Sep 17, 2019
  • BIS Economist Proposes DLT-Based Financial Market Monitoring

    An economist of the Bank for International Settlements (BIS) has proposed new ways of supervising financial risks through distributed ledger technology (DLT). In a recently released working paper, economist Raphael Auer made the case for so-called embedded supervision, which would automatically monitor tokenized markets. This would purportedly eliminate the need for the collection, verification and delivery of companies’ related data. New forms of transparency and data credibility Per the report, DLT and smart contracts can facilitate the development of financial markets through new forms of transparency and data credibility, and eventually exclude middleman-based data verification. To achieve these goals, embedded supervision aims to use machine learning or artificial intelligence, relying on the trust-creating mechanism of decentralized markets for regulatory purposes. The paper further explains: “If DLT-based markets were to develop, this would change the way assets are traded and how they are packaged into complex financial products. Since the information contained in the blockchain is verified by decentralised economic consensus, it could replace current processes for data delivery and verification.” Auer states that, for regulators and lawmakers, it is necessary…

    Sep 17, 2019
  • Low Volatility Bitcoin Price Action: Decision Time Is Near, Powerful Move Incoming

    Bitcoin price is one again trading in the low $10,000 range, following a weekend trading around mid-$10,000 and yet another failure to break out higher. As a result of the lack of a clear direction being chosen, volatility has dropped to the lowest point it has been in some time and is approaching lows from November 2018 and April 2019. When volatility drops this low, just like it did during those two key dates, Bitcoin price makes a massive, powerful movement, and finally makes a decision on the trend ahead. Should something similar occur, a “massive” 25% or more move could be possible, according to one crypto analyst. Bitcoin Price Volatility Reaches Levels Not Seen Since Nov 2018 or April 2019 Bitcoin and other crypto assets are both lauded and feared for their notorious volatility. For investors, the volatility can be difficult to stomach at times, as Bitcoin price can rise to $20,000 in months, only to fall back down to $3,000 retracing over 80% of the gains it saw. But for crypto traders, volatility is why Bitcoin and the…

    Sep 17, 2019
  • Today’s Bitcoin Drop Driven by Massive Volume Influx

    Bitcoin has been facing a bout of sideways trading for the past several days, but today’s drop to below $10,200 may spell trouble for the cryptocurrency’s near-term price action and may point to the possibility that BTC will soon revisit its nearest level of major support at $10,000. This latest drop, although relatively minor, has been driven by a massive influx of volume, which could mean that a massive movement is inbound in the coming hours and days. Bitcoin Slowly Moves Back Towards $10,000 as Sellers Flex Their Strength At the time of writing, Bitcoin is trading down just over 1% at its current price of $10,215, which marks a slight retrace from its recent highs of nearly $10,500. Importantly, Bitcoin failed to reach its region of major resistance at $10,800 ever since it bounced at $10,000 a couple of weeks ago, and the fact that BTC’s bulls were unable to push it to its near-term resistance region signals an underlying weakness that may spell trouble for its price action in the coming days. Over the past several months Bitcoin…

    Sep 17, 2019
  • Bug on Kraken Let Users Buy Bitcoin at Levels Below Market Price

    On Sept. 13, United States-based crypto exchange Kraken experienced a bug that allowed some users to buy or sell Bitcoin (BTC) at a notably different price from Bitcoin’s actual market price due to a reported system bug. The next day, Kraken posted a Twitter thread explaining that the bug resulted from testing an unreleased advanced order type. While Bitcoin was trying to hold $10,300 mark on the day of the reported system glitch, the exchange wrote that “some clients bought from the tester at $8,000 and others sold at $12,000 without clearing the intervening liquidity” through the bug. Bug on Kraken on Sept. 13. Source: Twitter How widespread was the bug? Kraken explained that the bug led to an execution on either side of the $8,000–$12,000 spread, while no liquidity was exhausted. The exchange stated that stop market orders were correctly filled at market price, and suggested that affected clients submit a support ticket. A Kraken spokesperson subsequently told Cointelegraph that a total of around $100 was executed. The trade only happened once and could only be initiated by a…

    Sep 17, 2019

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