XRP Price Analysis – November 1

/latest/2018/11/xrp-price-analysis-november-1/

XRP Price Analysis – November 1

xrp-price-analysis-november-1

Ripple, XRPUSD, CryptoCompare chartXRP Chart by Trading View

XRPUSD Medium-term Trend: Ranging

Resistance Levels: $0.50, $0.52, $ 0.54                                                                                                                

Support Levels: $0.40, $0.38, $0.36   

The XRPUSD pair had been on a sideways trend.The price bars, the 12-day EMA and the 26-day EMA are horizontally flat indicating that the crypto is in a sideways trend. On October 30, the crypto’s price made a bullish movement to a high of $0.45. Nevertheless, the XRP price is still ranging above the $0.44 price level which will result in another price breakout.

From the chart, the stochastic indicator is above 20. Some days ago, the stochastic was below 20 indicated that the crypto was in a strong movement to the downside. Today, the stochastic is above 20 indicating a buy signal. Traders can initiate long trades at the current market price. Then a stop loss order below the $0.44 price level.

XRPUSD Short-term Trend: Ranging    

XRPUSD 4 Hour(November 1)TV.pngXRP Chart by Trading View
          

On the short term trend, the XRP price is in a sideways trend. The crypto’s price is in a sideways trend on both the medium and short term. There is the tendency that there will be price breakout . The crypto’s price bars are below the 12-day EMA and 26-day EMA  which indicates that the price is in the bearish trend zone. Meanwhile, the Relative Strength Index period 14 is level  50 which indicates that the price of crypto is in a sideways trend zone.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.           

Hong Kong Crypto Exchanges Coming Under Increased Regulatory Scrutiny

The Securities and Futures Commission (SFC) of Hong Kong appears set to adopt a new approach to regulating the local cryptocurrency trading market. This announcement comes after the FSC chairman, Carlson Tong Ka-shing, said that Hong Kong needed a more robust regulatory framework for cryptocurrency trading. 


Expanded Regulatory Oversight

In a press release issued by the FSC on Thursday (November 1, 2018), the financial regulatory watchdog declared its intention to create an expanded regulatory framework for cryptocurrency exchange platforms.

According to the statement, the FSC wishes to offer more robust investor protection.

Commenting on the new approach, SFC Chief Executive, Ashley Alder, said:

The measures announced today allow us to regulate the management or distribution of virtual asset funds in one way or another so that investors’ interests would be protected either at the fund management level, at the distribution level, or both. We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes.

 

Licenses for Cryptocurrency Funds and Exchange Platforms

As part of the new regulatory paradigm considered by the FSC, there are plans to issue licenses to cryptocurrency funds. Presently, the SFC’s mandate only covers assets that qualify as futures contracts or securities. However, the SFC plans to license all such funds, whether the virtual currency portfolios being managed are securities/futures contracts or not.

Apart from virtual currency funds, the SFC is also looking at exchange platforms. The statement says the regulators wish to examine whether exchanges should fall under the SFC’s mandate. To this end, the Commission plans to see how well such platforms respond to its regulatory provisions.

The next step for the SFC depends entirely on the result of the examination process. On the one hand, the Commission can establish licensing requirements and enact close supervision of cryptocurrency exchanges. On the other hand, the SFC may decide that there isn’t any appropriate framework with which to license virtual currency exchanges.

Thursday’s press release is in keeping with the recent sentiments espoused by the Commission regarding the regulation of cryptocurrency trading. Earlier in the month, the FSC Chairman declared that a blanket ban on virtual currency trading in Hong Kong wouldn’t be practical. Meanwhile in the prohibition against cryptocurrency trading and ICOs in mainland China continues.

Will the proposed expansion of the SFC oversight on exchange platforms lead to better cryptocurrency trading conditions in Hong Kong? Let us know your thoughts in the comment section below. 


Images courtesy of Shutterstock, Bitcoinist archives, Twitter (@cnLedger).

Bithumb to Set up US Security Token Exchange-Report

Welcome to Cryptovest, a leading source of cryptocurrency information. The crypto space’s many nuances present challenges in making knowledge decisions, such as the best coins and investments. We provide information to help you take full advantage of this cutting-edge industry.

Lisk (LSK) Reaches Reward Halving for Block Producers

Welcome to Cryptovest, a leading source of cryptocurrency information. The crypto space’s many nuances present challenges in making knowledge decisions, such as the best coins and investments. We provide information to help you take full advantage of this cutting-edge industry.

India Mulls Banning ‘Use’ Of Cryptoassets

The Indian government is considering “[banning] use of private crypto currencies” in the country, the Indian Press Information Bureau revealed yesterday in a brief notice. The mention was somewhat cursory and only one of a series of other roughly illustrated Bureau announcements.

The full text reads as follows:

 

The [Financial Stability and Development Council] also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private crypto currencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.

 

Regulatory Uncertainty

This latest missive comes after the country’s supreme court upheld a Reserve Bank of India (RBI) decision, in April, to prohibit all RBI-regulated entities from crypto-fiat transactions; namely such entities “shall not deal in [virtual currencies] or provide services for facilitating any person or entity in dealing with or settling VCs.”

That ruling caused considerable turmoil among India’s nascent cryptoasset-oriented businesses, and a mass appeal was filed to the supreme court in response. Only days ago, India’s supreme court requested clarity on the government’s position regarding cryptoassets, as CryptoGlobe reported over the weekend.

Yesterday’s release, however, seems to offer little clarity, with the specific meaning of “use of” unclear. No details are given about further prohibitions against cryptoassets, nor about any “appropriate legal framework” that could follow.

 

The 2018-19 budget proposal specified in the release, also provides little further elaboration on the subject, saying “The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” adding “The Government will explore use of blockchain technology proactively for ushering in digital economy.”

The RBI has of late been considering its own rupee-backed cryptoasset, as CryptoGlobe reported on earlier this year. Such a move would perhaps speak to the meaning of yesterday’s statement signaling a policy to “[encourage] the use of Distributed Ledger Technology.”

 

Carrot-and-stick

India, like other nations and entities, seems to be mulling the carrot-and-stick approach to cryptoassets: considering or enacting strict rules regarding the use and purchase of open-source or public cryptoassets, while simultaneously lauding the technological potential that underpins them. Zambia  recently took a similar position, denying the possibility of cryptoassets as legal tender and warning away citizens from interacting with cryptos, while simultaneously kneeling at the altar of innovation. China has followed a similar arc, as has Russia.

Digital Currency Group Subsidiary Grayscale Has Raised $329.5 Million For Product Development

/latest/2018/11/digital-currency-group-subsidiary-grayscale-has-raised-329-5-million-for-product-development/

Digital Currency Group Subsidiary Grayscale Has Raised $329.5 Million For Product Development

digital-currency-group-subsidiary-grayscale-has-raised-329-5-million-for-product-development

Grayscale, a “trusted authority” on investments that focuses on providing “secure access” and “diversified exposure” to crypto assets, has released its Q3 digital asset investment report. The year-to-date (YTD) “highlights” of the report noted that the firm has raised $329.5 million so far – in order develop its products.

Notably, the majority of investments (59%) have come from institutional clients.

“New Investments” Remain “Strong”

Grayscale, which is a subsidiary of the Digital Currency Group (DCG), mentioned that “new investment” into its products continue to remain “strong.” The company raised $81.1 million during Q3 2018 – which brings its YTD investment inflow to almost $330 million.

Established in 2013, Grayscale revealed that its recent financial report “marks the strongest year-to-date inflows through September” that the firm has experienced “during any calendar year” – since the launch of its business.

Grayscale’s suite of products continue to attract more capital – with bitcoin (BTC) being the most preferred form of crypto investment. In Q3 2018, 73% of total investments made by Grayscale’s clients were in its Bitcoin Investment Trust. Meanwhile, 23% were “tied to other digital asset” investments offered by the firm.

The investment company also revealed: 

Institutional investors remain engaged with Grayscale products … Institutional investors’ share of new investment increased to 70% in Q3, though the dollar-value invested was lower than in the two previous quarters.

“First Positive Quarterly Return”

Commenting on the recent trends in digital asset investments, the report questioned whether there would be “a potential reversal” as a Bitcoin Investment Trust and XRP Investment Trust “are bucking the trend on a possible reversal.” This may have helped generate the company’s “first positive quarterly return” for 2018.

Grayscale’s Q3 2018 “highlights” are as follows:

  • “Total Investment into Grayscale Products in Q3 2018: $81.1 million”,
  • “Average Weekly Investment – All Products: $6.2 million”,
  • “Average Weekly Investment – Bitcoin Investment Trust: $4.5 million”,
  • “Average Weekly Investment – “Non-Bitcoin” Investment Products: $1.7 million”,
  • “Majority of investment (70%) has come from institutional investors.”

The company’s YTD key financial figures:

  • “Total Investment into Grayscale Products in Q3 2018: $329.5 million (up 33% in Q3)”,
  • “Average Weekly Investment – All Products: $8.4 million”,
  • “Average Weekly Investment – Bitcoin Investment Trust: $5.5 million”,
  • “Average Weekly Investment – “Non-Bitcoin” Investment Products5: $2.9 million”,
  • “Majority of investment (59%) has come coming from institutional investors.”

Bank of America Patent Application Reveals Tamper-Proof Storage for Private Keys

Bank of America has filed for yet another blockchain-related patent, a document published by the United States Patent and Trademark Office has revealed. The patent, titled “Systems and devices for hardened remote storage of private cryptography keys used for authentication,” was filed on September 16, 2018. The document goes on to describe a ‘tamper-responsive’ storage mechanism for cryptographic keys.

Securing Private Keys

In the patent filing, Bank of America notes that existing mechanisms for private key storage are insufficient and insecure since they are stored locally. 

The bank also notes that since most computers are always connected to the internet, their “internally stored private cryptography keys are continuously susceptible to being misappropriated by an entity that desires to usurp a user’s identity.”

According to the author, the proposed storage device will be completely isolated from the system performing the authentication. Moreover, if some form of intrusion is detected, it will automatically wipe its memory, and by extension, all stored private keys. The processor could also be paired with several sensors to identify physical tamperings, such as changes in acceleration, temperature, and shock. Bruteforce attacks are also covered, with the device being theoretically able to detect forced entry into the hardware.

Bank of America Leads the Pack

Notably, Bank of America holds the most number of blockchain related patents in the United States. In June 2018, a report by business publication Fortune found that the American company led the blockchain race with close to 50 live patents. Even tech giants, such as IBM, Mastercard, and Intel, have failed to beat Bank of America in this respect.

The American bank has filed for numerous patents this year alone. However, a former Senior Vice President Michael Wuehler claimed that most patents serve no practical purpose and are nothing more than a marketing ploy. Interestingly, Wuehler is listed as the ‘inventor’ of 8 blockchain patents filed by Bank of America. At the time of his tweet and even today, he was directly responsible for over 10 percent of the company’s patents. After working with BoA for 11 years, he co-founded the blockchain company ConsenSys.

Ongoing Patent War

While most patents awarded to Bank of America have not yielded a commercial product yet, the company wants to stay ahead of the curve. Speaking at the CB Insights Future of Fintech event in June 2018, Bank of America’s chief technology officer said:

“We’ve got under 50 patents in the blockchain/distributed ledger space. While we’ve not found large-scale opportunities, we want to be ahead of it we want to be prepared.”

However, on a global scale, Chinese e-commerce behemoth Alibaba has filed the most blockchain patents to date. The company has registered close to 100 patents to date, with its founder Jack Ma betting big on the technology. In early 2018, he criticized the speculatory nature of bitcoin and other cryptocurrencies, and said that blockchain “must be used to solve data privacy, security and sustainability issues.”

Over 1.3B Tether (USDT) Leave Market in October Alone

Welcome to Cryptovest, a leading source of cryptocurrency information. The crypto space’s many nuances present challenges in making knowledge decisions, such as the best coins and investments. We provide information to help you take full advantage of this cutting-edge industry.

Bitcoin Slowly Recovers From Its Worst Day in Nearly 3 Weeks

Following bitcoin’s 10th anniversary, the cryptocurrency is now seemingly starting to slowly recover from its worst day in nearly three weeks, that saw it lose about $150 in a few hours, breaking the range it was in.

Looking at available price data shows the flagship cryptocurrency had been trading within the $6,600 and $6,400 range since about October 16, as its volatility kept on declining. Earlier, its 30-day volatility index even hit levels it hadn’t seen since December of 2016, before last year’s bull run that took it to a near $20,000 all-time high.

Bitcoin’s range was broken on October 29 when its price dropped from about $6,440 to roughly $6,280. Since then, the cryptocurrency has recovered to $6,335 at press time, as it’s up 0.62% in the last 24 hours.

Bitcoin seems to be slowly recovering from its worst day in three weeks

Bitcoin’s declining volatility is seen by some as a bullish sign, as a study conducted by researchers from the Polish Academy of Sciences and Cracow University of Technology found it’s a sign it is slowly maturing.

The CEO of the largest cryptocurrency derivatives exchange BitMEX, Arthur Hayes, has noted, however, he belies the current bear market could last another year and a half, based on his experience form the last bear market BTC went through. Per his words, things can get worse than they are now.

Nevertheless some are still bullish. Speaking to MarketWatch Adam Jiwan, the CEO and co-founder of blockchain-based data sharing network Spring Labs, was quoted as saying:

Regardless of how one feels about cryptocurrencies, bitcoin has ushered in a technological revolution that will have profound implications for how information is shared, consumed, and protected.

Jiwan added that “blockchain will be ubiquitous and the world will have to adjust.” Financial institutions have been increasingly adopting blockchain tech and cryptocurrencies. Goldman Sachs recently revealed it’s now offering bitcoin “non-deliverable forward contracts” to a select few clients, although it isn’t yet planning to launch ether-based products.

Despite these developments, some believe bitcoin is set to become a store of value, and that “smaller-cap altcoins have the largest potential.” This, according to crypto investment firm New Wave Capital, as during the bear market everyone flocks to bitcoin, but people will start buying altcoins as soon as the bulls come back.

Most top altcoins are currently in the green, with Ethereum’s ether, Ethereum Classic (ETC), and zcash being among the few that have risen less than 1% in the last 24 hours. Bitcoin Cash, EOS, and XRP are up by 1.49%, 1.74%, and 1.76% respectively.

Litecoin, NEO and TRON have seen slightly more modest gains of 1.32%, 1.11%, and 1.54%. Monero and dash are the only two top altcoins currently down in said period, by 0.6% and 1.1% respectively.

CEO of Top Crypto Derivatives Platform: Crypto Bear Market Could Last Another 18 Months

The CEO of major crypto derivatives platform BitMEX, Arthur Hayes, has said he believes the crypto winter could last 18 months, in an interview with Yahoo Finance UK Oct. 31.

Hayes – an ex-Deutsche Bank and Citi trader who co-founded Seychelles-registered BitMEX back in 2014 -– said that “based on previous experience,” the low volatility and volume trading climate could “persist for another 12 to 18 months,” continuing:

“I started in bitcoin in 2013 when the price went from $250 to $1,300 and then 2014 to 2015 was sort of the nuclear bear market. Price crashed, volume crashed — very, very difficult to make money.”

Bitcoin has been tightly range bound around $6,300-$6,500 in recent months, and shed close to 68 percent in value since its industry-record highs in December 2017. If its relative price stability of late has been lauded by multiple commentators as a sign of market maturity, the flipside to this has been low trade volumes, which Hayes said he believes “could fall further from where they are now.”

Nonetheless, BitMEX continues to see daily trades on crypto contracts worth a “notional $1 billion” per day, and recorded its highest ever day at $8.5 billion in 2018, notwithstanding the straitened climate. Hayes said the platform is “well positioned to weather the low volatility,” adding that:

“There are some reports of other OTC dealers and exchanges letting go of employees because obviously volumes have fallen and they hired aggressively. Our expansion plans have not changed, we continue to hire across the whole organisation.”

Yahoo’s report includes opinions from other industry experts, whose past experience has led them to draw a different prognosis to that of Hayes’. EToro senior analyst Mati Greenspan is quoted as saying:

“In 2016 the gains started very gradually until it snowballed. Now that awareness and education have skyrocketed, I have a feeling that it’s going to happen a lot quicker the next time.”

As reported last week, Bloomberg’s analysts have joined the ranks of experts who consider that Bitcoin (BTC)’s low volatility levels signal the coin is finding a bottom, viewing this as a positive sign in terms of fostering “uses cases […] other than speculation.”

In October, Blockchain Capital’s Spencer Bogart concurred that Bitcoin appears to be “bottoming,” but anticipated a turning of the tables; nothing less than a “future crypto bonfire when we have the next bull market.”