Facebook Data Breach Fines Could Top $1B

Facebook, the beleaguered social media giant that is facing intense scrutiny into its business practices, could be on the hook for a multibillion dollar fine, reported CNN.

According to the report citing the Irish Data Protection Commission, Facebook is under investigation by the regulator over allegations it failed to protect the privacy of its users. It confirmed to CNN late last week that it started a “statutory” inquiry into the social media giant after it received several reports of data breaches. The Irish Data Protection Commission is in charge of making sure companies comply with the new European Genera Data Protection Regulation, which has been in effect since May. The Irish regulator was given the powers to ensure companies are complying with the new stringent data protection law.  Facebook has its European headquarters in Dublin, so it is required to alert the Irish Data Protection Commission within 72 hours of any data breach. If companies are found not having complied with the rules of GDPR they can be fined as much as $23 million or 4 percent of annual revenue, whichever is higher, reported CNN. Facebook had revenue of nearly $40 billion last year, which CNN calculated could translate into a fine of as much as $1.6 billion. That’s assuming revenue stays the same next year.

The Irish Data Protection Commission told CNN it launched the inquiry due to several breaches reported to the regulator, including Facebook’s latest disclosure that a bug exposed the photos of millions of Facebook users for twelve days. The problem was discovered by Facebook in September, but it didn’t tell the Irish Data Protection Commission until November 22. According to CNN, Facebook said it reported the incident as soon it was able to ascertain it was breach that needed to be reported.  “We are in close contact with the Irish Data Protection Commission and are happy to answer any questions they may have,” a Facebook spokesperson told CNN.

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Bitcoin Daily: ‘Bitcoin Is Dead’; Congressman Says Crypto Can Pay For Trump’s Wall

Teenage bitcoin millionaire Erik Finman is now saying that the cryptocurrency is “dead.”

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting, I just don’t think it will last,” Finman told MarketWatch. “It may have a bull market or two left in it, but long-term, it’s dead.”

Finman famously took a $1,000 gift from his grandmother to buy bitcoin, going on to make more than $4 million during the crypto’s $20,000 run.

In addition, Finman said Litecoin is also on its way out. “Litecoin has been dead for a while,” he said. “It’s like when the sun is going down and there’s that eight minute period just before it goes dark. Litecoin is in its seventh minute.” He added that project-based cryptocurrencies have the best chance of success, with Ether and ZCash on the top of his list.

Finman’s comments come as The New York Post reports that “mining” bitcoin has now become unprofitable due to the crypto’s falling price; it is now getting under $3,200, an 84 percent decrease from the highs seen just one year ago.

But Nick Colas, co-founder of DataTrek Research, doesn’t believe this is the end.  “I’ve had a lot more questions about Bitcoin in the last 30 days and I tell people I don’t think we’re at the bottom yet,” he said. “We’re in what I call a ‘technological winter.’ It’s like what happened in the Nasdaq bubble. There was a recovery but it took many years.”

“A lot of miners definitely are losing money but there’s still miners that can make money,” he added.

Of course, there has also been a growing concern over the use of cyrpto to launder money, and a new Bloomberg report revealed that bitcoin ATMs (BTMs) might be used to engage in the criminal activity.

Currently, there are more than 4,000 of these machines worldwide and 2,389 in the U.S., with new ones installed at a rate of about five a day, according to Coin ATM Radar. And anyone can purchase a machine for a few thousand dollars, and go on to obtain a federal money transmission license on the U.S. Department of the Treasury website in about 15 minutes. By one expert’s analysis, more than half the machines in the U.S. aren’t verifying identifications or placing limits on transactions, which could result in more than $500 million in illegal cash being laundered annually.

“There are people clearly trying to launder money through our BTMs in small amounts,” says Arnold Spencer, general counsel at Dallas-based Coinsource, the largest BTM operator in the world. “We’re catching most of them, if not all of them.”

In other news, Ohio Congressman Warren Davidson believes crowdfunding with a cryptocurrency may be the best way to fund Donald Trump’s controversial wall on the Mexican border.

During an interview with NPR’s Steve Inskeep, Davidson suggested that he has proposed a private funding program where“the American people, or whomever should choose to donate,” (including residents of Mexico) would be able to fund the wall’s construction.

“You could do it with sort of like a crowdfunding site or you could do a blockchain and you could have WallCoins, but you could raise the money and frankly if we get it right at the Treasury you could even pay with Mexican pesos.”

Coinbase has announced that its U.S. customers can now make withdrawals into their PayPal accounts.

“Before today, you needed an ACH or Federal Wire account to withdraw funds. These traditional finance networks can add up to two business days to a withdrawal,” wrote Coinbase’s Allen Osgood. “We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”

And the European Parliament wants to create measures to boost blockchain adoption in trade and business across the region.

The resolution, called “Blockchain: a forward-looking trade policy,” aims to explore how blockchain could improve EU trade policies.

“The EU has an opportunity to become a leading actor in the field of blockchain and international trade, and it should be an influential actor in shaping its development globally, together with international partners,” according to the resolution.

As Coindesk pointed out, this is the latest step in the region’s acceptance of blockchain. Earlier this month, seven European countries — France, Italy, Spain, Malta, Cyprus, Portugal and Spain — signed a joint declaration to promote the use of the technology to transform their economies.

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Crypto Winter? Winklevoss Twins Say They’re ‘Totally at Home’ in this Market Climate – CCN

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Cameron and Tyler Winklevoss, early bitcoin investors and founders of the Gemini crypto exchange, don’t seem to be deterred by the current market slump. In fact, speaking to Bloomberg recently, Tyler Winklevoss said, “We’re totally at home in winter.”

The twins confirmed they are pushing ahead with their firm’s plans, including a new mobile application, the Gemini Mobile App, which released this week on Google Play and the Apple App Store for all users.

The new app allows buying and selling of Gemini-listed cryptocurrencies, displays market prices and portfolio value, and allows users to send and receive cryptocurrency funds. It also has price alerts, recurring buy orders, and basket order functionality. The basket order feature, called “Buy The Cryptoverse™,” lets users buy an index of coins, weighted by market capitalization, in a single order.

Cameron Winklevoss, also Gemini President, said in the press release:

“Cryptocurrency never sleeps so it’s important for us to make it easy for our customers to engage with it wherever they are and whenever they want.”

bitcoin price chartIt takes more than an 85 percent bitcoin price decline to phase Cameron and Tyler Winklevoss.

The twins told Bloomberg that they are used to “skepticism” over cryptocurrencies, but they don’t appear concerned about launching the new mobile application in the middle of “crypto-winter.” Cameron explained:

“It gives us time to build internally, and refine and kind of catch our breath.”

They also revealed that getting users for the application is a priority for 2019, perhaps marking a change from what seems to have been a more institutional investor-focused strategy to date for Gemini. Cameron said:

“The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”

Expanding into Asia will also be a focus for 2019, with Gemini hoping to compete with the likes of BitMEX and Huobi in the region. The “Winklevii” also stressed they have a “slow and steady” approach for one simple reason: “We think it’s a space that’s here to stay.”

The industry expects a good degree optimism from those as invested, and such early proponents, as the Winklevoss twins.

After launching the Gemini exchange and despite the SEC rejection of the Gemini bitcoin-based ETF application, the pair has been busy building a fully-regulated platform. Gemini uses Nasdaq market surveillance technology to prevent manipulation, offers custody services, and gained the approval and governance of the New York Department of Financial Services. It became the first licensed Zcash exchange in May 2018 and launched its Gemini dollar (GUSD) this September.

Featured Image from Shutterstock. Charts from TradingView.

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LCS Group marks fintech foray with cryptocurrency – BusinessWorld Online

A CRYPTOCURRENCY owned by Luis “Chavit” Singson’s LCS Group of Companies is set to be launched early next year as part of efforts to push more Filipinos to transact and pay through digital means.

Dubbed as Gold Chavit Coin (GCC), the virtual currency set to be launched next year marks the company’s foray into the financial technology industry.

In a statement yesterday, LCS said it will list GCC in local cryptocurrency exchanges where it can be traded using fiat money or other virtual currencies.

“Many Filipinos still have no access to a bank account, which prevents them from saving for their future and participating in basic financial transactions such as simple payments,” Mr. Singson was quoted as saying in the statement. “GCC aims to change all that by offering [an] ubiquitous currency that they can use for nearly all types of transactions, both in the country and abroad.”

GCC will be based on ERC-20 standards used in the Etherium blockchain network.

Cryptocurrencies such as Bitcoin, Etherium and Ripple are virtual currencies not regulated by any state or central bank. They rely on cryptography to secure and verify transactions as well as control the creation of more units.

Cryptocurrencies are based on distributed ledgers called blockchain, which involves a large network of entities where data is stored in “blocks.” The storage units are continuously updated and being secured using cryptography, making data management and data-driven processes decentralized, tamper-proof and more transparent.

Virtual currencies can also be used to pay for goods through internet, and can be treated as investments given their fluctuating valuations.

Mr. Singson said a mobile application is being developed alongside GCC for bill payments and online and in-store purchases with affiliate retailers and banks, beginning with transactions among LCS Group of Companies.

“We plan to leverage the entire LCS network, in addition to partnerships with other vendors and firms, to drive mass adoption, which in turn will increase GCC’s market value,” Mr. Singson added.

The mobile application is being developed with Billion System Corp., the Japanese fintech company behind the PayB payment app.

“Blockchain in the Philippines remains in its infancy, but it has tremendous disruptive potential that can help not only individuals, but also the economy as a whole by further expanding e-commerce access in the country,” Mr. Singson added. — K.A.N. Vidal

Hong Kong Businessmen Targeted by Bitcoin Bomb Threats After Recent USA and Canada Attempts – Bitcoin Exchange Guide

There have been many different ways to steal funds from individuals in the cryptocurrency market. However, a new methodology has been applied in Hong Kong and other countries such as the United States. According to a recent report released by the South China Morning Post, businessmen in Hong Kong are being targeted by criminals that want to steal Bitcoin from them.

These scammers try to steal Bitcoins from victims by threatening them that they will receive a bomb if they don’t send Bitcoins in the time span the scammers provide.

One of the affected individuals is Michael Gazeley, the CEO of Network Box. He received a message in his business email with this Bitcoin bomb threat. Furthermore, he said that he had to pay $20,000 if he wanted to avoid receiving a bomb in his office.

Gazeley said to the news outlet:

“This looks like the third wave of blackmail emails plaguing the world in the past few years… I have never seen something like this, which sounds like cyberterrorism, in my 20-year career in cybersecurity.”

Nevertheless, he was 99.99% sure that the message was not worth. Indeed, he mentioned that the email had some typo mistakes and the grammar used was not exactly good. That shows that the main intention is to take a few bucks from some individuals rather than really bombing an office.

Hong Kong authorities did not provide further information about this issue, thus it is not possible to know the exact number of companies affected by these threats.

This is not the first time that there are Bitcoin bomb threats around the world. A few days ago, as reported by NBC New York. Hoax bomb threats spread asking users to pay in Bitcoin. The New York Police Department (NYPD) informed on Twitter that there was an email circulating that contained a threat asking for a Bitcoin payment. However, they say that they did not find any devices in some of the places where the threat arrived.

The NYPD went on explaining that the threats are meant to cause disruption and/or obtain money in a fast way. Although the police will be responding to the calls made by the community, they believe that the threats are likely ‘not credible.’

This is not the first time that there are scammers trying to steal Bitcoin and other virtual currencies from users. Earlier this year, scammers on Twitter were asking for Bitcoin and ETH deposits using fake accounts that stole famous people’s identities.

Crypto Anarchist Manifesto Author Tim May Dies of Natural Causes, Report

Cypherpunks co-founder Timothy C. May has reportedly died of natural causes, a Facebook eulogy posted by cypherpunk Lucky Green stated Dec. 15.

In his social media post, Green informed:

“Word has reached me that my dear friend, co-conspirator in many things and for many years, fellow Freedom Fighter Tim May passed away earlier this week at his home in Corralitos, California.”

May is the author of “The Crypto Anarchist Manifesto,” published in 1992, in which he seemingly predicted some elements of currently existing decentralized cryptocurrencies:

“The State will of course try to slow or halt the spread of this [cryptography-based] technology, citing national security concerns, use of the technology by drug dealers and tax evaders, and fears of societal disintegration.”

However, May also admitted in the Manifesto that “many of these concerns will be valid,” since “crypto anarchy will allow national secrets to be trade freely and will allow illicit and stolen materials to be traded.”

In his Facebook post, Green wrote that while an autopsy has not been performed yet, “death appears to be from natural causes.” Green explains that May “co-founded the Cypherpunks, perhaps the single most effective pro-cryptography grassroots organization in history, together with Eric Hughes and John Gilmore in 1992.”

As Cointelegraph reported last year, many consider that the “cypherpunk movement deserves as much credit as Satoshi [Nakamoto] for laying down the foundational development of cryptography.” The legendary creator of Bitcoin (BTC) was reportedly in communication with the cypherpunk community before the release of the Bitcoin whitepaper in 2008, and communicated his ideas to them in an email thread.

As Cointelegraph reported in a dedicated analysis, government tracking of cryptocurrencies is increasing, but there are many ways to avoid it.

Privacy advocate and whistleblower Edward Snowden reportedly thinks that the leading cryptocurrency Bitcoin is not the optimal solution for private peer-to-peer transacting. Moreover, Snowden has repeatedly noted that he considers ZCash (ZEC) the “most interesting” altcoin, due to focus on privacy.

Bitcoin Daily: Teen Crypto Expert Says Bitcoin Is Dead; Congressman Thinks Crypto Can Pay For Trump’s Wall

Teenage bitcoin millionaire Erik Finman is now saying that the cryptocurrency is “dead.”

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting, I just don’t think it will last,” Finman told MarketWatch. “It may have a bull market or two left in it, but long-term, it’s dead.”

Finman famously took a $1,000 gift from his grandmother to buy bitcoin, going on to make more than $4 million during the crypto’s $20,000 run.

In addition, Finman said Litecoin is also on its way out. “Litecoin has been dead for a while,” he said. “It’s like when the sun is going down and there’s that eight minute period just before it goes dark. Litecoin is in its seventh minute.” He added that project-based cryptocurrencies have the best chance of success, with Ether and ZCash on the top of his list.

Finman’s comments come as The New York Post reports that “mining” bitcoin has now become unprofitable due to the crypto’s falling price; it is now getting under $3,200, an 84 percent decrease from the highs seen just one year ago.

But Nick Colas, co-founder of DataTrek Research, doesn’t believe this is the end.  “I’ve had a lot more questions about Bitcoin in the last 30 days and I tell people I don’t think we’re at the bottom yet,” he said. “We’re in what I call a ‘technological winter.’ It’s like what happened in the Nasdaq bubble. There was a recovery but it took many years.”

“A lot of miners definitely are losing money but there’s still miners that can make money,” he added.

Of course, there has also been a growing concern over the use of cyrpto to launder money, and a new Bloomberg report revealed that bitcoin ATMs (BTMs) might be used to engage in the criminal activity.

Currently, there are more than 4,000 of these machines worldwide and 2,389 in the U.S., with new ones installed at a rate of about five a day, according to Coin ATM Radar. And anyone can purchase a machine for a few thousand dollars, and go on to obtain a federal money transmission license on the U.S. Department of the Treasury website in about 15 minutes. By one expert’s analysis, more than half the machines in the U.S. aren’t verifying identifications or placing limits on transactions, which could result in more than $500 million in illegal cash being laundered annually.

“There are people clearly trying to launder money through our BTMs in small amounts,” says Arnold Spencer, general counsel at Dallas-based Coinsource, the largest BTM operator in the world. “We’re catching most of them, if not all of them.”

In other news, Ohio Congressman Warren Davidson believes crowdfunding with a cryptocurrency may be the best way to fund Donald Trump’s controversial wall on the Mexican border.

During an interview with NPR’s Steve Inskeep, Davidson suggested that he has proposed a private funding program where“the American people, or whomever should choose to donate,” (including residents of Mexico) would be able to fund the wall’s construction.

“You could do it with sort of like a crowdfunding site or you could do a blockchain and you could have WallCoins, but you could raise the money and frankly if we get it right at the Treasury you could even pay with Mexican pesos.”

Coinbase has announced that its U.S. customers can now make withdrawals into their PayPal accounts.

“Before today, you needed an ACH or Federal Wire account to withdraw funds. These traditional finance networks can add up to two business days to a withdrawal,” wrote Coinbase’s Allen Osgood. “We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”

And the European Parliament wants to create measures to boost blockchain adoption in trade and business across the region.

The resolution, called “Blockchain: a forward-looking trade policy,” aims to explore how blockchain could improve EU trade policies.

“The EU has an opportunity to become a leading actor in the field of blockchain and international trade, and it should be an influential actor in shaping its development globally, together with international partners,” according to the resolution.

As Coindesk pointed out, this is the latest step in the region’s acceptance of blockchain. Earlier this month, seven European countries — France, Italy, Spain, Malta, Cyprus, Portugal and Spain — signed a joint declaration to promote the use of the technology to transform their economies.

——————————–

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CoinDesk Advisor: Crypto, Bitcoin (BTC) Valuation Models Are Wrong – Ethereum World News

Crypto, Bitcoin Market Is “Just A Bit Backward”

Michael Casey, the chairman of CoinDesk’s advisory board, a well-recognized author, and the co-founder of Network Effects Media, sat down with Cheddar, an up and coming business media outlet, on Thursday. The crypto-friendly outlet called on the industry insider to discuss the state of the crypto industry today, and a number of unique topics were brought to the table.

A Cheddar anchor, staving away from asking the outlet’s normal round of questions, asked Casey if the way that crypto investors value digital assets, such as Bitcoin (BTC) or Ethereum (ETH), are putting cryptocurrencies into a crisis. Responding passionately, the crypto proponent, who regularly contributes to CoinDesk, noted that this market’s valuation models are “all just a bit backward.”

Elaborating on what he meant, Casey noted that cryptocurrencies and related technologies are seen as a way to disintermediate ecosystems and to curb centralized entities. But now, the way that we value these blockchain-based assets is quite reminiscent of how traditional markets are run — a big no-no for diehard decentralists.

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He added that we’re benchmarking crypto’s performance of fiat, or more specifically, we’re continually denoting BTC’s value in dollar signs, rather than the iconic ₿(itcoin). In other words, he said that much of the crypto market is focused on a successful exit into fiat, rather than maintaining skin in the game, so to speak. Casey added that this causes incentives to get misaligned, as investors look for profit, instead of ousting the often corrupt powers that be.

Case in point, the CEO of Bitpay recently told CNBC that much of the Bitcoin price is based on speculation, rather than legitimate use in the real world, especially in the day-to-day.

Bitcoin Fundamentals Boom — Network Value

Although Casey didn’t touch on how exactly to value cryptocurrencies, a growing theme in this ecosystem has been the use of Network Value to assess this nascent industry. Most notably, the concepts of network value have been utilized by analysts and researchers to determine what the “true value” of a cryptocoin, like BTC, is.

Just recently, Tom Lee, the head of research at Fundstrat, told his clients in a note that the fair value for BTC is $13,800 to $14,800, specifically due to the active wallet addresses, the amount of BTC transferred, and the asset’s unique characteristics of being a deflationary currency that is sovereign, censorship-resistant, borderless, and immutable. This forecast, interestingly, lines up with his overly optimistic end of year prediction, as reported by Ethereum World News previously.

While Lee was quickly lambasted for his call, his optimistic outlook on Bitcoin doesn’t come unwarranted. Anthony Pompliano, better known as “Pomp” to the crypto industry, recently spoke on the fact that the network that backs BTC is on the up-and-up, even while prices remain depressed.

Pomp, a former Snapchat and Facebook employee, exclaimed that at its core, Bitcoin is the world’s most secure transaction settlement layer, so value in BTC will always exist. In another piece, the Morgan Creek Digital partner noted that the growing transaction count, falling transactions fees, year-on-year hashrate growth, and the unprecedented creation of active nodes is another reason to be bullish on Bitcoin.

In October, even Joseph Lubin, the founder of ConsenSys and co-founder of Ethereum, told CNBC’s “First On” segment that while crypto is in the midst of a “bust,” fundamentals are “booming.” The serial entrepreneur, who roomed with Mike Novogratz at Princeton, even noted this budding ecosystem is the strongest it has ever been, indicating that the decline of speculative interest hasn’t irked true believers of this innovation.

Title Image Courtesy of Jamie Street on Unsplash

New US Chief of Staff: Bitcoin is Good, ‘Not Manipulable by Any Government’ – CCN

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This week, following the scheduled leave of John F. Kelly, United States President Donald Trump has chosen the pro-Bitcoin Mick Mulvaney to serve as the acting White House Chief of Staff beginning 2019.

According to the Washington Post columnist Matt O’Brien, Mulvaney has been vocal about his support of Bitcoin (BTC) and in a speech covered by Mother Jones praised the decentralized nature of Bitcoin as a consensus currency.

In 2016, Mulvaney reportedly said that the Federal Reserve “effectively devalued the dollar” and emphasized that the exercise of such control is not possible with a cryptocurrency like Bitcoin that is “not manipulable by any government.”

Is it Good For Bitcoin?

Having a high profile official and an influential member of the Trump administration is certainly positive for the long-term growth of the asset class.

While the neutral stance of Mulvaney towards the cryptocurrency sector could affect the mindset of regulators and lawmakers in the U.S. to a certain extent, it realistically cannot have a short-term impact on the roadmap implemented by commissions like the U.S. Securities and Exchange Commission (SEC) or the Commodities and Futures Trading Commission (CFTC).

The presence of pro-Bitcoin and crypto officials in the U.S. government, however, could encourage other government officials to evaluate cryptocurrencies in a neutral way and analyze the benefits that the decentralized financial systems can bring.

In Sept. 2017, the central bank of Finland, for instance, released a research discussion that explicitly described the inefficiency of regulating blockchain protocols. The research concluded that Bitcoin is not and cannot be regulated because the protocol operates under strict rules implemented by the community sustained by miners, developers, and node operators.

The paper read:

“Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol as is and the transaction fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional. Its apparent functionality and usefulness should further encourage economists to study this marvelous structure.”

As seen in the paper of the central bank of Finland, it is possible for a central bank or a government to analyze the structure of Bitcoin in a neutral manner and create practical regulatory frameworks around it without restricting the growth of companies in the industry.

Currently, in regards to Bitcoin and even Ethereum, the SEC has clarified that Bitcoin is not considered a security under existing laws, essentially approving the infrastructure surrounding it.

Over the past several months, the SEC in the U.S. and other authorities in the global market have been primarily working on the integration of strict Know Your Customer (KYC) policies to eliminate money laundering in the cryptocurrency market.

Neutral Evaluation

The existence of a high ranking government official in the U.S. government that understands the purpose of digital currencies could have a long-lasting effect on the cryptocurrency industry and could encourage others to evaluate the asset class under a different light.

However, as the New York Post reported on Dec. 16, Mulvaney once described President Trump as “a terrible human being,” triggering political analysts to question how long the new chief of staff can remain in office.

Mick Mulvaney Image from Gage Skidmore/Flickr

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Ripple’s XRP and Market Leader Bitcoin [BTC] Both Rise to Potential Resistance Points – Blokt

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XRP/USD Daily Chart:

XRP Daily Chart – Source: TradingView.com

Market leader Bitcoin continued to form a new 2018 low this weekend as the market returned to bearish conditions Thursday.

The bearish conditions resulted in Ripple’s XRP breaking below the range it had been forming between $0.29 and $0.31.

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Prices have begun to recover today across the market, and the price of XRP has risen back up to the lower end of the range at $0.29.

Price may meet some resistance here, and the market leader Bitcoin may also have a role to play.

BTC/USD Daily Chart:

Bitcoin Daily Chart – Source: Tradingview.com

The price movements of XRP and Bitcoin have been closely linked since XRP became the largest altcoin by market cap.

With Bitcoin representing almost 55% of the total cryptocurrency market cap, its movements typically have a large impact on those of altcoins.

During its decline, Bitcoin met its most significant support point at $3300. After breaking below on the return to bearish conditions on Thursday, it has since risen back up to near this level.

This will likely be a case of $3300 turning from support to resistance and makes it more likely that XRP will meet resistance at the bottom of its prior range.

XRP/USD Hourly Chart:

XRP Hourly Chart -Source: TradingView.com

The hourly chart provides a closer look at the interaction of XRP with the lower end of the trading range.

Since starting to rise back up, XRP has tested the lower end of the range three times already.

If Bitcoin can continue to rise and overcome support at $3300, it is likely that XRP will be able to overcome the resistance and enter back into the trading range between $0.29 and $0.31.

If XRP breaks down from here, the next support level will be $0.25 which is the point of XRP’s 2018 low.

Key Takeaways:

  • Bitcoin and XRP both meet resistance as the market recovers from its recent bearish movements.
  • XRP meets resistance at the lower end of the trading range it had been forming from $0.29 to $0.31.
  • If XRP breaks down from here, the next support level to monitor is $0.25 which is the point of its 2018 low.

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