n Chinas Supreme Court has ruled that evidence authenticated with blockchain is legally binding, as part of newly clarified litigation proceduresn
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Stellar Lumens, Litecoin, Tron, EOS, IOTA Price Analysis: After Bears are Done, Blockchain Believers Would Reign Supreme
Despite bears slowing in the last day, altcoins are poised to further shed in the coming days. It all has to do with Sep 5 candlestick rejecting higher highs often at or around key resistance levels. Since altcoins as EOS, XLM and Tron are still moving inside an eight month consolidation, trading with the trend will be a natural fit going forward.
Let’s have a look at these charts:
EOS Price Analysis
Yesterday was a tad bit stable for EOS prices and while market moving fundamentals are scarce in the after math of Sep 5 price debacle, this drop isn’t ending anytime. From previous EOS trade plans, traders should unload at every high in lower time frame with stops at around . This is so because placing stops at Sep 5 highs—though safe—won’t justify gains more so for those targeting . However, considering the strong bears, traders planning on placing stops at should instead aim for around .5 translating to a 1:2 risk reward ratio.
Litecoin (LTC) Price Analysis
Judging from yesterday’s trade plan, sell traders are in the fore front driving Litecoin towards recent support at . Even if we anticipate further losses, yesterday’s slow-down cuts across the market. Therefore, like yesterday, our Litecoin trade plan holds true. This means zooming in to lower time frames, sellers should look for over-valuation and short on every high with first targets at and later .
Stellar Lumens (XLM) Price Analysis
After periods of consolidation–distribution, Stellar Lumens prices are caving in to the general altcoin trend. Not only are sellers now in charge following periods of a range bound market shortly before the break out at the final section of the wedge, but odds are XLM shall dip below 18 cents setting the ground for traders—conservatives and aggressive to unload at spot prices with first targets at 8 cents. It’s along this forecast that we suggest shorting at spot prices and syncing with the overall bear trend.
Tron (TRX) Price Analysis
From the News
- Binance has announced a TRX trading competition. Once complete, 1 million TRX coins will be distributed to winners worldwide though verification for participants would be required. Aside from that, they need to create volumes exceeding 300,000 TRX during the competition.
Technical Analysis
Though tepid, the meltdown is on. At current prices, TRX is down five percent and still trading below the bull flag which was obliterated on Sep 6. Despite Tron’s effort to encourage market participation and on chain development, bears appear to be insatiable.
That’s why our recommendation as per our previous TRX trade emphasis is to sell on every high in lower time-frames with targets at Jan 24 lows. A second look at the daily chart shows that any break below Aug lows would most likely spur the next wave of sells driving prices towards our penultimate bear targets.
IOTA (IOT) Price Analysis
From the News
- Engie Lab Crigen, one of the largest tech companies in Denmark is onboard the IOTA list of partners. The company plans to use IOTA’s Tangle in their innovative IoT domains and smart energy ecosystem. Engie Group is a large player in the energy sector and Crigen being their R&D wing; it appears fit that IOTA’s technology would naturally be beneficial for them.
Technical Analysis
Yesterday’s higher highs should be another opportunity for sellers to unload at better prices. As mentioned before, IOTA’s recovery is nothing new and synonymous after periods of extreme volatility. In any case, traders ought to unload at every high in lower time frame as long as prices are trading inside Sep 6 dark cloud cover bear candlestick. First targets are pecked at 30 cents as per our previous mentions.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
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Greek Supreme Court Rules to Extradite Alleged BTC-e Owner Alexander Vinnik to Russia
n Alleged BTC-e owner Alexander Vinnik agrees with extradition to his home country of Russia, but the final decision is up to politiciansn
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EU Regulators Urged Not To Ban Cryptos Despite Supreme Court of India’s ‘Surprise” Decision: Litecoin, EOS, IOTA, Stellar Lumens, Tron Technical Analysis
Perhaps the debate of the day hovers around the diverging polices between those in the EU and India. EU Research findings strongly endorse cryptos while India’s Supreme Court has reasons to bar crypto dealings and get behind RBI’s decision to label them illegal. This is interesting and could potentially dent the recent revival of BTC price and sentiment in coins under our review taking into consideration their fan base.
Let’s have a look at the charts:
EOS Technical Analysis
At long last, EOS ETH holdings as read from their ETH two accounts is down to zero from more than three million it held as their year-long ICO was in progress. Majority of these ETH are still held by exchanges and we already know that thanks to their extreme market activities in June and May.
Coincidentally, this oversupply of ETH caused prices to dip and at one time they dumped 0 million worth of ETH in an hour at BitFinex causing prices to slide by as much as 20 percent. At the moment though, solid data reveals that EOS through proxies have spent more than billion worth of ETH and are now busy stabilizing EOS price after their launching their mainnet on June 2.
There seems to be wholesome recovery of EOS prices but still, our trade conditions as laid out yesterday are yet to be met. Remember, this strong EOS gains is happening right in the thick of sell pressure and unless we see convincing expansions and close above , conservatives shall remain neutral. However, Risk-On traders can begin loading with tight targets at .8 or at July 2 lows.
Litecoin (LTC) Technical Analysis
There seems to be diverging opinions here. While research findings tabled to the EU’s Committee on Economic and Monetary Affairs warned regulators against cracking down on cryptocurrencies say they are integral part to the economy and banning won’t have any adverse effect on their propagation, India’s Supreme Court is backing RBI stand.
Well, there was optimism before that because exchanges and the general crypto community in India were upbeat that RBI directives to bank would be overturned. Will this negatively affect prices? We are yet to know but what’s clear is that this is overly a negative sentiment that could dampen bull momentum.
On the charts, LTC is still trending higher. In fact prices are near our main resistance line at but there are hints of bears because of that long upper wick. For us to have conclusive buys, then we need to see LTC supporters pushing and closing price above or even 0 as our initial trade plan dictates. Afterwards, buyers can begin loading on pull backs in lower time frames with targets at 0 and later 0.
Stellar Lumens (XLM) Technical Analysis
After gaining five percent in the last 24 hours, our Stellar Lumens longs are live. Before this, our buy triggers were set on the lower side at 20 cents shortly after bulls begun rejecting lower lows below 15 cents or June 29 lows. In my view and considering increasing volumes supporting this move up, reasonable targets at 50 cents is reasonable.
Tron (TRX) Technical Analysis
Unlike Ethereum and Bitcoin, Tron has a huge number of total coin supply. There are 100 billion TRX tokens and to commemorate June 25 Independence Day, Justin Sun and the Tron Foundation “burnt” 1 billion TRX tokens. That still left 66.75 billion in supply and 33.25 billion in control by Tron.
Now, news is Tron Foundation shall lock 33.25 billion TRX coins they control at 1,000 different addresses within the Tron blockchain until after January 1, 2020. This distribution at different addresses will increase the safety of these coins. To boost transparency, they shall have a Search Tool where TRONICS can track these addresses and coins held at each.
TRX is up five percent and trading above 4 cents following July 2 bullish candlestick. Because of that surge, our buy trades are live and that means we shall continue ramping longs on every retracement in lower time frames. And as laid out before, this bull projection shall be nullified once sellers dip below June 29 lows at around 3.3 cents.
IOTA (IOT) Technical Analysis
Klaus Schaaf is now a member of the IOTA Foundation and he brings with him experience from Volkswagen who interestingly have a solid partnership with the IOTA. VW are researching on how best to make use of Tangle’s properties as they race for breakthroughs in autonomous car systems.
While at it, IOTA is still inching higher and is up 11 percent in the last day. Even though bull momentum is waning thanks to that long upper wick signaling sell pressure in lower time frames, traders should take those opportunities today and load up their longs. Targets are constant but with every buy, stops should be at .05.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post EU Regulators Urged Not To Ban Cryptos Despite Supreme Court of India’s ‘Surprise” Decision: Litecoin, EOS, IOTA, Stellar Lumens, Tron Technical Analysis appeared first on NewsBTC.
RBI Needs to Clarify Its Anti-Crypto Decision to the Supreme Court In July
India is a very peculiar country when it comes to Bitcoin and other cryptocurrencies. The RBI decided to restrict such activity in the country in April of 2018. However, further research seems to indicate this decision is not based on research or consultation. As such, various parties question whether or not the RBI’s decision can be ‘just.’
The RBI and Cryptocurrency
The Reserve Bank of India does not like Bitcoin or any other cryptocurrencies. This has become apparently clear as more time progresses. In April of 2018, the RBI dissuaded banks and financial service providers from dealing with virtual currencies altogether. This puts a lot of pressure on exchanges and other cryptocurrency service providers active in India. More importantly, it seems to prevent any form of financial innovation in the country.
As one would expect, not everyone agrees with the RBI and its decision. There is a growing concern as to whether or not the bank effectively conducted the proper research prior to making this decision. So far, it seems there has been no outreach in this regard, neither in the form of research or consultation. Moreover, the RBI confirmed no committee was formed to analyze the concept of blockchain or virtual currencies. With that information, the end result seems relatively biased.
Despite this ‘lack of research,’ the Reserve Bank made its decision final in April. Mandating banks and payment gateway providers to withdraw support for virtual currency firms in the next three months is not a popular decision. Some companies have complied, whereas others still remain on the fence. This is somewhat good news for exchanges and other service providers, although finding other solutions may be needed regardless.
The Future of Bitcoin in India
For cryptocurrency exchanges, the uneasy situation remains in place. Not being able to access domestic banking services cna prove to be relatively problematic. As such, companies will need to find new solutions. The most obvious change will come in the form of companies leaving India altogether. That is not a positive development for the industry as a whole, especially in India.
What is rather interesting is how a Supreme Court hearing will be held on July 20th. During this hearing, the Supreme Court will determine whether or not the decision by the RBI is just. With no official consultation and research, the one-sided verdict is subject to a lot of speculation. Whether or not any imminent changes can be expected in India, remains to be determined.
India is one of the countries where financial innovation takes center stage. Opposing cryptocurrencies seems to be a completely opposite approach in this regard. With the RBI cracking down on cryptocurrency activity, an interesting precedent is created. Whether or not it will stand, is a different matter altogether. Alienating an entire nation from Bitcoin may not be the most viable course of action at this time.
Featured image from Shutterstock.
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Korea’s Supreme Court Says Cryptocurrency Has Economic Value, Proper Asset
A ruling by the South Korean Supreme court about the value of cryptocurrency may be the backdoor to unraveling the regulatory boondoggle over custody.
Porn Provider has Bitcoin Seized
The case concerns a pornographer arrested on charges of violating the Protection of Children and Juveniles From Sexual Abuse Law in May 2017. The charges which go back as far as 2013 claim that the man identified only as Ahn had distributed 235,000 obscene pictures online and made 1.9 billion won from viewers of the site. During his arrest, 216 Bitcoin stored in a digital wallet was seized which the prosecution described as assets that were earned illegally.
Initially, a lower court ruled against the seizure stating “bitcoins only existed electronically and had no physical form.” according to Yahoo finance. The prosecutor appealed the case to a higher court which “ruled in the prosecution’s favor, saying the cyber assets could be seen as profit earned from the trade in goods.”
The Supreme Court upheld the ruling and added that the decision “will allow any cyber assets gained from illegal activity such as gambling, drug deals, pornography and prostitution to be confiscated.” The Supreme courts decision may be obvious in a couple of ways but it may also be the tipping point for solving regulatory questions government agencies all over the world have been struggling with.
Case may Open Backdoor to Custody
Cryptocurrency is “an asset with economic value”, there is no disputing that. From luxury real estate agents who focus on brokering deals in crypto to strippers in Las Vegas with QR codes tattooed on their buttocks enabling them to take tips in Bitcoin; those of us who live in the everyday world know that cryptocurrency equals wealth. As one commentator wrote on Yahoo, “Next on the court’s agenda: Does a triangle have 3 sides?”
Also obvious though is the motivation for the ruling. This was a criminal case that resulted in the seizure of 191 Bitcoins (where did the other 25 disappear to?) which at today’s price are equal to over .4 million. Money that now rests in the South Korean government’s coffers. Now that the precedent has been set it should be no surprise that cybercriminals in many forms are sought out with fresh vigor.
What is less obvious and possibly unintended in this decision is if this official declaration that cryptocurrency is an “asset with economic value” may be used to settle the debate that the Korean Supervisory Service, the US Securities Exchange Commision, the UK’s Financial Conduct Authority and regulatory bodies all over the world have been having over the nature of digital coins; i.e. what is it?
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Korea Seizes Bitcoin Worth $1.4 Million Following Supreme Court Ruling
South Korea’s Supreme Court ruled Wednesday that cryptocurrencies can be forfeited in criminal cases, allowing the seizure.
CoinDesk
India’s Supreme Court to Hold Crypto Lawsuit Hearing in July
The Supreme Court of India has decided to hear crypto-related cases with respect to the news from RBI stopping banks from dealing with cryptos.
CoinDesk
Russian Supreme Court Forces Local Court to Review Bitcoin Website Blockade
Bitcoin and Russia have been at odds for quite some time now. The Eurasian nation has made its dislike for Bitcoin rather apparent. This culminated in a lot of Bitcoin-related websites being blocked by ISPs. The Supreme Court of Russia now forces the St. Petersburg City Court to review the appeal against this blockade.
Russian Supreme Court Blocks Bitcoin Content
Several years ago, the Bitcoin situation in Russia took a turn for the worse. As the government was already opposed to cryptocurrency, a new course of action was taken. The Vyborgsky District Court of St. Petersburg blocked at least one Bitcoin-related website. In this case, it pertains to the BitcoinInfo.ru website, which has gained some popularity in the country.
Prosecutors requested the court to have this website blocked. This was all because the site effectively provided information on Bitcoin, which violated Russian legislation. Over the years, other sites have been blocked by Russian officials as well. Those decisions have sparked a fair amount of controversy.
This story is now relevant again as the Supreme Court of Russia has gotten involved. The Supreme Court obligates the St. Petersburg City court to review the appeal against this blockade. Apparently, the owner of the blocked website was never able to participate in the hearings. A gross oversight, especially given the sensitive nature of the eventual decision.
Can the Appeal Even Work?
A lot has changed in Russia since 2016. There’s a growing focus on blockchain technology. Additionally, President Putin sat together with Ethereum developer Vitalik Buterin to advance the CryptoRuble plans. As such, it seems the overall sentiment on cryptocurrencies is a bit more positive. A national cryptocurrency is very different from embracing decentralized currencies such as Bitcoin.
Getting this court decision overturned will not be straightforward. Doing so would set a precedent for undoing other website blockades in the country. For now, there is no indication as to when the St. Petersburg City Court will review this matter and render its verdict. Even so, the involvement of the Russian Supreme Court should not be overlooked.
The global interest in cryptocurrency has not waned over the years. Any country taking a harsh stance on Bitcoin often forces companies to set up shop in other regions. China and India have made some harsh decisions against cryptocurrency in recent weeks. Russia may follow their example or chart a completely different course. The country wants to embrace innovation, and cryptocurrencies will have their role to play in that regard.
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