Various banks around the world have shown a tendency to oppose cryptocurrency. Bank of Queensland is doing exactly that, even though its decision makes a lot of sense. Clients were tapping into home equity loans to buy cryptocurrency, which is ill-advised. Bank of Queensland Bans Crypto Buying When consumers spend their own money on cryptocurrency, there is usually no real problem for any bank. Even though some institutions oppose buying Bitcoin with a payment card, there are still a lot of options when it comes to obtaining cryptocurrencies. Using bank transfers works just fine, and peer-to-peer transactions involving cash remain popular. Issues begin to arise when clients borrow money from a bank and use that money directly to buy Bitcoin or other cryptocurrencies. That’s especially true if it involves a home equity loan, as banks are fearful clients won’t repay the money if they invest it in cryptocurrency. That is certainly a very real risk to contend with. Cryptocurrency is a notoriously volatile asset, and there are no guarantees for profit whatsoever. Bank of Queensland evidently noticed that a fair few of its customers were using their home equity loans to invest in cryptocurrency. It is evident that cannot be sustained much longer, as they should be buying houses with the money rather than cryptocurrencies such as Bitcoin. As such, the bank has now officially banned such activity, which makes a lot of sense from a business perspective. The bigger question is how the bank will enforce this ban. The purchase of cryptocurrency is only visible after one’s equity home loan has been issued. Since consumers can spend this money however they see fit, it will be quite difficult to enforce an official ban on this front. Other lenders are discouraging borrowers and mortgage brokers from getting involved in cryptocurrencies as well. One way to ensure this activity comes to an end is by monitoring borrowers’ accounts for specific activity. When problematic trades are discovered, the bank could freeze the home equity loan or the account in question. Whether or not Bank of Queensland will take such action remains to be determined. Although all of this shows there’s still a genuine interest in cryptocurrencies, the way people are going about it raises a lot of questions. Obtaining bank funding to buy cryptocurrency is asking for trouble in the long run. That’s especially because such loans have to be repaid on a monthly basis, and failing to do so will destroy one’s financial reputation.
A Venezuelan Redditor recently decided to use donations received in NANO to buy over 400 kg of food for his friends and family in the country, which is facing one of the deepest economic recessions yet. He’s now launching a movement to support others. As covered by CCN, the Venezuelan crypto enthusiast, going by Windows7733 The post Venezuelan Launches “Adopt a Family” Movement After Buying 400 Kg of Food With Crypto appeared first on CCN
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Coinbase remains one of the more popular cryptocurrency exchanges in the world, despite not having offered support for very many currencies over the years. The company is now “exploring” adding several additional currencies, although the list includes some rather interesting names. Coinbase Makes Another Move For Coinbase, it is evident that adding additional cryptocurrencies, assets, and tokens will keep its business afloat. Providing convenient access to BTC, ETH, LTC, BCH, and ETC is only a part of the long-term plan. In the coming years, the platform will enable trading of dozens of other tokens and assets. No exact timelines have been provided at this point, although five currencies are on the short list to be added. That list includes some rather surprising items. Although the addition of Zcash and Stellar makes a lot of sense, other currencies may not necessarily be as logical. Stellar has been on a meteoric rise in popularity over the past few months, even though its price might not necessarily reflect this. Zcash is also doing big things, even though its market position has declined dramatically. The other tokens Coinbase is currently exploring include 0x, Cardano, and Basic Attention Token. Of those three currencies, BAT makes the most sense, as the Brave browser is currently exploring the integration of Basic Attention Token in a real-world environment. As such, there will be a lot more tokens being used at all times, and users will be looking for ways to convert said tokens to other cryptocurrencies. Cardano, while still a relatively new cryptocurrency, also has a fair amount of market traction. This is despite the project still being in the very early stages of development and having very little working code to back up its efforts to date. Even so, it is a currency that’s of keen interest to speculators. It is only natural that companies such as Coinbase would want to get in on the price action sooner or later. Support for 0x is quite interesting as well. This token powers the 0x exchange protocol, which is a direct competitor to centralized entities such as Coinbase. Lending a helping hand to competitors is pretty significant in the cryptocurrency industry, as competition brings out the best in companies. It is important to note that the addition of these five tokens will not impede the ongoing integration of Ethereum Classic. There are also no guarantees that these five currencies will be added to Coinbase in the near future. The company is merely exploring its options at this stage.
Over the past 24 hours, the crypto market has added $8 billion to its valuation, as the price of Bitcoin Cash and Ether rose by more than 3 percent. Very Low Volume The bitcoin price came close to breaching the $6,400 level but failed to continue its corrective rally above the $6,400 region. As of The post Ether and Bitcoin Cash Rise 3% as Market Adds $8 Billion, Can Momentum be Sustained? appeared first on CCN
Legal trouble is brewing at Ripple. The issuer of the XRP asset is facing many lawsuits over securities fraud and its alleged issuing of security tokens without an official license. To counter these issues, the firm recently hired two new people who will help defend the company. Ripple Is Prepared to Fight Many experts are concerned that Ripple’s XRP asset may be labeled as a security by the SEC. Those concerns first became apparent several months ago when a securities fraud lawsuit was filed against the company. The plaintiffs claimed the firm had sold securities to investors while maintaining centralized control over the currency’s supply. Although this appeared to be a one-off incident caused by one dismayed XRP investor, things deteriorated rather quickly. Numerous people have joined this securities fraud lawsuit, and Ripple has been forced to beef up its legal team to counter these threats. Former SEC chair Mary Jo White and attorney Andrew Ceresney are now part of Ripple’s efforts. It is rather interesting that this lawsuit was filed because of a $551.89 trade going awry. Ryan Coffey lost this money and then claimed Ripple’s XRP should have been registered as a security. In his opinion, the parent company maintains a centralized ledger and has made good money from the increase in XRP’s value at the expense of investors. It’s an interesting accusation, considering that the coin supply retained by Ripple has been locked in contracts. According to Ripple’s lawyers, the lawsuit should be handled by a federal court, rather than the San Francisco Superior Court. Some people may view this as a stalling tactic first and foremost, although this matter deserves the utmost attention. Its outcome could make or break Ripple as a company, after all. Until the SEC decides whether or not XRP is a security, this issue cannot be resolved. By adding these two new members to its defense team, Ripple shows that it means business. Although the company is looking for ways to put this matter to rest in a professional manner, it may struggle to do so. According to the company, this securities fraud lawsuit is an “opportunistic suit” more than anything else. Rest assured this is not the final development in the ongoing XRP securities fraud lawsuit. Issues like these will not magically disappear overnight, yet they can have major repercussions for the long-term growth of Ripple and its XRP asset. Should the SEC determine XRP to be a security, things could get rather dicey for the company.
On my last couple of articles I’ve taken the discussion away from price and volume, as I wanted to focus on the underlying bitcoin infrastructure and governance model, as well as on the technology developments that will push adoption. However, it is equally important to understand how to behave during down-cycles and how to treat the The post Opinion: Learning to Sail the Bitcoin Market appeared first on CCN
Even though Kraken is one of the older exchanges in the cryptocurrency world, it too needs to innovate and add more currencies. While it remains unclear if it will do so, the company’s most recent tweet has sparked considerable debate on this topic. It is possible all of this is just one big joke, though. Kraken’s Mysterious Tweet Social media has proven to be an interesting platform for all companies active in the world of cryptocurrency. Some use it to convey important messages, whereas others see it as a way to have some fun at the expense of gullible users. In the case of Kraken, its most recent tweet regarding potentially adding new currencies could still go either way. The company has shared that it is actively exploring the addition of new currencies. Every single exchange goes through this process on a regular basis, mainly because the demand for exposure to different currencies is only rising. Accommodating those needs is of the utmost importance for any company, especially one with a reputation such as Kraken’s. The firm has not offered too many new trading pairs over the past few years, after all. Exciting and important revelation for the community today. Kraken has been contemplating the exploration of maybe adding over 1600 new coins, pending the outcome of our highly sophisticated review process. For a glimpse of the possibilities: https://t.co/dmfd5yr48s — Kraken Exchange (@krakenfx) July 14, 2018 Although it seems highly unlikely the company will add over 1,600 new currencies in one go, expanding on its existing offerings seems more than warranted. With so many cryptocurrencies finding niche markets, tapping into different revenue streams has become a lot more appealing for exchanges. Finding the right currencies, tokens, and assets to add is a different matter altogether. It is evident Kraken needs to keep tabs on all new currencies making a name for themselves. Quite a few of these currencies are still at risk of becoming completely irrelevant in the coming year or years. Bitcoin and Ethereum are still the only two dominant currencies in the market, mainly because they actually serve a purpose. For a lot of altcoins, finding that use case has not happened just yet. One could argue that this is just a case of Kraken having some fun at the expense of Coinbase, which announced on Friday that it’s considering adding up to five new digital assets. Even so, Kraken’s recent overhaul of its trading engine and underlying services has resulted in a much smoother overall experience. As such, there is plenty of room to add support for new currencies. In light of Coinbase’s announcement, it is evident Kraken and other exchanges will need to take a similar approach. All cryptocurrency exchanges have to find ways to attract even more clients now and in the future. That is much easier said than done, as users have differing desires, needs, and expectations.
With so much positive cryptocurrency market momentum to take into account, it will be interesting to see what the future holds. For the time being, things look very promising, especially as long as the Bitcoin price remains in the green. The 0x price, for example, is rising very quickly as of late. 0x Price Momentum Intensifies There is a very good reason as to why the 0x price is rising so quickly these days. Coinbase recently made it clear the company will be adding support for new currencies and tokens in the near future. Among the tokens highlighted by the exchange is 0x, and it seems that is fueling plenty of 0x price speculation at this point. Whether or not that momentum will remain in place for some time, is a different matter altogether. For the time being, there is a 17.56% 0x price increase over the past 24 hours. It is a remarkable gain, especially when considering how most of the other cryptocurrencies only note a gain of 2-5% in the same timespan. Assuming this momentum remains in place for quite some time to come, the 0x price may effectively surpass the $1.15 mark in the coming days. As is usually the case, the current market conditions are subject to change, and nothing has been set in stone at this time. The current 0x price momentum is also aided by solid gains over both Bitcoin and Ethereum. The 0x/BTC ratio improved by 15.32% in favor of the altcoin, whereas the 0x/ETH ratio rose by 14.54%. This further confirms the 0x price is in a very good place right now, although it is possible this momentum will turn around fairly soon. Sundays are always interesting for cryptocurrencies, albeit they never pave the way for long-term gains. All of this current momentum isn’t aided all that much by the current low trading volume. All cryptocurrencies have suffered from a decline in trading volume over the weekend, and the 0x market is no exception in this regard. With just $31.237m in 24-hour trading volume, there isn’t too much of a demand for 0x, despite all of the positive momentum and hype associated with this market at this time. As one would come to expect, there is a lot of trading volume stemming from the Binance exchange. Its BTC and ETH pairs are both in the top three, separated by Upbit’s KRW market. BitMart and Bittrex bring two additional BTC markets to the top five. Although this is not necessarily an influx of new money entering the 0x market, it is still a pretty good mix of trading pairs As is always the case when it comes to cryptocurrency markets, things will be very different come Monday. When exchanges clear new deposits and users begin cashing out profits, the markets will see some big changes which may not necessarily be all that positive for certain currencies. In the case of the 0x price, it is a matter of time until the market is affected by profit takers who drive the value down accordingly.
The recent indictments of 12 Russian intelligence officers by the team of Special Counsel Robert Muller has been dominating headlines. The officers are charged with hacking the computer networks of some staffers on the Hillary Clinton campaign, people involved with the Democratic National Committee, and people involved with the Democratic Congressional Campaign Committee. Deputy Attorney The post U.S Congressman Sounds Off On Cryptocurrency Industry Amid Democratic Hacking Scandal appeared first on CCN