EOS price pierced above the $8 level today for the first time in ten months and in front of the Asian market open. In today’s altcoin news we take a closer look at the altcoin’s analysis.
The EOS price corrected towards the $7.73 level but the move did not influence the overall bullish bias. The altcoin remained strong compared to other top-ranking cryptocurrencies by achieving a 16 percent growth in only a day. This movement brought about $1 billion of capital to the market value. The only altcoins that came close to EOS were TRON and Ethereum surging by 7.31 and 4.55 percent.
The EOS price rally was fuelled by a top-secret catalyst. Block.one-the company behind the development of the EOS blockchain protocol, is expected to make an announcement on June 1 this year. The rumor goes further as soon as the company announced the purchase of $20 million worth of RAM on EOS. Traders were especially excited by this move and investors increased their stakes in the asset.
Despite the fact that no one has an idea what the big announcement could be, the psychological impact is making people buy it. The well-known analyst Jacob Canfield reported for the latest cryptocurrency news that it is very important for traders to manage risks against possible mishappening especially when they want to buy EOS at a high point.
He pointed out:
‘’The fact that Block.one did a massive buy back of shares makes me think they’ve got a big announcement up their sleeve on June 1. I always buy the rumor, sell the news but I’ve seen EOS run even after news events.’’
Block.one is an open source software creator that provides end-to-end solutions that aim to bring businesses into blockchain from strategic planning to product deployment. It is expected that until then, the EOS price could make the market see an extended buying action which will bring the price closes to crucial level support. EOS is currency overbought which could potentially trigger a minor selling sentiment in the near term. It is also likely that the bulls could start another bull run to the $8.272. If by any chance, Block.one announces something extremely bullish, the price could run towards the $10.40.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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