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Leading Altcoin May Lose Up To 40% If Support Fails

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Leading Altcoin

Even though Bitcoin has had a stellar year thus far, 2019 hasn’t been a quite strong year for the altcoin market, the latest cryptocurrency news show. In the updates, we can see that a leading altcoin is under threat – and only two out of the thousands of altcoins on the market were able to outperform Bitcoin over the first half of the year.

One of the top performers is in trouble, as the coming altcoin news show. The trouble comes from the potential retracing of its gains which it experienced this year. In fact, this leading altcoin could extend its drop and lose up to 40% of its value if the next support level fails.

This is an analysis from one crypto personality. As he showed, 2019 has been the year of Bitcoin but also the year of Binance. During the first half of 2019, Binance made announcement after announcement and debuted a DEX, launched margin trading and so much more.

Between the constant positive media attention, and the Binance Launchpad platform for IEOs using the native crypto token of the exchange and driving up demand. We are talking about the leading altcoin named Binance Coin (BNB) and its value which skyrocketed as a result.

However, the month of June started showing up some losses. The market led Bitcoin to losses and the altcoin updates showed that Binance closed its doors to United States-based investors – which in turn led to a decline in the value of Binance Coin (BNB).

Once Binance announced that it is closing the trading and deposits for the US-based customers and usher them in a new US-based Binance exchange with only 29 altcoins and Bitcoin, things started shaking.

Mostly, the leading altcoin lost support and there was a lot of uncertainty around the future value of Binance Coin (BNB) which still prevails. Even though BNB was one of the top performers this year, it is not the best altcoin right now. The analyst named TEDDY tweeted that Binance Coin could fall an additional 40% from the current prices.

To sum things up, Binance Coin (BNB) has been among the strongest performers in 2019, outperforming both Bitcoin and Litecoin as the best performing crypto asset in the market. Outside of these three cryptocurrencies, the rest of the altcoin news show that the market is bleeding out.

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Altcoin News

Former UNICEF CEO Will Work On Crypto Startup Electroneum (ETN)

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The Former UNICEF CEO David Bull has just announced that he will be working with the crypto startup Electroneum saying he is very optimistic about the project and that it will help to deliver on sustainable development goals that aim to increase the standard of living of the poorest people in the world. In the cryptocurrency news today, we find out more about his plan.The former UNICEF CEO stated that he will be using his extensive experience in the charity sector to help Electroneum deliver on the humanitarian mission that aims to extend bank-like services to people who are unbanked. He added that he was most impressed by the project’s initiatives aiming to get the disadvantaged people around the world to be connected to the internet and to be able to earn in the evolving job market.According to the announcement on his personal blog, Bull will be working with the crypto asset company Electroneum to help deliver on his mission. The project has positioned the digital currency ETN as an accessible and KYC compliant virtual currency that is aimed at promoting greater access to bank-like facilities to the 1.7 billion individuals that lack banking accounts. In the blog post, Bull explained that the current initiatives are aimed to help the globe’s poorest people to improve their lives and to catch up to the developed world fit with the rapidly digesting world.Electroneum has multiple initiatives that will be able to provide access to bank-like facilities and education and also will help the individuals find work in the global economy rapidly shifting towards freelance positions. He added:
 “Young people, in particular, would be able to make a living in their own community rather than feeling the need to migrate to the city for low paid and often exploitative low skilled work. They would spend their earnings in the community, driving development for other local businesses, and potentially lifting a whole community out of poverty and giving them back control of their lives and livelihoods.”
Bull explained that he is excited to be working with Electroneum and he thinks that his connections in the world of charity will help him and the company to forge valuable connections across the industry:
 “This seems to me to be just the kind of innovation which can help ensure that, by 2030, no-one is left behind, unconnected and financially excluded, as the world changes around them.”
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Court Fees Arrived: Craig Wright Has To Pay $658K

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Craig Wright to give $658k in court fees, demanded by the estate that blamed him of stealing $10 billion worth of Bitcoin from Dave Kleiman, his late partner as previously reported in the crypto news.Sanctions were issued against Craig Wright by the Magistrate Judge Bruce E. Reinhart because he didn’t comply with the court order that asked him to surrender half of his Bitcoin holdings to plaintiff Ira Kleiman, brother of the late Dave Kleiman. At the same moment, the court ordered Craig Wright to pay for Ira’s court fees and legal costs.However, the off-the-court negotiations did not develop into a real deal. On Wednesday the estate filed a motion that orders Wright to pay $592,558 in lawyer fees and $66,023 in expenses. Judge Beth Bloom of the U.S. District studied the motion on Thursday and passed it to Judge Reinhart for a final recommendation. Ira said in the motion:
“This amount is based on reasonable hourly rates — commensurate with those actually charged by these and comparable firms in matters in this district — and an appropriate number of hours worked in light of the scope and extent of Craig [Wright]’s deception and the amount at stake in this litigation”
After Judge Reinhart found Craig Wright guilty of making false declarations, producing tampered trust documents, and lying under oath, it is hugely inconvenient for him. In 2013 after the passing of Dave, Wright illegally gained access to Dave’s bitcoins, as per the court. The court ordered Wright to give back those bitcoins to Dave’s estate.Nevertheless, Wright’s response was full of excuses. He claimed that he does not have access to Dave and his bitcoins since its held in a blind trust. A digital forensics expert, on the other hand, said that Wright is lying about the Trust. Ownership of that bitcoin could also prove that Wright is the real Satoshi.But Wright had responded with a ton of excuses, claiming that he does not have access to Dave’s bitcoins because they are held in a blind trust. But a digital forensics expert said that Wright’s claims about the trust are false. Also, the ownership of that bitcoin could have proven the claim that Wright is the real Satoshi.Wright required a 30-day extension to respond to the court sanctions. He agreed to off-court negotiations to reach settlement deal with the Kleiman estate. In November, Ira informed the court that Wright cannot finance the deal, and because of that, he was pulling out of the settlement deal.
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China Classifies Altcoins As Illegal Despite Embracing Blockchain

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China classifies altcoins as illegal and we can clearly see some deterioration on the market. Falling more than $550 in a few hours, yesterday Bitcoin (BTC) had severe deterioration of its price. At the moment after the news Bitcoin (BTC) marked a 6-month low, and fell for $500 more as we are reading in the latest altcoin news.The president of the People’s Republic of China, Xi Jinping stressed the importance of the country’s involvement with blockchain-based technologies. From then onwards the government of the People’s Republic of China held the narrative “Blockchain, not Bitcoin”, reminding interested parties that cryptos are illegal.The Head office of the People’s Bank of China (PBOC) in Shanghai, has made a new regulatory update, stating that the POBC will clamp down on crypto trading and will strengthen its regulation and control after China classifies all cryptocurrencies as illegal.The existing strict regulations would be implemented like in the past by the authorities of the People’s Republic of China, according to the update, and activities related to crypto will be continuously monitored within PBOC’s jurisdiction. Furthermore, any such activities will be “disposed of immediately, and prevented from happening early” as soon as they are identified.The stance of the authorities in the People’s Republic of China (PRC) is that there are many risks involved in the issuance and trading of cryptos such as asset tempering, business failure, and investment-related speculations. The point is that investors shouldn’t combine blockchain technology and cryptocurrencies, because the policies of the government of the People’s Republic of China (PRC) are treating exceptionally different the two questions.The moment the news arrived in the markets, Bitcoin’s (BTC) price fell to $7,000, losing $500 more of its dollar value. As it was reported earlier, Bitcoin (BTC) was not traded at these levels since May of 2019, making this a new low for the cryptocurrency. For now, the well-known support line of Bitcoin (BTC) is standing about $7,000 and is holding good, but the situation can be changed in a fraction of a second. The price of Bitcoin (BTC) can fall down to $6,200 because that’s where more demand is found.
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Crypto Retail Adoption Is Increasing All Across The World: Report

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Crypto retail adoption seems to be increasing all around the world since many of the retailers started accepting payments in cryptocurrency and hot spots are emerging faster than ever so let’s read more about this in the crypto news today.The areas in which crypto usage seems to be growing the fastest and it is most concentrated remain in the US and Europe but the data also shows some notable growth in some other areas that have a lot more to gain from the crypto retail adoption. Cryptocurrency is not rising quite as quickly as some would expect but to no mistake, more people are using digital assets now more than ever.One serviced that provides information about retail adoption shows how fast the growth is occurring all over the world by creating a heat map. The map of crypto-friendly businesses by Cryptwerk breaks down the rising interest in the technology by each continent. The activity seems to be mostly focused on aournd metropolitan hubs. If you guessed it, the United States and Europe have the highest density of businesses that accept crypto payments. London, Amsterdam, New York, LA, Seattle, Miami, and Austin are all in particular hot spots for retail adoption.Switzerland as well as a progressive stance on blockchain technology and also showed some high numbers. Puerto Rio or now known as the new Blockchain Island, is also densely populated for the size of its territory and became much friendlier to crypto businesses. The growth in Asia is mainly driven by Singapore, Bangkok and Hong Kong and the same goes for Australia where Melbourne represents the most crypto-friendly city.Africa starts to get a little bit more involved in crypto adoption and saw some increase in the number of businesses accepting digital assets. South Africa and Nigeria become crypto hubs while Africa, in general, suffers from the main issues that Bitcoin usually addresses. These include high inflation, lack of banking and a high level of corruption. It is not surprising however but it is encouraging to see such growth in the African states.In South America, the metropolitan hubs of the region show significant growth mainly in Brazil. Outside of Brazil, there is a high adoption in the likes of Argentina, Chile, and Peru. CoinMap shows a more detailed look at crypto-friendly business by area and it shows that Venezuela is being one of the most important areas in South America for crypto adoption. There are more than 155 businesses that accept digital asset payments and the nation is often linked with crypto usage because of its issues with hyperinflation and poor economic situation.
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