In the crypto news today, we are seeing a staggering amount of more than $32 billion that has been added to the market and its valuation in only two days. And while Bitcoin is rising and taking all of the altcoins in a new green trend, analysts attribute the winning surges to two altcoins – Litecoin (LTC) and Bitcoin Cash (BCH).
The truth is, what started as a small rally for Bitcoin later transformed in an altcoin fest when both Bitcoin Cash and Litecoin started posting their winning numbers. For instance, Bitcoin Cash (BCH) managed to surge from $168 to $336 while Litecoin (LTC) ballooned to almost twice its value from April 2 – going from $61 to a session high of $94.
Together, both of the altcoins managed to inject $4.5 billion into the market which comprised of almost 14% of the overall crypto pump. While Bitcoin Cash has flirted with the $400 resistance level and jumped by more than 54% in just 24 hours, Litecoin was more shy and tested the $100 levels only briefly.
What’s interesting is the fact that crypto exchanges which facilitated BCH-enabled pairs posted an adjusted daily volume of $3.76 billion (CoinMarketCap data) which were put mostly against Tether’s stablecoin USDT, Bitcoin and the South Korean won. On Yahoo Finance, the reported volume was projected at $228.72 million.
The surge led BCH in an overbought area (according to its RSI index) and right now, there is a likelihood that this situation would extend further into the selling area before BCH drops any lower.
On the other hand, the LTC-to-USD rate jumped 31% in 24 hours, and the LTC-enabled pairs noted an adjusted volume worth $5.83 billion – while on Yahoo Finance the reported volume was lower and projected somewhere at $158 million.
If both of the pairs fail to break above their new resistance levels and pull back, the pressure will certainly fall upon a support area of $61 for LTC and $280 for BCH which act as the main resistance levels during this uptrend.
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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