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Altcoin News

New Altcoin Rally Could Be Triggered By Recent Price Breakout

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The coming altcoin news show that a new altcoin rally may be on its way, mostly because of the recent price breakout which put all eyes on Bitcoin. However, analysts believe that this could be a springboard for altcoins to follow.

With the new rally which pushed the market to a total cap of $251 billion (and growing), we can see that things are stabilizing. While Bitcoin managed to add 10% to its price overnight, there was a new altcoin rally which made some coins shine even brighter than Bitcoin. One example is Bitcoin Cash (BCH), which ballooned by 16% to a new weekly high.

One trading analyst was featured in the altcoin news frenzy on Twitter. Nik Patel, who is the author of the book “An Altcoin Trader’s Handbook” explained that while Bitcoin went on to set new yearly highs, altcoins continued to set new yearly lows in their BTC ratios. Therefore, the total altcoin market cap increases which shows that a new altcoin rally might come soon.

On top of this, Patel meant that the selling pressure is almost exhausted and that a new bull cycle could begin. If the bull market is realized based on previous history, a new altcoin rally could come soon and top more than 600% in surges this year.

Another positive factor is the support that Patel got from his fellow Twitter crypto friends. DOnAlt, who is a prominent analyst, shares a similar outlook and expects altcoins to play catch up once Bitcoin’s surge cools off. He was featured on many best cryptocurrency news sites for this statement.

The likes of Litecoin are also important in this new altcoin rally – and helped spark off positive sentiment back into the market. Even though these coins have had their time, they announced the crypto spring in a great way.

Speaking of which, Ethereum is in the latest cryptocurrency news for switching its consensus algorithm in an attempt to upgrade its capacity and potential. From this, there are a few extenuating circumstances which could guide us to a new altcoin rally just like the historical rally that is expected by many traders.

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Altcoin News

German Regulator Ordered KaratGold Coin Creator To Stop Operations

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The German regulator- the financial supervisory authority along with the South African regulators took actions over sales of a purportedly gold-backed cryptocurrency as we are reading further in the latest cryptocurrency news today.The German regulator disclosed back on Monday that it had issued a cease-and-desist order against Karatbit Foundation for issuing the KaratGold coin without necessary licensing in the country. The South Africa Financial Sector Conduct Authority warned the consumers to avoid the investments that were offered by Karatbars International GmbH which is a German company that promotes the reportedly gold-backed KaratGold.With the BaFin order, the foundation has to ‘wind up its electronic money business’ in Germany as per the regulator. BaFin didn’t quite respond to requests for comment by press time. Running on the Ethereum blockchain, the KaratGold Coin is officially listed on about 25 exchanges. The Belize-based Karatbit Foundation is the issuer of the coin and the manager of the entire ecosystem according to the KaratBank coin white paper which is why the entity is considered unregulated.Karatbars International has denied all of the accusations that were leveled in the German business publication Handelsblatt according to the company posts and a story that was published on Wednesday by TheGuardian. The media outlet reported that the Karatbit Foundation is under orders to return the investors’ funds that reached up to $100 million which is equivalent to the amount that was raised in 2018.Harald Seiz who is the CEO of Karatbars stated that the German regulator is mistaken the order against the firm basing the actions on a scam website that is not associated with the company. He claimed:
 “We are completely transparent, we have nothing to hide, if there are unanswered questions, we will clarify them, of course, we fully cooperate with the relevant authorities and are very anxious to clear up any misunderstandings as fast as possible interested.’’
The FSCA explained that Karatbar International solicited multiple South African investors via WhatsApp to purchase unspecified investments without holding the authority to operate in the country and the warnings from South Africa and Germany came later after it was reported that the Florida Office of Financial Regulation stated that Karatbars is not licensed as a bank.
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OpenVASP Will Help Exchanges Solve A Big Regulatory Problem

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Virtual asset service providers, known as VASPs, just launched a new initiative called OpenVASP - something that aims to solve one of the biggest regulatory challenges often known as the "travel rule."For those of you who don't know, this rule basically necessitates that VASPs share customer information with each other so that one crypto exchange can confirm - for instance - that a customer on another exchange is sending 10 Bitcoins (BTC) and has a verified identity.The cryptocurrency exchanges will benefit big time from OpenVASP as reports show. The initiative was first unveiled at the Blockshow Asia conference in Singapore and the key players behind it include the Swiss-based Crypto Valley Association (CVA), International Digital Asset Exchange Association (IDAXA), ACCESS Singapore Cryptocurrency and Blockchain Industry Association.They announced OpenVASP at the event and said that they are working with other key partners on making this the future of sharing information, the cryptocurrency news show.
"The initiative will enable VASPs to transmit blockchain transaction information privately, immediately and securely, in compliance with the Financial Action Task Force (FATF) Recommendation 16, also known as the travel rule," according to one press release.
A specific whitepaper was prepared too, proposing an OpenVASP protocol "based on key design principles of decentralization, privacy, broad applicability, while remaining agnostic to the virtual asset being transferred."As shown, the protocol would allow VASPs from across different jurisdictions to transact between themselves without knowing each other and without the need to register with a cental authority or a database, as per the announcement.
“OpenVASP is a roadmap to FATF compliance that enables VASPs to protect private and business-sensitive data. We hope the community will consider it as a blueprint. Building partners are welcomed,” said Chris Gschwend who is the head of CVA's VASP/AML Taskforce.
This travel rule is "almost like applying U.S. postal mail rules to email for U.S. communication roles. Like pushing a square peg into a round hole for us, the blockchain ecosystem,” according to Tim Byun who is a former regulator and now CEO of the OKCoin cryptocurrency exchange.
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Telegram Tokens Are Still Considered Risky Despite Defending The Case

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The Telegram tokens and the Open Network, in general, are under heavy pressure from the Securities Exchange Commission for allegedly conducting an unregistered security sale as we previously read in the altcoin news.Even if Telegram manages to defend the case, the telegram tokens are still considered as risky. The platform still remains raw since many of the parts of the technological stack are under development but a decision to ‘’roll its own crypto’’ still doest spike confidence in timely delivery. The SEC’s move to stop TON from issuing the tokens was considered as a positive factor by a few investors meaning that it can give the project some more time to develop something more than just a viable product that can improve the public sentiment for the mainnet launch, of course, if the project settles the case with the SEC.Regardless of the TON dispute, there will be a lot of resources that can be used for further development of the platform. This is mainly important as the network is already attracting some large expenses. According to the SEC’s filing, ‘’ as of January 31, 2019 TON had used approximately $281 million of the $1.7 billion raised to support the development of messenger and the TON blockchain.’’Telegram’s estimates show that there could be expenses of more than $520 million between 2019 and 2021 on the messenger alone. This kind of spending raises a lot of questions on the usage of the funds mainly because the platform is still not completed. Telegram plans to have an initial supply of 5 billion GRMs releasing to investors in multiple batches and the project also aims for yearly supply inflation of 2%.Telegram prohibited most of the investors from reselling their allocation under the penalty of shutting down the purchase contract so the buyers and sellers surpassed this by signing delayed delivery contracts that are fulfilled once when the network is launched. If the tokens get listed for trading, the lower valuation bound seems to be more likely. The initial investor appears to be focused on selling by combining with negative sentiment and high costs for some investors that could result in panic selling.
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OneCoin Founder’s Brother Could Spend 90 Years In Jail

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OneCoin Founder’s Brother, Konstantin Ignatov, is facing some serious jail time for his involvement in the popular crypto Ponzi scheme as we reported multiple times in our cryptocurrency news.The entire crypto ecosystem is no stranger to scams and pyramid schemes and with the technology emerging and the dramatically rising prices, there is only more dangerous for people to get into get-rich-quick schemes that only can cause trouble for them and their hard-earned money. One of the biggest crypto scams is surely OneCoin which managed to take in about $4 billion. The Ponzi scheme saga continues right now as OneCoin Founder’s brother has pleaded guilty to money laundering and fraud charges in the United States.OneCoin was created by Ruja Ignatova in 2014 in Bulgaria and the crypto project saw incredible success, increasing from 29 cents to 29.95 Euros in a period of two years. The entire operation gathered up to $4 billion but the problem was that the entire operation ended up to be a Ponzi scheme. Ruja left the company in 2017 and she disappeared right away. Her brother, Konstantin Ignatov took over the company but ended up being arrested in March 2019 at the LA airport. He was initially charged with conspiracy to commit wire fraud and his sister was charged in absentia with securities fraud.The court documents revealed that Konstatin Ignatov has pleaded guilty to fraud and money laundering and his plea agreement was signed on October 4. His agreement ensures that Konstantin will not face further criminal charges related to OneCoin but he is still liable for criminal tax violations. Konstantin faces up to 90 years in prison but this sentence can be changed because of his cooperation with the authorities. The court documents show that his testimony could reveal ‘’activities of individuals who might use violence’’ against his family. The plea agreement includes the possibility to give Konstantin a new identity and an entrance to the witness protection program.As for Ruja, Konstantin revealed that she shared with him that she is afraid that someone close to her will going to betray her to the FBI and said that she was very tired before disappearing. He has not spoken to her since she disappeared.
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