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Altcoin News

Most Cryptocurrencies Report Slight Losses, Bitcoin Drops Again Under $3,600

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In these Sunday’s altcoin news we can see that almost all of the top 20 cryptocurrencies are showing slight losses and Bitcoin is trading under $3,600 again according to the new data at the time of writing.

Bitcoin (BTC) is nearly 2 percent down and is trading at around $3,573 and by looking at the weekly charts; the current price seems to be $100 lower than where the price was standing at the start of the week.

Ripple (XRP) is somewhat the same losing 2.5 percent of its value over the past 24 hours and is trading at around $0.308. The current price, if we compare it to the start of the week, it’s lower than $0.325 which is where it was last Monday.

The second-largest cryptocurrency by market cap Ethereum (ETH) has also reported some losses by about 2 percent over the past 24 hours and is now trading at $113. When the week started the price of Ethereum was $121.

Some of the cryptocurrencies that are seeing some growth are TRON which is up by almost 9 percent and also the Binance Coin (BNB) is up by more than 2 percent.  For TRON, the past two months were great. In the month of January, TRON outperformed both Bitcoin and the US Dollar and since December 15th, managed to increase from $0.0129 to $0.0303 which is more than 134%.

The current combined market cap of all cryptocurrencies is close to $119 billion which is a little lower than the $121 billion reported just seven days ago.

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Altcoin News

Crypto Custodian BitGo Hires Xapo Vice President As New CRO

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The digital asset trust and security company named BitGo has recently appointed the wallet provider Xapo's former senior vice president as its new chief revenue officer (CRO). The crypto custodian BitGo made the new hire recently, naming the former Xapo official Pete Najarian as its new CRO. The finance media outlet Finance Magnates reported the news on August 19 - which later spread to many best cryptocurrency news sites. According to the reports, Najarian will not serve as BitGo's CRO and will report to the chief executive officer (CEO) of the company, Mike Belshe. When commenting on the appointment, the CEO Belshe said:
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”
The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
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P2P Dash And Bitcoin Transactions Skyrocket In Venezuela

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P2P dash and bitcoin transactions soared in Venezuela after the country’s inflation rate reached 130,000% in 2018 as we previously read in the altcoin news. For the past few years, the economy in Venezuela was rocked by economic and political instability and has even led to shortages of medicine and food, blackouts, riots and massive hyperinflation that rivals that of the Zimbabwe dollar back in the 1990s. Venezuela had the highest inflation rate of 2018 when it reached its peak of 130,060% and in May the country’s central bank publicly published economic data for the first time since 2015 which shows that the inflation rate in 2016 was 274% and 863% in 2017 but then reached 130,060% in 2018. The hyperinflation in Venezuela is so bad at the moment and most of the citizens have to spend all of their money immediately because if they hold it for too long, in the next few days the currency will continue to lose value against the rising price on daily basis. The majority of the people in the country do not trust the national currency and in the past, the people who were unable to spend their income on the spot were trying to find gold or buy US dollars as a hedge against inflation. Both of the options carry so many risks as organized crime and price gouges are always prepared to take advantage of people who hold physical currency. The cryptocurrencies are easier to gold which is why they have become a safer option embrace by the growing number of Venezuelans. This is one of the reasons why P2P dash and bitcoin transactions increased since they are both popular mediums of exchange and store of value currencies. A study from the Ledger Journal investigated the role that the number one cryptocurrency played in countries that have economic uncertainty and contributing analyst Jackie Johnson noted for the latest cryptocurrency news:
‘’In countries where residents are under pressure from economic mismanagement, Bitcoin trading becomes critical. Two factors drive Bitcoin trading: one, there is pressure to purchase Bitcoin using local currency before it loses even more value; and two, there is a need to redeem for the local currency either past purchases or purchases made outside the country by friends/family, enabling residents to cope with rising prices. This results in an increase in Bitcoin trading in the local currency.’’
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Trading Platform Giant Binance Announces The Launch Of Venus

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Trading platform giant Binance announced the launch of the new Venus cryptocurrency which as explained is the regional version of Libra so let’s find out more in the altcoin news below. The world’s trading platform giant Binance will launch Venus saying it is an independent regional version of Libra according to the announcement made earlier today. Binance noted that it is going to launch Venus because it has a presence in several countries and has its own blockchain Binance chain in place as well as the goal to break the financial hegemony and reshape the entire financial system of the world:
 “We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”
Venus is an open blockchain project that will develop localized stablecoins and digital assets pegged to fiat currencies so Binance will start providing full process technical support, compliance risk control and multi-dimensional cooperation network in order to build the new cryptocurrency but also will leverage its existing infrastructure and regulatory establishments according to the co-founder of Binance. The exchange also noted that they welcome more governments, companies, and organizations that have a huge influence on a global scale in order to collaborate with it for the new Venus initiative. Facebook’s cryptocurrency Libra has a similar structure. The goal is to serve the unbanked people and to facilitate low-fee money transfers around the world. Libra is expected to go live in the year 2020 but it has already faced scrutiny from many banks and politicians around the world. Facebook has stated recently in a risk disclosure filed with the Securities and Exchange Commission that Libra will never launch because there is no significant regulatory scrutiny. Binance, on the other hand, stated that it believes that Libra will grow at an exponential rate and will, therefore, reshape the world financial system. They also noted that Libra could bring changes more than the Internet did as per the announcements that we have in the latest cryptocurrency news:
“Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory framework.’’
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Bitcoin Breaks Resistance As Other Altcoins Awaken This Monday

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Bitcoin Breaks
Bitcoin breaks resistance as this new week starts and forms a totally different pattern after spending the entire weekend consolidating above $10K. Now the altcoins as well are making all the moves to the upside so in today’s altcoin news we find out whether this could be the start of the big revival for the cryptocurrencies. For the larger part of the past 24 hours, the bitcoin price remained sideways at about $10,000 and has kept it above the 50-hour moving average but now below the 200 where the next level of resistance lies. There are also no moves back into the four figures field since the slight dip below $10 on Saturday. When the Asian trading session started in the afternoon, bitcoin has started to move with it with a further push to the upside. Over the past hour, bitcoin has lifted out of his previous position and touched the 200 MA on the hourly timeframe. This has taken the number one cryptocurrency up to a five day high of $10,700 according to tradingview.com. On the 4-hour chart, BTC has touched the 50 moving average which is about to start the death cross over the slower 200 if the downtrend continues. The indicators are currently providing the resistance point. In a rare move, the altcoins actually started making plans before bitcoin’s run-up to the next resistance level. Bitcoin breaks the resistance and Ethereum is now chasing down the $200 again in a 7% surge on the day. The Further gains are looking as if Bitcoin has now started to also run-up. XRP made some gains of about 8% on the day taking it to the $0.288 so now it only has to reclaim the $0.30 position and hold the gains before any bigger upswings occur. On the other hand, Litecoin also did very well today adding about 7% to reach $78 as it successfully got out of the LTC dusting attack. Most of the altcoins which are in the top ten list, added more than 5% at the moment as total market capitalization reached up to $277 billion at the time of writing as we saw in the latest cryptocurrency news.
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