Bitcoin [BTC] was priced at $7,917.49, after a fall of 0.72% over the 24-hour cycle. As per CoinMarketCap, king coin held its position of authority with 55.60% market dominance. BTC had a market cap of $140.52 billion as it plummeted below the $8,000 mark.
Litecoin [LTC] took the fourth position with a market cap of $7.27 billion, at press time. LTC was valued at $117.07 with a climb of 0.69% over 24 hours.
BTC saw two uptrends from $4,073.61 to $8,235,36 and next uptrend started at $8,235.36 and ended at $8,792,73. Resistance line stood at $8,774.80 as the two support lines were positioned at $7,640.51 and $3,330.44.
Relative Strength Index revealed that purchasing pressure was marginally higher in the market as the marker line remained at 51.68, just above the 50-line.
Chaikin Money Flow pointer demonstrated that cash streaming into the market was moderately higher than cash streaming out, as the marker line remained at 0.08, just above the zero-line.
Awesome Oscillator pointed towards a bearish twin peak. Selling opportunity was high in the market. As there were two simultaneous peaks above the zero-line, bearish twin peak occurred. The second peak was found to be lower than the first peak. Then, it was followed by a red bar.
LTC faced opposition from resistance line at$118.68 as support line was stationed at $101.84. The digital currency saw three significant uptrends. First started from $39.32 to $92.36, the second started at $91.49 and ended at $101.92. The last uptrend began at $102.50 and closed at $115.83.
Bollinger Bands indicated increased volatility as bands diverged.
Parabolic SAR conveyed a bullish pattern as the markers were set underneath the candles.
MACD exhibited a bearish signal line crossover as the MACD line crossed underneath the signal line, along with a possibility of a bullish trend in the offing.
BTC 1-Day chart revealed a bearish market trend, as BTC descended below the $8,000 mark and LTC coins remained in the bullish zone.
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Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp
Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.
Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”
Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,
“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”
Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.
In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.
According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.
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