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Cryptocurrency adoption prohibited by Indian banks; force customers to sign contract

Namrata Shukla

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Cryptocurrency adoption prohibited by Indian banks; force customers to sign contract
Source: Pixabay

The Reserve Bank of India, India’s central banking institution had prohibited the banks of the country from providing any assistance or services to cryptocurrency business. Following this, the banks in India are taking things one step ahead by asking customers to sign contracts stating that they will not use cryptocurrencies of any kind as a part of their new terms and conditions of service agreements, reported Bitcoin.com.

The banks are taking such steps to discourage people from adopting cryptocurrency on the whole. According to the reports, the new course of action is forcing the customers to choose between banks and crypto. The adoption of crypto is getting difficult in the country even though many hope to see cryptocurrency overtake the traditional banking system, it is tough to realize this dream due to such stringent actions.

Twitter user, @DesiCryptoHodlr tweeted an image of the terms and conditions required by one of the prominent banks, Kotak Mahindra Bank as an example of the bank’s restrictions. The image says that strict actions will be taken against those who disregard this condition. The user tweeted:

Source: Twitter

Source: Twitter

“Indian Banks now forcefully taking permission from us to ‘reserve right to close our account without further intimation’ if we deal in #cryptocurrency transactions
Ability to decide what to do with our own money is the very reason we need to invest, #BUIDL, & believe in #bitcoin”.

The bank is pressurizing the customers to declare that they “will not deal with any transactions related to Crypto-currency including Bitcoins”. It further states that the bank also reserves the right to close their account if the condition is not followed.



According to reports, similar warnings are displayed on the bank’s ATM screens:

Virtual currencies (VCs) are not legal tender and do not have any regulatory permission or protection in India. We request you not to make transactions involving any VCs from any of your account/s. For any such transactions, the bank shall be acting in accordance with the regulatory guidelines which include closing your account without further intimation.

The bank claims that it is working in accordance with the RBI regulations, and the Twitter user claimed that this is only one example of the many banks following this.

Altcoins

76497|Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

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Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

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Altcoins

76476|DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum

Akash Anand

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Source:Pixabay

The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.

Source: CoinMarketCap

At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.

Source: CoinMarketCap

The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.



DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:

“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”

Another DigiByte fan, Mark Brown replied on the same thread saying,

“Tell that to @barrysilbert , he’s the one to talk to brother 😏

@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.

I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”

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Ripple

76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain

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Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
Source: Pixabay

SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.

The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.

SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,

“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.



SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.

Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.

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Altcoins

76352|Tron [TRX] announces new incentive scheme for USDT-TRX holders to lure USDT-Omni users

Akash Anand

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Tron [TRX] announces new incentive scheme for USDT-TRX holders to lure USDT-Omni users
Source:Pixabay

Tron’s [TRX] partnerships and updates are meant to take the Tron Foundation, and the cryptocurrency market into the realm of mass adoption. Tron’s recent tie-up with Tether [USDT] made waves, with Tron’s Justin Sun talking up the partnership’s advantages over the Omni network.

In a recent Twitter post, the Founder of the Tron Foundation spoke of a new $20 million incentive plan related to the USDT-TRX partnership. Details revealed that the initial Annual Percentage Rate [APR] for holding the cryptocurrency will be 20% which was significantly higher than its competition. The company’s release also specified that USDT-TRX holders will be rewarded more USDT-TRX during a campaign that will go on for 100 days. Tron’s attempts at dominance over the USDT-Omni tie-up was made evident after the initial budget of $20 million was announced without a hard cap.

The APR will be available to users from the end of April, and will go on till 7 August. Over the course of this time, the APR rate will change from 20 percent to 1 percent, by the end of the 100-day campaign. The new program by Tron is aimed to focus on one thing: migrating the users on the USDT-Omni network to the Tron network. While announcing the USDT-TRX launch, Sun had spoken about the advantages of the Tron ecosystem over the Omni ecosystem.



The Foundation had tweeted,

“TRON’s partnership with @Tether_to to bring $USDT on the #TRON blockchain will make transactions faster and free, and provide more use cases. This is a significant improvement from the last generation of stable coins like Omni.”

Following which, the Tron CEO stated,

“First of all, USDT Tron will offer the liquidity in Tron decentralized exchange. Second, USDT Tron will offer TRX holder, a new way of value storage. Third, USDT Tron will provide the DApp users, a new way to play DApps, which also minimize the risk of the cryptocurrency. Fourth, USDT Tron will give Tron blockchain new legitimacy and the increase the confidence of the institutional investor in that show.”

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Altcoins

76325|Tezos [XTZ] soars by 65% in seven days after community votes for upgrade implementation

Priya

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Tezos [XTZ] soars by 65% in the past seven days after community decides on upgrade implementation
Source: Unsplash

A majority of the cryptocurrency market recorded sideways movement on March 22, however, few cryptocurrencies did showcase double-digit growth over the past seven days, including major coins such as Tezos [XTZ], Ontology [ONT], Maker [MKR], and Bitcoin Cash [BCH].

Tezos [XTZ], the twentieth-largest cryptocurrency by market cap, recorded a massive surge of over 65% over the past seven days. According to CoinMarketCap, at press time, it was trading at $0.741 with a market cap of $492.37 million. The trading volume of the cryptocurrency was $11.63 million, and the chart showed a price hike of over 9% in the past 24 hours.

Tezos seven-days price chart | Source: CoinMarketCap

Tezos seven-day price chart | Source: CoinMarketCap

The highest trading volume for the cryptocurrency was recorded on Gate.io with the XTZ/USDT trading pair. It contributed around 16% of the total trading volume. BitMax was second on the list, contributing 12% via the XTZ/ BTC trading pair. The next three spots were occupied by Kraken, contributing 33.45% on the BTC, USD, and EUR trading pairs.

Tezos price chart | Source: Trading View

Tezos price chart | Source: TradingView

On March 21, the platform announced the completion of its first voting round. The vote was to decide whether the Tezos community was in favor of a system-wide upgrade. The voting saw two upgrades competing, ‘Athens A’ and ‘Athens B’, with Athens A gaining the community’s attention. Athens A received a total of 25,885 community votes, with 18,181 votes in favor of the upgrade. The Tezos Foundation did not take part in the voting system to appear neutral.



The official blog post read,

“As noted, this contributes to the required quorum and further elevates the voices of other members of the Tezos community in this historic first vote.”

The approved proposal would introduce two backward-incompatible changes [hard fork]. These upgrades are related to the scalability of the network and bakers [miners] of the platforms. The first change would increase the Gas limit set per block, thereby increasing the scalability of the network. The second change would decrease the aggregated tokens held by bakers from 10,000 XTZ to 8,000 XTZ.

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News

76305|IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration

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IOTA [MIOTA] surges by 7% as retail expansion prospects brighten following Zeux App integration
Source: Pixabay

IOTA [MIOTA], the 14th largest coin in the market was buoyed by its recent integration with the Zeux platform, resulting in the coin surging by 7% against the US Dollar. The coin closed the gap with the privacy-centric Monero [XMR], and trailed the latter by $15 million, at press time.

Zeux announced the MIOTA addition on 21 March via a Medium blog post, and added that this integration will boost the coin’s retail use. Merchants that cater to Apple Pay and Samsung Pay users will now accept MIOTA as well.

The Zeux platform will roll out in Europe by April, and will enter the US in 2020. The application claims to be a “digital banking solution for both fiat and cryptocurrencies,” and plans on tying up with several merchants at the retail level. Zeux already received its license from the UK’s top regulatory body, the Financial Conduct Authority.

Their tweet announcing the integration stated,

Source: Twitter

Frank Zhou, Founder and CEO of Zeux, believes that the partnership will help propel cryptocurrencies into mainstream retail use. Zhou is looking forward to working with IOTA’s Tangle technology, a Distributed Ledger Technology [DLT] facilitating machine-to-machine interactions, seamless micropayments, and data transfers. Referencing Tangle, he said,

“As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp.”

Source: Trading View

IOTA was trading at a stagnant price level of $0.291, with a brief surge to $0.302 on 16 March. After dropping to $0.285, the coin later saw a massive increase of 7.97 percent and pushed the price to $0.308.

The rise continued with the coin reaching $0.315 in the next six hours, peaking at $0.323 on 22 March. At press time, the coin was trading at $0.319. This was the coin’s highest price since 24 February.

In terms of market capitalization, the coin was hovering around the $830 million mark, prior to a drop to $806 million. Following this, the coin’s valuation shot up to $876 million, peaking at $899 million. At press time, the market cap had dropped by over $10 million, and was valued at $887 million.



The South Korean exchange, UPbit, took the top spot in terms of IOTA trade volume, accounting for over 27.6 percent of the total volume in the trading pair IOTA/KRW. Other prominent exchanges in the MIOTA market were Binance, Bitfinex, and Huobi Global.

Zeux had previously integrated Qtum [QTUM] on its application, resulting in a whopping 36 percent price hike for the coin.

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News

76298|World Wire is based on standards developed by SWIFT, says IBM’s Head of Blockchain Solutions

Priya

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IBM's World Wire is based on standards that SWIFT developed, says Head of Blockchain Solutions
Source: Unsplash

Jesse Lund, the Head of Blockchain Solutions and Digital Assets at IBM, spoke about whether there were concerns regarding the functions of World Wire, and the safety of its transactions, in an interview with CNBC. He also spoke about the impact World Wire would have on financial service systems like SWIFT.

Earlier this week, IBM announced the launch of World Wire in collaboration with Stellar. World Wire is a payment system that utilizes the benefits of blockchain technology, the Stellar Network in particular, and cryptocurrency, to settle cross-border payments in real-time. The US Dollar and Stellar Lumens [XLM] would be the currencies used to kick-start the payment network.

In the interview, Lund was asked about the implications Bitcoin would have on their network, considering the recent turn of events associated with the coin. He was also asked whether there were concerns and questions pertaining to the functions of World Wire and the safety of transactions. He said,

“[…] Bitcoin kind of started the momentum of all of this blockchain. And what IBM has been doing, […], is adding security and confidence to the system. So we are building on new idea, which is the ability to store monetary value electronically and to be able to move that value around the world in real-time.”

He further spoke about what made World Wire different, in light of the presence of Western Union and MoneyGram in the same field. He stated that the current cross-border payments system had issues, adding that there were inefficiencies in the way banks communicate and that World Wire was separate from the network.

Lund said,



“[…] Those things are distinct and they require a lot of co-ordination and reconciliation after the fact, that adds, who would call friction, that adds, you know, time complexity, and cost. And so, by having a digital store of value that can move with the payment data, we make the whole process a lot more seamless and a lot more point to point.”

This was followed by Lund speaking about the existing financial systems such as SWIFT. He stated that SWIFT “was a messaging platform”, while what IBM provided “was messaging like SWIFT”. He said,

“We’re based on standards that SWIFT has ultimately developed. Standards that have come out of SWIFT, you know, are inherently part of the platform itself. So, yeah, we’re trying to help banks optimize the way that they service their customers and its becoming more and more global, so money moving cross-broader needs to move more efficiently.”

Further, he was questioned on whether they faced any pushback from banks or whether they were viewed as a threat. Lund strongly disagreed, stating that IBM’s role in Word Wire was “as the network operator” and an infrastructure provider. He said,

“We’re trying to build the foundation on which banks can continue to enhance their businesses and to build new applications that will ultimately affect their customers. So, we’re just trying to make it easier for them to pass along improvements and better user experience for flocks like us.”

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76289|Stellar provides a bridge between private networks and Bitcoin’s open wild-west network, says IBM’s Jesse Lund

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Stellar provides a bridge between private network and Bitcoin's open wild-west network says IBM's Jesse Lund
Source: Pixabay

Stellar and IBM partnership led to the creation of World Wire, a solution for moving money across borders and domestically with less friction.

In the video released by Stellar Development Foundation, Jesse Lund, the head of blockchain solutions at IBM, spoke about the traditional payments rails and how they were archaic and in a dire need of an upgrade. Lund also explained the partnership dynamics between Stellar and IBM that led to the development of World Wire. He also added that Stellar and IBM snatched the opportunity just in time.

Moreover, Lund said that it was faster and efficient to move money through FedEx than traditional payment channels, which was “unacceptable” considering the 2 billion people that still do not have access to payment services. He stated:

“Modern technology hasn’t provided a way to optimize the movement of money around the world…”

Lund continued that it would be easy if all the banks in the world were on a single platform and interconnected with each other, but “that (was) not realistic, not feasible at least not until now”.

He said that if every bank was using a distributed ledger, it would be possible to represent the balances of every bank in one system as every bank would be conceptually interconnected with each other. This would eliminate the “hops” and the “intermediaries”. He added,



“World Wire is a network of networks that is built on top of Stellar protocol, which provides a blockchain protocol that is tailored and tuned for the transfer of value and the store of value through the issuance of many different types of digital assets.”

Moreover, Lund explained:

“We chose stellar because it has thought about scalability it’s rethought the underlying mechanics and some of them are quite complex… the other benefit of Stellar stellar provides an amazingly simple way to issue digital assets which is really paramount to the use and the vision behind the world wire system.”

Lund added that Stellar provided a bridge between a private network and Bitcoin’s open wild-west network. Lund also mentioned that it was possible to create sub-network and enforce certain rules on the participants while not giving up the transparency and the openness of having an open network.

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Analysis

76284|Ethereum [ETH/USD] Price Analysis: Coin bids adieu to bull market as bears take over

Priya

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Ethereum [ETH/USD] Price Analysis: Coin bids adieu to the bull market as bears take over
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, indicated the presence of both the bull and the bear. According to CoinMarketCap, the cryptocurrency was trading at $136.39 with a market cap of $14.36 billion, at press time. The coin displayed a trading volume of $5.06 billion, and a rise of 1.47 percentage in the past seven days. The coin also dropped by 2.79 percentage in the last 24 hours.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated downtrends from $142.52 to $138.83, and from $138.43 to $134.85. The uptrend for the coin was outlined from $132.91 to $134.49.

The coin’s immediate resistance was pictured at $138.94, and strong resistance was laid at $140.21. The immediate support for the cryptocurrency was found at $132.75, and there was strong support at $130.69.

Parabolic SAR indicated a bullish market for the coin as the dotted lines were below the candlesticks.

Chaikin Money Flow forecast the opposite, as the money flow took the exit route.

Bollinger Bands diverged, suggesting some volatility and price movement for the coin.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

In the one-day chart, the downtrends were displayed from $218.66 to $157.56, and further from $157.55 to $138.72. The first uptrend for the currency was drawn from $82.92 to $103.22, while the second extended from $103.22 to $134.41.

The immediate resistance for the cryptocurrency was at $140.53, and strong resistance was at $157.60. The coin’s immediate support was at $125.09, and strong support was seen at $103.13 and $82.79.

Klinger Oscillator showed that the bull was losing out as the reading line was pictured below the signal line after a crossover.

RSI indicated that the buying pressure and selling pressure for the cryptocurrency evened each other out.

MACD forecast the bear’s position to be well ahead of the bull, as the moving average line dipped below the signal line right after a crossover.



Conclusion

The market suggested a strong bearish presence for the cryptocurrency, and a fading bullish presence. This was attributed to the MACD and Klinger Oscillator from the one-day chart, and CMF from one-day chart siding with the bear.

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Analysis

76283|Litecoin [LTC] Price Analysis: Price breakout imminent as bears control silver coin

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Litecoin [LTC] Price Analysis: Bear lurks around the silver token's realm even as another breakout is anticipated
Source: Pixabay

The fourth largest coin on CoinMarketCap, Litecoin [LTC] was trading within the $59- $62 range after a short surge.

At press time, the crypto asset held a market cap of $3.60 billion, and was priced at $59.12. The crypto asset registered a 24-hour trading volume of $1.74 billion. LTC exhibited a decline of 2.32% against the US dollar over the past 24 hours, while a growth rate of 3.98% was recorded over the past seven days.

Coineal contributed the highest trading volume for the coin, accounting for 7.98% via the LTC/BTC trading pair. It was followed by Coinall and DigiFinex with 4.22% and 3,66% of the trading volume, respectively.

1-hour

Source: TradingView

Litecoin’s one-hour chart showed an uptrend from $52.39 to $55.86, and another uptrend from $57.90 to $60.29, fueled by the coin’s recent bull run. A downtrend from $55.82-$34.08 was registered on the chart. The support for the coin was found at $52.39.

Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.

Awesome Oscillator: The closing bars of the indicator were red, indicating a bearish price momentum for the crypto asset.

Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that money was flowing into the LTC coin market. Hence, a bullish price trend was predicted for the coin.

1-day

Source: TradingView

The candlestick arrangement on LTC’s one-day chart exhibited an uptrend from $32.79 to $45.68, and a longer downtrend from $55.82 to $34.08. The immediate resistance for the digital asset was marked at $67.78, while the immediate support stood firmly at $30.55 and at $24.10.

Parabolic SAR: The dotted markers were below the candlesticks, and pictured the coin in a bullish environment.

MACD: Post a bearish crossover, the MACD line was treading below the signal line.

Klinger Oscillator: The KO indicator also sustained a bearish crossover, following which the reading line was below the signal line.



Conclusion

The short-term indicators for Litecoin [LTC] exhibited mixed signals, with significant volatility and potential price breakouts being predicted. The long-term indicators echoed strong bearish projections for the digital crypto’s price.

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