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Ripple partner SBI Holdings’ cryptocurrency exchange, VC Trade launch date announced




SBI Holding's cryptocurrency exchange, VC Trade launch date announced
Source: Unsplash

Japan’s giant, SBI Holding has recently announced that their cryptocurrency exchange, VC Trade, will be open for trading virtual currencies in March 2019.

SBI’s CEO, Mr. Yoshitaka Kitao announced this news at the third quarter results briefing for the fiscal year ending March 31, 2019. The exchange, which was launched in July 2018 had previously restricted the withdrawals of cryptocurrencies and had limited the users to use hardware wallet that the company refers to as “designated wallet”.

This method was to ensure compliance of AML laws and to prevent money laundering or Terrorist financing, which is particularly tough when it comes to cryptocurrencies.

Furthermore, the exchange VC Trade will allow trading of XRP, Bitcoin [BTC], Ethereum [ETH], and after a careful examination offered the users to even trade Bitcoin Cash [BCH].

According to its website, SBI Holdings had previously announced that it had paid-in capital of 92 billion yen [$828 million] and over six thousand consolidated employees. According to an interim results announcement, the six months ended Sep. 30 of this year the company registered over 176 million yen in revenue [$1.584 million].

With its recent partnerships with R3, Ripple and other prominent companies in the cryptocurrency ecosystem SBI Holdings Co. Ltd. is on a race to become a global leader in the payments and cryptocurrency space.

Moreover, Mr. Kitao is very concerned and striving to achieve his dream before the Osaka Expo 2025, which would allow investors to gain a huge exposure to how cryptocurrency and blockchain could change the face of payments/remittance industry altogether.

SBI Holdings had previously announced that it had made a secondary investment in the cryptocurrency exchange LastRoots.

@levinh05, a Redditor commented:

“Yes of course, Japanese loves Xrp and the regulation is almost completed. I hope march and may are the key months of the year.”

Another Redditor, @Hodlandwait commented:

“I love it. I’m easily happy to wait 5 years for a $10 price point. When I got in to this game years ago with such little, I was hoping for $50 or $100 thinking this was going to be the biggest explosion. The bear and boom and then the bear of last year has allowed so many people to accumulate that $10 takes many of this community into the fucktonnes of money camp.
I really hope Kitao helps get this thing into the next level this year.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’




Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.

A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”

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