The entire cryptocurrency market received an overhaul over the last couple of weeks, with the market seeing prolonged green after a long time. This rise in value and market cap also had positive effects on other parameters of the coins, including buy signals and new resistances.
Peter Brandt, an old-school trader, recently pointed out a couple of charts to show the market’s upward trend. One chart suggested that the Litecoin [LTC]/Bitcoin [BTC] pairing had completed a significant buy signal. The inverted head and shoulder pattern formed by the graph conveyed that the market was bullish and that more investors were entering the cryptocurrency industry.
The LTC/BTC pair has been on a constant uptrend since June 4, and was trading at $0.0144, at press time. The almost perpendicular hike in the price started when the pair was holding at a value of $0.013. The second chart was used by Brandt to claim that new recovery highs in XRP would be constructive “with targets of $0.5688 and $0.620.”
XRP’s rise is something that the supremely active community has been clamoring for a long time, and Brandt’s words only added steam to that goal. XRP at press time, was trading at $0.421, with a total market cap of $17.765 billion. The third largest cryptocurrency was rising by more than 5 percent, with a 24-hour volume of $2.25 billion.
XRP’s positive prediction came on the back of a Gatehub “security breach” that resulted in the loss of 23 million XRP. The breach was pointed out by Thomas Silkjær, Creative Director at 2K/DENMARK, who wrote,
“It turned out that the account robbed was managed through Gatehub.net, and that the offending account (r9do2Ar8k64NxgLD6oJoywaxQhUS57Ck8k) had stolen substantial amounts from several other XRP accounts, likely to be or have been managed through Gatehub.net.”
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Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder
Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.
The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,
“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”
In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,
“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”
Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”
However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,
“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”
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