ETH SEES NOTABLE RECOVERY AMIDST NEW GAINS

ETH SEES NOTABLE RECOVERY AMIDST NEW GAINS

Saturday, 23 January, 2021 at 14:24 GMT

Ethereum’s performance is impressive, especially in a period where traders are selling off at an alarming rate. The digital asset, which declined alongside Bitcoin and other altcoins, struggled to return to its new high during that period. Not surprisingly, exchanges recorded higher activities linked to the selling actions during the few days of its decline.

Investors don’t want to lose out on all the gains that the new year gave digital assets globally, hence the high sell-offs. Fortunately, even after nearing the $1000 range, it surged to above the $1200 level.

The new gain clearly shows that Ethereum was recovering and might be moving to retake its all-time high. Recently, the crypto community keeps hinting at the emergence of the altcoin season. The digital assets will attract major investors and assure new gains when it finally gets a loyal audience.

Ethereum’s current situation


Amidst hitting the $1,200 level, ETH would likely face some resistance around the $1,250 area. The coin’s previous action caused a decline, which saw the currency moving towards to $1000 range, but fortunately recovered before that mark.

Looking at charts, if the digital asset loses its prominent support, it could become bearish and continuously decline within a short period. The crypto currency’s most significant resistance now is around $1400, $1500, and $1600. In comparison, its significant support holds at $900 $800 $700.

If ETH sell-offs increase, the price might go back to its closest support, the $900 mark. If it should drop below that, $800 would likely hold it up, being the nearest support within that range.

The bull market needs to utilize the current structure to push it above its $1,230 resistance in a bid to record new gains. The analysis shows that the price can hit a new high if the bull’s momentum moves upward. On the flip side, if the technical indicator penetrates under, the digital asset could see an unexpected crash.

Market bulls gaining momentum


Based on the analysis, the market bulls might be gaining momentum due to the decreased sell-off and the new buying pressure coming into play. The market bulls can reclaim ETH’s peak if they remain consistent with the upward pull.

Unlike BTC, ETH recovered significantly since its price correction, which attracts more investment with the assurance of new gains. The digital asset might have to face bear action, threatening to return it to the $800-$909 ranges.

Other altcoins are performing well as Litecoin struggles to take the $500 range. Like other assets, LTC also gained immensely, and if it overcomes the $500 resistance, it could surge into a world of new highs. Years ago, no one would have predicted that altcoins would attract investors and surge beside crypto giant Bitcoin.

Still, BTC remains the world’s largest crypto, but recent losses resulted in a significant shrinking of its cap. The digital asset shows new signs of recovery as it records further gains in the $30,000 range after hitting the $28,000 mark. The decline could mean that BTC would see more falls in the future....

SEC LISTS 28 SUSPICIOUS CRYPTO COMPANIES IN ITS WATCH LIST

SEC LISTS 28 SUSPICIOUS CRYPTO COMPANIES IN ITS WATCH LIST

Friday, 22 January, 2021 at 08:42 GMT

The United States Securities and Exchange Commission (SEC) has been monitoring the cryptocurrency industry since its inception and it has successfully managed to mitigate illicit activities and fraudulent business. As such, the SEC often tends to list these businesses on its watch list. Recently, the regulator has added 28 unregistered cryptocurrency companies that are apparently duping international investors with misleading information.

Among the 28 firms flagged by the regulator on Thursday, eight of the companies seem to target future cryptocurrency investors. Some pretend to be trusted trading platforms for new investors entering the crypto market, while others try to trick retirees.

One of the firms even described itself as a law firm that helps against crypto fraud.

Some of the companies, namely, xTrading-Investment, Passive Trade Plan, RetireWell Investors, Reclaws International Inc. and SmartCoins24 offer crypto and blockchain-based services on their website. Meanwhile, Flagged companies BitminingFX, Cryptobravos, and FXBitcash had their websites down.

These companies make claims that are too good to be true, but seem legitimate at the same time. Passive Trade Plan fashioned itself as “a trusted authority on digital currency investing” while Smartcoins 24 promised investors to “trade the hottest coins of 2018.”

AxTrading-International’s website read:

“Our bitcoin trading services is suitable for those who are new to the world of cryptocurrencies, as well as for bitcoin experts and large-scale bitcoin investors.”


The SEC has added that several investors have filed complaints regarding all the 28 firms that were added to its watchlist. These firms “use misleading information to solicit primarily non-U.S. investors,” SEC said. The regulator stated that it added the firms to its warning list, called PAUSE, to help investors “avoid being a victim of fraud.”

The SEC has been periodically warning the public about opportunities that seem too unreal in the cryptocurrency space. Previously, the SEC has cracked down on several fraudulent cases involving Initial Coin Offerings, and cases of Public companies manipulating the price of its ICO.

New SEC Chief incoming


As previously reported by The Daily Chain, the SEC is also set get a new leader as reports have emerged that President-Elect Joe Biden has nominated former CFTC Chief Gary Gensler as the new SEC Chairman.

Gensler is a well-known figure in the crypto space, especially in the academic area. With his experience with digital currencies, these warnings from the SEC might soon take a sharper form....

RESIDENTS IN CUMBRIA ARE LOSING OVER $270K IN INVESTMENT SCAMS

RESIDENTS IN CUMBRIA ARE LOSING OVER $270K IN INVESTMENT SCAMS

Thursday, 21 January, 2021 at 07:45 GMT

Bitcoin became an attention-grabbing asset following the recent parabolic rise of the value from below $20,000 to as a high as $40,000 within a period of one month. However, this has also provided scammers an opportunity to rip-off people interested in Bitcoin investment. According to a report on Thursday, residents in Cumbria, United Kingdom, are losing thousands of dollars for a new Bitcoin scam circulating in the region.

Bitcoin scams are ripping off Cumbria residents


Within two days, the UK Action Fraud, the national fraud, and internet crime reporting center received about 400 reports about the Bitcoin scam circulating in Cumbria, according to the Cumbria Trading Standards. The victims of the investment scam reported losses of about $273,000 (£200,000). This prompted quick action from the Cumbria Trading Standards to the warned resident not to invest in such crypto investment schemes.

According to the report, the scammer promoted links to their fraudulent websites on social media platforms like Facebook, including Yahoo, MSN, and AOL. In most cases, the scammers made fake webpages that resembled popular news platforms like BBC. They promoted the links using fake content and celebrity endorsements in order to lure in unsuspecting investors. 

The victims were redirected to the fraudulent websites where the scammers would steal financial and personal information. 

The UK moves to curb crypto scams


Last year, several fraudulent investments surfaced in the UK during the severe times of the coronavirus pandemic. Most of the scammers claimed to have a vaccine for the virus, which they offered for sale in Bitcoin. However, the government stepped up its moves to combat these Bitcoin scams by reaching a partnership to create a system that can detect and alert fake advisements calling for investments in the crypto and forex space. ...

FRENCH CENTRAL BANK COMPLETES CBDC PILOT ON PRIVATE BLOCKCHAIN

FRENCH CENTRAL BANK COMPLETES CBDC PILOT ON PRIVATE BLOCKCHAIN

Wednesday, 20 January, 2021 at 08:02 GMT

France’s central bank announced on Tuesday that it has successfully completed a pilot transaction with a central bank digital currency (CBDC) last month that has captured the full settlement cycle.

Banque de France collaborated with London-based SETL, a settlement and payments infrastructure provider, to receive the necessary distributed ledger technology (DLT) and also the infrastructure for the issuance and redemption of the digital currency. 

SETL’s IZNES team was responsible for facilitating the transaction.

“The successful completion of a central bank digital currency live experiment with BDF confirms that SETL is uniquely positioned to help transform Financial Markets,” SETL Chairman, Sir David Walker, said in a statement.

In the experiment, the central bank simulated cash transaction worth over €2 million using the digital currency. Shares of the money market fund ‘Groupama Enterprises’ were subscribed and redeemed. Other participants of the experiment include Citi and CACEIS, which additionally acted as the custodian of the funds; both purchased the CBDC from the central bank.

Digital Euro Soon to be in Circulation?


Several central banks in Europe are now in the race to develop a digital currency, and the French regulator is at the forefront. The complete CBDC pilot happened after the French central bank named eight private partners for interbank settlements. It also tested the digital euro under real-world circumstances with Société Générale.

“Further to the successful delivery of our two market infrastructures – the Fund Platform IZNES and the ID2S Central Securities Depository, we are now excited to take our Payments offering to the next level. Together with our proven track record in delivering regulated Market Infrastructures, this further strengthens SETL’s strategic capabilities,” SETL CEO, Philippe Morel said.

Meanwhile, the European Central Bank is evaluating the importance of the digital euro, and its president Christine Lagarde earlier said that the regulator might launch a digital currency in the next two to four years....

UK HOSPITALS ARE TRACKING COVID19 VACCINES TEMPERATURE USING BLOCKCHAIN

UK HOSPITALS ARE TRACKING COVID19 VACCINES TEMPERATURE USING BLOCKCHAIN

Tuesday, 19 January, 2021 at 13:41 GMT

It’s more evident that blockchain is not only tied to digital currencies. Presently, the technology is being applied across several sectors to improve trust, transparency, and immutability of information. Even during the Coronavirus outbreak, many governments had supported the use of blockchain to develop COVID-19 tracing applications.

Today, hospitals in the United Kingdom (UK) are currently using the technology to monitor the temperature of COVID-19 vaccines, according to a CNBC report on Tuesday.

Blockchain adopted for monitoring COVID-19 vaccine


The blockchain-based tracking system was developed by Everyware in partnership with the Google-backed blockchain consortium Hedera. UK hospitals such as South Warwickshire’s National Health Service facilities are reportedly using the technology to track the temperature of COVID-19 before using the drugs on patients. This is an important development given that COVID-19 vaccines, especially from Pfizer and BioNTech, are temperature-sensitive.

They ought to be stored at a certain temperature before usage. So, from the storage facility, the sensors from Everyware monitor the temperature of the COVID-19 vaccines and pass the information to the blockchain, where it becomes tamper-proof and can be accessed by the hospitals. An official at Everyware, Tom Screen, mentioned blockchain data immutability as a reason they chose to use the technology.

“The benefits of an immutable ledger to verify the validity of data as close to the source as possible has a positive effect on the accuracy of downstream analytics, where any error in source data would be magnified in output datasets,” he added.

Blockchain is gaining widespread adoption


It’s safe to mention that the potentials of blockchain technology can never be overemphasized. The technology is helping to rebuild trust in daily activities, and transparency especially in supply chain management. IBM has championed this sector through its blockchain network. Last year, Cryptopolitan reported many companies that joined the IBM blockchain network to improve the traceability of products. They include Rolar de Cuyo, Folgers Coffee, and others....



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