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CoinMate.io Bitcoin Exchange Review

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Our experience buying and selling bitcoins on the CoinMate.io Exchange – Note this is a partner post. Find out more in our editorial policy. Please  note: This review is based on selling a relatively small amount of bitcoin into euro. The stats outlined in this review may not apply to larger traders. This review is part of our series of bitcoin exchanges. Last updated: May 2019 We recently had some bitcoin earnings from work  mining efforts as we we conduct our mining pool reviews. As we’re in Ireland, we generally focus on European exchanges to buy and sell our bitcoin. In this particular case, we Source: https://bitcoinsinireland.com/coinmate-bitcoin-exchange-review/

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Analyst Who Called Ethereum’s Parabolic Breakout Says XRP is Next

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XRP’s price action has been rather lackluster as of late, with buyers and sellers remaining deadlocked as they struggle to gain control of the cryptocurrency’s near-term trend.

This lack of momentum isn’t new for XRP, as the token has been stuck within a macro consolidation phase throughout the past few years against both its USD and BTC trading pairs.

This has caused its community to dry up, with the so-called “XRP Army” largely evaporating as they move on to other projects.

It is important to note that XRP still has growth potential, as many traders still view it as a short-term vehicle to provide gains due to its tendency to see parabolic moves.

One analyst is now pointing to some striking similarities between Ethereum’s price action before its recent parabolic move and XRP’s current price action.

This insinuates that it may see some serious upside that leads it up towards its resistance in the upper-$0.20 region.

XRP Continues Consolidating as Analysts Eye Upside

At the time of writing, XRP is trading up just under 1% at its current price of $0.255.

It has been ranging between lows of $0.24 and highs of $0.26 throughout the past week, with buyers and sellers struggling to gain any momentum.

If it fails to break above the upper boundary of this trading range, it may continue consolidating or drift back down towards its bedrock support within the lower-$0.20 region.

The buying pressure here is always decent and should remain steady so long as the wider market remains bullish.

Unless the XRP token begins gaining some greater utility via Ripple partnerships, any price pumps in the near-term will likely be fleeting due to only being backed by short-term traders.

Analyst Claims XRP is Setting Up for a Big Push Higher

While sharing his thoughts on the embattled cryptocurrency’s current outlook, one analyst explained that he expects it to see some short-term upside and follow in Ethereum’s footsteps.

“Basically xrp looks exactly like eth did before it broke out yesterday… easy scalp long imo,” he said while pointing to the similarities seen between the two assets’ charts.

XRP

Image Courtesy of @SmartContracter. ETHUSD and XRPUSD Charts via TradingView.

XRP’s recent inability to follow the market has been a somewhat grim sign and could indicate that further underperformance is imminent.

That being said, there’s a strong possibility that it will see a short-term upswing towards $0.30 in the days ahead.

Featured image from Unsplash.
Charts via TradingView.

Source: https://www.newsbtc.com/analysis/xrp/analyst-who-called-ethereums-parabolic-breakout-says-xrp-is-next/

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The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank

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2020 has been so far a challenging year. Issues such as the Australian wildfires and the global COVID-19 pandemic have harmed the planet and its inhabitants. The financial world has also suffered, especially during the first several months.

The effects are evident within different sectors of the financial industry. While some have felt adverse consequences during these uncertain times, others have thrived and reached for the stars.

BNN Bloomberg’s senior anchor, Jon Erlichman, recently published some stocks’ price performances for banks and fintech companies and the two largest cryptocurrencies – Ethereum and Bitcoin.

CryptoPotato exemplified it with the graph below. It concludes that innovative fintech companies such as Square and PayPal have massively outperformed the old dogs – the banking sector. Bitcoin has also experienced a notable YTD price surge, while Ethereum has trumped them all with a substantial triple-digit surge.

YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato
YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato

YTD: Bank Stocks Haven’t Enjoyed 2020

The stocks of some of the world’s largest banks were on a roll since the previous financial crisis over a decade ago. Bank of America shares had increased approximately ten-fold since 2009 to their highs in February 2020 of about $35.

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In the same period, Citigroup stocks went from $15 to $80, JP Morgan Chase & Co (JPM) from $20 to $140, and Wells Fargo (WFC) surged from $11 to above $50.

However, the COVID-19-prompted crisis took the world by storm this year. March alone saw price slumps not seen in decades. Most of the aforementioned bank stocks lost about 50% of its value in merely days.

Although their shares have picked up from the March bottoms, the graph above demonstrates that their year-to-date performance is still in the red. JPM is down by 30%, Bank of America by 33%, Citigroup by 46%, and Wells Fargo has it the worst – 58% YTD dump.

Other financial service corporations, such as Western Union (-17%) and American Express (-19%), have also lost significant chunks of value since the start of the year.

It’s worth noting that one of the most old-school investors and biggest supporters of the banking sector, Warren Buffet, sold the majority of his bank stocks this year.

Financial Companies In The Green

Although the crisis reached all companies on the graph above, some have not only recovered but actually increased in the following months. MasterCard stocks plummeted from $345 to $203, while Visa’s nosedive started from $213 and ended at $135. Nevertheless, both companies’ shares are slightly in the green on a year-to-date basis.

Two other financial service companies, but primarily focusing on online endeavors, have marked substantially more impressive YTD results.

PayPal’s stocks (PYPL) started 2020 at $110 and have increased by 94% since then, despite the mid-March slump to $85. Jack Dorsey’s Square’s yearly gains have even seen triple-digit percentages. The 55% dump in March was only a brief obstacle in SQ’s way towards a 178% surge since January 2020.

Interestingly, both firms have embarked on cryptocurrency-related activities in recent months. Square purchased $50 million worth of Bitcoin, while PayPal announced that it will enable its US-based customers to buy, sell, and store several digital assets.

What About Bitcoin And Ethereum?

The cryptocurrency market was not exempt from the mid-March madness. Some alternative coins lost up to 80% of value in hours. The two most well-known representatives, namely Bitcoin and Ethereum, dipped to $3,700 and below $100, respectively.

Percentage-wise, those developments equaled about 50% of losses. However, the rest of the year has been significantly more positive for both. Bitcoin, regarded by some as a safe haven tool with similarities to gold, has overcome its massive slump.

Whether it’s the growing interest from institutional investors, the third halving, or giant companies buying BTC for its store of value characteristics, Bitcoin has surged by more than 80% YTD. Just a few days ago, the primary cryptocurrency charted a new yearly high of over $13,000.

Ethereum, on the other hand, has been widely utilized this year in the ongoing decentralized finance trend. Its blockchain operates as the underlying technology behind most DeFi projects.

This increased utilization led to some unfavorable consequences such as slow transactions and high fees and highlighted a few of the network’s weak points. Price-wise, though, none of that matter as ETH has been on a roll during most of the year, especially since the summer.

As a result, the second-largest cryptocurrency has become the best-performing asset from the ones mentioned above, with an increase of over 200%.

What Could All Of This Mean?

The world is undoubtedly going through changes, primarily prompted by the COVID-19 reality. Social distancing and people working from home have driven society into becoming even more digitally-focused.

The financial world won’t be left behind. People seek more online ventures, and digitally transferred funds will eventually become the new normal.

As such, the decline of traditional financial institutions like banks, and the rise of innovative technologies, including cryptocurrencies, could be just the start of the mass transition to the online world.

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Source: https://cryptopotato.com/the-digital-age-is-here-crypto-and-fintech-companies-soar-while-bank-stocks-tank/

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These Are Ripple’s Relocation Options if it Moves Out of the United States

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Ripple has expressed dissatisfaction over the regulatory uncertainty surrounding cryptocurrencies in the United States. Apart from this, the San Francisco-based firm has also decided to act. By moving out of its home turf. But where will Ripple move next? Here are the relocation options.

Ripple’s Asia Options: Japan, Singapore & the United Arab Emirates

When Ripple’s co-founder and Executive Chairman Chris Larsen threatened to move out of the United States over the federal government’s anachronistic attitude towards cryptocurrency regulation, the message was clear.

During a virtual interview with Fortune at the LA Blockchain Summit, Larsen dropped the ‘relocation bomb.’ The Ripple co-founder also added that the US is far behind in the cryptocurrency regulation game compared to its counterparts. To the point that it actually risks losing its financial innovation edge to China (in particular).

Continuing his commentary, Larsen said that the U.K. and Singapore are the most probable destinations for the company to relocate if it moves base out of the country.

However, yesterday, in an interview with Bloomberg, Ripple CEO Brad Garlinghouse added Japan and the United Arab Emirates too to the list of Asia options. Elucidating the reason for extending the list, he said:

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The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies.

He reiterated Chirs Larsen’s stance about the United States’ uncertain regulatory roadmap. He also referred specifically to the conundrum of categorizing cryptocurrencies into a commodity, a currency, a property, or security.

Moving out of the US is more of a compulsion than a desire, Mr. Garlinghouse explained. Ripple would have continued to operate from their home turf if the cryptocurrency regulation scenario was not colloidal.

Ripple is definitely a proud US company and we’d like to stay in the US if that was possible, but we also need regulatory clarity in order for us to invest and grow the business.

Love For London And The United Kingdom

Apart from Asia, Ripple is also strongly considering the UK as an option. This became clear when in an interview with CNBC, the CEO applauded the clarity regarding XRP’s regulatory status in the country.

“What you see in the U.K. is a clear taxonomy, and the U.K.’s FCA took a leadership role in characterizing how we should think about these different assets and their use cases,” Garlinghouse said.

The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.”

This is clearly where the US is failing, Mr. Garlinghouse remarked. Although the U.S. Securities and Exchange Commission is clear on Bitcoin and Ethereum not being securities, when it comes to XRP, the authority has mostly stayed mum, which in turn has left the cryptocurrency’s status ‘shrouded in uncertainty.’

The clarification regarding XRP’s ‘security status’ is crucial for Ripple. Even though the company claims total disassociation from the XRP ledger and the token, it still owns 55 billion of the total 100 billion XRP supply.

Apart from the United Kingdom and the aforementioned countries in the Asian continent, Ripple has also shown interest in Switzerland for setting up its headquarters.

Ripple (XRP) price climbed up higher but not necessarily in response to Ripple’s decision to leave the US. The rally can be mostly attributed to bitcoin rushing for the stars with its explosive break past the $13,000 mark.

Will the cryptocurrency-based fintech firm be able to operate with total and unequivocal regulatory clarity in the above countries? It still remains to be seen.

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Source: https://cryptopotato.com/these-are-ripples-relocation-options-if-it-moves-out-of-the-united-states/

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