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Pirate Weekly Meeting | 2.19.2020

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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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ETH Cools Off After 13% Weekly Gains, What’s Next? (Ethereum Price Analysis)

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ETH/USD – Bulls Retest Bearish .618 Fib Resistance

Key Support Levels: $410, $400, $387.
Key Resistance Levels: $416, $421, $439.

Ethereum saw a strong 13% price surge this past week as it reached as high as $421 (1.414 Fib Extension). More specifically, the buyers could not close a daily candle above the resistance at the bearish .618 Fib Retracement at $416.

After heading back into $400 yesterday, the bulls have rebounded and are now retesting the aforementioned level.

ethusd-oct24
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, once the buyers break $416, the first level of resistance lies at $421.50 (1.414 Fib Extension). This is followed by resistance at $434, $439 (August 2018 Highs), and $445 (bearish .786 Fib). $450, added resistance lies at $462 and $475.

On the other side, the first level of support lies at $410. Beneath this, support is found at $400, $387 (.382 Fib), and $377 (.5 Fib).

The RSI is approaching overbought conditions but still has room to push higher before becoming truly overbought.

ETH/BTC – Bulls Testing 100-days EMA Resistance

Key Support Levels: 0.0311 BTC, 0.0305 BTC, 0.03 BTC.
Key Resistance Levels: 0.0327 BTC, 0.0337 BTC, 0.0341 BTC.

Against Bitcoin, Ethereum struggled this week as it dropped as low as 0.0305 BTC. It has since bounced higher to climb back above 0.031 BTC to trade at the current 0.0318 BTC level. It is now testing resistance at a 100-days EMA and must overcome this to head back toward the October highs at 0.0337 BTC.

ethbtc-oct24
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the bulls can break the 100-days EMA, the first level of resistance lies at 0.0327 BTC (bearish .236 Fib Retracement). This is followed by resistance at 0.0337 BTC (March 2019 Support – now resistance), 0.0341 BTC (bearish .382 Fib), and 0.035 BTC.

On the other side, the first level of support lies at 0.0311 BTC (.618 Fib). Beneath this, support lies at 0.0305 BTC, 0.03 BTC, and 0.0295 BTC (200-days EMA).

The Stochastic RSI recently rebounded, which put an end to the downward pressure. For a bullish recovery above the 100-days EMA, the RSI must pass the mid-line to indicate bullish momentum within the market.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-cools-off-after-13-weekly-gains-whats-next-ethereum-price-analysis/

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Binance Bitcoin Futures Markets Clock Highest 24h Volumes as Institutions Go Long

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With bitcoin’s latest rally beyond the $13,000 mark, it seems like the next bull market is here. It can be seen from BTC markets that have been on fire for the last 7 days, including derivatives. The latest data shows that bitcoin futures markets on Binance have clocked the highest 24h BTC futures volumes amongst all platforms. This comes amid the exchange registering $760 million in open interest.

Binance Experiences Explosive Bitcoin Futures Market Action

Bitcoin rallied beyond $13,000, galvanizing every BTC related market along the way, including the futures market on Binance.

As per the latest data from crypto market analytics firm Skew, the exchange logged the highest 24h bitcoin futures volume amongst all BTC derivative trading platforms.

skew_exchange_24h_btc_futures_volumes_bn
Binance Clocks Highest 24h Bitcoin Futures Volume, Source: Skew

This is coming after the Malta-based cryptocurrency exchange registered heavy futures trading traffic as open interest (OI) jumped 30 percent to $150 million in just 2 days from October 19 to October 21. Binance’s current OI figure stands at $760 million.

Skew’s data also shows that Binance hosted the highest aggregated daily bitcoin futures volumes on October 21. The cumulative figure was $32 billion that day, out of which Binance’s share was $8.3 billion. But at $3.3 billion, Binance still has the highest aggregated futures volumes.

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BTC Futures Market Metrics On Other Platforms Are Booming As Well

With bitcoin’s recent week-long upside correction, traders using other platforms are mainly interested in BTC futures. Skew’s observations from October 20 show that there has been a 54 percent appreciation in 24h Futures and Swap Volumes on Huobi.

Compared to bitcoin, only ether (ETH) has experienced a 30 percent surge in volumes. And that’s not all. Bitcoin futures open interest on institutional platform CME rose to $784 million today. This has added nearly 1500 contracts to the already bubbling CME BTC futures roster, scheduled for expiry by the end of this month.

But how are these futures traders on CME actually betting on bitcoin?

Institutions Are Going Long While Hedge Funds Are Busy Shorting

Skew did a deep inspection of the above spike of bitcoin futures open interest on the CME, and the firm concluded that bets are mainly coming from institutions and hedge funds. The former is more optimistic about bitcoin price rallying further in the near term, as opposed to hedge funds who have record short bets on BTC. The same is visible from the Commitment of Trader (COT) numbers displayed in the chart below:

Amidst all the above-market activity, the aggregated open interest for bitcoin futures for all platforms sharply rose to $5 billion and has since remained the same.

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Source: https://cryptopotato.com/binance-bitcoin-futures-markets-clock-highest-24h-volumes-as-institutions-go-long/

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