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Analysts said: Altcoins Will “Rage Dump” against Bitcoin as momentum pauses
Analysts expect altcoins to soon underperform BTC as bullish momentum in the altcoin market peters out.
The drop has already begun, with some of the altcoin market’s hottest properties, so to say, posting poor performances over the past day.
Grayscale Can Now Offer Litecoin and Bitcoin Cash to the Publiс
For investors that lack the ability or drive to deal with opening an exchange account, acquiring exposure to assets like Bitcoin Cash, Litecoin, and others is difficult.
Yet on Monday, Grayscale Investments, a cryptocurrency asset manager based in New York, revealed that these barriers to entry are starting to fall.
In a press release shared with NewsBTC, Grayscale said it just “received approval from FINRA” to publicly list the shares of two of its funds on OTC Markets — the Grayscale Litecoin Trust and the Grayscale Bitcoin Cash Trust.
This means that these vehicles, which were previously only accessible to accredited investors, can now be bought by retail investors with access to OTC Markets.
Russia Shelves Plans to Criminalize Bitcoin Transactions
According to local media reports Russia has dropped plans to criminalize bitcoin transactions.
The Digital Financial Assets Bill, has removed references to administrative and criminal liability for dealing in bitcoin. A third and final reading will establish it as law.
“There will be no liability in this bill,” Anatoly Aksakov, head of the parliament’s financial markets committee, told local news agency Ria Novosti.
An earlier version of the DFA bill proposed to levy fines of up to $7,000 or seven years in jail for individuals buying bitcoin with cash. It also planned to punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.
Analysts Claim Bitcoin’s 76 Day Stability ‘Bullish’: Hash Ribbons Cross and 2016 Patterns
The price of bitcoin has been very stable lately, and the crypto asset has been trading in a less volatile range just above $9k per coin for 76 consecutive days.
After the third halving, the price of bitcoin has also been far more stable, in contrast to the price action after the second halving. However, bitcoin’s price still seems to be following a similar route to 2016 when the digital asset’s price trended sideways for quite some time, until it eventually led to the all-time price highs in 2017.
Currently, the BVI 30-day estimate is hovering around 1.49% and 60-day statistics show 2.42%.
Bitcoin Likely to See a “Monster Breakout” in the Next 3 Days
Bitcoin’s historically low volatility coupled with limited liquidity and trading volume are creating the perfect storm for it to post a massive movement
One analyst is now noting that he anticipates Bitcoin to see a “monster breakout” in the next three days
Bitcoin has been flatlining throughout the past few weeks. This lackluster price action has been driven by declining trading volume and liquidity, as analysts are widely setting their sights on altcoins at the present moment.
If broken above, this could catalyze a fresh uptrend for the embattled cryptocurrency.
Ethereum’s latest DeFi token just launched, and it’s 2,000% above its seed price
While Bitcoin and Ethereum have continued to stagnant, it is clear that the decentralized finance craze is alive and well.
At the highs on Jul. 18, YFI traded at $2,250, more than 7,000 percent higher than the daily low price of $31 according to CoinGecko.
Amir Taaki Knocks Bitcoin Coinjo in Schemes – Calls Methods ‘Absolute Garbage’
On July 17, the well known Dark Wallet creator and early Bitcoin developer, Amir Taaki, criticized bitcoin privacy methods on Twitter.
Taaki claimed that UTXO mixing concepts like Coinjoin were “absolute garbage.” Taaki also knocked other concepts like Mimblewimble and privacy-centric coins like monero as well, claiming that zero-knowledge accumulators will be the “anonymous gold standard” going forward.
Taaki’s Coinjoin criticism follows the recent Twitter hack fiasco and the blockchain surveillance firm Elliptic claims the Twitter hacker leveraged a Wasabi Wallet.
CoolBitX Partnering with Elliptic to Address FATF’s Travel Rule
CEO Michael Ou says Elliptic’s wallet screening tools with CoolBitX’s Sygna Bridge could help firms comply with the FATF travel rule.