Will Coinbase Relist XRP Following Judge’s Ruling? CLO Suggests Possibility
Coinbase, the popular US cryptocurrency exchange, may resume trading XRP, the native token of Ripple if the judge rules in favor of Ripple in the ongoing lawsuit with the US Securities and Exchange Commission (SEC). However, the decision to relist XRP will depend on several factors, said Paul Grewal, Coinbase’s Chief Legal Officer (CLO), during an interview with Thinking Crypto, a crypto-focused YouTube podcast channel.
Factors to Consider Before Relisting XRP
According to Grewal, Coinbase’s decision to relist XRP will depend on three main factors. First, the legal reasoning behind the judge’s ruling. Second, the basis for the ruling, and third, Coinbase’s assessment of the situation to know whether the decision will be repealed or affirmed by the appeal court. Grewal emphasized that Coinbase has a responsibility as a publicly listed company to tread carefully in this area, particularly with respect to any token that’s a subject of federal court litigation.
Background of Coinbase’s Suspension of XRP Trading
Coinbase suspended trading for XRP on its platform on December 28, 2020, shortly after the SEC’s lawsuit against Ripple began on December 26, 2020. Despite the dynamics of the 2-year litigation, Coinbase has not resumed trading for XRP, although the asset can still be found on the platform.
Grewal Commends Ripple’s Defense and Criticizes SEC’s Theories
During the Thinking Crypto interview, Grewal commended Ripple’s efforts at mounting a strong defense against the SEC’s charges. He noted that Coinbase had to file its amicus brief in Ripple’s favor last year because he was completely persuaded by the Ripple defense’s argument. Grewal further mentioned that he hopes the court sees that the SEC has some holes in its theories. Nonetheless, he asserted that the case could last for much longer because whoever loses will take up the judgment in the appeal court.
Coinbase’s Legal Run-ins with the SEC
Coinbase has also had its legal run-ins with the SEC as the agency classifies some of its listed assets as securities. The exchange has delisted tokens such as Civic (CVC) and district0x (DNT) due to regulatory concerns.
Coinbase’s decision to relist XRP will likely be influenced by the SEC’s classification of XRP as a security, a claim that Ripple has vehemently denied. If Ripple wins the lawsuit, it could have significant implications for the wider cryptocurrency industry, particularly with respect to the classification of cryptocurrencies as securities.
Will Bitcoin Continue To Bring Heat In The Coming Week? Here Is What ChatGPT Suggests
The world has been shocked by the advent of AI due to its incredible effectiveness. Today, AI-powered ChatGPT, an OpenAI creation, is known for its realistic answers to even the trickiest questions. As ChatGPT can be used to write articles and poems and handle multiple tasks with great accuracy, many wonder about its use cases in the cryptocurrency market.
ChatGPT is designed to provide Pine scripts (code) that are compatible with the trading view, paving an easy way for traders to develop their own trading strategies with 100+ indicators to identify the trend of a specific digital asset, such as Bitcoin.
Here Is How ChatGPT Responded To Bitcoin’s Price?
ChatGPT has been the headline in the crypto market as it has become a hot sensation in providing price prediction or technical analysis of a crypto asset. However, when the AI is asked for a market prediction, it vehemently refuses to provide any trading guru advice and advises traders to invest at their own risk. However, the AI can provide Pine scripts according to traders’ requirements and can be added to the chart on trading view to develop the best strategy.
Hence, Coinpedia asked ChatGPT to generate a pine script to identify the current trend of BTC. According to ChatGPT, if Bitcoin’s rate of change (ROC) is above 0.05, it signifies an uptrend and vice-versa. As Bitcoin’s ROC moves around 24, ChatGPT indicates an extreme uptrend in the BTC price chart.
However, ChatGPT’s pine scripts are not compilable yet to run on trading view, but one can train themselves to prepare analysis on the market. Coinpedia stretched its extent and experimented with ChatGPT’s analysis by asking to generate a script using RSI, Stochastic RSI, and Simple Moving Averages (both short and long).
With the given analysis from the platform, we compared it with Bitcoin’s price, and it hints at a downward correction ahead as the Stochastic RSI trades above 80, and the RSI-14 indicator is>70. Hence, ChatGPT advises exiting long positions as the current trend may bring downward volatility. Moreover, the smaShort crosses below the smaLong, which may push Bitcoin below $20K again.
On the other hand, ChatGPT suggests going for short positions if the RSI-14 drops and trades just above 50, keeping the Stochastic RSI same as before at 80. Traders may go for long positions again if both Stochastic RSI and RSI-14 drop below the level of 20 and 50, respectively, meaning Bitcoin needs to trade below $20K.
Bitcoin Bulls Gear up for New Week, On-Chain Data Suggests BTC Price Hasn’t ‘Bottomed’ Yet
The Bitcoin bulls are fighting to push the price above the $17,000 level but are content with a few small, barely perceptible gains. During the weekend, Bitcoin bulls reached closer to the $17k threshold, and it recently dropped below the $16,900 level.
Getting past the $16,900 price point will open the door to $17,000. On the other hand, if demand is slow to materialize, BTC may retrograde even more and settle at $16,600.
According to data from CryptoQuant, the price hasn’t yet bottomed out as many had expected. Price typically stays higher than the realized price during bullish crypto market cycles. In contrast, when a bear market is on the verge of capitulating completely, the price drops below the realized price, igniting a generalized panic.
Realized Price is a metric reflecting the average price that all market participants paid for their coins, weighted by the supply. It is determined as a realized cap divided by the total coin supply and can be seen as an on-chain support or resistance price.
“During this period, market participants are under much stress and distribute their assets to avoid additional losses and control their exposure to further market fluctuations.”
Will BTC Again Dip Below $16,700?
According to the Stock Flow Reversion of Bitcoin, according to Gigisulivan, a CryptoQuant researcher, during the current bear market, the value of the largest cryptocurrency may go below the $16,700 threshold.
After the publication of favorable Consumer Price Index (CPI) statistics, Gigisulivan predicted that BTC might try to trade in the $20,000–$22,000 price range. “Just a thought, considering 2023 could be worse than 2022 once we know what sort of recession we are getting.”
Yonsei dent, another CryptoQuant analyst, discovered that as Bitcoin’s long-term holders increased their coin distribution, unfavorable sentiment grew. The Support Adjusted Dormancy indicator for BTC has been on an upward trend since the middle of December, according to Yonsei dent.
Do Kwon Suggests Alliance Between Terra 2.0 And Terra Classic
The Terra Classic (LUNC) price experienced a bull run a few days ago in the midst of an overall crypto market correction. However, the currency is now experiencing a massive pullback and is facing uncertainty due to Terraform Labs founder Do Kwon and his illegal actions.
Recently, Do Kwon expressed his regret about the Terra collapse as he knows it impacted several people severely. Now, the founder appears interested in an alliance.
In a recent Whatsapp chat, LUNC DAO revealed that Terra founder Do Kwon is hinting at a possible alliance between Terra Classic (LUNC) and Terra 2.0.
Though he claimed that the alliance won’t be difficult, his concern was primarily the Terra Classic community actually passing the software update proposal. This was brought to light after he spoke about the interoperability between the old and new Terra blockchains.
Here’s What The Developers Are Saying
In response, LUNC core developers suggested upgrading LUNC. This would create consistency, an interchain alliance between LUNC and LUNA along with rewarding post-crash LUNC holders, and unveiling LUNA apps on the Terra Classic network.
Additionally, LUNC core developers proposed the introduction of incentives for both LUNA and LUNC holders.
Terra Classic (LUNC) To Surge 53%
At the time of reporting, Terra Classic is trading at $0.000234 with a fall of 4.71% over the last 24hrs.
On the other hand, the CoinMarketCap crypto community is of the opinion that Terra Classic (LUNC) will hit a target of $0.0003596 by the end of November 2022. This indicates that LUNC needs to gain nearly 53% from its current value.
Also LUNC’s technical analysis is pointing towards a positive price action where LUNC’s daily time frame is flashing buy at nine and the moving averages is reading seven claiming buy. However, Oscillators are neutral.
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Polygon (MATIC) and Avalanche (AVAX) Falling Hard; Expert Suggests Flasko (FLSK) for 2023 Investment
This year, the cryptocurrency market has faced several pitfalls and coin declines. While many investors hope to jump on the next gold for their portfolios, many coins aren’t looking as promising as their presales and launch prices. Such cryptocurrencies like Polygon (MATIC) and Avalanche (AVAX) have fallen hard during this bearing season, costing investors wallets to fumble.
Despite the challenges pervading the market and several coin capitalizations, Flasko seems to be showing promise for investors. This new coin which has already gotten its early investors a 100% gain, is poised to be an alternative-investment platform granting users an opportunity to invest in vintage wines, whiskeys, and champagnes worth over a trillion dollars.
Polygon (MATIC); continues to decline… investors seek new options
The Polygon (MATIC) coin, a layer 2 Ethereum sidechain, became a part of many investors’ portfolios, being that it served as a means to improve smart contracts’ security, scalability, and privacy. This ERC20 token allows Ethereum (ETH) users to benefit from having cheaper gas costs and quick transactions. However, even with a merger with Ethereum (ETH), this coin continues to decline as fast as it rose in 2021.
As of today, Polygon (MATIC) price is at $0.8192, which is about 71.95% less than its all-time high price of $2.92. According to experts, this coin is yet to see its devastating bearish price in the market. As Q1 of 2023 approaches, it is expected to witness a harder fall for many MATIC investors.
Avalanche (AVAX); investors worst nightmare happening
Falling off the top 10 cryptocurrencies on the market by capitalization, Avalanche (AVAX) has seen an extremely terrible run for the year 2022. A significant percentage of the loss for AVAX investors could be seen in April and May of 2022, having lost more than 80% from its all-time high price of $146.22 in 2021.
One could say the lifespan of this coin was pretty short-lived and may not see a new high peak in the coming months, making it a risky investment. However, there are whispers that buying now at $17.305 could be good for the next bullish market expected to hit $32-$40. While these are simple speculations, other coins like Flasko pose to offer high gains by investing early for the market season of 2023.
Flasko (FLSK); expected to be 2023 top investment coin
Flasko will be a unique and innovative new alternative investment platform, allowing users to invest and trade fractionalized NFTs representing real luxury investments in bottles and casks backed by expensive whiskeys, wines and champagne.
From the looks of things, the coin, currently selling at just $0.05, may eventually become a blue-chip crypto. With certain assurances like liquidity getting locked for 33 years and Flasko passing its audit with Solid Proof, the next set of crypto millionaires will be made from the coin by 2023. You should check out Flasko and jump on the next big investment train for the coming year.
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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G20 Central Bankers: Stablecoins Are Not “Stable,” Suggests Action Against Crypto
The post G20 Central Bankers: Stablecoins Are Not “Stable,” Suggests Action Against Crypto appeared first on Coinpedia Fintech News
The Financial Stability Board, a group of G20 central bankers and financial regulators, has emphasized that stablecoins are not stable.
No stablecoin currently satisfies the parameters set for the digital asset category by the world’s major central bankers, and many stablecoins “do not have credible systems to guarantee their claim of price stability,” according to a report released today by the Financial Stability Board.
The board also questioned how “stable” stablecoins really are.
The board also issued high-level recommendations for governing digital currencies, with a more thorough report due by the middle of next year.
Robert Kiyosaki Suggests The Best Assets To Stay Safe As The End Of Fake Money Is Nearing
The post Robert Kiyosaki Suggests The Best Assets To Stay Safe As The End Of Fake Money Is Nearing appeared first on Coinpedia Fintech News
The author of ‘Rich Dad, Poor Dad’ Robert Kiyosaki, has shared his ideas about the best assets that investors can go for. All along, he also suggested that the end of ‘fake’ money is near. He said that the hints regarding the end of fake dollars can be taken with the alleged scarcity of gold and silver coins.
On September 20, Kiyosaki suggested in a tweet that investors can stay safe by investing in silver, which is likely to rally towards $500. After his previous statements stating that gold is expensive and an undesirable investment asset in the current market conditions, Kiyosaki continues to hold his bullish stance on silver even now. He is anticipating a market revolution while rooting for gold, silver, and Bitcoin.
CZ Suggests Charging Users A Fee For Burning LUNC Tokens, Criticized
The post CZ Suggests Charging Users A Fee For Burning LUNC Tokens, Criticized appeared first on Coinpedia Fintech News
During a recent Q-n-A session on Twitter Spaces, Binance CEO Changpeng Zhao (CZ) put forward the idea of introducing a feature that would allow Luna Classic (LUNC) to charge a 1.2% trading fee to burn tokens. CZ said that, in this way, the community would be able to vote with its feet. However, FatMan criticized the proposed feature, claiming that it was “pretty silly.”
Nevertheless, the proposal was successfully implemented for all on-chain transactions on September 21. Supposedly, the tax burn will reduce the total supply of the LUNC token to 10 billion. On September 16, Binance disclosed that the 1.2% tax burn for LUNC and USTC deposits and withdrawals would be subjected to a 1.2% tax burn fee.
Top 5 Reasons That Suggests Bitcoin Price May Have Marked the Bottoms Earlier! – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin has been extremely volatile for the past 7 days and due to this, the price trend has remained uneven and highly volatile.
At the moment, it appears that the bulls have jumped in to hold the price above the lower support. Therefore, the prices are expected to rise high after a brief consolidation. Conversely, some popular analysts believe the price to test the $22,500 & $23,000 resistance zone and plunge heavily following a rejection.
On the brighter side, huge bullish signals are flashing for the Bitcoin (BTC) price that signifies the asset may have already found its bottom.
- The Macro Economic Environment
The macroeconomic factors since June have remained significantly less volatile and hence paved the way for the crypto markets to hold at the lower support. CPI rates did not drop as expected but maintained a slow decline, while the G.D.P rose notably.
On the other hand, the unemployment rates remain slashed considerably along with a drop in the housing & rent prices. The supply chain has also recovered as the demand for oil has dropped. The Ukraine-Russia crisis also appears to reach its destiny soon which signifies the conditions to be as normal as usual.
- Reduced Intensity of the Bull & Bear Markets
Bitcoin in recent times appears to have reduced its intensity within the bull market and also in the bear markets. In 2013, BTC price surged 4x, which slashed to 1x in 2017 and only 0.2x in 2021.
While the bearish impact also reduced as the BTC price dropped by 86% in 2014, 83% in 2018 & around 75% in recent times. Along with the intensity, the timeline from the ATH to the bottom has also slashed from 405 days in 2014 to 364 days in 2018. So far the current bear market has been for 308 days.
Therefore, if Bitcoin has to reach the bottom, it needs to reach it within the next 60 days.
- The Historical price action
If the chart patterns of the 2018 bottom are compared to that of the current bearish cycle, then one can correlate both patterns. The price dropped in 2 to 3 phases which included a huge plunge followed by a stagnant trend. After a brief consolidation, the price again drops heavily to mark bottoms. Further, the consolidation ends by plunging back close to the bottoms.
- No Specific correlation with Stock Market
Some believe Bitcoin price flows in the direction of the stocks while both the markets displayed their independent trends at times. Therefore, one cannot materialize a specific co-relation between the crypto markets & stock markets in recent times.
- Bitcoin Continues to Trade within the Pattern
Regardless of the short-term price fluctuations, Bitcoin price has largely maintained its trend within the predetermined pattern from the beginning. After accomplishing 3 cycles, Bitcoin is on the verge to accomplish the 4th one.
Wrapping it up, Bitcoin price is currently the most discussed topic within the crypto space as the trend of the other altcoins may have a huge impact ahead. From the above-mentioned points, it may be concluded that BTC price may certainly not mark new bottoms unless & until a major black swan event drags the entire crypto space down.
Till then, the Bitcoin (BTC) price despite being within a bearish influence could continue to trend in a bullish pattern in the long term.
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This Is What Bitcoin’s On-Chain Metrics Suggests
It’s been a while that Bitcoin price action is not moving above $23,000 as the momentum has been switching between $19,000 and $20,000. The flagship currency has brought down most other cryptocurrencies.
At the time of publication, Bitcoin is selling at $19,834 with a pinch of surge by 0.50% over the last 24hrs.
The upcoming days for the crypto market is also dependent on the US Federal Reserve’s rate hike that is scheduled on September 21st. The Wall Street experts are of the opinion that the Fed will go ahead with a decision to raise the interest rates by another 75 bps.
Bitcoin Price To Bottom ?
Bitcoin price action for the days to come could be known with the help of on-chain metrics like Realized price, Delta price along with Thermo price. Nevertheless, though these help in future prediction, the real picture of BTC price movement is obtained by technical and macroeconomic factors.
The popular on-chain price model to predict a Bitcoin price bottom is realized price. This value represents the most recent change in the average price of all Bitcoins in creation. As previously seen, Bitcoin has always plunged below the realized price and if Bitcoin continues to do so, other metrics will determine the action. At present, the realized price sits at $21,592.
While the earlier Bitcoin price action is considered for Delta price, BTC has a history of trading below this metric seen in 2015 and 2018 market correction. At the moment, Delta price is positioned at $14,478 and this points that Bitcoin is set to register another 28% drop from its current position.
The last one, Thermo price indicates Bitcoin bottom at $2,365 and with an increase in Bitcoin addresses, the price is most likely to settle at the said range.
Meanwhile, the Federal Reserve’s upcoming decision to increase the interest rates will all depend on CPI and employment stats for the month of August. The likelihood of a 75 bps rate increase is 67%, according to the CME FedWatch Platform. Wall Street banks anticipate an additional 75 basis points in September.
August month’s US job data reveal that the employment rate has dropped to 315k from July’s 528k. Conversely, August’s unemployment data has spiked to 3.7%. However, the CPI stats will ultimately influence the decision on interest rate raise this month.