Bitcoin And Altcoins To Become Legal Money

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Wyoming “Digital Assets” Bill.

The Wyoming Senate passed last week a bill that supports the recognition of digital currencies as personal property. The bill has passed the Senate with a 28-1 vote and is now headed to the House. If it becomes law, it would subject cryptocurrency to the same rules as money and would also allow banks in Wyoming to offer custodial services. Bitcoin continued to trade sideways within a tight range over the weekend and was largely unfazed by the news.

Chart Analysis – BTC/USD

Trading above and below 3450 against the US Dollar, Bitcoin has posted a negative 0.79% daily change in the last 24 hours and lost 0.49% over the last 7 days which shows low volatility and range-bound price action with a very tight trading range.

Recent price action has established a minor support level at 3350 and resistance at 3500. As long as the pair is trading inside these levels we cannot expect to see any major moves in the near-term. Alternating price action will probably persist for a while, at least until something substantial happens in the news.

Support zone: 3350, 3300

Resistance zone: 3500, 200 EMA (4 hour charts)

Most likely scenario: breakdown into 3300

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Alternate scenario: pair remains between 3350 and 3500 unless something happens on the fundamental scene

Ripple’s xRapid Is Now Successfully Integrated. Price Hike Underway?

According to reports coming from Euro Exim Bank, the first bank to officially use of Ripple’s XRP-powered cross border payments solution, xRapid has been effectively integrated.

Ripple’s software solution allows banks to exchange their local currency for XRP and then send it to the destination country where it is converted back into fiat. The whole process takes just a few minutes and makes it a useful tool for banks. One of the main benefits of xRapid is that funds are exposed to crypto market risk for a very limited time and protected from volatility.

Brad Garlinghouse, Ripple CEO, has stated that he expects dozens of banks to start using xRapid this year. If so it would probably have a strong impact on XRP price. So far Euro Exim Bank is the only one but the year is still young and Ripple has partnered with over 200 banks and financial institutions already, there’s no shortage of potential xRapid users.

Chart Analysis – XRP/USD

Currently trading just above 0.30 against the US Dollar, XRP has maintained its number 2 spot in the market cap rankings. XRP surpassed Ethereum by more than $1 billion in total market value and is quickly growing its base of support. The last 7 days are in the green at the time of writing this article with a gain of almost 3% for XRP.

Last week we saw a perfect bounce at 0.28 support, which created a double bottom pattern. The double bottom is an inherently bullish chart pattern and one that could spur additional upside movement. The bounce took price close to 0.35 and it is now consolidating just below that level.

For last week’s bullish move to get some traction we need to see price move above 0.32 and even better, to break the closest bearish trend line. If those things happen price will also move above the 200 periods EMA which could make the short to medium-term outlook bullish. For now, I am targeting a break of 0.35 and a move into 0.40 area.

Support zone: 0.28 followed by 0.25

Resistance zone: 0.32, 200 EMA and the closest bearish trend line

Most likely scenario: move above 0.32 as a follow-up to last week’s bullish impulse

Alternate scenario: ranging price action, no clear bias

No, Bitcoin Will Not Become Money of the Future

“Bitcoin and similar digital assets were introduced with the hopes of becoming the money of the future. That hasn’t happened, nor is it ever likely to,” said Bank of Canada’s Deputy Governor, Timothy Lane. He spoke at CFA Montréal FinTech and his speech titled, Money and Payments in the Digital Age was focused mainly on central bank backed digital currencies (CBDC) as he shared some thoughts on technological innovations that are transforming the world of money and payments.

Lane acknowledged the fact that technological innovations have truly changed the shape of this planet that is reflected in almost every industry. As a matter of fact Bank of Canada is closely monitoring innovations in the financial sector that could potentially be beneficial to Canadians. It is pertinent to mention here that Bank of Canada was actively involved in exploring the concept of CBDC as it also ran a pilot project with the Monetary Authority of Singapore.

Lane talked about other mode of payments available to public in the form of Apply Pay, Google Pay and even bitcoin. But the regulator isn’t really impressed with the later due its limited use and said ;

“We are all familiar with the explosion of cryptocurrencies over the past few years. Transacting in cryptocurrencies such as bitcoin is just too expensive, and their purchasing power is too unstable.”

The Deputy Governor also talked about Facebook’s Libra crypto currency that the platform wishes to launch sometime this year despite facing heavy criticism not just from the regulators but some mainstream politicians in the form of democratic presidential candidate Elizabeth Warren and even the President of the United States, Donald Trump. He said;

“Libra would run on an existing messaging platform with strong brand recognition. This would give it the potential to reach billions of people—including many with little or no access to banks or financial services. It’s tough to predict if Libra will ever live up to its promises or even come into existence. But it is a good example of a transformative technology that affects how the Bank needs to respond to the future of money.”

It can be understood from the regulator’s statement that the bank consider Libra as a threat, due to the fact that the current banking system lacks smooth transactions in the form of remittances that in many cases are too expensive and said;

“Canadians who have family members in other countries often face high costs and long delays in sending them money. Businesses face similar drawbacks in paying for goods and services they purchase from outside Canada. These frictions and costs have motivated private digital currencies to aspire to make it easier and cheaper to move funds around.”

Bank of Canada conducted a survey in 2020 that asked Canadians how they pay for goods and services and the result turned out about one-third of the respondents use cash for their transactions, compared with more than half just 10 years ago. Now, about 1 in 10 Canadians claims to be entirely cashless.

The Deputy Governor still believe that cash is resilient and to back this he talked about a mere figurative incident if computer were to shut down or in case of power failure. He also talked about bringing a newly designed $5 bill and said;

“We are actively planning for the design of a new $5 bank note. The Bank is in the midst of a wide consultation process to ask Canadians who they want as the portrait subject of this new bank note.”

He on multiple occasions talked about that the bank is devoted to facilitate Canadians in whatever way it can but never ruled the possibility of central bank backed digital currency in the future and said;

“We have formed a working group with the central banks of England, Japan, the European Union, Sweden and Switzerland, as well as the Bank for International Settlements. We will use this platform to share experiences as we assess potential cases for a CBDC in our home jurisdictions.”

Wyoming “Digital Assets” Bill.

The Wyoming Senate passed last week a bill that supports the recognition of digital currencies as personal property. The bill has passed the Senate with a 28-1 vote and is now headed to the House. If it becomes law, it would subject cryptocurrency to the same rules as money and would also allow banks in Wyoming to offer custodial services. Bitcoin continued to trade sideways within a tight range over the weekend and was largely unfazed by the news.

Chart Analysis – BTC/USD

Trading above and below 3450 against the US Dollar, Bitcoin has posted a negative 0.79% daily change in the last 24 hours and lost 0.49% over the last 7 days which shows low volatility and range-bound price action with a very tight trading range.

Recent price action has established a minor support level at 3350 and resistance at 3500. As long as the pair is trading inside these levels we cannot expect to see any major moves in the near-term. Alternating price action will probably persist for a while, at least until something substantial happens in the news.

Support zone: 3350, 3300

Resistance zone: 3500, 200 EMA (4 hour charts)

Most likely scenario: breakdown into 3300

Alternate scenario: pair remains between 3350 and 3500 unless something happens on the fundamental scene

Ripple’s xRapid Is Now Successfully Integrated. Price Hike Underway?

According to reports coming from Euro Exim Bank, the first bank to officially use of Ripple’s XRP-powered cross border payments solution, xRapid has been effectively integrated.

Ripple’s software solution allows banks to exchange their local currency for XRP and then send it to the destination country where it is converted back into fiat. The whole process takes just a few minutes and makes it a useful tool for banks. One of the main benefits of xRapid is that funds are exposed to crypto market risk for a very limited time and protected from volatility.

Brad Garlinghouse, Ripple CEO, has stated that he expects dozens of banks to start using xRapid this year. If so it would probably have a strong impact on XRP price. So far Euro Exim Bank is the only one but the year is still young and Ripple has partnered with over 200 banks and financial institutions already, there’s no shortage of potential xRapid users.

Chart Analysis – XRP/USD

Currently trading just above 0.30 against the US Dollar, XRP has maintained its number 2 spot in the market cap rankings. XRP surpassed Ethereum by more than $1 billion in total market value and is quickly growing its base of support. The last 7 days are in the green at the time of writing this article with a gain of almost 3% for XRP.

Last week we saw a perfect bounce at 0.28 support, which created a double bottom pattern. The double bottom is an inherently bullish chart pattern and one that could spur additional upside movement. The bounce took price close to 0.35 and it is now consolidating just below that level.

For last week’s bullish move to get some traction we need to see price move above 0.32 and even better, to break the closest bearish trend line. If those things happen price will also move above the 200 periods EMA which could make the short to medium-term outlook bullish. For now, I am targeting a break of 0.35 and a move into 0.40 area.

Support zone: 0.28 followed by 0.25

Resistance zone: 0.32, 200 EMA and the closest bearish trend line

Most likely scenario: move above 0.32 as a follow-up to last week’s bullish impulse

Alternate scenario: ranging price action, no clear bias

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