Blockchain.com Wallet Adds Stellar, Announces $125 Mln XLM Airdrop to ‘Drive Adoption’

Cryptocurrency wallet provider Blockchain.com has launched full support for altcoin Stellar (XLM), accompanied by a hefty airdrop of $125 million worth of XLM to its user base. The news was announced in an official blog post today, Nov. 6.

Blockchain.com pitched the mammoth offering as “the largest airdrop in the history of crypto and likely the largest consumer giveaway ever,” suggesting that airdrops are “a great way to drive decentralization and adoption for new networks.”

The firm underscores that the benefit of crypto airdrops for consumers are that they are able to “test, trade, and transact” unfamiliar crypto assets without having to mine or invest first.

Blockchain.com gives the rationale for its choice to launch support for Stellar as being due to the token’s network being “built for scalability,” as well as for its provision of the ability to create custom tokens that represent “real-world or virtual goods and services.”

Prior to adding Stellar support, the Blockchain.com wallet already supported three other cryptocurrencies, Bitcoin (BTC),  Bitcoin Cash (BCH), and Ethereum (ETH).

As of press time, Stellar (XLM) is ranked sixth largest cryptocurrency by market cap on CoinMarketCap’s listings, seeing a strong 5.35 percent growth on the day, trading at $0.258.

In late September, Cointelegraph reported that Blockchain.com had been ranked within the top ten most “sought-after” U.K. startup employers in new listings on LinkedIn. Among its attributes, LinkedIn noted Blockchain.com’s “benefits such as free food and flexible working,” unlimited holiday policy and a bonus scheme for employees paid in Bitcoin.

Airdrops have recently made headlines in less auspicious terms, with China’s stringently anti-crypto central bank, the People’s Bank of China (PBoC), announcing it would be widening its regulatory scrutiny to include token airdrops, which it characterized as “disguised” Initial Coin Offerings (ICOs) in its 2018 financial stability report.

Article First Published here

Top 5 Crypto Performers Overview: Stellar, Ripple, NEO, Cardano, EOS

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

On Oct. 15, some market participants dumped stablecoin Tether as its CEO, who is also the CEO of Bitfinex, faced rumors of insolvency of both companies. Tether briefly lost its peg to the U.S. dollar as the traders sold it and lapped up other cryptocurrencies, providing a temporary boost in the total crypto market capitalization to about $220 billion.

However, after the initial frenzy, most digital currencies gave up their intraday gains and stabilized at lower levels.

Though most of the top cryptocurrencies are stuck in a range, there are a few that are showing signs of bottoming out. Let’s look at the top five digital currencies with a market capitalization of $1 billion or more, which have risen the most in the past seven days.

XLM/USD

Stellar bagged the pole position by gaining about 15 percent in the past seven days. There were a couple of events that have helped it rise in a dull market.

Rumors were making rounds that the new platform for institutional investors launched by the multinational financial industry heavyweight Fidelity will use XLM blockchain for moving digital assets.

The listing of XLM on the Coinsuper crypto exchange has also been well-received by the investors. Another positive news was the announcement of a partnership between Stellar and cryptocurrency exchange Hyperion, a subsidiary of a Canadian firm Global Blockchain Technologies.

Can Stellar maintain its momentum or is it nearing critical overhead resistances? Let’s find out.

The XLM/USD pair topped out in the first week of this year at $0.98239146, and since then it has been in a downtrend. It is currently trading inside a descending triangle, which will complete on a breakdown and close (UTC time frame) below the support.

However, on the downside, the bears haven’t been able to sustain below $0.184 in 2018. The digital currency has bounced off this critical support three times already. Repeated failure of the bears to break down of a level is a positive sign. It shows accumulation by strong hands when price corrects to this level.

Now, if the bulls continue their purchases at higher levels and break out of the downtrend line of the triangle, it will invalidate the bearish pattern. A failure of a bearish pattern is a bullish sign.

Therefore, a close (UTC time frame) above the triangle is likely to attract buying and start a new uptrend that can carry XLM to $0.47, and above that to $0.63.

Our bullish view will be negated if the bears break down and sustain the price below $0.184.

XRP/USD

The second best-performing cryptocurrency that is showing almost double-digit growth is Ripple, which has been in the news this whole month. Cory Johnson, chief market strategist at Ripple Labs has suggested that the White House might be interested in pushing XRP adoption, to counter China’s dominant position in the Bitcoin mining industry.

On Oct. 17, the Bill and Melinda Gates Foundation Deputy Director and Principal Technologist Miller Abel announced a partnership with Ripple Labs Inc. and digital payments firm Coil. With several positive news to help the price action, Ripple has made a small comeback this week. Can this continue or will the coin give up its recent gains?   

XRP/USD

The XRP/USD pair has been in a downtrend in 2018. It has repeatedly failed to hold on to the support levels and has been making new lows at regular intervals.

Currently, it is trading below both the 20-week EMA and the 50-week SMA, but is trying to form a higher low at $0.37185. The previous low was $0.25300. If the bulls succeed in pushing the price above $0.76440, it will indicate a probable bottom and might signal the start of a new uptrend. The higher levels to watch on the upside are $0.96 and $1.22.

On the downside, if the cryptocurrency breaks down of $0.25, it can sink to a new low. We believe that traders should wait for buying to emerge before initiating any long positions.

NEO/USD

NEO celebrated the second anniversary of their mainnet launch and the market cheered the event by pushing the price higher by 5 percent in the past seven days.

NEO/USD

The NEO/USD pair is looking weak as it is trading close to its year-to-date low of $13.60337627. There has been no visible bounce since early August, which shows a lack of buying interest. A break of the support levels will be very negative and can result in a drop to the next support at $6.47815308.

On the upside, NEO will face a stiff resistance at the 20-week EMA that is close to the horizontal resistance at $28.49944165. A break out of this level might start a new rally to $43, and above that to $60, where it might face resistance from the 50-week SMA. Above this level, the move can extend to $100.

We believe that the traders should wait for a new buy setup to form before establishing any new positions in it.

ADA/USD

Input-Output Hong Kong (IOHK) announced that its Icarus project was audited by a third-party independent security auditor Kudelski Security. This will purportedly ensure that Cardano’s wallet is secure for customers.

Cardano has shrugged off the infighting as the price went up by about 5 percent in the past seven days. Let’s see if the coin is showing signs of a turnaround.

ADA/USD

At the current levels, the ADA/USD pair has fallen about 94 percent from its all-time highs. For about a month and a half, the digital currency has been trading in a tight range of $0.060105–$0.094256. A break out of this range might attract buyers, pushing the price towards the 20-week EMA, followed by a move to $0.2.

On the other hand, a break down of the range can result in a drop to $0.033677. Therefore, traders should wait for a new buy setup to form before attempting a long position on Cardano.

EOS/USD

Hackers have siphoned off 65,000 EOS from the operational wallet of EOSBet, a gambling dApp. This is the second attack within 60 days but the traders have shrugged off this news and the digital currency is up 3 percent in the past seven days.

EOS/USD

The EOS/USD pair has been trading in the range $4.4930–$6.8299 for more than two months. The positive thing is that the bulls haven’t allowed the price to slip to the critical support at $3.8723. Instead, they are attempting to form a higher low at $4.4930.

However, they haven’t been able to break out of the overhead resistance, which shows profit booking at higher levels.

The 20-week EMA and the horizontal resistance are both at $6.8299, which makes this an important level to watch on the upside. If this level is crossed, the digital currency can move up to $9.4456, followed by a sharp rally to $15.

On the other hand, if the bears succeed in breaking down of $3.8723, the virtual currency can plunge to $2.4, followed by a drop to $1.7.  The traders should wait for the overhead resistance to be scaled before buying.

Article First Published here

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 19

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Germany’s Minister of Finance Olaf Scholz believes that cryptocurrencies are not yet ready ro replace traditional fiat money, but he is not so confident about “20 to 30 years” into the future. This is a bullish sign, which confirms that the world is gradually coming to terms with the fact that cryptocurrencies are here to stay.

Yet, China continues to “remind” investors about the risks associated with Initial Coin Offerings (ICOs) and crypto trading. A committee of lawmakers in the UK has urged the regulators to act by introducing measures for consumer protection.

In the U.S., a study by the New York Attorney General’s office has found that many cryptocurrency exchanges lack sufficient customer protections, and have “serious conflicts of interests.” The report observed that only a few crypto trading platforms have market surveillance capabilities to deter trading manipulation.

A robust system is needed to attract large players, who are accustomed to the traditional exchanges that have many protective measures built in against market manipulation and fraud. Price volatility, however, might remain for even longer time as the market matures.

Over the past several months, we have shown how the traders can keep their risks low when trading cryptocurrencies. Let’s see if we can spot any buy setups today.

BTC/USD

Bitcoin has held $6,200 for the past two days, but is struggling to move up. Both moving averages are sloping down and the RSI is also in the negative territory. This shows that the sellers are in command.

A break of the $5,900–$6,075.04 support zone will complete two negative formations, a head and shoulders pattern and a descending triangle pattern. Though head and shoulders is primarily a reversal pattern, it can also work as a continuation pattern, as is the case currently.

The lower levels that can offer some support are $5,450 and $5,000. However, after a break from such a major support, a number of stops will be hit, resulting in a quick drop. Therefore, we suggest traders avoid catching the falling knife if $5,900 breaks down.

If the bulls defend the support zone and push price above the moving averages, the BTC/USD pair can rally to $6,900 and $7,400. We suggest an aggressive buy on 50 percent of the desired position size on a close (UTC time frame) above $6,600.

The remaining positions can be added after the digital currency closes above the downtrend line of the descending triangle.

ETH/USD

The trend in Ethereum is still a downward one, but we find some buying interest around the $183–$192 area. However, on the upside, the 20-day EMA is proving to be a major resistance as the bulls have failed to scale this level for the past four days.

ETH/USD

If the bulls break out of the 20-day EMA, a move to the 50-day SMA is likely, with minor resistance at the downtrend line of the descending channel. We shall turn bullish if the price sustains above the channel for three days in a row.

If the ETH/USD pair turns down from the current levels, it can slide to $192 and further to $183. The pair is at a critical level and we should get a clearer picture within the next couple of days.

XRP/USD

Ripple bounced sharply from $0.27 on September 18 and broke out of the 20-day EMA. Currently, it is facing resistance at the 50-day SMA.

XRP/USD

If the bulls break out of the 50-day SMA, the next resistance is at $0.37390. The downtrend line is also located just above this level. If the XRP/USD pair sustains above the downtrend line, we can expect the trend to change from down to up.

If buying dries up at higher levels, the virtual currency might spend some more time inside the range of $0.27–$0.37390. Though the bounce from the lows is a positive development, we shall wait for additional evidence before suggesting any trades on it.  

BCH/USD

When the sentiment is negative, any uncertainty drives away the investors and that is what seems to be happening with Bitcoin Cash. With a looming split, the buyers are not taking any fresh positions, which has kept the cryptocurrency near its year-to-date lows.

BCH/USD

The trend is down, as both moving averages are sloping downward and the RSI is in the negative territory. A break of the September 11 low of $408.0182 will resume the downtrend and the BCH/USD pair can slump to the next support zone of $280–$300.

The bulls have to overcome the resistance from the 20-day EMA, the 50-day SMA and the downtrend line of the descending channel to signal a change in trend.

EOS/USD

EOS has been holding above $4.4930 since August 17. If this support breaks, the slide can extend to the next support at $3.7823. Therefore, traders can keep their stops on the remaining long positions at $4.4.

EOS/USD

On the upside, the bulls have been facing a stiff resistance at the 20-day EMA and $5.65. The EOS/USD pair will gain strength if it breaks out of $5.65.

Though the 50-day SMA is sloping down, the 20-day EMA is trying to flatten out. The RSI continues to be in the negative area. This shows that the virtual currency is in a range but with a negative bias.

XLM/USD

Stellar has formed a range inside a range. Since September 11, it has been trading inside the range between $0.184 and $0.21489857. If the bulls break out of this range, a rally to the top of the large range of $0.184–$0.24987525 is probable.

XLM/USD

The critical level to watch on the downside is $0.184. If the XLM/USD pair breaks and sustains below the range it will complete a descending triangle pattern, which is a negative sign.

On the other hand, if the bulls break out of the range and the downtrend line of the descending triangle, it will invalidate the bearish pattern, which is a bullish sign. We shall wait for the virtual currency to show some strength before recommending any trades on it.

LTC/USD

The bulls defended the critical support on September 18, but the pullback is facing resistance at the downtrend line and the 20-day EMA. Currently, Litecoin is consolidating in a large range of $49.466–$69.279 – a process, which began August 8.

LTC/USD

The LTC/USD pair will resume its downtrend if it sustains below $47.246. The next support on the downside is between $40 and $44.

On the upside, the virtual currency can rally to $69.279 if it breaks out of the moving averages. We might suggest a long position on a break out of the range because it will indicate a probable double bottom.

ADA/USD

Cardano broke out of the tight range of $0.060105–$0.071355 but is finding it difficult to sustain the higher levels. Currently, the price has dipped back into the range.

ADA/USD

Both moving averages are trending down and the RSI is in the negative zone. The trend remains headed downward. The ADA/USD pair will have to enter a bottoming formation before a change in trend can be confirmed.

Until then, any pullback attempts will face resistance at the moving averages. The downtrend will resume if the bears force a break down from the range.

XMR/USD

The bulls are trying to defend the support at the moving averages but are finding it difficult to break out of $120. Monero has turned volatile and trendless in the past few days, as both moving averages have flattened out and the RSI is close to the neutral territory.

XMR/USD

A symmetrical triangle is developing close to the bottom. A break of the trendline of the triangle will be a bearish development. It will increase the probability of a retest of $76.074, though the pattern targets are way lower. We suggest holding the long positions with the stops at $95.  

On the upside, the XMR/USD pair will face resistance at the downtrend line and at $122.6. It will attract buyers only after these two resistances are crossed.  

IOTA/USD

IOTA has been range bound between $0.5 and $0.6170 since September 6. The 50-day SMA and the downtrend line are also close to the upper end of the range. Hence, $0.6170 will act as a stiff resistance. The cryptocurrency will show strength if it can break out of this resistance.

IOTA/USD

The 50-day SMA is sloping down and the 20-day EMA is also starting to turn down, after trying to flatten in the past few days. This shows that the path of least resistance is to the downside.

A break of the $0.5 support can sink the IOTA/USD pair to $0.45 and further to $0.4. Traders can keep the SL of $0.46 on the long positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Article First Published here

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 4

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Along with the traditional safe havens like gold, the U.S. dollar, and the Japanese Yen, cryptocurrencies have also made their presence felt in Turkey and Venezuela, which are reeling from economic crises.

The increased volume of trading during moments of crisis in these nations shows that when the next major economic crisis hits the world, demand for cryptocurrencies will skyrocket, pushing prices higher.

China and the U.S. are on the verge of a trade war, which is detrimental to the global economy. If not controlled, it can balloon into a full-blown crisis. Therefore, we believe this will put a floor beneath digital currencies.

With most governments and regulators keeping an eye on cryptocurrency markets, we do not expect a vertical rally. Prices are likely to rise gradually, which is good for the long-term growth of virtual currencies.

BTC/USD

Bitcoin has continued its journey northwards, closing in on the 61.8 percent Fibonacci retracement level which might act as resistance.

Both moving averages are trending up, which shows that the bulls are in command. A bullish crossover will provide further strength to the current rally. The virtual currency will lose momentum if it breaks below the trendline.

The 20-day EMA will act as a strong support for any declines. The BTC/USD pair can rally to $8,000 and above it to the top of the range at $8,566.40.

Traders can hold their long positions but raise the stops to breakeven. The virtual currency will turn negative if it sinks below the $6,955.79 level.

ETH/USD

Ethereum has been trading inside the symmetrical triangle since August 11. It will start the next move after breaking out or breaking down from the triangle.

ETH

On the upside, the ETH/USD pair will face selling at the downtrend line and then at the $358 level. Though the 20-day EMA has turned flat, the 50-day SMA is still trending down.

The virtual currency has not convincingly broken out of the 50-day SMA since May 24, and as such, it will act as stiff resistance. We will turn positive when the price scales the 50-day SMA.   

If the price breaks down of the symmetrical triangle, a retest of August 14 lows could be possible.

XRP/USD

Ripple has been consolidating between $0.31–$0.37390 since August 18. The 20-day EMA has turned flat while the 50-day SMA is trending down, which shows that selling has subsided.

XRP

The XRP/USD pair will show signs of a change in trend if the bulls break out and sustain above the 50-day SMA, which is just above the upper end of the range. The first target on the upside is a rally at the $0.50 downtrend line.

Traders can buy the breakout and close (at UTC time) above the 50-day SMA and keep the SL at $0.309. As the trend has still not turned up, we are only attempting to catch the pullback. Therefore, we recommend to keep the position size at 50 percent of normal. If the bears break below the range, a retest of the lows is probable.

BCH/USD

After being stuck in a tight range from August 15 to August 31, Bitcoin Cash rallied sharply on September 1 and 2 and broke out of the downtrend.

BCH

The BCH/USD pair is currently facing resistance at the 50-day SMA. If the bulls break out of the 50-day SMA, a rally to $880 is probable. The 50-day SMA has turned flat while the 20-day EMA is gradually turning up. The RSI has also entered into positive territory, which increases the probability of an upward move.

Therefore, traders can initiate a long position above $670 with a stop loss of $470. On the downside, the 20-day EMA is likely to act as a strong support.

EOS/USD

EOS triggered our buy recommendation when it closed (UTC time frame) above the 50-day SMA on September 1. However, it has not picked up momentum as we had expected.

EOS

EOS has been consolidating close to the 50-day SMA for the past three days. The 20-day EMA has turned up while the 50-day SMA has gone flat, showing an advantage for bulls in the short-term.

On a breakout above $7.25, the EOS/USD pair could quickly rally to $9. On the downside, the zone between the 20-day EMA and $5.65 should act as strong support. As the chart patterns point to a probable change in trend, we suggest traders hold their positions with the stipulated stops.

XLM/USD

Trading in Stellar has been lacklustre as it remains range bound between $0.184 and $0.24987525. Both moving averages have flattened out and the RSI is also close to the 50 level, which confirms a state of equilibrium.

XLM

A breakout of the range has a pattern target of $0.3157505, but we anticipate a rally to $0.35. The longer the XLM/USD pair remains in the range, the stronger the eventual breakout will be.

The downtrend line might offer minor resistance, but we expect it to be crossed easily. Therefore, we maintain our buy call initiated on August 27.   

LTC/USD

Litecoin is showing signs of a turnaround, and is currently trying to break out of the downtrend line and the 50-day SMA. If successful, it can quickly move up to $74. The 20-day EMA has turned up while the 50-day SMA is flattening out. This shows that the bulls have the upper hand in the near-term.

LTC

If the LTC/USD pair sustains above $74 for three days, the probability of a rally to $94 increases. Short-term traders can continue to establish long positions with suitable stops.

Our bullish view will be invalidated if the bears defend the overhead resistances and sink prices back below the $58 level.

ADA/USD

Cardano has been consolidating near the upper end of the range for the past six days. Though it has failed to break out of the range, it has not given up much ground, showing that traders are not dumping their positions.

ADA

The 20-day EMA has turned flat but the 50-day SMA continues to trend down. If the ADA/USD pair scales above $0.111843, it has a pattern target of $0.140494, but may face resistance at $0.13. We do not see a reliable buy setup at current levels and hence, we do not recommend a trade.

IOTA/USD

IOTA has been stuck between the 20-day EMA and the 50-day SMA for the past seven days. The flattening moving averages and the RSI in the positive zone show that selling has subsided. A break out of the downtrend line and the $0.9150 resistance will signal a change in the trend. Therefore, we suggest that traders hold their long positions with the appropriate stop loss.

IOTA

If the bulls sustain above $0.9150, the IOTA/USD pair can rally to $1.24, where it is likely to face resistance.

Our bullish view will be invalidated if the bears breakdown of the support zone between the 20-day EMA and $0.5750.

XMR/USD

Monero fulfilled our buy recommendation on September 1 when it closed above the long-term downtrend line. The positive close was followed up by a further move towards the overhead resistance of $150. Moving averages are on the verge of a bullish crossover, which confirms that the trend is changing.  

XMR

As the RSI has entered into overbought territory, the virtual currency might consolidate close to the $150 level for a few days before breaking out.

The XMR/USD pair will turn negative if bulls fail to hold the next dip above the $109.22 level. Therefore, we suggest holding the current long position with a stop loss of $90. Traders can trail their stops higher in a couple of days.   

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Article First Published here

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 31

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

A new study from the Initial Coin Offering (ICO) advisory firm Satis Group has claimed that the price of Bitcoin (BTC) could soar to $98,000 within the next five years. However, the company forecasts a lower target for both Bitcoin Cash (BCH) and Ripple (XRP) in that period. According to the research team, Ethereum (ETH) will also lose about half of its share in the next ten years.

The job market in the blockchain and the cryptocurrency industries in Asia is growing and many are shifting from their traditional jobs to be a part of this budding technology.

Japanese messaging app LINE is planning to launch its own cryptocurrency in September. Rakuten, the Japanese e-commerce giant has purchased a domestic crypto exchange, Everybody’s Bitcoin. The government of a South Korean province Gyeongsangbuk-do plans to issue its own digital currency.

This shows that the fundamentals of the sector are improving. So, is this the right time to buy or can the cryptocurrencies fall further before bottoming out? Let’s find out.

BTC/USD

Bitcoin has been struggling to stay above the 50-day SMA for the past two days. This shows a lack of follow up buying at higher levels. The only positive is that the bulls have been able to defend the 20-day EMA and the digital currency has managed to close (UTC time frame) above the 50-day SMA on all the three days.

The 20-day EMA has turned up, which shows that the bulls have a short-term advantage. If prices break out of $7,127, the BTC/USD pair can pick up momentum and scale above the 50 percent Fibonacci retracement level of $7,198.3.

The 61.8 percent Fibonacci retracement level of $7,504.68 might act as a minor resistance, above which the rally can extend to $7,940.89. Once the prices sustain above $7,200, the traders can raise their stops to break even. For now, the long positions can be maintained with the recommended stops.

Our bullish view will be invalidated if the bears sink prices below the 20-day EMA. In such a case, the digital currency will become range bound between $5,900.06 and $6,955.79. Bitcoin will turn negative only if the prices sustain below $5,900.

ETH/USD

Ethereum has recently been one of the weakest cryptocurrencies that we cover. It has not even touched the 20-day EMA in the past few days. This shows a lack of buying support at the current levels.

ETH/USD

It has formed a symmetrical triangle at the lower levels. If the bears sink the prices below the triangle, the ETH/USD pair can slide to $249.93 and further to $205.  

If the bulls break out of the triangle, a move to $358 is probable. However, the 20-day EMA and the downtrend line are formidable resistances on the upside, hence, we shall wait for a buy setup to form before proposing any trades on it.

XRP/USD

Ripple has failed to break out of the downtrend line 2 for the past three days. It has also slid below the 20-day EMA, which shows a lack of buyers at higher levels.

XRP/USD

A move above the 50-day SMA will indicate strength and can result in a rally to $0.5. The trend will change if the XRP/USD pair sustains above the downtrend line 1.

If the bears sink the virtual currency below $0.31, a retest of the August 14 lows is possible. We don’t find any reliable bullish patterns at the current levels, hence, we are not suggesting any trades on it.

BCH/USD

Bitcoin Cash hasn’t done much in the past few days as it remains stuck between $500 and the 20-day EMA.

BCH/USD

Both moving averages are sloping down, which shows that the bears are still in command. The BCH/USD pair is likely to gain strength above the 50-day SMA.

On the downside, the virtual currency will become negative if the $500–$473.906 support zone breaks down. We shall wait for the trend to change before suggesting any long positions on the pair.

EOS/USD

EOS has stayed above the 20-day EMA and $5.65 for the past three days, which is a positive sign.

EOS/USD

For the past two days, the EOS/USD pair has been facing resistance at the 50-day SMA. The bulls have not managed a close (UTC time frame) above this moving average since June 8. A close will indicate a probable change in trend. Therefore, we maintain the buy recommendation made in the previous analysis.

The rising 20-day EMA and the flattening 50-day SMA increase the possibility of a bullish crossover if the price sustains above $6.5. Our bullish view will be invalidated if the price turns down from the overhead resistance.

XLM/USD

Stellar continues to trade inside the range of $0.184–$0.24987525. The longer it stays in the range, the stronger will be the eventual breakout or breakdown from it.

XLM/USD

The XLM/USD pair will complete a bearish descending triangle pattern if it breaks below the $0.184 support level.

On the other hand, the bearish pattern will fail if the bulls break out of the downtrend line. As the bottom of the range at $0.184 has managed to hold on two previous occasions in 2018, we anticipate a strong up move once the bulls break out of the range. Therefore, we retain our buy recommendation made on August 27.

LTC/USD

After failing to break out of the range on August 28 and 29, Litecoin is currently trying to hold  the support at the 20-day EMA. Both moving averages are flattening out. This shows that the selling pressure has reduced and a change in trend is probable.

LTC/USD

The first sign of strength will be when the bulls break out and sustain above the overhead resistance at $62.319. The short-term traders can stay on the long side once the virtual currency scales above $64. Such a move might face resistance at the 50-day SMA, the downtrend line and at $74.

We shall turn bullish on the LTC/USD pair after it breaks out and sustains above $74 for three days. Positional traders should wait for additional confirmation before initiating any long positions.

ADA/USD

Cardano failed to break out of the overhead resistance on August 29 and has extended its stay inside the range of $0.083192–$0.111843.

ADA/USD

Currently, the prices have slipped below the 20-day EMA. The flattening moving averages point to a probable consolidation in the near-term.

A break out of the 20-day EMA will carry the ADA/USD pair to the 50-day SMA. We shall turn positive if the bulls succeed in sustaining above $0.13.

Our neutral stance will be invalidated if the bears break down of $0.083192. We shall wait for a new buy setup to form before proposing any trades.

IOTA/USD

IOTA has turned down from the resistance zone between the 50-day SMA and the downtrend line but found support close to the 20-day EMA. It could not reach $0.82 where we had suggested booking partial profits.

IOTA/USD

The IOTA/USD pair will continue to face selling between $0.815 and $0.9150. After this zone is crossed, the rally can extend to $1.24.

On the downside, the 20-day EMA and $0.5750 will act as strong supports. Both moving averages have flattened out, which shows that the selling has subsided and a change in trend is likely. Therefore, the traders can continue holding the existing long positions with the recommended stops.

XMR/USD

Monero has held above the 20-day EMA for the past four days. It is currently trying to break out of the horizontal resistance at $109.22.

XMR/USD

The zone between the current price and the downtrend line is likely to act as a stiff resistance.

The XMR/USD pair has not broken out of the downtrend line convincingly since topping out in December of last year. If the bulls succeed in closing (UTC time frame) above this resistance, it indicates a probable change in trend. The flattening moving averages indicate that the bears are losing their grip.

Therefore, we retain the buy recommendation provided in the previous analysis.   

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

 

Article First Published here

EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis: Sellers Wipe $10 Billion in 24 Hours

It is an across the board altcoins erosion with EOS registering a five percent drop yesterday. While there are hopes for buyers, we need to see rejection of lower lows especially in IOTA, EOS and XLM which is technically bullish. Before then, we shall take a conservative approach and see how prices react at key support lines.

Let’s have a look at the charts:

EOS Technical Analysis

From the News

  • As a follow through, Circle has announced support for EOS. It appears that EOS; a digital asset met all their conditions as dictated in their Circle Asset Framework. However, they shall not be accepting EOS Air drops neither will they be providing ERC-20 to mainnet conversion services for the time being.
  • To fast tract dApp development, Block One is releasing an open source tool, Demux. This follows the same foot prints as Facebook’s Flux Architecture as well as Redux. The tool simply does the bridging allowing for automatic verification and update of blockchain events on traditional database management systems as MongoDB or Postgres.

Technical Analysis

EOS Daily Chart by Trading View

Regardless of this steady depreciation- EOS is down five percent in the last day alone, bulls should have reason to smile. Yes, EOS is yet to meet any of our trade conditions as laid out in prior EOS trade plans but as long as they move within this $2 range, buyers have a subtle upper hand.

It’s all about effort versus result scenario and when you notice that sellers are yet to reverse July 15 to 18 gains, we can safely interpret that prices are likely to find support at the lower limit of this trade range at $7.

The only way for cancellation is if there is a high volume, high range break below triggering sells and validating June 22 bear break out trade pattern.

Litecoin (LTC) Technical Analysis

From the News

  • Nibyx faucet adds Litecoin and three other coins
  • Despite being a work in progress and still in Beta, Litecoin’s Lightning Network has a low full node count. Could low fees be deterrence for adoption?
  • com is the first fully regulation compliant EU based cryptocurrency exchange opens offices readies for registration in Liechtenstein. It’s still in beta state and improving but once it launches, it shall list Litecoin to their users.

Technical Analysis

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

In line with our last Litecoin (LTC) technical analysis, our small size LTC sells are now active following yesterday’s four percent dip and confirmation of July 30 bears.

Therefore, as highlighted in our Litecoin trading plan, odds are we might see further losses today. As such, my recommendation is to trade with the trend and sell according to June 10 sell pressure.

However, risk-on and conservative traders can wait for conclusive close below this $20 range at $70 before selling LTC on pullbacks with first targets at $50.

Stellar Lumens (XLM) Technical Analysis

From the News

  • Stellar is officially Sharia compliant and has the approval from The Bahrain Central Bank (CBB). Going forward, people practicing Islam can easily interact with Stellar project during tokenization of different assets or transferring funds using the platform.
  • After that landmark decision by the country’s Court of Appeal directing a bank-Banco Estado, the country’s crypto-sphere is booming. Flow, with more than 20,000 customers, partnered with Cryptomkt and while working with CryptoCompra, has made it possible for users to pay for everyday items using cryptocurrencies as XLM and BTC. Already, more than 5,000 merchants have signed up for the service.

Technical Analysis

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading view

Our Stellar Lumens (XLM) trade plan is solid and as XLM erosion continues, chances are our first bear targets at 22 cents might be hit.

Remember, we are overly bullish on XLM and the only way this minor sell recommendation would be valid is if buyers edge and close above 30 cents.

In previous XLM technical analysis, 30 cents acts as July highs, a resistance line and a buy trigger line.

Tron (TRX) Technical Analysis

From the News

  • TVM launches and Tron celebrates its first anniversary.
  • Tron to expand and open offices in India

Technical Analysis

Tron (TRX) Technical Analysis

Tron Daily Chart by Trading View

As sellers hard press price, chances are we might see Tron (TRX) depreciation below July 24 lows today. When that happens, we suggest trading with the trend keeping in mind that the only way for TRX to recover is if they close above 4 cents.

From previous Tron (TRX) trade plans, we recommend shorting once there is a breach below 3.2 cents with our first bear targets at 2.5 cents and safe stops lodged at 4 cents.

IOTA (IOT) Technical Analysis

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

 

Prices are pretty much stable and the good thing for IOTA buyers is that prices are trending above 90 cents.

Now, according to our IOTA technical analysis, for IOTA bears to take charge, we need to see conclusive breaks below the base of this descending triangle at 90 cents before loading shorts on pull backs.

Before then, we remain neutral while keeping in mind that any appreciation above $1.05 opens doors for probably retest of $1.2-3 and later $2.5.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Article First Published here

Cryptocurrency Market Update: Stellar Flies High on New Partnership

Crypto land is still in the green, Stellar, ChainLink, Stratis and Komodo making good gains.

The correction has not happened yet and markets are still creeping higher. Only Bitcoin and a couple of altcoins seem to be the beneficiaries however. Total market capitalization has broken $300 billion and is holding just above it at the moment.

Bitcoin has remained stable on the day with no gains or losses, holding at $8,240 at the time of writing. It still may pull back to below $8k as traders take profits but is steady this morning. Ethereum has made a marginal gain of 1.8% to trade at $485 but has been flat over the week posting no gains since the same time last Thursday.

Altcoins are generally in the green at the moment with one or two enjoying double digit growth this morning. One of those coins is Stellar Lumens which is up 11% on the day according to Coinmarketcap. XLM is currently trading at $0.332, which is up from $0.297 this time yesterday. On the week Stellar has made 9% from $0.307 this time last week. The monthly picture looks even better with a gain of 73% from just under $0.20 this time last month. Against Bitcoin XLM is up 11.4% on the day to 4070 satoshis but down 3% on the week from 4200 sats on Thursday last week.

Momentum has been driven by the TransferTo partnership which will enable Stellar to be used in cross-border transactions in over 70 countries.

The announcement goes on to state; “Under this collaboration, financial institutions and partners of both Stellar.org and TransferTo will benefit from the combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.”

Binance currently takes the bulk of Lumens trade with around 45% of the total. Daily volume has doubled over the past 24 hours from $100 million to $200 million as Stellar makes its move. It has already surpassed Litecoin in the market cap charts with $6.2 billion and sixth palace.

Other altcoins making moves today include ChainLink and Stratis which are both up around 15% and Komodo climbing 9% on the day. Total crypto market capitalization has inched up 1.6% to $303 billion but trade volume has plunged 25% from $20 to $15 billion on the day.

More on Stellar can be found here: https://www.stellar.org/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

Article First Published here

EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis: Is Tron’s “Secret Project” a Tron-Alibaba Partnership?

Of all the coins under our review, EOS, Litecoin and Tron are technically stable and moving within a tight trade range. EOS for example is yet to add to last week’s gains but is confined within July 20 high lows. Now, despite our bullish stand on Stellar, prices are stalling and once we see gains above 30 cents, our trade plan would be active.

Let’s have a look at these Charts:

EOS Technical Analysis

EOS Daily Chart by Trading View

It’s cool that Novogratz think that EOS will in the coming days process more than 50,000 TPS per second. After all, it’s what many investors are excited about this scalable, smart contracting blockchain platform that is specifically designed to handle enterprise grade dApps.

The tricky question now is when and how the cost of doing business at the platform will diminish to near zero. It’s no doubt a hot subject since while Ethereum transfers the cost of transaction and storage to end users, dApp developers bears the cost in the EOSIO blockchain. Basically what that means is that developers wouldn’t be in a position to rack in huge profits as that would be determined by the community valuation of his/her dApp.

On the charts, EOS prices are still oscillating within a $1 range defined by July 20 high low. Based on our previous analysis, our trade plan remains constant that’s unless we see our entry conditions being met to satisfy our long trades.

Otherwise, cognizant of the fact that sellers are generally in charge, we shall maintain our EOS neutral view until there are signals of momentum shift from bearish to bullish once we see EOS appreciating past $9, our main bull trigger line.

Litecoin (LTC) Technical Analysis

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart by Trading View

For LTC prices to print $400 as Charlie Lee says, then it must gain five folds if we consider current spot rates. After selling his Litecoins early this year and precipitating a down fall, Charlie has had to contend with criticism with some even losing confidence on the platform all together.

The Litecoin founder has summarily dismissed these claims as hog wash and in a recent tweet, he called on the community to form a foundation to support Litecoin prices which is currently struggling at $85. In his part, he emphasized that the Litecoin Foundation has nothing to do with prices as its objective is to advocate LTC cause to the society.

While Charlie is trying to decouple himself from critics, LTC prices are flat and stuck within an energy sapping micro-consolidation with immediate resistance at $90. So, unless otherwise, we remain bullish expecting gains considering the general upbeat environment in the crypto verse.

However, for execution of longs, we want to see Litecoin prices edging past $90. Thereafter and in line with our Litecoin trade plan, we shall buy on dips with stops at $80 and targets as laid out before.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart by Trading View

So far, Stellar Lumens is the top performer adding 27 percent in the last week alone. Even though XLM prices are not advancing like the fast half of last week, we expect further XLM gains and in that case my suggestion is to ramp up at current prices with stops at May lows at around 23 cents.

Alternatively, since we are trading a bullish break out pattern, we can take a wait and see approach as we wait for gains above 30 cents. Ideal first targets, as laid out before, will be at 50 cents.

Tron (TRX) Technical Analysis

Tron (TRX) Technical Analysis

Tron Daily Chart by Trading View

Seven days before Tron VM launch and excitement is palpable in Tron streets. The reason might be well beyond this launch and might be solely because of the secret project that Sun teased about earlier this month.

Well, this is exciting and plays well in this game of Tron where traders and investors demand nothing less than good price supporting news. Could it be that Tron is partnering with Alibaba? Or are they laying out steps to better leverage on Bit Torrent their latest acquisition.

As far as trading is concerned, we have a clear trading plan. Clearly, the trend is negative and for us to change that narrative then we must see gains above 4 cents, our main resistance line and buy trigger line.

If we don’t see those gains then in line with yesterday’s trade plan, we shall initiate sells once sellers breach 3 cents. Before then, my recommendation is to take a wait and see approach with bullish expectations.

IOTA (IOT) Technical Analysis

IOTA (IOT) Technical Analysis

IOTA Daily Chart by Trading View

Not only do we have a nice triple bottoms at main support, but the fact that IOTA sellers are resilient increases our odds of a break below 90 cents.

Remember, even though the crypto verse is bullish, there are no conclusive moves above key support and resistance lines to warrant buys or sells in the daily chart. As such and just as spelled out in our previous trade plans, we take a neutral stand until after our trade conditions are met.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Article First Published here

EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis: Altcoins Priming for Further Gains

From the charts, it’s likely that EOS, Litecoin, IOTA and even Tron buyers will continue with their upward trajectory after yesterday’s rejection of lower lows. It’s important to note that this injection of buy momentum happened right at key support lines. Solely because of this and the way our charts are set up, we expect further altcoin gains this week.

Let’s have a look at the charts:

EOS Technical Analysis

EOS Daily Chart By Trading View

What a nice coincidence: as the EOSIO blockchain throughput continues to prove critics wrong, EOS prices found support. It’s with this hindsight that Mike Novogratz thinks the commercial dApps and smart contracts platform would soon be processing over 50,000 TPS. Of course, EOS investors including Mike whose Hedge Fund-Galaxy Digital- channeled millions of dollars into Block One interpret this is positive and such proposition could even lift prices in the short to medium term.

Like most coins in the top 10, EOS is stable and still moving inside our $2 trade range with resistance at $9.

Understandably though, sellers are technically in charge and we can deduce this from the general structure of the last two months or so. That’s on top of the horizontal consolidation where EOS price action is failing to trigger our buy triggers set at $9.

In the mean time though, the fact that last week was positive means we can remain neutral with a bullish skew. This way we shall be syncing with the overall market sentiment and expecting surges above $9 complete with strong trading volumes in line with our previous trading plan.

Litecoin (LTC) Technical Analysis

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart By Trading View

In a mark of crypto confidence, Samsung Stores across the three Baltic States will in the coming days accept merchandise settlement using cryptocurrencies. As a coin designed as a means of exchange, coin holders would make payments in Litecoin (LTC). To make the whole process easy, Samsung shall work with Coppay, a payment processor, to make the whole experience easy.

On the charts, Litecoin prices are stable gaining two percent in the last day. However, as it does so, its market cap is $500 million away from being flipped by Cardano (ADA).

Nonetheless, LTC price action is yet to make strong gains despite rejecting strong sell pressure over the weekend. As a matter of fact, LTC is still confined within a $20 range with upper limits at $90 and strong supports at $70.

So, like our previous trade plan, all we need is LTC buyers to edge above $90, trigger our buys and allow conservatives to buy on dips in lower time frames. Before then, I suggest remaining neutral.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart By Trading View

Thus far, Stellar Lumens is the sixth most valuable coin in the world after replacing Litecoin following rapid gains last week.

Considering their 50 percent week over week gains, we expect Stellar Lumens buyers to keep up the momentum and sustain the technical revival initiated after last week bounce from 20 cents. In the weekly chart, we have this nice bullish engulfing candlestick with strong volumes indicating a bottoming market and early stages of a rally.

As such, my recommendation is to buy at current spot rates with first targets at 50 cents and stops at July 20 lows at 25 cents.

Tron (TRX) Technical Analysis

Tron (TRX) Technical Analysis

Tron Daily Chart By Trading View

Undoubtedly, Tron is doing everything it can to compete and with the release of Tron Link, developers would have an easy time to interact with the Tron blockchain. Through an API, they can freely contribute dApps to the Tron ecosystem without compromising on security thanks to the robust encryption is use. Tron Link is an end product of Tron Watch who are also the creators of the Tron Wallet and is simply a chrome extension.

A simple Fibonacci tool between last week’s high low and we can see that TRX prices are finding support right at the 78.6 percent retracement level. Despite this encouraging development, we still remain neutral with bearish expectations unless of course we see gains above 4 cents, a previous support line and immediate resistance.

Remember, TRX bears are technically in charge and it’s clear when we draw a simple trend line between May-July highs. As such, we remain positive on price recovery but should sellers dip below July lows at 3 cents then we recommend shorting on every pull back with targets at 2.5 cents.

IOTA (IOT) Technical Analysis

IOTA (IOT) Technical Analysis

IOTA Daily Chart By Trading View

After three attempts by sellers, we now have a triple bottom right at 90 cents, our main support line and 2018 lows.

This line, borrowing from previous IOTA analysis, anchors our trade plan and we still maintain the same stand:  As long as IOTA price action is trending within 90 cents and $1.3, we shall remain neutral.

The best approach here is to trade a break out in either direction and gains above $1.3 or July highs will no doubt help resuscitate buyers helping push valuation back to $2 or higher.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Article First Published here

EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis: Alt-coin Buyers Going Full Throttle

Safe IOTA and Tron, Litecoin and EOS were particularly slow yesterday. That’s even at the backdrop of solid news of Peter Thiel investment at Block One, Moon Zebra launching new Litecoin supporting ATMs at Malta and Tron burning 92.4 billion ERC20 tokens. Overly though, we remain bullish and expect Q3 to be a spring board for Q1 and 2 bear reversals.

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart By Trading View

The announcement from Block one that is has received investment from Peter Thiel, the co-founder of PayPal and a member of board at Facebook was but timely. But that’s not the point.

The fact that Dan Larimer, the co-founder of EOS said that he was excited to receive funds from world-renowned investors as Jihan Wu of Bitmain and Hedge Fund managers as Alan Howard and Louis Bacon tells a lot of the future plans of EOS.

So far, not only does EOS register high transactional volumes as seen from Blocktivity but we are also seeing the network registering high through puts. At one point, for example, the network was processing 2351 TPS.

Price wise yesterday was pretty rapid and EOS bulls did follow through July 16 bulls. Because of this, traders out to ramp up their longs on every retracement in lower time frames and trend with this intermittent trend.  As it is, everything is in line with our previous price projection and we shall hold the same preview with aggressive traders buying on dips with stops at July 13 lows at $13.

Litecoin (LTC) Technical Analysis

Ltiecoin (LTC) Technical Analysis

Litecoin Daily Chart By Trading View

Malta and a couple of other Asia nations as Japan for example are proving to be the backbone of cryptocurrencies. Not only are their stock exchanges supportive of cryptocurrencies but their policies are pro blockchain development.

It’s no wonder that a start up Moon Zebra is now launching General Bytes cryptocurrency ATMs in Sliema. This way, average users who don’t find it easy to transact at exchanges as BitStamp can easily buy or sell Bitcoin and Litecoin for Euros.

As the positivity permeates so are traders willing to exit their shorts and tune in with buyers aiming to lift prices back to $110. In line with that, traders can begin loading up with every correction in lower time frames even though trade volumes are low. Ideally-and this is a reiteration, we need to see pumps-with high volumes-above $90, the upper limit of this $20 trade range before conservative join in the party.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart By Trading View

Shortly after Tempo, we now have Stronghold USD, a stable coin, describing themselves as venture Capital backed and with ambitions of stabilizing the volatile cryptocurrency market.

It will launch on the Stellar platform and in collaboration with IBM, the financial company, will “explore” on how their stable coin shall be of use to blockchain based businesses mainly within the banking sector. Behind Stronghold is Prime Trust, a trust whose main aim is to liquidate cryptocurrencies for fiat.

Back to price action and our long trades are live following that break out above 22 cents on July 16. While we did see a strong follow through after that high volume candlestick, we expect to see further gains today and through this week.

As before, our first targets lie at 30 cents and in that regard buying on pull backs retesting 22 cents would be a perfect trading plan. Safe stops would be at 20 cents or July 15 lows.

Tron (TRX) Technical Analysis

Tron Daily Chart By Trading View

It’s obvious that the team behind Tron want to see a fully functional blockchain with its own coins priming the network. Therefore, in that regard the Tron Foundation did destroy almost 92.4 billion TRX ERC20 tokens and you can actually track and see this figure from ETHScan.

These tokens are from Binance and other exchanges which have completed token migration and now support TRX coin withdrawal and deposit.

Yesterday’s price action cements our trade plan. Notice the high volumes injecting momentum from July 16 bullish candlestick.

Now as before, we can begin buying on dips at current spot rates and go full throttle once buyers edge above 4 cents. Either way, our first targets would be at 8.5 cents with stops at July 16 lows at around 3.5 cents.

IOTA (IOT) Technical Analysis

IOTA Technical Analysis

IOTA Daily Chart By Trading View

Buyers are definitely in charge and even though prices are moving inside a trade range, it’s possible that bulls would have enough momentum to break and close above $1.3, our buy trigger.

Nonetheless, we can open a small position today and try ride with the bulls loading with every pull back. Once our buy orders are filled at $1.3, my suggestion would be to go full throttle buying on dips with eyes on May and June highs at $2.5.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Article First Published here

Stellar Becomes ‘First’ Sharia-Certified Blockchain for Payments And Asset Tokenization

Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post published July 17.

The Shariyah Review Bureau, a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has examined the capabilities and applications of Stellar and released guidance that allows for the deployment of Stellar technology in Islamic financial institutions.

With the certification, Stellar will ostensibly be able to enhance its ecosystem in regions where operation in the field of financial services requires compliance with Islamic financing principles. This move will allow financial institutions located in the Gulf Cooperation Council and some parts of Southeast Asia to implement Stellar technology in their Sharia-compliant product and service offerings.

While Stellar calls itself “the first” Sharia approved distributed ledger protocol in the area of money transfers, cryptocurrency NOORCOIN was certified with a Sharia Certificate from the World Sharia Advisory Committee in March, calling itself “the first sharia-compliant utility token.”

In April, Bitcoin (BTC) was recognized as “generally permissible” under Sharia law according to a report released by an internal Sharia advisor to fintech startup Blossom Finance. The author of the report, Muhammad Abu Bakar, concludes with a warning, saying that while he considers digital currencies to be halal (permissible), in most cases traders should not purchase them for investment purposes.

Last month, South Korean blockchain lab IncuBlock signed a Memorandum of Understanding with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law. The entities will work on developing a blockchain platform and a decentralized application (DApp) that will meet the “social requirements” to be considered halal by the Sharia Commission.

Article First Published here

Stellar Becomes First Crypto Protocol to Obtain Sharia Certification


Stellar, the seventh-largest cryptocurrency network, has become the first digital ledger technology (DLT) protocol to obtain Sharia certification for payments and asset tokenization.

The Stellar Development Foundation announced on Tuesday that, following a review of the technology’s properties and applications, the Shariyah Review Bureau (SRB) had certified Stellar as a Sharia-compliant vehicle for conducting monetary transfers and tokenizing real-world assets.

According to the foundation, this certification from SRB — which is licensed by the Central Bank of Bahrain and operates an international Sharia consulting practice — will enable Stellar to forge partnerships with Islamic financial institutions throughout the Middle East and Southeast Asia.

From the announcement:

“In partnership with SRB, this certification will help grow the Stellar ecosystem in regions where financial services require compliance with Islamic financing principles. For example, Islamic financial institutions in the Gulf Collaboration Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) will now be able to integrate Stellar technology in their Sharia-compliant product and service offerings.”

The SRB laid out its justification for awarding Stellar a Sharia certification in a 16-page document, which measured the cryptocurrency and its applications against standards published by the non-profit Accounting and Auditing Organizations for Islamic Financial Institutions (AAOIFI).

The SRB concluded:

“Based on provided information, SRB conducted its review on the Network’s guides, concepts and related material and did not find any provisions that are non-congruent to the principles of Shari’a. However, the users of the Network seeking to attain Shari’a compliance should take note that merely following the attached guidelines does not automatically ensure compliance to Shari’a.”

Cryptocurrency has long been a topic of debate among Islamic scholars, as some have questioned whether the asset class’ pervasive price volatility makes trading tantamount to usury, which is forbidden under Sharia law.

Earlier this year, however, Islamic scholar Mufti Muhammad Abu Bakar, a Sharia compliance officer at Jakarta-based investment firm Blossom Finance, published a paper arguing that bitcoin is Halal (permitted) for investors since it is recognized as a legal currency in some countries and widely accepted for payment in others.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement


Article First Published here