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Bitcoin (BTC) and Ethereum (ETH) To Be Piloted in Investment Products By 2 Major Russian Banks

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Cryptocurrency investment has been treated with caution by many banks around the globe. Some  have even advise their customers not to buy them, with others freezing their customers cards whenever they attempt to purchase crypto on the numerous exchanges. However, two of the largest banks in Russia intend to test several crypto products for their private customers. These products include what the two banks – Sberbank and Alfa Bank – describe as exchange algorithms.

According to a report by the Kommersant Newspaper, the algorithms operate on the basis of an investment portfolio which comprises of the six most trusted cryptocurrencies in the market. The four cryptocurrencies named in the report include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). The remaining 2 digital assets are yet to be confirmed by the two banks.

These algorithms will be self adapting and according to the market situations. The set of cryptocurrencies in the portfolio will be reviewed once every quarter and their weighted value on the portfolios changed according to the algorithm. The two banks will offer the products based on the existing regulatory platform of the Bank of Russia.

The Deputy Head of Sberbank Private Banking, Anna Ivanchuk was quoted as saying the following with respect to the new investment products:

We want to offer our clients a completely transparent version of the entrance to digital assets that fully meets the regulatory requirements that will allow them to invest in an interesting product in Russia.

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Ethereum is Gaining 50,000 Developers per Month, King of Dapps

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An independent vlogger posted a video on Reddit about why he’s still bullish on crypto. In the video the vlogger names six points to keep in mind about the health of the space as networks continue to grow, clarity comes in to being and crypto attracts the best and brightest minds from both the tech and financial industries.

Bitcoin Network is Healthier than Ever

Most traders haven’t made a lot of money in 2018 as the market correction that put an end to the 2017 bull run lingers on and the price of Bitcoin has wavered between $6 and $9,000. Despite the industry oracles who are even now calling for Bitcoin to reach outlandish numbers by the end of the year what this vlogger, who posts as u/undertheradar48, focuses on is the security of the system. As he states in his video in the last month there has been a 300% increase in the bitcoin hash rate, meaning that more people than ever are mining the coin, meaning that ledger is larger than ever and therefore the system more secure.

Beyond the hash rate and estimated $100 billion dollars u/undertheradar48 tells his audience is locked up in Bitcoin he touches on something even more important. That 9 years in, the Bitcoin network is still alive and growing despite naysayers and pundits from the financial world hammering the press with statements calling it “Rat Poison” and a Ponzi scheme and government agencies waffling on laws and regulations that would give legitimacy.

As the video points out the Bitcoin network has grown bigger than anyone at the start could have imagined and so is the Ethereum network growing at an unprecedented rate. As he states there are more people downloading the Ethereum developer program Truffle today than there were during the networks price peak back in January. The number he quotes which seems to have come from a Consensys article is 50,000 new downloads per month which if projected through to the end of the year means an additional half a million developers working on the Ethereum network.

Ethereum adding 50,000 Devs per Month

These estimates got the poster a lot of flack from his Reddit followers. Some commenting that he is delusional and just spreading the kind of inflated numbers that in the end make the community look like fools but others were more positive. One commenter points out that those are worldwide numbers that include companies, universities, and even total newbie devs.

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The Great Ripple Debate: FinCEN Ruling Labels XRP a Currency, Not a Security

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Is Ripple (XRP) a security or not? Will the FinCEN’s 2015 ruling make a difference to the SEC’s final decision? Let us know in the comments below.

The US SEC has decided Bitcoin and Ethereum will not be regulated as securities but the debate continues to rage over Ripple, the third-largest cryptocurrency by market capitalization. Some argue US FinCen has already set a precedent for Ripple’s definition, which will mean the SEC must eventually follow suit.

June has seen the US Securities and Exchange Commission (SEC) make clear that Bitcoin (BTC) and Ethereum (ETH) are not securities and will not be regulated as such. Ripple’s (XRP) classification, however, is still up for debate – or is it?

Some believe a ruling by the US Financial Crimes Enforcement Network (FinCEN) in 2015 sets a definition for the native coin of the Ripple network, XRP, within the US federal government that cannot be superseded by the SEC. As Twitter user Richard Holland (@codetsunami) notes:

In a 2015 civil enforcement by FinCEN, Ripple Labs was accused of violating the Bank Secrecy Act (BSA) by acting as a money services business (MSB) and selling XRP without registering with FinCEN. It also failed to implement and maintain an adequate anti-money laundering (AML) program.

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Binance Coin Price Analysis: BNB/USD Approaching Crucial Resistance

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Binance coin is moving higher and is currently placed nicely above $16.00 against the US Dollar. BNB/USD is approaching a major hurdle near $17.50 where sellers might appear.

Key Talking Points

Binance Coin price started a major upside move from the $13.50 support area against the US Dollar. There is a major bullish trend line in place with support at $16.50 on the 2-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view). The pair may continue to move higher towards a monster resistance area near $17.50.

There was a solid support base formed near the $13.50 level in Binance coin price against the US Dollar. The BNB/USD pair formed a double bottom pattern around the $13.50 level and started an upside rally.

Looking at the chart, the price gained bullish momentum and broke the $14.00 and $15.00 resistance levels. There was also a close above the $16.00 barrier and the 100 simple moving average (2-hours).

The price even broke the $16.27 swing high to open the gates for more gains in the near term. At the moment, the price is trading near the 1.236 Fib extension level of the last decline from the $16.27 high to $13.51 low.

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Ripple Price Analysis: XRP/USD Sights Downside Break

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Key HighlightsRipple price declined from the $0.5600 swing high with bearish moves against the US dollar. There is a key bearish trend line in place with resistance near $0.5300 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may perhaps decline further and it could break the $0.5200 support for more losses in the near term.

Ripple price is trading with a negative bias against the US Dollar and Bitcoin. XRP/USD could extend declines if there is a break below the $0.5200 support.

Ripple Price Support

There was a recovery wave initiated in Ripple price above the $0.5200 level against the US Dollar. The price moved above the $0.5400 and $0.5500 resistance levels. However, the upside move was capped by the $0.5650 zone where sellers appeared. A high was formed at $0.5681 before the price started a downside move. It declined and broke the $0.5500 support area. There was also a break below the 50% Fib retracement level of the last leg from the $0.5030 low to $0.5681 high.

The decline was such that the price settled below the $0.5400 level and the 100 hourly simple moving average. At the moment, the price is testing the 76.4% Fib retracement level of the last leg from the $0.5030 low to $0.5681 high. The $0.5200 support area holds a lot of importance for the next move in the near term. Should there be a bearish break below $0.5200, the price could drop back towards the $0.5000 level in the near term. On the upside, there is a key bearish trend line in place with resistance near $0.5300 on the hourly chart of the XRP/USD pair.

Looking at the chart, the price remains at a risk of more losses below $0.5200 as long as it is below $0.5400.

Looking at the technical indicators:

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Cryptocurrency Hedge Fund Profits Plunge Amid Market Volatility

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Will cryptocurrency hedge funds be able to survive the difficulties experienced so far in 2018? Let us know in the comment section below.

The struggles of cryptocurrency hedge funds in 2018 seem to have no end in sight. With half of the year almost gone, these crypto-focused hedge funds continue to perform poorly.

Declining Revenues Amid Price Dip

According to the Financial Times, cryptocurrency hedge funds are down by 35 percent so far in 2018. This decline is in stark contrast to 2017 when revenues grew by 2,700 percent. Such was the success of the market that a total of 167 firms were established in 2017 alone.

The digital currency market has had a rough 2018. Market prices have declined steadily with any hint of a rally quickly smothered by a sharp dip. Commenting on the situation, PwC cryptocurrency lead, Henri Arslanian said:

I expect the crypto markets to remain volatile for the foreseeable future. While retail investors may see volatility in the crypto markets as a downside, many crypto funds see it as an opportunity.

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Ethereum (ETH) Price Analysis: Testing Mid-Channel Area of Interest

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Ethereum is trending lower in a descending channel and has bounced off the bottom recently. Price is currently testing the mid-channel area of interest and sustained bullish pressure could take it to the top.

However, the channel top lines up with the 100 SMA dynamic inflection point that adds to its strength as a ceiling. This short-term moving average is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse.

RSI appears to be on the move up, though, so there’s a chance that buyers could stay in control and push for a move past the channel top. From there, ethereum could still hit a roadblock at the 200 SMA dynamic inflection point.

Stochastic is on the move down to signal that sellers have the upper hand. In that case, ethereum could make another test of the channel bottom near the $400 level or even break lower.

Dollar strength came into play late last week when the Trump administration announced their tariffs on China. Beijing has retaliated with higher tariffs on US exports, so many are currently concerned about this trade war and its impact on the global economy.

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Bitcoin (BTC) Price Analysis: Bearish Continuation Pattern?

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Bitcoin was unable to sustain the strong bounce last week as it consolidates inside a small bearish flag pattern on the 4-hour chart. A break below support could confirm this bearish continuation signal.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse. However, the gap between the moving averages is narrowing to signal weakening bearish momentum.

RSI is also on the move up to show that buyers have some energy left in them. On the other hand, stochastic looks ready to turn back down so bitcoin could follow suit as sellers return.

Note that the mast of the flag spans around $6,200 to $7,800 so the resulting drop could be of the same height. On the other hand, a break higher could hit resistance at the moving averages’ dynamic inflection points.

The cryptocurrency drew support last week when a senior SEC official said that like ethereum, bitcoin is not a security that can be regulated like stocks or bonds. However, the return in risk aversion and dollar strength on Trump’s tariffs announcements erased those gains.

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Mastercard Considers Blockchain a Viable Asset Against Fraud

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Do you think blockchain technology can help fight credit card fraud? Let us know in the comments below.

Even though cryptocurrencies remain somewhat controversial, their underlying blockchain technology is very different.  In fact, it has become apparent there are quite a few issues Mastercard can solve with this new technology.

Ending Fraud with Blockchain

Blockchain has been heralded as a major revolution for the financial sector. Mastercard holds out high hopes for this technology moving forward. With close to thirty blockchain patents in its portfolio, the card issuer can explore many different options. In this world of growing financial fraud, something has to change. Utilizing blockchain technology for this specific purpose can yield surprising results.

For now, there is still some uncertainty as to how Mastercard will incorporate the blockchain, although different business models can be explored in the coming years. For major credit card issues, dealing with payment fraud will be one of the top priorities. Merging that with distributed ledgers will be challenging, although one patent hints at an interesting concept.

More specifically, Mastercard holds a patent to put credit cards on a public blockchain. As such, the ledger will be used to validate and verify payments. Whether this will happen by encoding the information directly or using intermediary mediums remains unclear. The use of a publicly-accessible chain will especially raise a lot of questions in this regard.

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3 Reasons Why Ethereum Is A Better Investment Than Bitcoin, According to Brian Kelly

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What do you think about Brian Kelly’s points? Do you think Ethereum is a better investment than Bitcoin? Let us know your thoughts in the comments below! 

Brian Kelly, founder and CEO of digital currency-focused investment firm BKCM LLC, believes Ethereum might be a better investment than Bitcoin — and he provided CNBC’s “Fast Money” with three reasons why. 

Ethereum Futures

Firstly, Kelly believes Ethereum futures may just be around the bend, now that the U.S. Securities and Exchange Commission (SEC) has officially decided that ether is and was not a security — thus removing the largest obstacle from the second-ranked cryptocurrency by market capitalization’s patch to institutional investment.

Kelly stated, regarding the SEC’s decision:

So one would think, perhaps, ethereum futures are not far off. They already have an ethereum index.

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