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Ripple

Ripple (XRP) Slips Below $0.34 Mark as Selling Intensifies

Ripple (XRP) has been very volatile since the beginning of this week. After showing positive price movement on Monday, Ripple has been correcting since Tuesday and has slumped 20% since then. At the time of writing, XRP is trading lower by 5% at $0.3310.

Key Supports & Resistances

If the digital asset maintains the declining momentum and panic continues to make people sell, then XRP prices will dip massively and close below $0.34, which will invalidate prior XRP/USD trade plans. Currently, prices have gotten back to consolidation in the $0.15 range with caps at $0.50. On the technical chart, a breach of the $0.31 level will most likely nullify the bullish outlook of the trade plans as bears are expected to drive prices to $0.285 thus retesting the main support level of Q1 2019.

Ripple has slumped 50% from its 52-week high of $0.783 and is down 27% over the past year.

About Ripple

Ripple (XRP) is strongly protected by the so-called XRP Army. The Army supports Ripple, which is the third most liquid asset in its strength, and will shut down any critics of XRP regardless of the validity of their inquiries or objective. As a result, their efforts have paid off and have seen XRP being embraced by Binance as its base currency.

>> Stellar (XLM) Outperforms After the Fall Earlier This Week

Equally the efforts of the army have seen a response from Skype, although that request is still being contemplated. Ripple is focused on expanding globally as a payment settlement platform. However, Marjan Delantine, the Head of Global Banking, indicates that the objective is not to outcompete SWIFT, which is already established, and other platforms but rather to complement them.

The appointment of IMF Managing Director Christine Lagarde as the head of ECB is good news for the crypto industry because she is open to cryptocurrencies and more so to Ripple (XRP). The ECB does still hold a firm stand against Bitcoin, which they say is an asset rather than a currency, but her being at the helm could bring about changes to the ECB’s crypto attitudes.

Featured image: DepositPhotos © akulamatiau

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Bitpoint

Bitpoint Hacked for $32 Million, Another Example of Crypto’s Volatility

A Tokyo-based cryptocurrency exchange called Bitpoint has suspended operations after it lost $32 million to a hacking last night.

The company that runs the exchange, Remixpoint, discovered that ¥3.5 billion worth of various digital currencies had disappeared under its management.

Bitpoint Hacked and Suspends Operations

According to the exchange, the funds went missing from a hot wallet (a wallet connected to the internet), but other funds held in cold wallets or offline haven’t been affected. The hacking was brought to light when an error appeared in the exchange’s outgoing funds transfer system.

Roughly ¥2.5 billion worth of the missing currency is owned by its customers; the rest is owned by the firm. The company has said it will compensate the customers for the loss. Soon after the announcement, shares in Remixpoint plunged almost 20%.

Though we know the amount taken, Bitpoint has not detailed what exact virtual coins were stolen; however, it holds various cryptos including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

At present, Remixpoint is analyzing the hack and has given no further details.

Cryptocurrency Hacking

The Bitpoint hack is further proof of the danger with cryptocurrency. So far in 2019, there have been eight large-scale crypto exchange hackings resulting in the loss of millions of dollars.

The most recent hack happened on June 27, when Singapore-based exchange Bitrue had $4.2 million stolen.

Prior to that, on June 6, crypto exchange GateHub was also a victim of a hack whereby nearly $10 million worth of Ripple (XRP) was stolen.

In May, major exchange Binance faced its second major hacking. The hackers withdrew 7,000 Bitcoin, valuing approximately $40 million USD at the time.

>> Ripple (XRP) Slips Below $0.34 Mark as Selling Intensifies

Hacking is a notorious issue in the crypto-space; hacks claimed $1.7 billion USD in 2018 alone.

Hacks have even managed to shut down exchanges completely. In 2017, the South Korean exchange Youbit shut down and filed for bankruptcy after two separate hackings.

Tokyo-based MtGox exchange faced the same fate. At one time, it handled almost 80% of all global Bitcoin transactions; however, it was shut down in 2014 after 850,000 Bitcoins (worth half a billion US dollars at the time) was stolen from its wallets.

What do you think about the Bitpoint hacking?

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BitTorrent

BitTorrent Token (BTT) to Power Expedited File Sharing on TRON Network

BitTorrent Token (BTT) has taken a significant hit in recent weeks after hitting peak levels in May. While a crash to new lows against Bitcoin (BTC) is a point of concern, the software company behind the token is already looking into the future.

BitTorrent Speed

The TRON subsidiary has launched BitTorrent Speed, a new crypto powered approach designed to enhance peer-to-peer file sharing. The speedy software seeks to scale up upload and download speeds within the TRON network.

Millions of users stand to enjoy fast and uninterrupted access to files on the network with BitTorrent Speed. Users also stand to be rewarded for any activity carried out on the network with BitTorrent Token.

In a press release, BitTorrent notes that users should expect fast systems that can allow the downloading of tons of megabytes in a split second. In addition to enabling fast downloads, the new software will also help make downloads readily available.

The unveiling of BitTorrent Speed marks an important milestone as part of the BitTorrent and TRON network partnership. The two came together with the ultimate goal of scaling up browsing time on the web. This marks an important step towards creating the largest blockchain-based app to support fast downloads and uploads.

>> Litecoin (LTC) and Bitcoin Cash (BCH) Tumble on Massive Crypto Sell-Off

BTT Token

The unveiling of the new software should help ramp up support for the BTT Token, which is the native cryptocurrency for the network and key to faster downloads.

“Something I have noticed is the $BTT Reddit is filled with discussion about the utilization of the technology from real-world users, not talk on trading. It cannot be denied that this coin has the potential for the most significant mass adoption we have ever seen. #Bittorrent,” said crypto trader Jasper.

While the crypto-coin has come under pressure in recent months, there are plans to distribute the token through a series of airdrops as well as through the BitTorrent ecosystem. Currently, there are about 21% of BitTorrent tokens in circulation in the market.

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Litecoin

Litecoin (LTC) and Bitcoin Cash (BCH) Tumble on Massive Crypto Sell-Off

As the broader crypto markets are witnessing a big correction, two popular cryptocurrencies Litecoin (LTC) and Bitcoin Cash (BCH) are among the top losers.

Litecoin Cracks

This has been an excellent year for Bitcoin and cryptocurrencies by and large, due to the incredible bull run that has been seen this year so far. Due to the surge in the price of Bitcoin over the past months, altcoins have also gained considerably, but one of the altcoins that has not had a great time as of late is Litecoin. However, that could change next month, if the co-founder of the cryptocurrency is to be believed.

At this point of time, the token is down by as much as 15%; however, a tweak that is going to take place on the blockchain is expected to send the prices soaring in August.

Litecoin has tumbled 30% from its 52-week high of $145 in late June.

According to most reports, which were then confirmed by the co-founder of Litecoin, Charlie Lee, the blockchain is now looking for a definitive way to change how the entire process is going to work from now on. Currently, once a block is successfully mined, 25 Litecoin tokens are produced. A lot of computing power and equipment goes into doing this. At the end of the day, the cost of electricity and maintaining the computing power is considerable, which is why the step taken by the company might not be popular with miners but could be a huge hit with investors.

From now on, the number of Litecoin tokens that will be produced per block will be cut down by 50%, meaning that each mined block will produce 12.5 Litecoin tokens instead. The ensuing scarcity is then going to increase the price of each token from next month. Lee said that it is going to be a problem for miners, and it will take some time before they adjust to the new reality. That being said, many experts believe that this particular tweak has already been priced into the current level of Litecoin.

>> Bitcoin (BTC) Finds the Hurdle Again, Plunges 12% Quickly

Bitcoin Cash Falls 14%

Bitcoin Cash (BCH) is another notable loser in the crypto space and lost as much as 14% to $347, with a session low of $318. It is important to note that BCH has unperformed Bitcoin in the past one month.

Bitcoin Cash has tumbled over 30% from its recent high of $505. Moreover, BCH is down 85% from its all-time high.

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Bitcoin

Bitcoin (BTC) Finds the Hurdle Again, Plunges 12% Quickly

Bitcoin (BTC) has been in the middle of a rollicking bull run for 2019 so far, and the virtual currency has managed to touch levels that would not have been thought possible last year. However, the announcement from Facebook about the launch of its own cryptocurrency Libra proved to be a new disruption of sorts in the cryptocurrency space.

While many thought that Libra was going to end up as the major competitor against many digital currencies currently in existence, it now seems that it could be in a bit of trouble with the relevant regulators.

Powell Raises “Serious Concerns” About Libra

In a new development, the Chairman of the Federal Reserve, Jerome Powell, has stated that he has ‘serious concerns’ about the Facebook-backed cryptocurrency and added that there should be keen scrutiny of Libra. The comments had an immediate effect on Bitcoin, and other major cryptocurrencies as all of them slumped on the back of these comments.

When the most important financial regulator in the world states that he is concerned about a particular cryptocurrency, then it is an indictment on the entire sector, and hence, it was a not a surprise that a massive selloff ensued across the crypto sphere today.

>> TRON’s CEO Debunks Association with Billion Dollar Ponzi Scheme Scam

Sell-Off Across the Board

All the major cryptocurrencies dove today as Bitcoin slumped by as much as 12.80% to hit $11,490, while Litecoin declined by 19% to hit $100.21. On the other hand, XRP and Ethereum sank by 17% and 13.70% respectively. Powell stated that Libra raises “serious concerns regarding privacy, money laundering, consumer protection, and financial stability.” Such a comment from such a powerful regulator is bound to have such a reaction, particularly at a time when most of the world’s major cryptocurrencies are looking for regulatory clarity.

As a matter of fact, Fidelity has even opened up a fund for its institutional investors by way of which they can invest in Bitcoin. However, without regulatory clarity, it could cause a bit of uncertainty.

Featured image: DepositPhotos © KostyaKlimenko

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