March 11, 2019

Binance CEO welcomes JPM Coin and Facebook Coin as adoption-furthering tools

Changpeng Zhao, the CEO of the cryptocurrency exchange Binance, deviated from the larger cryptocurrency community and welcomed the large institutions curating their own digital assets. In a recent tweet, CZ stated that JPM Coin and the Facebook coin will further the adoption drive for the collective industry.

Prior to his affirmation, the Binance CEO did admit that his opinion on such a contentious matter would be “unpopular”. According to him, banks and tech-giants like JP Morgan and Facebook can do as they wish as long as their intentions are not harmful. He also added that any form of cryptocurrency adoption would be beneficial for the larger community.

His tweet stated:

“Unpopular opinion: JPM/FB coins.
In a decentralized world, anyone can do as they please (within limits, so long as they don’t hurt others). The more people adopt #crypto, the better.
Adoption is #adoption. Welcome!
How well will they do? Well, let’s wait and see.”

CZ’s tweet was in reply to an article that spoke about JPM Coin’s introduction as an achievement of marketing or engineering. JP Morgan’s stablecoin was created specifically to be an internal payments tool, allowing easy cross-border transactions and administrative transfers. However, the CEO of the bank, Jamie Dimon, known for his anti-bitcoin stance, also stated that JPM Coin could be used in external retail payments.

Facebook has also been working on a digital coin primarily meant to be positioned on their messaging application WhatsApp. The Facebook coin would exist on a computer network, decentralized from the company, and can be sent via their messaging application between users instantly.

Other messaging giants that are also mulling a native digital coin are Telegram, Signal, Japan’s Line and South Korea’s Kako, along with China’s WeChat which already boasts a popular internal payment solution.

Despite the backing of a crypto heavyweight like Zhao, the overarching community is not a fan of the JPM Coin or the Facebook coin. In the recently held Hybrid Summit, Charles Hoskinson, the co-founder of Ethereum and creator of Cardano [ADA] called JPM Coin an “abomination of a concept”.

Hoskinson stated the JPM Coin was an example of the dying embers of an industry which is desperately trying to prove its relevance in a changing technological and financial world.

Brad Garlinghouse, the CEO of Ripple, stated that the JPM Coin “misses the point”, and added that a cryptocurrency backed by fiat was a “liability”. Garlinghouse also documented his criticism against cryptocurrencies launched by banks in a 2016 article titled “The Case Against BankCoin”.

CZ replied to nay-sayers questioning his opinion by stating:

“Don’t buy them if you don’t like them. No one is forcing you to.”

Some cryptocurrency proponents did align their views to that of Zhao’s, adding that if notable companies like JP Morgan, Facebook and Telegram were looking to mimic the cryptocurrency industry, they must be doing something right.

Justin Sun, the CEO of the Tron Foundation, replied to CZ’s tweet, stating:

“Totally agree. The more, the better.”

Renko, a crypto enthusiast and Twitter user, laughed off the proposition:

“JPM coin??? You do realize they just want to keep in control?

Matt44, another Twitter user, commented:

“I believe its a part of this evolution. Same like history with fiat. Crypto must evolve to the point where people will understand and rather to use only the decentralized ones.”

The post Binance CEO welcomes JPM Coin and Facebook Coin as adoption-furthering tools appeared first on AMBCrypto.

Published at Mon, 11 Mar 2019 19:54:32 +0000

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November 17, 2017

Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance

Throughout the life of bitcoin’s two-year bull run, it has been confined within two macro trends: one parabolic and one linear — both on a logarithmic scale:

Figure 1: BTC-USD, 1-Day Candles, Macro Trend

The parabolic envelope (black curves) has confined the entire bull run throughout the last two years. Over the weekend, we saw a test of the lower curve that proved to be proper support and propelled the market into a bounce that now has the market testing the upper linear trendline (purple lines) at the time of this article:
Figure 2: BTC-USD, 2-Hour Candles, Test of Upper Trendline

As the bitcoin market approaches the upper trendline, the price action will coincide with a test of the previous all-time high. Expect this to be a point of resistance with possible market turbulence. However, if we manage to break that resistance level and hold support above the trendline, there is no clear resistance until we test the parabolic envelope in the upper $8,000s.

If we look at the macro indicators for this move, we see some signs that have proven to be indications of short-term rallies leading to corrections:

Figure 3: BTC-USD, 1-Day Candles, Bollinger Band Trend

The last two corrections bitcoin has seen came on the tail of a minor pullback that rebounded to a new all-time high. The one-day candle trend is, so far, showing a repeated pattern that has led into a reversal each time it tested the upper parabolic curve. A rounding of the Bollinger bands during an upward move (shown in purple) is a forecast for decreased upward volatility that will lead to either a consolidation period or a reversal to the lower Bollinger bands.

While a reversal is not required of this move upward, one can speculate that once the price tags the upper parabolic curve, we could see a pullback to the lower Bollinger bands on the one-day charts. A pullback to the lower Bollinger bands would see support quite nicely with the lower parabolic curve.

One of two outcomes can be expected from this move upward: either we will test the upper parabolic trendline and reverse, or we will break above and consolidate before continuing on a very strong bullish move to new highs.

However, these macro moves have become increasingly more demanding on the market as we continue to get squeezed within the parabolic envelope. The forecast of the Bollinger bands indicates we are not likely to see a sustained move higher without a consolidation period or a pullback.

Summary:

Over the weekend, bitcoin saw another test of the lower parabolic curve that proved to be strong support.
After testing the parabolic curve, the market rebounded and has now established a new all-time high.
If this trend continues, bitcoin could see prices in the mid to upper $8,000s before any noticeable resistance stands in the way of the price growth.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: BTC Pushes All-time Highs and Tests Historic Resistance appeared first on Bitcoin Magazine.

December 3, 2018

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