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The Russia Federation is getting closer to decide the law, covering the trading of crypto-tokens and ICOs (initial coin offerings) within the country, Russia.

On Monday, a report was released by RIA, which is a Russian news agency that according to Alexei Moiseev (Russian deputy finance), the jurisdictional conflict amid the Finance Ministry and Bank of Russia associated with the subject of draft crypto law to rule cryptocurrency-related activities in Russia has been settled.

Alexei Moiseev has told the journalists that the final word about this conflict of cryptocurrency trading is linked to the Central Bank, which means it belongs to it. At this time, it seems like the Ministry has chosen to relinquish this issue to the core financial regulator.

russian cryptocurrencies

Alexei Moiseev’s Statement

Alexei Moiseev stated:

“Yes, the disagreement with the CB has been resolved and this issue has been entrusted to the CB. The CB will make decisions [on this matter]”

The new Russian draft law on cryptocurrencies will permit coin trading after proper verification. The Central Bank, also sometimes referred as CB has shown some serious uncertainties earlier and expressed that the digital currencies have to be legal in Russia and suggested to do this only with the ICO tokens. However, the Finance Ministry opposed this, telling that the whole ban of Russian cryptocurrencies would just make a shadow market.

Well, this issue deserves to be mentioned that how digital currencies reemerged just after the local presidential elections, as they’ve remained in the background for the past few months. Seemingly, now that the President has managed to secure his position again, local issues and draft laws are once again getting back on the agenda.

Reports

It’s been reported before that a draft has been filed by the Finance Ministry, which would execute a threshold for ICO and its activities related to it in Russia as an exertion to let the token sales under a delimited environment. The law must let these token offerings to be traded with Russian rubles as further assets drew differing sentiments from the Bank of Russia, and the Central Bank of the Company. These two government bodies have achieved a consensus according to Moiseev, as he said:

“Yes. The central bank will make a decision”

What RIA has to say about it?

According to RIA, the Bank of Russia may now consider the option of permitting investors to exchange tokens distributed under the proposed ICO framework with fiat money. Though, “crypto to crypto” trading might not be allowed there.

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Bitcoin price analysis

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Bitcoin Price Analysis:

Bitcoin reaches the heights of its value. Because its value is zooming up to $1700. The price of coins may vary from time to time. At this time, bitcoin is enjoying the rise of its value.

 

Bitcoin price analysis

 

Over the past week, block size and scalability debate were taking back seat and have a look to value’s variation. According to the users perspective, the rise in value is due to the heavy traffic of transactions and busy network.

Technical Analysis

On 5 may 2017, a number of unconfirmed transactions hit the ATH at 140,000. Actually, this is not the right way you are analyzing the values. No doubt, there may be a large number of scams behind transactions. Prices and premiums between the various USD exchanges have been fluctuating wildly, with GDAX and Bitfinex often leading in price.

 

Bitcoin Price History:

 

Bitcoin price analysis

 

GBTC, an over-the-counter, an American financial market is using a BTC plagiaristic to the public. Yesterday, which hit the ATH of $2,000 We expect the premium if COIN FTE gets approved.

 

Bitcoin price analysis

In price estimation mode, it is really hard to estimate targets and true resistance in price. Accordingly, the price target of $4000 isn’t impossible. A few weeks ago, it hits the measuring target of $1575.

Bitcoin price analysis

A slightly modified pitchfork yields targets around $1,800–2,000, with price recently breaking the resistance diagonal rather cleanly.

Bitcoin price analysis

Similar to the structure of January 2017 and November 2015, the Heikin-Ashi chart represents the price fluctuations of bitcoin.

Bitcoin price analysis

Summary

The transaction will continue to plague bitcoin when mostly new users and traders join the bitcoin network. By using suitable fee, avoid from the stock transactions. Trading and investing in a digital world is much risky. This above analysis of price is for information and for advice as well. Therefore, these data or figure can be different on other sites. The reason is, the price fluctuates.

 

Tags: Bitcoin technical analysis.

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Joint Fintech Venture of Singapore and Japan

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Basically, fintech ventures refer to specific computer programs and use of other related technology in order to support financial services in banking and other sectors. Since the end of the first decade of 21st century, fintech has expanded a lot, now it refers to many technological innovations in the financial sector e.g.; financial literacy education and various forms of crypto-currencies.

finetech companies

SFA and FAJ join Hands for Fintech

According to a joint press release, the Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have decided to work together in order to bring improvements in fintech development. Both the countries signed a Memorandum of Understanding (MOU). The press release also states that this joint venture will probably raise the financial profile of the Japanese fintech companies as well as expand the business opportunities for Singapore in wider Asia.

Views of Chia Hock Lai about the MOU

Chia Hock Lai, the president of Singapore Fintech Association, said that this partnership will lead to fill the gap between the fintech communities of Japan and Singapore. Natalie Shiori Fleming, Vice Chairperson of the FAJ, also exclaimed his thoughts in this regard. According to him they are looking forward to increase interaction and cooperation level between respective markets of the two countries through a deeper relationship.

Japan’s Financial Services Agency (FSA) has also updated legislative rules and regulations in order to improve cooperation and interaction level between traditional banks and fintech companies. Same is the case with Monetary Association of Singapore (MAS) in case of fintech related innovations.

Reasons to Promote Fintech

An overview of the above details may arouse questions in your mind regarding fintech. First of all, what is the reason behind so much dependability and concentration on fintech?

Answer to this question in a single phrase is:

The financial industry is more than ever focused on technological innovation than it was at any other time.

All the major countries are become fintech dependent with the passage of time. At the moment, North America is leading fintech startups while Asia is following. A bird’s eye view of some of the most active areas of fintech innovation are as follows:

  • Digital cash in the form of cryptocurrency.
  • Blockchain technology, to maintain records with no central ledger.
  • Computer based smart contracts.
  • Cybersecurity and fintech are interlocked.

According to the modern day financial experts, fintech will have the same impact on future financial affairs as was of mobile phone and social media in case of communication era.

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Cryptocurrency Market Cap Has Once Again Dropped Below $300 Billion

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98 of the top 100 cryptocurrencies have badly dropped within the 24 hours and once again we’re seeing a day in the red for the cryptocurrency markets. The price of Bitcoin headlined the retreat by seeing an 80-day low decline, and other top coins have also fared quite poorly. The cryptocurrency market cap has declined by more than $60 billion and is currently valued at $292 billion, which represents a single-day reduction in the price of all cryptocurrencies.

Bitcoin Price Falls Below $7000:

The decline has reduced the price of Bitcoin by almost 23% and has brought the most leading cryptocurrency to an 80-day low. The price of Bitcoin is currently trading at $6,307, with the market cap of $106 billion only.

Fintech platforms like Square’s Cash App and Robinhood Crypto will probably play an important role in the coming time. Robinhood’s cryptocurrency trading platform could literally see a speed in its recovery real soon. Plus, other financial institutions are also trying to ban their customers from using their credit cards to buy these cryptocurrencies.

Cryptocurrency Market Cap

Ethereum Price Drops Below $700:

Well, many investors believed that the downturn in the cryptocurrency market would provide an opportunity to Ethereum for finally becoming the largest cryptocurrency and surpassing the Bitcoin’s price. But it didn’t go so well in that case because the price of Ethereum also got largely tracked with the Bitcoin’s decline.

The price of Ethereum dropped below the $700 mark today and is currently trading at $618 with the market cap of $43 billion, which clearly shows a single-day decline of 27%.

 Drop in The Altcoin Markets:

Overall altcoins declined worse than the Bitcoin, which represents that diversifying into the altcoins won’t essentially provide the investors with a hedge against the declines in the major cryptocurrencies market. Both, the price of Bitcoin Cash and the price of Ripple has declined by more than 20%, which reduces the 3rd and 4th largest cryptocurrencies to the current values of $0.62 and $820, respectively.

Number 5th cryptocurrency in the ranking, Cardano, showed the worst performance as compared to any top 10 cryptocurrencies, as it has dropped by 23% and is currently valued at $0.28. Meanwhile, Litecoin and EOS have returned single-day declines of 24% and 27% respectively.

Stellar, which is ranked on number 8th has seen a decline of 25% today, which demonstrates the austerity of this downturn. NEO and NEM have finished out the top 10 with the declines of 34% and 24%, reducing their prices to $71 and $0.40.

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Bitcoin Goes 15% Up In Value – Ethereum Follows

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Bitcoin jumped on Thursday to its maximum price in just about four weeks as cryptocurrency developers appeared to come more rapidly to an agreement which would prevent the cryptocurrency from splitting.

According to CoinDesk, Bitcoin has gone high more than 15% to $2675.67 which is its maximum level since June 25. As of July 20, the cryptocurrency traded near $2648. It is high about 4% for July and more than 170% higher for the year.

Bitcoin Performance Chart of Three Months:

Image Source: CoinDesk

 

Developers should have to settle on “activating an upgrade” which is known as SegWit (Segregated Witness) by 1st of August in order to prevent the cryptocurrency from splitting or forking. According to GDAX exchange of Coinbase, if the currency split, it might pause the trading of Bitcoin.

According to Ari Paul, the chief information officer of Block Tower Capital, Bitcoin is assembling largely because the activation probability of SegWit is increasing as more miners signaling that they will activate it. There is no need to agree all the miners, but at least 80% should agree.

As the prices are going higher, the interest is also increasing in the cryptocurrency world from Wall Street. Forbes stated on Tuesday that Bitcoin is the main asset of the investor Bill Miller’s hedge fund.

Rise in Ethereum Price:

The TradingView charts of Coinbase data shows that Ethereum also jumped more than 18%, to nearly $230, which is its highest since Tuesday. Ethereum rushed below $200 over the weekend.

This rise in Ethereum came as the hackers stole over $30 million in Ethereum from wallets because of security flaws. Earlier in the week, hackers stole over $7 million by hacking the initial coin offering for CoinDash.

Story Source: CNBC.com

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China Central Bank adviser: “Bitcoin can be an asset, not a currency”

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Bitcoin and other virtual currencies are assets, but calling them currency is a bit exaggeration. The digital coins do not meet the fundamental attributes needed to be classified as currency. These are the words of the Chinese Central Bank adviser, Sheng Songcheng.

The advisor made these comments in an interview with a financial magazine ‘Yicai’ this late Thursday.

The Main Story:

“Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms… But I do not deny that virtual currencies have technical value and fall under the category of ‘assets’,” he said.

He made these comments after the Chinese Central Bank increased the scrutiny of Bitcoin exchanges in the country earlier this year. The move introduced trading fees and prompted the companies to stop margin lending.

While many governments around the world are still contemplating on how to regulate and classify Bitcoin, the Chinese authorities have already classified Bitcoin as a ‘virtual good’.

Sheng also believes that Bitcoin after being capped in 2140 would make it impossible for it to become a medium of exchange as to become a medium of exchange a currency must meet modern economic development needs which Bitcoin lacks due to it being in an exceedingly small quantity.

He concluded by saying that the fiscal authorities in China should chip away at issuing a central bank virtual currency that it could direct and run properly.

News Credits: CNBC

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