Gold Price Trades to Fresh Record High Amid Extreme RSI Reading

Gold Price Trades to Fresh Record High Amid Extreme RSI Reading

Gold trades to a fresh record high ($1945), with the RSI pushing deeper into overbought territory ahead of the Federal Reserve rate decision on July 29. Nigeria is not only Africa’s biggest cryptocurrency market but is also a leading adopter of digital currencies globally. Official figures show the country is The leading live streaming platform for gamers Twitch has announced that subscribers who pay with cryptocurrencies will be granted 10% reductions. This announcement was made … Twitch Offers 10% Discount When Users Pay with Cryptocurrencies Read More » Original Article
Author: Ibiam Wayas A major Japanese cryptocurrency exchange, Liquid, has delisted 29 cryptocurrencies to comply with the crypto regulation in Singapore in an effort to become a licensed … 29 Cryptocurrencies Delisted on Liquid Exchange to Comply With Singapore’s FATF Crypto Regulation | Exchanges Bitcoin News Read More »

Gold trades to a fresh record high ($1945) ahead of the Federal Reserve interest rate decision on July 29, and the price for bullion may continue to carve a series of higher highs and lows as the Relative Strength Index (RSI) pushes deeper into overbought territory.

The price of goldhas traded to fresh yearly highs during every single month so far in 2020, and the extreme reading in the RSI is likely to be accompanied by higher gold prices amid the behavior seen in February.

In turn, the bullish price action may carry into August as long as the RSI holds above 70, and current market conditions may keep gold prices afloat as the Federal Open Market Committee (FOMC)vows to “increase its holdings of Treasury securities and agency MBS (Mortgage-Backed Security) and agency CMBS (Commercial Mortgage-Backed Security) at least at the current pace.”

Image of Federal Reserve balance sheet

Source: FOMC

Looking ahead, the Fed’s balance sheet looks poised to cross back above $7 trillion as it expands for the second consecutive week, and more of the same from Chairman Jerome Powell and Co. may heighten the appeal of gold as the committee remains “committed to using our full range of tools to support the economy in this challenging time.”

With that said, it seems as though the FOMC will rely on its lending facilities as well as its asset purchases to support the US economy, and the threat of a double-dip recession may push the central bank to expand the size and scope of its quantitative easing (QE) programs as Fed officials show little interest adopting a yield caps or targets (YCT) policy.

Image of IG Client Sentiment

Until then, it remains to be seen if the crowding behavior in the US Dollar will also carry into August as the IG Client Sentiment reportcontinues to show retail traders net-long USD/CHF, USD/CAD and USDJPY, while the crowd remains net-short NZD/USD, AUD/USD, GBP/USD and EUR/USD.

The net-long US Dollar exposure persists even though theDXY index continues to track the downward trend from the March high (102.99), and the low interest rate environment along with the ballooning central bank balance sheets may continue to act as a backstop for the price of gold as market participants look for an alternative to fiat-currencies.

Image of gold price daily chart

Source: Trading View

  • The technical outlook for the price of gold remains constructive as it trades to fresh yearly highs during every single month so far in 2020, with the bullish behavior also taking shape in July as precious metal tags a new 2020 high ($1898).
  • The price of gold cleared the 2012 high ($1796) as the Relative Strength Index (RSI) established an upward trend in June, with the recent strength in the price of gold pushing the indicator into overbought territory for the third time this year even though it snapped the upward trend carried over from the previous month.
  • The extreme reading in the RSI is likely to be accompanied by higher gold prices amid the price action seen in February, and the bullish behavior may persist as long as the indicator holds above 70.
  • As a result, topside targets remain on the radar as the price of gold clears the previous record high price recorded in September 2011 ($1921), but need a close above the Fibonacci overlap around $1907 (78.6% expansion) to $1920 (161.8% expansion) to bring the $1971 (100% expansion) to $1985 (261.8% expansion) region on the radar.

— Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong

Source: www.dailyfx.com

Author: David Song


Ignorance and Greed Sustain Cryptocurrency Scams in Nigeria

Ignorance and Greed Sustain Cryptocurrency Scams in Nigeria

Nigeria is not only Africa’s biggest cryptocurrency market but is also a leading adopter of digital currencies globally.

Official figures show the country is well ahead of fellow African countries. Citizens of the West African state use cryptocurrencies for cross border payments as well as for international remittances among many growing use cases. However, this growth momentum faces a threat from an old vice — scams.

Cryptocurrency-related scams threaten to overrun the blockchain space as new ones get launched all the time. Adding to the woes is the global pandemic, covid-19, which appears to have opened a new artery for criminals.

Many concerned stakeholders are now raising the alarm as they try to turn the tide against criminals. The Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the equivalent of Nigeria’s blockchain association, is one organization sounding the alarm.

SIBAN is mandated with promoting cryptocurrency adoption as well as ensuring consumer protection against crypto scams. The organization believes the scourge, if left unchecked, will not only impede further growth of the space but may well reverse public confidence in the emerging technology.

Senator Iyere Ihenyen, General Secretary (GS) of SIBAN, speaks to news.Bitcoin.com. He starts by explaining why Africa’s most populous nation has been grappling with scams for years.

“So to really understand the rising rate of scams in Nigeria, it is vital to understand the context. A country of over 200 million people with a high rate of youth unemployment and underemployment, Nigeria has unfortunately made itself a haven for scammers,” explains Ihenyen.

The Nigeria market presents scammers with a large pool of desperate people to target. Still, some fall victim to scams not because they are desperate but because of “sheer greed.”

As Ihenyen observes, scammers are now “riding on the rising popularity of the blockchain and cryptocurrencies to dupe even more members of the public.”

The GS is asked about Inksnation, an investment platform that has been labeled a scam by some Nigerians. Ihenyen, who says he first heard of this alleged scam in December 2019, dismisses claims by its founders that the investment scheme has its own blockchain.

The GS is emphatic in labeling the platform:

Inksnation is not on any blockchain. Its Inksledger, which it claims to be its blockchain, is not public and may as well be inexistent. There is no whitepaper. In Inksnation’s team is the founder himself (as Daddy Ink) and ‘Elohim Jahgah God the Trinity Trustor & Grantor Inksnation.’

According to Ihenyen, Inksnation typifies scams that routinely take advantage of Nigeria’s economic situation to defraud thousands of unsuspecting investors.

Ignorance and Greed Sustain Cryptocurrency Scams in Nigeria

Still, Ihenyen says contrary to a perception that nothing is being done, efforts are ongoing to rid the space of scams. For instance, he says SIBAN and Nigeria’s Securities and Exchange Commission (SEC) have both issued public alerts warning the public about Inksnation.

Predictably, the alerts have not stopped Inksnation from continuing to invite more Nigerians to invest with it. Ihenyen points to two possible reasons why Inksnation is seemingly unfazed by the alerts and why Nigerians appear indifferent to the alerts.

Ignorance and Greed Sustain Cryptocurrency Scams in Nigeria

Ihenyen suggests that Inksnation is aware that SIBAN can only issue advisories but lacks the power to enforce or to make arrests.

On the other hand, the SEC may be in a position to cause an action to be taken against Inksnation. However, by deliberately labeling itself as a blockchain entity, an unregulated space, it means the regulator lacks sufficient legal grounds to take action.

In addition, Ihenyen highlights the difficulty of convincing a greedy investor who has made up his mind to walk away. When SIBAN issued an alert against Inksnation, it received brickbats instead of plaudits, the GS says.

As a result, Inksnation continues to operate unhindered.

In the meantime, Ihenyen suggests the same socio-economic and legal environment to be responsible for enabling two more prominent investment scams to proliferate. Ethereum Million Money and Forsage are two other investment platforms which began “trending from the month of March till date.”

According to some Nigerian media reports, Ethereum Million Money is a multi-level marketing scam that has some investors already counting losses. Similarly, a report by behindmlm.com — a scam tracking website — seemingly backs Ihenyen’s claim about Forsage. Forsage has also been flagged by regulators in the Philipines.

At the time of writing, SIBAN had just received fresh complaints about another possible scam, Lionshare.

Turning his attention to what SIBAN is planning to do to curb incidences of cryptocurrency scams, Ihenyen says they are looking to collaborate with like-minded institutions in raising awareness.

“SIBAN plans to partner with Blockchain Nigeria User Group (BNUG), the Cryptography Development Initiative of Nigeria (CDIN) and other bodies in the space to launch the Anti-Scam Alert Project (ASAP).”

Finally, Ihenyen says SIBAN has a “special blockchain education project loading, in collaboration with select local and global blockchain & crypto platforms.”

What do you think of Nigeria’s problem with scams? Share your thoughts in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source: bitcoinslate.com

Author: admin


Twitch Offers 10% Discount When Users Pay with Cryptocurrencies

Twitch Offers 10% Discount When Users Pay with Cryptocurrencies

The leading live streaming platform for gamers Twitch has announced that subscribers who pay with cryptocurrencies will be granted 10% reductions. This announcement was made on Saturday on the platform. Twitch is a foremost live streaming platform for gamers. It was introduced in 2011 as a subsidiary of Amazon.com Inc (NASDAQ: AMZN). Its electronic service […]

The leading live streaming platform for gamers Twitch has announced that subscribers who pay with cryptocurrencies will be granted 10% reductions.

This announcement was made on Saturday on the platform. Twitch is a foremost live streaming platform for gamers. It was introduced in 2011 as a subsidiary of Amazon.com Inc (NASDAQ: AMZN). Its electronic service allows gamers to stream live games. Aside from this, it enables the streaming of electronic sports competitions, musical communication, creative text, and recently added real lifestreaming.

Twitch has a regular viewer base of over 15 million, 27,000 partner channels and over 2 million people who broadcast live games monthly.

The platform had first introduced cryptocurrency payments in 2014 but the system was stopped in the first quarter of 2019. To aid payment in Bitcoin, Twitch is using BitPay‘s digital currency processing network. The system accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin as well as four USD-pegged stable coins Gemini Dollar (GUSD), USD Coins (USDC), Paxos Standard Token (PAX) and Binance USD (BUSD). Ripple‘s XRP is also accepted.

Paying with cryptocurrencies on Twitch is easy. Users just have to select the ‘Pay with BitPay at Checkout’. The system recognizes the command and enforces a reduction of 10% immediately. Subscribing on Twitch using cryptocurrencies is not only easy and discounted, it also offers the same package with users that use other forms of payment. Subscribers get badges and can follow all their favorite broadcasts.

As confirmed by BitPay Chief Marketing Officer Bill Zielke:

“Twitch is the first major merchant to jump on this trend”.

Twitch is however not the only online gaming site that accepts payments in cryptocurrencies. Other gaming corporations such as Take-Two, (Disintegration and Outer World) and Microsoft Corporation (NASDAQ: MSFT) receive payments from subscribers in coins.

Meanwhile, BitPay has expressed excitement at such as major company as Twitch supporting cryptocurrencies as a payment option. Hopefully, others will soon jump on the trend based on motivation. The company believes that cryptocurrency payments and gaming are inseparable.

BitPay announced that using cryptocurrencies for transactions will increase the number of users on the gaming platform, reduce the cost of maintenance, stop all forms of chargebacks, provide faster services for users and offer limitless opportunities.

According to them, this is because cryptocurrencies can be sent anywhere in the world in a matter of minutes.

Altcoin News, Bitcoin News, Cryptocurrency news, News, Technology News

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.

Thank you!

You have successfully joined our subscriber list.

Source: www.americancryptoassociation.com


Buy and Sell Cryptocurrencies Safe and Cheap – A Crypto Investor

Buy and Sell Cryptocurrencies Safe and Cheap – A Crypto Investor

NordFX

San-Francisco based cryptocurrency exchange, Coinbase is arguably one of the first entry points for many new crypto investors. The reason for this is not far-fetched. The platform was one of the first to offer a secure and reliable crypto exchange service in the United States back. The exchange has subsequently expanded its services across borders.

Since it launched in 2012, Coinbase has no doubt helped many new traders to safely buy their first cryptocurrencies with ease. However, in recent times, there have been several complaints about the exchange, including high fees, a small number of supported cryptocurrencies, slow support, and unnecessary delay in deposit and withdrawal.

Fortunately, the passage of time also means that many Coinbase alternatives have joined the exchange business, offering unique and advanced features to both new and seasoned crypto investors.

In this article, we take a look at the three best alternatives to Coinbase that traders can use to purchase multiple cryptocurrencies with fiat.

  • Kraken
  • CoinMama
  • LocalBitcoins
  • Some of the discussed platforms are as old as Coinbase and have already attracted a combined user base of over 5.6 million people. Let’s consider their unique features, and why they’re good alternatives to Coinbase exchange.

    Kraken was founded in 2011 by Jesse Powell after the entrepreneur watched closely as the infamous and now-defunct cryptocurrency exchange, Mt Gox experienced its initial security breaches before a subsequent collapse in 2014.

    Thus, Kraken was built with security as one of its core features and has lived up to this by being one of the few crypto exchanges that have never lost funds to a security breach during its nine-year history.

    On Kraken, users can trade cryptocurrencies against a range of fiat pairs, meaning that users can directly swap their local currencies for Bitcoin and other cryptocurrencies directly on the platform.

    At the time of writing this article, Kraken offers the fiat-to-crypto pairs for:

  • US Dollars (USD)
  • Canadian Dollars (CAD)
  • Euros (EUR)
  • Japanese Yen (JPY)
  • British Pounds (GBP)
  • Swiss Franc (CHF)
  • Noteworthily, Kraken allows for a direct conversion of USD or GBP to many altcoins with the most popular including Tezos (XTZ), Litecoin (LTC), Basic Attention Token (BAT), Monero (XMR), Tron (TRX), Stellar Lumens (XLM) and ICON (ICX).

    Additionally, Kraken’s BTC, USDT, ETH, and XRP markets all feature currency pairs for the six fiat currencies listed above.

    While regulatory uncertainty means that US-based cryptocurrency exchanges cannot list as many altcoins as offshore platforms like Binance, Kraken still offers a rich list of cryptocurrencies for altcoin investors.

    At the time of writing, Kraken offered 32 altcoins for its crypto-to-crypto pairs, as well as an offering, including the most popular stablecoins, Tether (USDT), Dai (DAI), and Pax Gold (PAXG), and USD Coin (USDC).

    Coinmama is another Coinbase alternative that was established to enable people to buy and sell crypto assets quickly. Launched in 2013, the Slovakia-registered cryptocurrency broker exchange is owned by New Bit Ventures Limited.

    Ultimately, the exchange was founded on the purpose of enabling easy access for people to purchase cryptocurrency, and to gain control of their economy. In this course, Coinmama supports several fiat currencies. Also, it allows users to buy cryptocurrencies using Credit/Debit cards, including direct bank transfer.

    Coinmama allows users to purchase cryptocurrencies with any fiat currency, including:

  • US Dollar (USD)
  • Euro (EUR)
  • British Pound (GBP)
  • Canadian Dollar (CAD)
  • Australian Dollar (AUD)
  • Japanese Yen (JPY)
  • Coinmama supports the use of credit and debit cards, SWIFT transfer, and SEPA bank transfer (EU Banks only).

    Coinmama supports a few, but notable cryptocurrencies. Traders can only buy ten major digital currencies on the exchange, which includes:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Qtum (QTUM)
  • Ethereum Classic (ETC)
  • Tezos (XTZ)
  • EOS (EOS)
  • Coinmama operates more like a cryptocurrency vendor even though it is usually listed among digital currency exchanges. This means that you can only buy the supported cryptocurrencies from the platform and send them directly to your wallet.

    So, Coinmama is not a custodian that stores any fiat or cryptocurrency of customers. The good side is that you will have full control of your cryptos, and will be safe even if Coinmama gets hacked.

    LocalBitcoins was established in 2012 by Jeremias Kangas to allow Bitcoin buyers to transact directly with sellers in their local area. Unlike Coinbase, which operates as an intermediary between buyers, LocalBitcoins is a crypto peer-to-peer (p2p) marketplace that connects buyers with sellers. The platform uses escrow service to ensure that participants are protected from losing their funds.

    Unlike Coinbase that restricts some countries, LocalBitcoins operates worldwide, which means users can join the platform regardless of their nationality.

    LocalBitcoins does not hold any fiat currency deposit since it is only a p2p Bitcoin exchange and not a regular crypto exchanges that process trades. Thus, the payment currency/method used in a transaction can only be decided by the buyer and seller.

    Some of the widely used payment method on LocalBitcoin includes:

  • Paypal
  • Payoneer
  • Wire Transfer
  • WeChat
  • MoneyGram
  • Payza
  • Neteller
  • Skrill
  • Although LocalBitcoins is only a marketplace, the platform has many security measures enabled to safeguard users’ accounts and curtail fraud. Some of these measures include

    Escrow Service: LocalBitcoins uses escrow to secured users from possible loss of funds in case of disputes. When a buyer places an order, the seller sends the BTC to LocalBitcoins’ escrow account. The coins will then be released to the buyer once the transaction is confirmed at both ends.

    Reputation system: Every trader on LocalBitcoins has a reputation rank, which is aimed at informing new customers about their past transaction history.

    Two-factor Authentication (2FA): Users can enable 2FA on their accounts to prevent unauthorized access.

    So there you have it. The three best Coinbase alternatives where you can buy and sell cryptocurrencies fast and safe with no stress.

    See Also: Nine (9) Most Compelling Reasons To Buy Bitcoin in 2020

    Never miss out on our daily crypto news, stories, tips, and price analysis.  Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter. 

    Source: acryptoinvestor.com

    Author: Ibiam Wayas


    29 Cryptocurrencies Delisted on Liquid Exchange to Comply With Singapore's FATF Crypto Regulation | Exchanges Bitcoin News

    29 Cryptocurrencies Delisted on Liquid Exchange to Comply With Singapore’s FATF Crypto Regulation | Exchanges Bitcoin News

    29 Cryptocurrencies Delisted on Liquid Exchange to Comply With Singapore's FATF Crypto Regulation

    A major Japanese cryptocurrency exchange, Liquid, has delisted 29 cryptocurrencies to comply with the crypto regulation in Singapore in an effort to become a licensed crypto exchange operator in the country. Singapore has been enhancing its crypto regulation in line with the standards set by the Financial Action Task Force (FATF).

    One of the largest cryptocurrency exchanges in Japan, Liquid, has applied for a license to operate in Singapore. Its parent company, Quoine, is licensed by the Japanese Financial Services Agency (FSA). Liquid announced last week:

    Due to heightened compliance requirements set by Singaporean regulations, some listed tokens cannot continue to trade on Liquid and will be taken off the markets.

    As of Monday, the cryptocurrencies that have been or will be delisted are SNX, MITH, DRG, WLO, STORJ, WIN, VUU, XNK, PPL, ENJ, AMLT, DENT, FSN, GEN, LND, MITX, SPHTX, MRK, BRC, XMR, NEO, IPSX, ADH, ZEC, IHF, PMA, XLM, QAX, and HYDRO.

    Trading and deposits have already been halted for some of these cryptocurrencies and their trading pairs but customers can still withdraw their coins. Nonetheless, the exchange noted that “Some of these tokens are undergoing talks with regulators and may be re-listed in the near future.”

    Singapore has been working on implementing stricter rules on crypto exchanges to comply with the FATF standards. The Monetary Authority of Singapore issued a consultation paper on July 21 describing “enhanced standards” of the AML/CFT requirements for virtual asset service providers (VASPs). The consultation paper can be found here.

    What do you think about Liquid delisting coins to comply with crypto regulation? Let us know in the comments section below.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Read disclaimer

    Source: www.americancryptoassociation.com


    Gold Price Trades to Fresh Record High Amid Extreme RSI Reading


    Leave a Comment