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LTC/USD Analysis: Litecoin Is About To Reverse The Trend

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Litecoin, the 5th altcoin based on the total market cap, has been quiet recently in terms of new updates and partnerships. Litecoin brands themselves as the Silver of the crypto-assets, whereas Bitcoin is Gold.

Litecoins price action for the past quarter, since the October’s MimbleWhimble update. The price is strictly bound to the crypto-market’s sentiment and Bitcoin’s price action. By the time of writing of this article, LTC/USD is traded at $133.50 and is currently traded below the moving averages MA100 and MA200 on a 4H chart.

Litecoin price on Overbit

There is a strong dynamic resistance which restrains Litecoin to continue the bullish uptrend. However according to the Elliott Waves principle, Litecoin should break the resistance and continue upwards as its now completing the Wave E of the 5-wave corrective wave structure. If the pair fails to break the upper edge of the triangle, LTC will drop to seek support at levels near $120 – 118, where there is a strong static and dynamic support, which will signal another rather stronger uptrend impulse. MACD and RSI indicators signal the uptrend continuation, though one should wait for a breakout to firm the uptrend continuation.

An hourly chart of LTC/USD looks more optimistic as there is a possible Inverted Head and Shoulders formation.

Litecoin price on Overbit

The pattern suggests that after a breakout from the dynamic resistance described below, the bull run of the uptrend might be withheld for a short time by the short-term dynamic resistance of January 21, which is also the Neckline of the Head and Shoulders pattern. The path on the chart is theoretical and describes only my vision based on support and resistance levels and the price action theories. If The pattern is complete and Litecoin breaks $144, it will continue the uptrend up to $154.50 and above that to $164.50.

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Kseniia Klichova
Author: Aziz Kenjaev

Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.



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Coinbase S1-Filing with US SEC for Direct Stock Listing Goes Public

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In the S-1 filing, Coinbase has made crucial disclosures to the public with its plans of launching direct stock listing on Nasdaq. As per its recent valuations, Coinbase pegs a value of over $100 billion.

Crypto exchange Coinbase is inching closer to its direct stock listing on Nasdaq. On Thursday, February 25, Coinbase submitted its S-1 filing with the US Securities and Exchange Commission (SEC), thereby making it public for the first time.

The recent submission is a crucial step for Coinbase’s direct stock listing on Nasdaq. The S1 filing with the SEC offers a deeper insight into Coinbase’s business. All the disclosures effectively work as a pitch to the investors. Before this, Coinbase submitted its confidential draft document to the US SEC in mid-December.

The rumors of Coinbase’s public listing first emerged during last summer of 2020. Over the last few weeks, Coinbvase has been releasing its shares in the secondary market to investors. As per its latest share offering, Coinbase’s valuations spiked above $100 billion with a per-share price value of $373. The official blog post for Coinbase notes:

“Coinbase Global, Inc. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed public direct listing of its Class A common stock. Coinbase intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN”.

Coinbase has confirmed that it will take the help of Goldman Sachs, JPMorgan Securities and Citigroup to “assist us with respect to certain matters relating to our listing.”

Coinbase’s Strong Growth Story

Over the last two years, Coinbase has registered strong growth with a major spike in the customer base. By the end of 2018, Coinbase valuations stood at $8 billion and have multiplied 12x by now. As Coinbase noted:

“We have grown quickly and in a capital-efficient manner since our founding. For the years ended December 31, 2020 and December 31, 2019, we generated total revenue of $1.3 billion and $533.7 million, respectively, net income (loss) of $322.3 million and $(30.4) million, respectively, and Adjusted EBITDA of $527.4 million and $24.3 million, respectively.”

After registering a $30 million loss in 2019, Coinbase reported $322.3 million net income as its first positive year in 2020. However, Coinbase has noted that as it expands its operations, its expenses will continue to grow simultaneously. The crypto exchange said:

“We expect our operating expenses to increase significantly in the foreseeable future and may not be able to achieve profitability or achieve positive cash flow from operations on a consistent basis, which may cause our business, operating results, and financial condition to be adversely impacted”.

Other business news can be found here.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Nash: Bridging Gap between Fiat and Crypto

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Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet.

Nash specializes in providing the best fiat/crypto gateway services for both retail and business customers, combining the lowest prices and fees with high-security wallets. This exchange service is fully licensed to operate in Europe.

For BTC, ETH, NEO and USDC, Nash offers 0% fees. This is possible because Nash operates its own crypto-crypto exchange. Nash’s unique Layer-2 exchange provides the same performance as centralized exchanges without taking custody of funds.

For other crypto assets, tradeable on Layer 1 user wallets, Nash charges just 1% fees, with no hidden slippage fees.

What’s more, Nash provides the safest software wallet by using secure multi-party computation (MPC) technology. MPC ensures a user’s full private key is never used to sign transactions and allows for security policies like address whitelists. Nash never has control over user funds.

On the business side, Nash offers its fiat gateway services as a white-label solution for third parties. Fees remain as low as 1%, with no tricks like huge asset mark-ups. Nash is a highly competitive solution for projects seeking a licensed fiat gateway for their platform and token.

Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet. Nash pays merchants the exact fiat price they set in their preferred national currency (€, £ or $) with 0% fees, managing risk around price volatility This is also possible thanks to Nash’s Layer-2 exchange.

In 2021, Nash will expand into digital banking services. High-interest DeFi-staking products will go live in Q2. In Q3, Nash will offer national currency checking accounts (with IBANs) on its platform. These will enable an even simpler savings product where users can easily deposit cash and lock it in a DeFi-powered crypto savings account. With a debit card arriving in Q4, Nash will seamlessly integrate traditional and crypto finance by the end of the year.

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Craig Wright Threatens to Sue and ‘Bankrupt’ Bitcoin Developers, Demands Access to Mt. Gox’s Stolen Coins

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Self-claimed Bitcoin inventor Craig Wright wants developers to do the impossible and help him restore access to his 110K Bitcoin lost during the Mt. Gox theft. He threatens them with legal actions in case they fail to help him.

The self-acclaimed Satoshi Nakamoto Craig Wright is once again back in controversy. Wright has treated to sue Bitcoin developers and “bankrupt” claiming that someone stole 110K Bitcoins from him linked to the Mt. Gox hack. Now Wright wants that Bitcoin developers should help him get his stolen coins back.

Wright Threatens to Bitcoin Developers

Craig Wright sent the legal notice to Bitcoin producers his law firm Ontier LLP. Interestingly, the legal action will further extend to the developers of BCH, BCH ABC and BSV as well. In the letter, Craig Wright-owned Tulip Trading Ltd (TTL) demands access to two major wallets containing 79,957 and 31,000 BTC. These 110K Bitcoins are currently worth around $5 million. In the letter, the lawyers argue:

“Those assets were and continue to be owned by TTL. TTL demands that developers allow TTL to regain access and control of its Bitcoin on the basis that they owe Bitcoin owners both illicit and fiduciary obligations under English law as a result of the high level of power and control. that they hold on their respective blockchains “.

Thus, the ultimate goal of the lawsuit seems to “force” the Bitcoin developers to return them to their starting address. Note that the contributors of the Bitcoin Core network have no control over the network’s wallet.

Regaining Control of the Lost Coins

The self-acclaimed “inventor of Bitcoin”, Craig Wright doesn’t want to blame the developers for what happened. But he thinks that they can still resolve the issue. The letter notes:

“We affirm that there are identifiable legal obligations attributable to those who develop and control Bitcoin. As the victim of a serious theft, Tulip Trading is trying to regain its access and control of its digital assets from those who are able to make up for its loss. The fact that someone has stolen the private Bitcoin keys digitally held by Tulip Trading does not prevent the developers from distributing the code to allow the rightful owner to regain control of his bitcoin. A ruling in favor of Tulip Trading will have significant implications for others who have lost access to their Bitcoin or have had coins stolen .”

“In accordance with their fiduciary duties,” the letter reads, “each of the Developers is obliged to: a. Provide access and control to TTL of the BTC in the Addresses, which it owns but cannot access or control due to the hack/theft. b. Take all reasonable steps to ensure that TTL has access to and control of the BTC in the Addresses,” the letter adds.

Ontier LLP noted that they would initiate legal action if the recipients didn’t comply. But it is impossible for developers to seize funds in Bitcoin addresses that they don’t own. For this, Bitcoin will have to attempt a 51% attack to reorganize Bitcoin’s complete blockchain history.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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