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Youtube Refutes Ripple Inc Claims of Perpetrating Cryptocurrency Scams

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Youtube video sharing platform was under pressure from a lawsuit filed by Ripple in April 2020 blaming it for supporting crypto scams. Youtube responded to the April lawsuit citing the site failed to stop XRP scammers and impersonators from doing so.

According to today ‘s report, Law 360, the legal team representing Youtube referred to Section 230 of the Communications Decency Act during a dismissal bid; claimed that the publisher was not liable for any information provided on the platform by a third party. In that case, Garlinghouse accused the video-sharing platform of benefiting crypto scammers from Paid Advertisements.YouTube said that it is not Youtube ‘s fault for cryptocurrency scammers using its platform

The lawyers argued that it was completely unwise to accuse the video publisher of content that it had not created. In addition, Youtube’s verification of the scam channels did not in any way change the fact that the channels were the product of third parties.

Since the video-sharing platform did not solicit, encourage or participate in third party video scams, Ripple had no reason to back the accusation.

Youtube Scams Include Identity Theft, Impersonation and Phishing

A Forbes post on Youtube scams indicated that much of the scamming on the platform involved phishing the credit card, promising traffic spikes, identity theft and impersonation. Ripple ‘s lawsuit provided Ripple Executive Brad Garlinghouse had been impersonated by at least 305 youtube channels.

The lawsuit argued how the fraudsters took over entirely unrelated but verified channels, modified the branding, content and layout to make it look more like a legitimate crypto-currency giveaway.

Cryptocurrency scammers on Youtube not only impersonated the CEO of Ripple but also a variety of key figures in the fintech industry, according to the lawsuit’s filings. With that they could scam hundreds of thousands of subscribers. Nevertheless, the legal team of Youtube argued that the right to publicity law protected the names, voices or images of individuals from being used for any commercial gain; without the owners’ prior permission.

Conclusion

Recently, a twitter hack staged the famous “ double your money”;  through twitter profiles of influential leaders such as Barack Obama, Elon Musk and Bill Gates. Social media platforms and blockchain projects are at the onset of a cyber criminal bubble, and most of them are taking initiative to protect users from fraud and identity theft. 

Chainlink [LINK] and Cardano [ADA] Enjoy Greener Pastures as altcoins show how its done

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July has been a consistent week for the cryptocurrency industry as several of the major tokens maintained their price support. Even though users expected resurgent movements, they were forced to be content with a minute increase in market cap and volume.

On Monday, users expected bigwigs like Bitcoin, Ethereum and XRP to gain but it was the altcoin gang that stood the test of the bear. An analysis of the cryptocurrency charts showed that IOHK’s Cardano and LINK were one of the best performers at the start of the new week.

As the altcoins resurgence began, Cardano led the charge as the sixth-ranked cryptocurrency saw a 6.6 percent value increase over the previous 24-hours. This spike was an added boost to the cryptocurrency’s surge, which had gained by a mammoth 34 percent in the last week. At press time, ADA was trading for $0.13 with a total market cap of $3.43 billion. The bull run also lifted the daily trading volume to $473.76 million.

ADA

Cardano’s Relative Strength Index had broken above the overbought zone, making it a profitable buy-in sector for investors. This was also a sign that there was a reversal in the negative sentiment associated with purchasing ADA tokens. The Chaikin Money Flow indicator was also positive for Cardano as the graph was much higher than the zero line.

Despite its reputation of being low-lying, Chainlink was the best performer in the top 10 club. The tenth-placed cryptocurrency was well above the pack with a daily growth rate of $24.5 percent. Chainlink was also the biggest weekly grainer with a stellar 62 percent spike in the last seven days. At the time of writing, LINK was trading for an increased $7.75 while holding a market cap of $2.7 billion. The daily volume had clinched a better spot with a value of $1.612 billion.

Chainlink

Chainlink’s CMF was well above the zero line as the capital coming into the market overtook the capital leaving the market. At the same time, the Relative Strength Index followed a similar path to that of Cardano’s, breaking above the overbought threshold zone. The week has started off well for the altcoins giants and it is safe to assume that there will be a slight flattening soon.

Ripple-Santander based One Pay FX payments app expands to 19 more countries

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Improving cross-border payments and remittances is one of the key objectives of the long-term expansion of Ripple. Major collaborations with organizations such as Moneygram and SBI Remit have been significant developments in the right direction. Now, according to Ripple, the Spanish multinational banking firm Banco Santander has introduced the expansion of its One Pay FX international payment systems to 19 other countries, including the United States, Chile and Portugal.

Initially launched in 2018, One Pay FX was developed in partnership with Ripple, which caters for and facilitates instant international transactions. With the above developments, Santander reported that it would improve its Ripple-powered payments.

Surprisingly, Metzger mentioned that the move towards a partnership with Ripple had proliferated after receiving constructive feedback from the customer.

Ed Metzger said,

“We want to be at the forefront of the merging of finance and technology but our innovation is always customer-led. Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper, and more transparent.”

The CTO added that the customer of the organization raised concerns about the amount of the fee paid to the recipient and the lack of clarity regarding the exchange rate. In addition, transparency was another issue that Metzger believed was not exactly a solution to the conundrum.

The fact that customers were aware of Ripple ‘s functionality potentially indicates that its expansion has slowly attracted considerable interest from various users.

Previously, Santander launched the Ripple One Pay FX application in the United Kingdom, Poland, Brazil and Spain. Now, Ripple is mostly linked and bundled with the XRP utility, but the market is slowly gaining traction towards decentralized payment settlement solutions. XRP is currently ranked 4th in the cryptocurrency ranking, behind the likes of Bitcoin, Ethereum and Tether.

Court Rejects Bitfinex-Tether Appeal over Lost $850 Million Client Funds

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Bitfinex, the popular digital currency trading platform, now faces state claims that it hid $850 million of corporate-client funds in a cover-up between itself and Tether. This comes after the exchange lost an appeal to the appellate divisions of the Supreme Court in New York arguing that tether (USDT) was not a traditional commodity or a security.

Last year in April, New York Attorney General Letitia James claimed that Bitfinex and other associated companies were involved in hiding the loss of the conflated funds and then using affiliated stablecoin Tether money to cover the loss. The charges were subsequently pressed, and the case was lately heard by the Appellate Division of the NY State Supreme Court.

iFinex, a company owned by both Bitfinex and Tether, argued that the state did not have the right to pursue the claims because the company was not based in US, and NY jurisdiction would also not apply.    However, the reminds it had all jurisdiction against Bitfinex since many of its employees work in NY and also considering the fact that several residents of the country use USDT.

Apparently, Bitfinex claims to have deposited the funds with a Panamanian firm-Crypto Capital. The firm is believed to have provided shadow banking services to digital asset exchanges prior to being seized by different authorities. The firm said the lost funds were under the control of the Polish, American and Portuguese Governments. Bitfinex said it was working to get the funds back.

Bitfinex-Tether Lawsuit Timeline

The lawsuit dates back to two years after New York Attorney General Letitia James initiated an investigation into the suspicion that Tether had inadequate funds and liquidity to allow users to redeem USDT at market value. The investigation would have cut across iFinex and several other trading companies.

In 2019, Letitia signed a subpoena seeking information on Tether ‘s operations. iFinex accepted the subpoena and submitted several documents at the request of the court. However, the court found that the company had not produced all the information within the scope of the lawsuit.

This move alarmed that the exchange might not have enough backing to support the supply of its stablecoin.

“Today’s decision validates our office’s ability to use its broad and comprehensive investigative powers to protect New Yorkers,” James said in a statement. “Not even virtual currencies are above the law. We are pleased with the court’s decision, and will continue to protect the interest of investors in the marketplace.”

Didi Chuxing ,Conducting The First Real World Trial of Digital Yuan

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Didi Chuxing-what many consider China’s  Uber to be conducting a test on the digital Yuan. As per Wednesday’s announcement, Didi joined the list of companies and banks to test China’s digital yuan developed by the People’s Bank of China (PBOC). The new electronic exchange medium will be known as the Digital Currency Electronic Payment (DCEP).
The ride-sharing giant features at least 550 million users and appears to be an appropriate platform to test the China’s digital yuan as a form of digital cash payment. This comes just a few days ahead of an expert analysis citing that the China’s Digital Yuan was only here to compete with the US dollar, not Bitcoin.

China Digital Renminbi, The First Mover of Stablecoin Space

Apparently, the cryptocurrency community has been monitoring the central bank’s digital payment system since China announced the development of a stablecoin.

Researchers at the Bank of America,  have stated that China is the first mover in the CBDC area; and have recognized the digital renminbi as a welcome asset for regional trading partners. This, the analysts claim, is on the belief that payments are becoming more electronic and cashless. Thus, making the China’s  a candidate that would most likely disrupt the US dollar.

Nevertheless, ahead of the first real-world trial of the China’s digital yuan, the Chinese Central Bank had initially launched mini-trials across four Chinese cities. The tests were carried out through various partnerships between the Central Bank, Starbucks, McDonald’s and Subway. These tests were the first phase of the trial, and the nation is now preparing to enter the next phase.

According to the People’s Bank of China Strategy and the timeline for the DCEP (Digital Currency Electronic Payment), Didi Chuxing and the Central Bank Task Force will be strategizing, designing and piloting the payment system with strict safety, governance, regulation and security precautions.

However, PBoC focuses on testing the digital stable coin as a native token on the Ride-Sharing application. It seems that the successful DiDi real-world test will lead to the final launch of the DCEP system. In fact, an official at the People’s Bank of China suggested plans to have a China’s digital yuan in use during the Beijing Olympics in 2022.

Cardano Rules the Roost as Altcoins such as Bitcoin Cash and Tron Show Slow Bullish Movements

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Over the last few days, the cryptocurrency market has been slow, with several of the top assets clinging to their previous support. Bitcoin, which was expected to hit the $10,000 mark, was still trading close to the $9000 range.

While bigshots like Bitcoin did not meet expectations at the beginning of July, other altcoins showed who the boss was. Bitcoin Cash, which held its 5th position on the charts, ensured that it would compete against its closest rival, XRP.

Bitcoin Cash

At the time of writing, Bitcoin Cash was trading for $223.61 with a total market cap of $4.125 billion. A 0.51 percent price increase over the previous 24-hours had elevated the daily trading volume to $1.127 billion. Many BCH supporters still expect a rise in the price after a strong performance in June.

Bitcoin Cash

The Chaikin Money Flow indicator for BCH showed that the amount of capital coming into the BCH ecosystem was much higher than the capital leaving the market. This signified a renewed interest in the altcoin industry as more developers joined the fray. The RSI was closer to the overbought zone now as more investors were holding onto their BCH rather than sell it.

Cardano (ADA)

The Charles Hoskinsion founded cryptocurrency has always claimed that it focusses on creating a wholesome ecosystem where users can easily transition from the mainstream financial world. The cryptocurrency has not had much success in 2020 when it came to price but it was still enough to keep it in the top 10 club. At press time, Cardano (ADA) was trading for $0.09 with a total market cap of $2.478 billion.

cardano(ADA)

Cardano (ADA) was one of the biggest gainers over the past day as the 10 placed cryptocurrency rose by a respectable 3.2 percent in the space of 24-hours. This also increased its daily trading volume to $190 million. IOHK and Charles Hoskinson have both stated that ADA will be used for technical purposes rather than being used as a form of transaction like XRP, ETH or BTC.

Tron

The Justin Sun founded digital asset has not had a great 2020 as the cryptocurrency is still struggling to break into the top 10 club after six months into the new year. Despite announcing various updates and developments, the cryptocurrency is yet to find its stride when it comes to the trading sphere. Currently, Tron was struggling to climb above privacy-oriented Monero which held the 16th place on the charts.

Tron TRX

Tron’s latest trade value was $0.017 and held a total market cap of $1.143 billion. A feeble 0.5 percent increase did not do much to elevate its status but its 24-hour market volume had climbed to $714.042 million. Although the cryptocurrency was not one of the best performers, hardcore Tronics still rallied behind the cryptocurrency and expected it to surge at any moment.

 

Here’s Why Ethereum ‘May or May Not’ Incurr Profit from DeFi’s Growth

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For any Ethereum cryptocurrency proponent in space, the growth of DeFi over the last few days may trigger a sense of optimism in their minds. The DeFi ecosystem was given a new lease of life as on 21 June, with DeFi’s total value in terms of the US dollar surpassing its all-time high by $1.48 billion.

At the time of the press, the TVL valued stood at $1.51 billion, according to the DeFi pulse website. However, the same community is currently wondering about the ineffective translation into Ethereum’s price.

Besides a minor surge witnessed on 23rd June, the largest altcoin is yet to exhibit any of the positives outlined by DeFi’s surging run in terms of market growth.

According to Ryan Sean Adams, Ethereum proponent, and Bankless author, DeFi’s success manifesting into eventual spike for ETH’s valuation can be argued from the perspective of both the hopeful, and skeptic.

Adams’s recent subtract suggested that Ethereum bulls eyed the potential of DeFi from a long-term perspective. DeFi has been relevant in the ecosystem for only about a year and half and the profit cycle of decentralized finance apps will eventually impact Ethereum cryptocurrency’s price as well.Ethereum cryptocurrency would not face a case of ‘getting replaced’ with stablecoins or tokenized Bitcoins such as WBTC since ETH needs to be locked up as collateral as a trading pair.

Lastly, the subtract added,

“Layer two scalability is hitting mainnet now and Eth2 is just as far along as any competitor. Finance is a game of network effects and Ethereum’s lead over competitors isn’t just growing it’s accelerating. Competing chains will be sidechains of Ethereum.”

However, the Ethereum cryptocurrency bears analyzed the space from a different point of view.

Countering the exact point, the bearish narrative remains that the profits on DeFi are unlikely to translate into Ethereum cryptocurrency’s growth and Ether will never be used as a capital asset, rather remain as a utility token in the space.

The issuance of USDT is concerning because it takes away the monetary utility of ETH in a way that Tether appears to have higher stability to hold or raise funds on Ethereum cryptocurrency. Plus, the complexities with gas prices continue to be alarming for the space as transaction fees mistakes over the past month, resulting in dire losses.

Is Ethereum cryptocurrency going to incur profits from DeFi?

The jury is still out on this development. Considerable arguments on both sides suggest that DeFi is still at a nascent stage in terms of real-world applications and functionality. Hence the plot forEthereum cryptocurrency and its base token Ether may be profitable in the near future, but nothing is set in stones at the moment.

Ripple offers Recommendations to Indian Legislators on Transparent Crypto Regulatory Frameworks

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Ripple ‘s new white paper offers a crypto-regulatory frameworks to the Indian legislature in response to the Supreme Court’s decision on cryptocurrencies. The Indian crypto sector is currently clouded with precariousness; despite the country ‘s apex court’s reversal of the previous Indian Reserve Bank ban.

The Supreme Court’s lifting of the ban on banking services did not provide a legal policy for legitimizing the country’s digital currencies. Nevertheless, the cross-border settlement network, Ripple, has published a white paper summarizing the recommended legal structure for cryptocurrencies in the country.

 

Ripple’s crypto regulatory recommendations to India

According to regulatory head for Ripple in Asia, Sagar Sarbhai noted that:

“India is currently presented with an opportunity to develop a regulatory framework for a native digital assets ecosystem. We are optimistic about that after a careful deliberation and consultation with industry participants.” 

According to him, the new Indian digital asset legal policy should be technologically cynical, principle-based, and risk-adjusted to provide clarity on the legal structure that can guide, maintain, and mitigate any related risks.

The Crypto Regulatory Recommendations provided by Ripple would sort out the cloud of uncertainty surrounding the Indian cryptocurrency industry. Although the Supreme Court lifted India’s RBI crypto ban on legal grounds that the administration could not suppress commodities that individuals choose to hold, it did not provide a clear legal guideline for digital currencies.

India Awaiting Legal Clarity

To fulfill the legal desires, Ripple’s crypto regulatory recommendations propose a digital asset taxonomy in line with international guidelines, and an adjustment on the central bank’s Regulatory Sandbox Framework to exclude “cryptocurrency” and “cryptoasset services” from the negative records.

Indian lawmakers will head back to parliament in July, with cryptocurrency legal concerns in mind. Despite the uncertainty, Ripple is still optimistic that India will reap the economic benefits of shrewd regulation and create a structure that encourages development and growth.

Bitcoin Search Interest Spikes in Africa and South America

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Google trend information recorded by Blockchaincentre.net shows that the Bitcoin search interest is concentrated in Africa and South America worldwide through the internet. Kenya and Brazil lead in global search interest for cryptocurrency, with 94.7 percent and 92.6 percent respectively, according to the results.

Bitcoin Search Interest

Bitcoin Search interest in the African continent

The data means that in the cryptocurrency industry, both Africa and South America could potentially become critical players.

The site ‘s data map, claims that Bitcoin search interest dominates Africa. According to the data, 94.7 percent of Google searches are dominated by East African nation, Kenya, for all cryptocurrencies in the world, including Bitcoin, Bitcoin Cash, Cardano, Dogecoin, Ethereum, IOTA, Litecoin, Monero, XRP, and Tron,

African countries follow the trend in Africa with 89.4 percent and 89 percent respectively, Nigeria and South Africa follow. The speakers of the Nigerian House of Representatives proposed a firm regulatory structure for the digital currencies in the West African nation back in July 2019.

Additionally, the cryptocurrency industry is also becoming serious about South Africa, which owns about 13 per cent of the continent’s crypto-wealth. In April, the financial watchdog of the country released a policy paper stating that virtual assets and industry-wide activities “can no longer remain outside the regulatory perimeter.”

Bitcoin, the answer to COVID-19?

In the top ten countries with the highest search interest in bitcoin, four nations represent South America compared to the three in Africa. Brazil leads with a Bitcoin interest search of 92.6 percent in South America; followed by Chile and Ecuador with approximately 89 per cent. Argentina comes last with 87 per cent interest among the continent ‘s top ten.

Additionally, the COVID-19 pandemic appears to have triggered interest in the countries mentioned. Back in April, P2P bitcoin trading volume reached record high in Argentina , Chile and Venezuela. Nevertheless, in the top ten nations with the highest bitcoin search interest on the map, Venezuela has been unable to make it.

Market Analysis: BTC, XLM, ADA, NEO Price Analysis

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The world’s number one cryptocurrency by market cap is expected to make a key move in the next few days to start a trend that could dictate the direction of price action for a couple of weeks.

After the recent success and traction of Grayscale’s Bitcoin Trust Security over the last few weeks, Wilshere Phoenix applied to the SEC to introduce a publicly-traded Bitcoin Fund. The approval of the application by the SEC would most likely attract institutional investors.

Bitcoin and altcoins price analysis

Bitcoin has been struggling to get past the $10,000-$10,500 resistance level for the past few weeks. If the price of BTC drops further, it is plausible to affect altcoins and the other digital currencies, but this could be an excellent opportunity for investors. Let’s look at a few cryptos that might present the bulls and bears with an investment opportunity.

BITCOIN / U.S. DOLLAR

The world’s most popular cryptocurrency, BTC, is seeing a scuffle between bears and bulls. Bulls are trying to push the price of Bitcoin over $10,000–$10,500 in resistance to trigger a positive momentum. On the contrary, bears are trying to create a temporary top in the $10,000 price zone.

On June 10, BTC’s price dropped below $10,000 and plummeted to $9,254 on June 11. These two levels are essential as they signal the direction of the BTC price action once it breaks out of either of the two levels.

Thus, if the BTC price advances past $9,548, Bulls is expected to attempt to push the price up to $10,000. If the price of BTC breaks past the crucial $10,000-$10,500 resistance level, it may indicate the likely start of sustained positive momentum.

On the other hand, if bears can lower the BTC price below $9,254-$8,638.70, then it is likely that the price will fall below $8,130.53. A breakout further below this zone could force investors to sell, triggering a downward surge.

Bitcoin price analysis

XLM/USD

During the March crypto market crash, XLM plummeted from $0.06 to around $0.026. Currently, the XLM/USD pair is trading at $0.071418. This is a good sign as the price of Stellar Lumens has more than recovered from the March cryptocurrency market crash by about 120 percent. 

However, looking at the charts, XLM is currently on a red downtrend. However, the current $0.071418 market price is above the 50-day, 100-day, and 200-day moving averages, indicating that there are sufficient support zones at $0.070 and $0.058, respectively. Bitcoin is currently trading below the $9,300, it is likely XLM will test these zones soon.

XLM price analysis

ADA/ USD

Cardano’s (ADA) price has dropped below the 20-day moving average, $0.075. This signals a weakened bullish rally for the cryptocurrency. In the meantime, the bulls are attempting to protect the 50 percent Fibonacci retracement zone of $0.0705811. However, if ADA can break off this support level, it can rally up to $0.080 and further to hit $0.0901373. Notably, this support level is a critical factor since, if ADA falls below it, the drop may extend down to $0.0510249.

Cardano price analysis

NEO/USD

NEO is currently in an unfavorable situation. The 50-day moving average is surging upwards, suggesting that the midway trend is up. Nevertheless, NEO dropped below this support level back in June 10, signaling a diminishing bullish rally. 

Currently, NEO is trading at $10.44, according to coinghecko.com. If bears can push the price down below $10.42133, selling is likely to increase. The support levels to watch out for if the downtrend starts are $9.21399 and then $8.60349.

On the other hand, if the bulls can buy their way up to the 100-day moving average ($11.27), it may escalate the likelihood of a rally towards $12.2839 and then to $12.1711.

NEO Price analysis