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NoleCoin Ups The Crypto Game With NoleX; Community Support Considered a High Priority

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The developments taken by cryptocurrency companies have been the main marker for adoption across sectors. One of the main examples of such an organization is Nole Legends and its latest exchange NoleX is on a mission to set a standard for cryptocurrency exchanges. 

NoleX was developed by keeping the Tron community in mind and ensuring that all their needs were met.The community has played an important part in the creation of the exchange, and Nole Legends believes that it will soon become a global exchange. Nole Coin is also a partner with TronEurope, a tie-up conducted to create a more interconnected Tron ecosystem.

NoleX stands out from the rest of the pack because of the way it connects references to the user’s exchange experience. The cryptocurrency exchange gives users the benefit of earning 10% of their friends ‘ transactions if they are referred to. The referral system has been deemed quite unique in the Tron ecosystem because of the high return on investment associated with NoleX.

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Users will also have the option of dividends earning from the NOLE ecosystem.The dividend token that is earned will be called NOLEWATER and each token corresponds to a greater holding capacity of the NOLE token.

One of the main advantages of using NoleX is the low trading fees compared to other cryptocurrency exchanges when users own the native NOLE token. The company has urged users to hold more NOLE tokens because, with greater adoption, the investment portfolio is also expected to grow exponentially.

This was one of the main pushes for the partnership between $TERC and $NOLE. The official release of the partnership stated:

“The alliance plans to provide an environment to the masses which is decentralized thus creating a democratic, transparent and inclusive eco-system. Team TERC and NOLE decided to join hands because both found a lot of synergy in the value system: leveraging technology to help mankind. “

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NoleX has also been busy adding multiple tokens to its platform and had added the WIN token to its roster. During the addition, NoleX conducted polls for its community members to vote. The members were expected to guess the user base that NoleX would reach in a month’s time. NoleX had also conducted a giveaway to celebrate its launch. The lot which is still running required users to follow the exchange’s Twitter handle and register at nolex.org with a Tron wallet.

 

Following this, NoleX added the Tron Weekly token to its fold. This made it the second token after TERC to be listed on the platform. The platform has revealed that it will continue to add more tokens to create a much larger exchange platform. According to NoleX’s Twitter handle, two more tokens are expected to arrive soon.

 

Bitcoin Price Dips Along With Traditional Assets as Coronavirus Fear Grows

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The past couple of months have been quite tumultuous in all senses, with rising tensions among regions and the spread of deadly diseases such as the Coronavirus. In the midst of all this, the financial market has fluctuated massively leaving lower dollar prices and cryptocurrency values.

Generally, during times of turmoil, the cryptocurrency market elevates in value. This time, however, the market has been taken over by the bear while traditional assets started going up.

Over the past t24-hours, the world’s largest cryptocurrency fell by 5.04 percent with the weekly drop clocked at 10.72 percent. At press time, Bitcoin was trading for $8,732.53 with a total market cap of $159.27 billion. The 24-hour market volume had fallen to $51.613 billion after staying above the $50 billion mark consistently.

The reason why the community is flustered by the drop is that assets like Bitcoin are considered a ‘safe haven’ during critical times. The fact that the traditional stocks and Bitcoin behaved the same way has definitely come as a surprise to a lot of people. Frank Chapparo also commented on Bitcoin’s fall by saying:

“This [Bitcoin] is still a very nascent, volatile asset class. If I’m an investor and I want predictability in my portfolio, I’m not going to be outsized allocating to bitcoin and other digital assets. Now, that doesn’t mean that this narrative of bitcoin being a hedge against global economic insecurity or political insecurity [is wrong]. That’s still something that could play out over the next ten, fifteen, twenty years.”

Over the past week, altcoins such as Ethereum, XRP and Bitcoin Cash were also down compared to their previous week’s performance. Ethereum fell by 4 percent while XRP and Bitcoin Cash fell by more than 6 percent and 9 percent respectively. On Tuesday, Bitcoin fell by more than 3 percent while XRP and Bitcoin Cash fell by 6 percent.

During the same time period, the Nasdaq 100’s 14 days RSI fell below 50 on Monday. This broke the longest streak above the 50 mark. Stocks such as Western Digital fell by 6 percent while Microsoft and Apple fell by one percent. This Monday, the Nasdaq 100 fell by a total of 3.89 percent which was its worst performance since October 2018.

The spread of the Coronavirus has terrified citizens across countries with Italy and other European countries reporting new cases every day. Chinese stocks have also taken a massive hit in terms of market cap and volume movement.

 

 

Stringent Capital Controls Accelerates Crypto Adoption in Lebanon

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Lebanon is currently experiencing the worst ever financial crisis in decades. Lebanon’s banking system (as reported by Aljazeera) is forcing account holders to withdraw their savings in Lebanese pounds on the official market; by imposing strict capital controls. Unfortunately, the country’s official exchange rates have dropped by a whopping 40% lower compared to the parallel market.

Foreign currency movements in the country are very minimal due to the increased number of barriers. As a result, confidence levels in Lebanon’s banks are at an all-time low among citizens. More Lebanese are now seeking help from decentralized currencies such as Bitcoin (BTC) to move their money in and out of the country.

Bitcoin is the world’s first use case of blockchain technology and also the most popular cryptocurrency. Bitcoin is not issued, nor controlled by any central authority including the government, or any financial entity. One does not require the services of a bank or a middleman to carry out a transaction. Instead, transactions made through the Bitcoin network are peer-to-peer, incognito, and authorized by a centralized global network of computers.

The adoption of Bitcoin in Lebanon was slow

Since the cryptocurrency launched about a decade ago, it has gained a lot of traction across the world. Most people use Bitcoin to almost buy everything from a cup of coffee to booking flights. Unfortunately, for Lebanon, this has not been the case. Bitcoin did not take off in the country as banks imposed restrictions on buying Bitcoin using Lebanese credit cards.

In addition, poor internet speed and low electricity supply in Lebanon have also contributed to the country’s slow adoption of crypto. Another good reason Lebanon avoided Bitcoin is to avoid the risks involved. Well, bitcoin is known to be highly volatile, while the Lebanese pound has been pegged to the dollar for quite a long time, both of which have been used accordingly. Unfortunately, confidence in the Lebanese pound has been very low in recent times.

According to Aljazeera, the withdrawal limit of foreign currencies is $50 in a month and $50,000 annually. The rising tension in the country over a failing banking system and a hugely indebted government which might collapse the country’s economy; have led to people to shift from saving in banks to investing in assets. The Lebanese have purchased cars, real estate, jewelry, gold and in abundance, Bitcoin.

Bitcoin Yet Again a Safe Haven

Indeed, the financial crisis clouding Lebanon is a proof yet again, that Bitcoin is a safe haven during times of global uncertainty. Early into the year when tensions were boiling between the United States and Iran; Tron Weekly reported on how Bitcoin presents itself as a safe haven at times of conflicts. In addition, Bitcoin has offered an alternative payment option to the mainstream financial system; to South American countries like Venezuela and also Argentina. 

Indeed, Lebanon’s financial crisis is yet another proof that Bitcoin is a safe haven in times of global uncertainty. Early in the year of tension between the United States and Iran; Tron Weekly reported how Bitcoin presents itself as a safe haven in times of conflict. In addition, Bitcoin has offered an alternative payment option to the mainstream financial system; to South American countries such as Venezuela and also to Argentina.

Despite trading, Bitcoin has presented the wealthy investors in the country a channel to transfer capital overseas. Lebanese investors are preferring LocalBitcoins to channel their capital abroad, rather than suffer the 40 percent liability at the local foreign exchange. 

In conclusion, the tense financial atmosphere in Lebanon is seeing cross-border remittance take up to ten days to complete. Meanwhile, international Bitcoin transfers take significantly less time of up to minutes, to complete a remittance. This alarming level of distrust has significantly accelerated the rate of crypto adoption in Lebanon, as Bitcoin continues to build its reputation as a safe haven asset. 

 

Cyber Attacks Continue As Mexico Becomes Victim, Again

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Cyber-attacks have become very routine nowadays, with a lot of large-scale issues occurring on a weekly basis. Earlier, cyber attacks had only threatened local regions, but now they have hit world governments. Mexico has become the most recent country to announce a cyber-attack on its borders. Last Sunday, the ministry of economy of the region spotted an attack on some of its important servers

The Mexican ministry has stated that no sensitive information or data has been compromised given the severity of the attack. We have upgraded security protocols and procedures to ensure future safer firewalls. This was not the first time hackers had attacked Mexico since last November the country had been going through a similar event.

Officials close to the ministry have reassured everyone that no sensitive information pertaining to national security was stolen. The department has not yet revealed all the details about the attack and therefore it is not known if there existed a ransom note or not.

During the Pemex attack, hackers asked Bitcoin for $5 million to keep sensitive information from leaking to the organization’s servers. The hack also forced the company to shut down all systems and freeze payment systems. A ransom note found sent to Pemex showed a darknet website linked to DoppelPaymer, a ransomware-type.

The attacker had demanded 565 Bitcoin and threatened Pemex with a 48-hour deadline. The suspicious website also added that Pemex had missed the window for a special reduced ransom.

Last year, investigations had discovered that a lot of personal data may have been compromised in a data breach of a system hosted by the DISA. The DISA stands for the Defense Information Systems Agency and is responsible for providing direct telecommunications and IT support to the POTUS.

Revolut Becomes UK’s Most Valuable Fintech Startup, Officials Still Wary of CEO’s Kremlin Connections

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The cryptocurrency industry has gone through multiple phases since the massive bull run of 2017. Since then, the industry has been hit with speculations, price drops then a renewed interest shown by institutional investors.

Out of all the cryptocurrency companies out there, Revolut, based in the UK, has come out on top. The digital bank recently revealed that they had become the country’s most valuable financial technology startup.

Revolut received a massive boost in valuation after its latest funding round which elevated its value to 4.2 million pounds. The latest number is almost triple than that of its earlier valuation, prompting many to believe that the cryptocurrency industry was only thriving.

The latest funding round has allowed Revolut to usurp its rivals Monzo and OakNorth, both holding valuations of EUR 2 billion and EUR 2.2 billion respectively. The two rival companies were also trying to enter multiple markets across the world but regulatory frameworks have been an issue. Monzo and OakNorth can, however, take solace in the fact Revolut has also not turned a profit till now. If anything, Revolut’s losses had more than doubled in 2018 to settle at $33 million.

Revolut’s latest valuation boost was provided by the US Technology Crossover Ventures Fund, which pumped $500 million into the company. Investors have a tendency to invest in a growing business, as they also own shares in Spotify, Netflix, and Airbnb. The digital bank was also in the news recently when it launched a feature to allow users to aggregate other bank account data within its application.

The feature would allow customers within the United Kingdom to connect their individual UK bank accounts to Revolut. This was created to create a more wholesome banking environment where customers can see all their spending in one place. The update seems to have worked for the startup as the company is now worth three times more than its valuation in the spring of 2018.

Nik Storonsky, the Chief Executive Officer [CEO] of Revolut gave his two cents on the latest partnership:

“Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey.”

Despite recent news, Revolut found it difficult to maintain a positive face in the industry. This comes as a result of multiple reports from overworked staff and the CEO’s connection to Russia. Although the official has denied any links with the Kremlin, lawmakers still remained wary. The first tip-off came in 2014 when investigators discovered that Storonsky’s father was a director at the much-maligned Gazprom.

Full Fledged Cryptocurrency Bank in Works as Caitlyn Long Emphasizes Digital Asset Importance

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As time progressed, more and more people entered the cryptocurrency industry, with institutions becoming the main target for digital asset companies. The influence of mainstream players has also brought the industry to the fore.

According to new reports, Caitlin Long who shot to fame for drafting Wyoming’s blockchain legislation has decided to launch the US’ own bank for digital assets. 

Long has begun to prepare to apply for the Special Purpose Depository Institution [ SDPI ] with Wyoming’s banking division. The digital asset bank, titled Avanti, will aim to provide regulated services for virtual assets in the state. Avanti will collaborate with Adam Back’s Blockstream to provide digital asset services to its users.

According to Long:

“I’ve founded Avanti with key support from top people in crypto and important innovators from traditional finance. Seed funding round recently closed. Avanti will serve institutional customers that need services around Bitcoin and cryptoassets. Thanks to the wise Wyoming legislature and Governor Gordon, Wyoming paved the way for such banks to exist via its special-purpose depository institution (SPDI) law.”

Avanti is expected to be launched sometime in 2021 with plans to improve the ecosystem already in operation. The cryptocurrency bank has already raised one million in seed funding with more prospective investors in waiting. Long claimed that the burgeoning cryptocurrency industry was too hard to ignore and it was high time that people tap into it.

Long believed that the United States banks and trust companies just did not have the resources to navigate the fintech world. She claimed that Avanti will enable the US to compete with other crypto-interested countries such as China and Japan. The Wyoming SPDI on their part has placed stringent requirements for the bank to pass before it can come to fruition.

The association with Blockstream will allow multiple features to be integrated into Avanti. These features include multisig signing-as-a service and upcoming native Blockstream features. Avanti’s policies list that it wants to be fundamentally different from mainstream banks by providing cutting edge technology to its account holders.

Proponents of the field have begun studying what Avanti can offer to the cryptocurrency populous on launch. The partnership with Blockstream will enable Avanti to build adjacent APIs and conventional banking APIs. Adam Back, the CEO of Blockstream also announced that they will push everything to make Avanti a one-stop-shop for cryptocurrency custody.

 

US Department of Homeland Security Reveals Steps To Tackle Crypto-Related Crimes

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Over the years, the cryptocurrency market has attracted the attention of international regulators due to its rapid expansion. From starting out as a concept to being included in the national registries, the cryptocurrency field has definitely come a long way.

The increase in popularity has also caused certain sectors, such as the United States Department of Homeland Security [ DHS ], to sit down and take notice. In its latest budget, the DHS set out provisions to combat nefarious activities carried out using cryptocurrencies. 

The DHS has identified ways to fight crimes on a scale that has grown due to the rapid advancement of technology. Cryptocurrencies have become an integral part of the department due to the increasing number of attacks and industry-related scams.

In order to address the issues of cryptoverse, the DHS has decided to set up a system that will make it a core concern. The Cryptocurrency Intelligence Program [ CIP ] will be a cryptocurrency-centric initiate against unlicensed cryptocurrency companies and their shady dealings. According to the official release:

“[The Cryptocurrency Intelligence Program] identifies unlicensed money services businesses in the form of independent cryptocurrency brokers’ use of P2P sites, online forums and classified advertisements, and darknet markets (DNM) to engage in unlicensed money services businesses (MSB) activity.”

The Cryptocurrency Intelligence Program [CIP] was developed by the Bulk Cash Smuggling Center and will target the crypto capital movement involved in narcotics. Studies have repeatedly stated that the narcotics industry is gaining a massive influence on the cryptocurrency market. The release clearly shows that the darknet was the main focus of the CIP. The Darknet practice has only increased over the years, and 2019 saw a massive spike in transactions.

The budget also proposes the return of the US Secret Service to the Treasury. It was recommended that new solutions be found in the investigation of crimes involving digital assets. The Agency believed that to ignore the industry now would only result in more harm in the future.

To ensure that the DHS’s powers are used for tackling technological crimes, the US Immigration and Customs Enforcement had established the BCSC in 2009. Ever since the cryptocurrency industry boomed following the bull run of 2017, the BCSC has made sure to keep a close watch on the industry. It is also the reason for the BCSC’s increasing push towards blockchain and P2P sites.

Donald Trump, who is on a visit to India at the time, had earlier vowed that the country’s agencies should look into emerging issues. The latest DHS initiative could just be a step in the right direction for a government that has been struggling to keep cyberattacks at bay.

 

Winklevoss Brothers’ Space Tickets of 312 BTC Now Worth $3 Million

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The CEO and Co-founder of Gemini Tyler Winklevoss regret his investment of more than 300 Bitcoins for a ticket to space. While the price of Bitcoin was $800 at that time, and the value of the ticket was about $250,000 from the Virgin Galactic of Richard Branson. 

Meanwhile, Winklevoss has regarded his move “a Bitcoin pizza moment,” as the price of the Bitcoin has seen a rise. Richard Branson’s Virgin Galactic is an entity that specializes in commercial space flights under the arena of Virgin Group. The entity aims at selling the tickets for flights in space for $250,000. Interestingly, despite the huge ticket price, the website of Virgin Group shows that all available tickets have been sold to future astronauts.

Moreover, Winklevoss twins, Cameron and Tyler made the news in 2014 on their purchasing of tickets and completion of transactions by using Bitcoins. Consequently, they had transferred 312.5 BTC each and BTC back then was trading at $800.

Tyler wrote in his blog and announced that both Bitcoin and commercial space flight could be strong technological game-changers.

  “It is in this vein that Cameron and I contemplate our tickets into space – as seed capital supporting a new technology that may forever change the way we travel, purchased with a new technology that may forever change the way we transact.”

It is worth mentioning that Richard Branson’s Virgin Galactic has not completed any flight so far. However, the entity plans to take a start with 16 flights at the end of 2020 and aims to increase the number to 270 by 2023.

Since the start of the transaction, Bitcoin has seen a significant increase in its price and now trades at $9,600 that signifies a gain of 1100% in 6 years. The investment value for 312.5 Bitcoins in 2014 was around $3 million and now more than $27 million. Thus, compared with today, Winklevoss twin’s tickets were the most expensive ones.

Now Tyler seemed to know the reality and years later; he said: “I won’t make that mistake again.”

Besides, Winklevoss compared the ticket’s purchase with the popular Bitcoin Pizza Moment from 2010, back then; Laszlo Hanyecs made the most significant transaction in bitcoin’s history. Laszlo purchased two large pizzas on May 22 and paid 10,000 Bitcoins.

This marked the first commercial use-case of Bitcoin and to celebrate this day as a special day, the crypto community recognized it as the Bitcoin Pizza Day.

Twitter CEO Promotes Crypto Adoption For African-American Community

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The CEO of Twitter Jack Dorsey is inspiring his followers to take a closer look at and read a new book “Bitcoin and Black America” written by Isaiah Jackson. The book discusses the potential of Bitcoin for benefitting the African-American community.

The Twitter CEO, who is a Bitcoin supporter, tweeted today:

The book, Bitcoin and Black America provide an in-depth analysis of the role cryptocurrency can act in providing financial freedom to African-Americans. Isaiah Jackson, the author of the book, says that blacks have traditionally been vastly deprived by the banking industry, yet have been slow to consider blockchain assets as an alternative.

According to Jackson, for change to occur, African-Americans will have to understand thoroughly that they no longer need contemporary outdated banking systems to manage their wealth. Besides, many believe that Bitcoin is nothing but a scam, or that it has no life. Jackson affirms that these misunderstandings need correction.

The book was published back in July last year, but it is attracting more interest due to the revivification of the crypto market.

Moreover, much has been discussed about the potential that blockchain technology possesses to benefit the underdeveloped regions. Surprisingly, technology has a balanced impact in much of the developed world.

Also, near latitude can be created between the restricted banking access available in developing countries, and the lack of banks in minority neighborhoods of America. Along with institutions such as grocery and medical stores, banks try to avoid these areas. Resultantly, the residents of these areas face severe issues and dramatically diminish upward mobility.

Also, this fact is very disadvantageous that racial minorities are far more likely to be victims of this financial system. The use of cryptocurrency can prove to be a marvelous advantage as using ATMs, checks, or sending money is more expensive, and difficult as banks are not available.

As this opportunity is of much significance, therefore, other racial minorities, including African-Americans in the US, should be swiftly adopting cryptocurrency. However, the process of adoption of cryptocurrency has been slow. Jackson points out that it is because of misinformation prevailing in their communities and lack of access to banks for purchasing and investing in cryptocurrency.

However, a dire need exists for better financial autonomy and cryptocurrency will fill this space in the vacuum.

Monero, Ethereum, Bitcoin Cash, Bitcoin and Binance Coin Emerge as Top 5 Winners as Feb Comes to a Close

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The last week of February seems to have started off with a lull as the cryptocurrency market witnessed an uncharacteristic drop in prices. Bitcoin, which had been surging over the past few weeks, had slowed down to settle below the $10k mark.

Over the past day, however, it was the altcoins that were going uphill with currencies like Monero and Ethereum bracing the impact of the bear better than their compatriots.

Analysts were of the opinion that the slowdown was a result of massive buy-ins. Some even opined that price slowdown was good for the cryptocurrency economy because it would flush out the scam projects. Let us now look at some of the best performers over the past day.

Monero:

Monero’s price had taken a hit slightly over the 24-hours spectrum due to the current bear run. This did not affect the cryptocurrency’s immediate support which was holding at $43.44. The indicators also pointed to a continued bear run that would cease soon.

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The Relative Strength Index was falling towards the oversold zone. This meant that the XMR buying pressure was getting overtaken by the selling pressure.

The Chaikin Money Flow indicators were above the zero line. The higher hold meant that the capital being invested in the XMR market was much higher than the capital leaving the market.

The Parabolic SAR was above the candles, a sign that Monero still faced bearish challenges ahead.

Ethereum:

Next on the rank list was Ethereum, which continued its stellar run of 2020. Although its performance had dipped over the past week, it was still one of the best performers on the charts. The immediate support for Ethereum was at $121.14 which was still a raised mark compared to its earlier price point.

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The Chaikin Money Flow indicator was above the zero line as more and more people were entering the Ethereum ecosystem.

The Parabolic SAR for Ethereum was above the price candles. Although the effect was slight, it was enough to disrupt Ethereum’s bullish run.

The Relative Strength Index had just fallen back into the graph after breaching the overbought zone. This occurred because the Ethereum buying pressure was higher than the selling pressure.

Bitcoin Cash:

The original Bitcoin hard fork had climbed rapidly over the past couple of weeks to settle at the top half of the charts. The immediate Bitcoin Cash support was at $268.15 and was formed after prolonged bullish runs.

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The Parabolic SAR was again above the candles just like Monero and Ethereum. According to the indicator, Bitcoin Cash was expected to undergo some more bearish hardships in the immediate future.

The Relative Strength Index had fallen towards the oversold zone for the first time since the start of the year. This meant that selling pressure had overtaken the buying pressure very quickly.

The Chaikin Money Flow indicator had climbed steadily on the chart. This was a sign that the capital into the BCH market had increased substantially.

Bitcoin:

The world’s largest cryptocurrency was only the fourth-best performer of the day after sideways price movement curbed its surge. The immediate Bitcoin support was at $6583.12 after which the price has only gone up. At present, Bitcoin was trading near the $9700 range.

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The Relative Strength Index was in the middle of the graph after the lull in price rise.

The Chaikin Money Flow indicator was above the zero line and has been so since the start of 2020.

The Parabolic SAR was consistently above the price candles due to the current dip in prices.

Binance Coin:

Binance’s native cryptocurrency had a really good February and that was reflective on the charts as well. BNB’s immediate support was at $12.336 after the price dipped recently.

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The Parabolic SAR stated that the cryptocurrency was heading into a bearish atmosphere. This was due to the variations in the market with regard to selling and buying characteristics.

The Relative Strength Index had fallen from a peak and was now closer to the overbought zone than the oversold zone.

The Chaikin Money Flow indicator had stagnated at the top of the zero line. Changpeng Zhao’s move to bring Binance to the world seems to have worked after more capital investment.

Conclusion:

The currencies on the list were going through flux and that has allowed the indicators to rest at a median. We can expect some more bearish turns soon before a proper bull run.