Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down.
This past week, Ethereum surpassed the $355 and $360 resistance level against the US Dollar. However, ETH price failed to gain bullish momentum above the $370 and $375 resistance levels.
A high was formed near $372 and ether price started a sharp decline. It broke the $355 support level and the 100 simple moving average (4-hours) to move into a negative zone. There was also a break below a major ascending channel with support near $355 on the 4-hours chart of ETH/USD.
The price tested the $335 support zone, where the bulls took a strong stand. Recently, there was an upside correction above the $340 level. Ether traded above the 23.6% Fib retracement level of the downward move from the $372 high to $335 swing low.
Ethereum price settles below $355. Source: TradingView.com
On the upside, there are many important hurdles for the bulls starting with $353. It is close to the 50% Fib retracement level of the downward move from the $372 high to $335 swing low.
The main resistance is near the $355 level and the 100 simple moving average (4-hours), above which the price might start a steady upward move towards $370 or even $380 in the coming days.
If Ethereum fails to clear the $355 resistance zone, it might start a fresh decline. An initial support on the downside is near the $340 level.
The first major support is near the $335 level. If ether fails to stay above the $334 support, there is a risk of a sharp decline towards the next major support at $315 or $310. Any further losses could the price towards the $300 support.
4 hours MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $335
Major Resistance Level – $355
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Prince Harry ‘Awakens’ to Injustice in His $14 Million Mansion
News that Prince Harry has experienced “an awakening” regarding racism is both a good and bad thing.
It’s always great when someone with very questionable views sees the light and joins the rest of us intelligent people on the “non-racist” side of the room.
The bad? Much like vegans, former smokers, and those who find religion, it’s never quite enough for them to see the error of their ways and simply embrace their lifestyle change.
They have to tell everyone about it. All the time. It immediately becomes “a thing,” and they suddenly become experts on the matter.
They preach, basically, which is what we’re seeing from Prince Harry.
But it’s worse in his case because he’s not leading by example.
This is the crucial question for me.
We have to remember, this isn’t, as he seems keen to portray, a man who just went about his business blind to instances of racism.
Prince Harry commented:
I wasn’t aware of so many of the issues and so many of the problems within the U.K. and also globally, as well. I thought I did, but I didn’t.
Sorry Harry, but you can’t get away with a claim like that. You weren’t a man who just wasn’t aware. You were part of the problem.
Be it Nazi party costumes or the way you addressed your fellow soldiers in the British Army. You were guilty of racism, not just a bystander.
Prince Harry continued:
You know, when you go into a shop with your children, and you only see white dolls, do you even think: ‘That’s weird, there is not a black doll there?’ And I use that as just one example of where we as white people don’t always have the awareness of what it must be like for someone else of a different colored skin, of a black skin, to be in the same situation as we are where the world that we know has been created by white people for white people.
Considering some of the instances you know about when it comes to racism, especially in the British army, this is the example you choose? Seriously?
When Prince Harry and Meghan Markle moved to the U.S., they made a big deal of their commitment to the cause of “ordinary people,” even hinting that they hadn’t been able to identify with the regular Joe in the street due to royal protocols and restrictions.
And what did they do after throwing off the royal shackles?
They immediately spent $14 million to secure themselves a lovely mansion in a part of California that boasts a black population of 1.5 percent.
Santa Barbara has seen criticism for having a Mayor who did not participate in a BLM march down State Street and refused to take a knee in protest to police brutality.
But hey! That’s the price of living next to the likes of Tom Cruise, Oprah Winfrey, Ellen DeGeneres, and the CEO of Netflix, I guess!
Prince Harry and Meghan Markle are happy to hit the right tone on video calls, and they’ll even throw some dollars to good causes, but don’t expect them to change their privileged, pampered lifestyle which surrounds them with predominantly wealthy, white faces.
While the BLM movement has gotten a lot of bad press for the actions of a minority of protesters, by and large, the message is as legitimate as it gets. The organization deserves a lot of credit for shining a light on the issues faced by many throughout the U.S and elsewhere.
However, to the likes of Prince Harry and Meghan Markle, safe in their $14 million compound in their predominantly white wealthy neighborhood, the cause is nothing more than a branding opportunity.
We’re seeing the same tactics being used by many corporations who wouldn’t give BLM leaders the time of day ordinarily, but who now want to be seen as part of the marketable solution.
Prince Harry will continue to preach to everyone else, telling us about dolls and spiritual awakenings, but he won’t practice what he preaches.
Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.
A guide to setting up a crypto business in Switzerland
As the cryptocurrency world matures with more and more jurisdictions legalizing it and ensuring crypto becomes an industry standard, cryptocurrency receives a quality mark that proves that it can earn users’ trust. Over the next four years, the European Union will introduce new rules that will allow the introduction of blockchain technologies and crypto assets into the traditional financial sector.
For now, however, the need to obtain regulatory approval for financial activities remains the main obstacle to entering the market, which is also associated with a large waste of time and money for startups — although this is not always the case. Additionally, each business model requires a specific type of license.
The Swiss Financial Market Supervisory Authority, or FINMA, regulates banks, crypto and fintech projects. There are five types of authorization for financial activities in the country — licensing, recognition, authorization, approval and registration. Commonly, though, only two of these are being used by fintechs — recognition and authorization.
Types of authorization include: permitted activities; client onboarding options; the jurisdictions in which you can attract users; documents accepted for user identification; ways of storing customer information; most of the Anti-Money Laundering procedures; transaction limits; capital requirements; regularity and methodology of audits, among others.
When you choose and apply for the right type of authorization for your business, keep in mind that this will determine your business opportunities and degree of responsibility for many years ahead. At the beginning of the journey, it all might seem so overwhelming and hard to understand that you will feel like leaving everything up to your lawyers.
In practice, however, delving into this and starting to closely interact with specialists will help you create the most effective legal model and forge the best strategy for its development without requiring huge initial legal cost investments while speeding up the launch of the product on the market.
You can start a crypto service in the so-called FINMA sandbox. Depending on the project’s infrastructure, the startup can entirely develop a product, accept customer money, sell financial services, issue bank cards, and can carry out many other activities even before obtaining authorization.
Fintechs that meet the following requirements qualify to get into the sandbox:
If a startup meets these requirements, the company can temporarily do without authorization from the regulator. It is imperative to prepare a legal memorandum about this, which professional lawyers will help with.
However, when the company outgrows the sandbox restrictions, the issue of obtaining authorization from FINMA will become the cornerstone for further development of the fintech and is one of the decisive factors for accelerating the commercial launch of the product.
Most startups do not have the millions of Swiss francs required to obtain a full banking license from FINMA, including meeting the minimum capital requirement. In this case, you can join one of the 11 self-regulatory organizations, or SROs, operating in Switzerland and receive the status of a financial intermediary.
A financial intermediary requires regulatory approval for each individual type of activity instead of all of them at once, as would be the case with a bank. Only the services as part of the declared product structure that have passed the authorization can be performed. If the product structure changes, you need to get approval from FINMA or the relevant SRO again.
SRO members can conduct more than 10 types of activities. These include asset management, foreign exchange transactions, money transfers, along with insurance and new payment methods, including cryptocurrency operations and others. Companies can provide services to clients located in Switzerland and abroad, and to both enterprises and individuals.
To join an SRO costs several thousands of Swiss francs, which includes a number of annual payments, audit fees, etc. For example, in our case, with 60,000 users, the total cost of an SRO is about 100,000 Swiss francs, or approximately $110,000, per year. This is still much less than a banking license would cost.
If you decide to join an SRO, be prepared to pay large legal support costs, which can range from 150,000 to 400,000 Swiss francs, or $165,000 to $435,000. This will pay your lawyers to correctly describe the model of your product and compile dozens of mandatory applications and forms, proving to the SRO that this form of regulation is suitable for your crypto service.
It takes three months from the date of application to join an SRO. If you need to speed up the process, you can use the fast-track processing option that takes just two weeks for 1,500 Swiss francs, or $1,600.
Another aid in reducing the regulatory burden may be the “exceptions” that may apply depending on the model of the fintech product.
Exception # 1: A company is not considered to be banking if it meets the requirements that apply to participants in the regulatory sandbox (in accordance with the new edition of “Ordinance on Banks and Savings Banks (Bank Ordinance, BO)” article 6, paragraph 2, letter (a)).
Exception # 2: A license for savings is not required for assets that arise in payment systems and neobanks and are recognized as “non-deposits” if the following conditions are met:
The exception applies in accordance with article 5, paragraph 3, letter (e) of the “Ordinance on Banks and Savings Banks (Banking Ordinance, BO)” and subject to clarification No. 18 FINMA-Circular 2008/3.
Exception # 3: Settlement accounts, which are opened for some non-bank companies participating in SROs (dealers, asset managers and other financial intermediaries) are also not deposits if:
The exception applies in accordance with article 3, paragraph 3, letter (c) of the “Ordinance on Banks and Savings Banks (Banking Ordinance, BO).”
A wide variety of fintechs can take advantage of the regulatory sandbox, get a membership in self-regulatory organizations, and participate in legal exemptions. However, there are also a few points that concern only crypto services.
Since crypto projects occupy a special place between the world of traditional finance and the world of digital assets, there are additional requirements for crypto companies in many countries, and Switzerland is no exception.
When registering our crypto service with the self-regulatory organization VFQ, we thoroughly studied the regulations that govern the Swiss Federal Council and FINMA. If we sum up all the important points from the “Legal framework for distributed ledger technology and blockchain in Switzerland” and the “FINMA-Fact Sheet / Virtual Currencies” documents and requirements, crypto services can accept fiat money without obtaining a banking license when the following conditions are met:
All this should be taken into account by crypto startups during the product development stage. Moreover, the correct design of the cryptocurrency storage architecture is another reason that will help to avoid the need to obtain a banking license while remaining legal.
According to the Swiss regulator’s general approach, a deposit is defined as a service in which a client transfers funds and/or digital assets to an organization and can then dispose of them only by interacting with its representatives. If the functionality of the service allows you to remove intermediaries from the decision-making chain for the disposal of the client’s funds, this option is not considered a deposit.
In practice, this means that the storage should be designed so that the user, at all times, owns the private key, and the crypto service receives this key only “on lease.” Simply put, it is necessary to exclude the e-wallet provider from the process of managing the client’s funds. However, such a solution can only be used for cryptocurrency due to its technological features. For fiat deposits and accounts which we do not yet have, it will not work.
The flexible approach of the Swiss regulator to licensing fintechs once again proves that the path of startups is not at all about copying what has already been done before. For each business model, you need to look for your own optimal authorization method that will allow you to bring the product to market faster and at lower costs. Legal companies will certainly help with this, but the result will largely depend on how well the founder understands the issue.
This article is for general information purposes and is not intended to be and should not be taken as legal advice.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Alex Axelrod is the founder and CEO of Aximetria and Pay Reverse. He is also a serial entrepreneur with over a decade of experience in leading world-class technological roles within a large, number-one national mobile operator and leading financial organizations. Prior to these roles, he was the director of big data at the research and development center of JSFC AFK Systems.
Bitcoin SV, Augur, VeChain Price Analysis: 03 October
The newest worth dump within the crypto-market noticed the world’s largest cryptocurrency Bitcoin’s worth dive in direction of the $10,400-level, a motion that signaled worrying indicators of bearish divergence throughout the charts.
Actually, Bitcoin SV registered a bearish divergence through the day’s buying and selling session, underneath a situation of heavy capital outflows within the BSV market. Additional down the crypto-ladder, Augur and VeChain struggled to select up any significant commerce quantity or momentum.
Bitcoin SV [BSV]
Supply: BSV/USD on TradingView
Bitcoin SV was seen buying and selling beneath its instant help stage of $ 159.84, following a considerable 8% drop in worth since yesterday.
Nonetheless, on the time of writing, BSV discovered help close to $159.84, a stage coinciding with a brief bump seen within the Relative Energy Index. Regardless of this, the general RSI stage continued to show promoting strain.
The Chaikin Cash Move Indicator was properly beneath zero and was additionally bearish as the quantity of capital outflows outnumbered the quantity of inflows.
BSV dived beneath its help at $166.26 during the last 48 hours because the coin gave the impression to be caught in an enormous sell-off, one triggered strongly by a $ 500-dump famous by Bitcoin.
The inexperienced bars of the Superior oscillator beneath the zero line indicated that the short-term REP market was trending decrease than the long run market. Nonetheless, a crossover above zero might sign a reversal within the pattern, confirming an increase in shopping for sentiment.
The widening of the Bollinger bands pointed to a spike within the ranges of volatility, and within the case of an increase in promoting sentiment, the bearish worth motion might push the value all the way down to the instant help of $13.03.
Nonetheless, in an alternate situation, a possible decline within the ranges of volatility within the coming days might see the value oscillating between the instant help and resistance ranges of $ 14.023 and $ 13.03
In other news, Augur customers positioned on wager virtually $111,000 on account of the usPresidential Elections publish the lately held Biden-Trump debate.
VeChain (VET) had fallen by over 12% for the reason that starting of October, at press time, with VET hovering round $0.01, on the time. Since early-September, the digital asset has been leaping between decrease highs and decrease lows, not a really assuring signal for the VET market.
This was additional supported by excessive volatility ranges, and likewise quickly altering ranges of traded quantity, as may be seen on the backside of the chart.
VeChain ought to anticipate extra downtrends because the dotted traces of the Parabolic SAR have been seen above the candles. Bullish traders might wait until the time worth strikes above the pivot stage of $0.012 to make new entries.