This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
With both moving averages sloping down and the RSI in the negative zone, the path of least resistance is to the downside. Our bearish view will be invalidated if the BNB/USD pair rises above the 50-day SMA. Above this level, a rally to $32.50, followed by a move to lifetime highs is likely. We will wait for the price to sustain above the 50-day SMA before proposing a trade in it.
Coinbase had announced in late September that it is looking to quickly add new cryptocurrencies that meet its standards and meet local law compliance. The exchange recently started supporting Ethereum Classic, and now there’s talk that it could list Ripple as well. The exchange has justannounced that Coinbase Custody, its branch providing custodian service for institutional investors, is now adding support for Ripple (XRP).
While it is spent online, Bitcoin is essentially like a form of cash in this regard – the person in possession of the funds is effectively the owner, and if the private keys which authorize spending are stolen, there is little recourse. While one can often track the movement of stolen funds on the blockchain, it’s impossible to reverse the transaction, making Bitcoin holdings a popular target for cybercriminals.
In the case of Bitcoin, miners run computer programs to verify the data that creates a complete transaction history of all Bitcoin. A technology known as the blockchain, which is used to create irreversible and traceable transactions, makes the process of verification possible. Once a miner has verified the data (which comes in a block, hence, blockchain), they are rewarded with some amount of digital currency, the same currency for which they were verifying the transaction history. So mining Bitcoin, for example, would earn you Bitcoin.
If you want to trade in digital currencies, you are going to need a platform on which to trade them, and an intermediary to communicate with the network. Coinbase is a global digital asset exchange company (GDAX), providing a venue to buy and sell digital currencies, as well as send information about those transactions out to the blockchain network to verify those transactions. Coinbase serves as a wallet, too, where the digital currencies can be stored. The application operates exchanges of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as well as other digital assets with fiat currencies in 32 countries, and Bitcoin transactions in many more countries. According to its website, Coinbase has served over 10 million customers and facilitated the exchange of more than $50 billion worth of digital currency.
In April 2019, a UK corporate filing stated that Coinbase's non-U.S. revenue grew 20% to €153 million (U.S.$173 million) in 2018 resulting in a net profit of €6.6 million. Coinbase UK CEO Zeeshan Feroz said the company's non-U.S. operations accounted for nearly one-third of the company's overall revenue and Reuters estimated that the company's global revenue totaled "around $520 million" in 2018.
However, Coinbase doesn’t list XRP on its exchange yet, and the addition of the cryptocurrency to custody services doesn’t guarantee that it will be offered on the exchange. But then, because Coinbase Custody is now supporting XRP, user confidence in the cryptocurrency should increase. Additionally, institutional investing in XRP will also bring more liquidity and push up volumes of the cryptocurrency, so Coinbase listing this digital asset on its exchange shouldn’t be ruled out completely.
Bitcoin again turned down from just below $11,000 on Sept. 6. This level has been acting as a stiff resistance for the past few days. However, the positive thing is that bears have not been able to sink the cryptocurrency below the moving averages. Both moving averages are flat and the RSI is at the center, which suggests balance between buyers and sellers.
Ripple positions itself as a complement to, rather than a competitor with, Bitcoin - the site has a page dedicated to Ripple for bitcoiners. Ripple is a distributed network which means transactions occur immediately across the network - and as it is peer to peer - the network is resilient to systemic risk. Ripples aren't mined - unlike bitcoin and its peers - but each transaction destroys a small amount of XRP which adds a deflationary measure into the system.
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