‘Crypto exchanges/Money laundering’: what correction does this ratio need?

‘Crypto exchanges/Money laundering’: what correction does this ratio need?

Verge partners Panchanko, Bithumb will pay in full, Enigma partners Intel, Spanish BBVA partners Repsol, Crypto Facilities launched LTC, Akoin will save Africa, South Korea will control crypto exchnages

LTC

60.50 USD
1.15%

XVG

0.006951 USD
1.16%

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E-commerce Firm PATRICIA Plans to Introduce the First Stable Coin in Africa

Cryptocurrencies are essential forms of investment in the world today. They also have a distinct feature to that of fiat currencies. Even at this, stable coins haven’t had a good percentage of trading when it comes to cryptocurrencies in Africa, but now PATRICIA Technologies, a leading conglomerate in crypto-exchange in Africa is planning to fill […]
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Litecoin Price Holds its own Above $60

The top cryptocurrency markets are not necessarily performing as expected. That is completely normal behavior when Bitcoin turns ever so slightly bearish once again. It puts a lot of strain on other top markets, although the Litecoin price is still doing its own thing. Sustaining this current upward momentum will be a bit troublesome, but so far, there is no reason to panic. Litecoin Price Stays Above $60 for now It is evident Bitcoin leads the dance when it comes to determining the perceived value of alternative cryptos, tokens, and assets alike. This year, however, Litecoin has shown to not be too bothered by Bitcoin’s momentum when things get sour. It still benefits from a bullish BTC run like every other market, but the altcoin can stand on its own two legs without major issues. Today is another interesting example in this regard. To put this in perspective, the Litecoin price has gained 1.8% in USD value and 2.14% in BTC value. It is especially this latter aspect which triggers some cautious optimism. Sustaining gains over Bitcoin is crucial to ensure the USD value doesn’t plummet right away. For now, one LTC remains at a value of $60.87, although it seems further gains may be difficult to achieve. It would appear the traders and speculator son social media do not favor Litecoin’s chances at this point. Bully the Bear, for example, expects “heavy dumps” to materialize in the hours to come. So far, the market has not shown any real signs of weakness, although one never knows if that might be a mirage. Calling for heavy dumps seems a bit odd at this point, however. $LTC update.. We gonna witness heavy dumps … watch out. #LTC #litecoin #Crypto pic.twitter.com/XP7ik1Lk3V — Bully The Bear (@Bully_TheBear) March 23, 2019 A similar sentiment is echoed by Frenchy’s Crypto Charts. This user sees a problematic near-term future for the LTC/BTC chart, although it remains to be seen if these predictions carry any real weight. A drop to 0.0135 BTC would not be that problematic for Litecoin by any means. It would represent a near 10% decline, though, which seems rather steep given the current trading volume and overall momentum. LTCBTC Has Hit a Wall Large Cluster of Weekly Candles Above RSI Just Overbought and Turned Over SRSI Coiled Up and Overdue for Downside Next Likely Support: 0.01350 BTC If you like my posts, please RT! #BTC #ETH #Crypto #Bitcoin #Cryptocurrency #LTC pic.twitter.com/ubBpQHXrFd — Frenchy's Crypto Charts (@FrenchysCrypto) March 23, 2019 For those traders who want to get the most bang for their buck, an interesting triangular arbitrage opportunity involving Litecoin has appeared. With a potential profit of just over 49%, there is a lot of good money to be mad. That is assuming there will be sufficient liquidity across all of the involved exchanges. Kraken and Binance should pose no problems, but Livecoin is usually a very different story. Hurry! 49.39% triangular arbitrage considering volume in #QTUM via #Binance. If you buy #QTUM in #BTC market from #Kraken and convert it to #LTC in #Binance and sell it on #Livecoin. — KoinKnight (@KoinKnight) March 23, 2019 All of these signs seem to indicate Litecoin is successful in bucking the bearish trend at this time. Even though traders and speculators expect this uptrend to collapse fairly soon, there is seemingly no indication those predictions will come true. As the day progresses, however, there can always be unexpected changes which cause a ripple effect. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): Shutterstock.com The post Litecoin Price Holds its own Above $60 appeared first on NullTX.
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South Africa Proudly Leads The World In Crypto Adoption

A recent Hootsuite study revealed that South Africa ranks first in the world for the highest percentage of internet users who own cryptocurrencies. The social media management firm conducted the global survey in partnership with London-based WeAreSocial.  According to the report, 10.7 percent of internet users in South Africa own cryptos. This was the highest ratio globally, with Thailand and Indonesia following suit at 9.7 and 9.3 percent respectively. South Africa ranked above some of the renowned crypto powerhouses including Switzerland at 7 percent, South Korea at 6.3 percent, the U.S at 5.3 percent and Japan at 4.3 percent.  The country’s ratio was also twice the global average – which stood at 5.5 percent, the report further revealed. The survey results may come as a shock to many who thought cryptos were the preserve of more ‘developed’ nations. And yet, for those who have been involved in the South African crypto market, this was just a confirmation of what they already knew.  In a recent chat with Eugene Madondo, I learned that the South African crypto market has been expanding rapidly, even during the crypto winter. Madondo is the digital marketing strategist at Coindirect, a Cape Town, South Africa-based crypto exchange. Coindirect is one of the more well-established exchanges in the country, offering both a mainstream crypto trading platform and a peer-to-peer trading solution. It also has operations in other African and European countries, with Kenya, Ghana and Nigeria being the other main markets. According to its website, it offers its services in 132 countries globally, encompassing the six continents. Bitcoin’s South African Dominance In South Africa, just like in most other nations, bitcoin reigns supreme. The currency’s dominance globally stands at 51 percent, but in South Africa, it’s even higher than that. “So bitcoin is dominant, yes but there is a lot of interest in altcoins in South Africa and we fill the gap for an easy way to trade altcoins without using international exchanges” said Madondo. One of those altcoins is XRP, a crypto loved and loathed in equal measure, according to Madondo. The crypto has been gaining a cult-like following in the past year.   Yet another trend that Coindirect has observed is a rising interest in stablecoins. “They garner a lot of interest as well. You will often find many debates on our social media platforms whenever we publish anything about USDT or stablecoins.” Just last month, one stablecoin project invested in Coindirect. MakerDAO, of which Ethereum founder Vitalik Buterin is a big fan, participated in the €1 million funding round for the project. Blockchain.com and Concentric were the other investors. Madondo revealed that as part of the deal, the two firms will partner more in future projects. Coindirect will also be adding Maker’s DAI stablecoin to its platform.  Mirroring Global Trends The crypto industry in South Africa may have idiosyncrasies, but in some fundamental ways it mirrors global trends. It’s different in that interest in cryptos has been steadily increasing even during the bear markets. This is different from Western and European countries in which interest has dipped significantly. However, there are some trends that it replicates from the global market. The first is the use of bitcoin as a speculative asset rather than a currency, Madondo suggested. This came as a surprise, given the widespread narrative that cryptos in Africa are looked at for transactions. But Coindirect observes users selling their cryptos when the prices go up slightly, buying when the prices dip. This suggests that they are leveraging the crypto volatility to make money. Even as a speculative asset, bitcoin is giving a much-needed solution in the country. South Africa is one of the continent’s biggest economies, only second to Nigeria. Unfortunately, it also has the highest income inequality in the world according to a World Bank 2018 report. The country gained independence from a heavily racist regime two and a half decades ago. However, the damage that apartheid had on the country is far from corrected. A very small minority of elites controls the vast majority of resources.  This makes it crucial for the country’s majority, which lives in poverty, to find an alternative financial system that doesn’t oppress the many for the gain of the few. The Role of Regulation The country has been making strides in crypto regulation. Initially, as with almost every other African nation, the government stayed out. But as the people’s interest grew, the government had to step in. However, the regulations are far from comprehensive, with the country’s central bank working with various stakeholders to formulate and implement favorable regulations. Stephen Young, Coindirect’s chief procurement officer said that the exchange is in full support of regulations. In an interview in January, he stated: “Coindirect welcomes the recent amendments to the Financial Action Task Force (FATF) Recommendations. Having clear regulation that helps protect consumers while allowing the development and growth of this nascent industry is a positive step that will help speed adoption and foster responsible innovation.” Support for regulations in the crypto market has come from many other stakeholders in the crypto industry. Luno’s general manager for Africa, Marius Leitz also recently reiterated Luno’s support for regulations. Luno is a major player in the African crypto scene, offering both wallet and exchange functionalities. Leitz stated in a press release: “We are very much in favor of regulation and we are actively working with a number of central banks and financial regulators, including the SA Reserve Bank, to drive regulation for cryptocurrency. Regulation will provide consumers or potential consumers with the comfort that the service they are dealing with is held to defined regulatory standards. Imposing regulations will, in turn, enhance general trust in and stability of the market.” According to Madondo, regulation in the country has not had much of an impact yet. A majority of the traders invest in bitcoin without the slightest knowledge of what the law requires of them. However, it puts people’s mind at ease knowing that the government is pro-bitcoin and that it doesn’t intend on banning the asset class – as some other African nations have done.   The author is not invested in any digital asset mentioned in this article.  Join the conversation on Telegram and Twitter! The post South Africa Proudly Leads The World In Crypto Adoption appeared first on Crypto Briefing.
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