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Cryptocurrencies turn lower, PayPal to speed up crypto payments

Summary:

  • PayPal is going to improve the speed of cryptocurrency payments
  • Cambodia could follow Venezuela and launch its own cryptocurrency project named Entapay
  • Coinbase is releasing a weighted index fund for digital currencies in order to reflect the major attitude to the crypto world

Along with soured moods seen across global equities (a response to the Cohn’s resignation) cryptocurrencies were afflicted as well. In early trading all major virtual coins such as Bitcoin, Ripple, Litecoin, Ethereum or Dash are losing steam while some of them have already achieved decent technical levels which could serve as a tipping point in the short-term. First and foremost, let us remind our view expressed on Tuesday with regard to Bitcoin when we warned about a possible bearish engulfing. This scenario materialized therefore the most famous virtual currency could witness a more severe sell-off going forward. How low can we go? So, a technical point of view appears to suggest a probable decrease even toward $9350 when sellers deal with a local support placed at $10500.

link do file download linkBitcoin is falling down after the price drew a bearish candlestick at a daily time frame, in line with our predictions presented yesterday. Source: xStation5

PayPal to improve the speed of cryptocurrency payments

As per an official statement released by PayPal on 1 March the company had already developed a system through which senders and receivers can swap private keys instead of sending coins over the network through traditional means. It could result in the improved speed of payments. PayPal has already filed a patent for a newly developed system. The documents revealed by the firm underline that "the systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction [...]" So far users have had to wait at least 10 minutes in order to make their transaction finally processed and this time is by far too long according to PayPal.

link do file download linkDash is trying to break below a support at $573, if sellers succeed room for much deeper declines might be opened. If so, Dash traders should be ready to a pullback even to below a $400 mark. Source: xStation5

Cambodia could take a leaf out of Venezuelan book and launch its own coin

Some time ago we wrote about the Venezuelan government raising money via offering its own cryptocurrency named Petro coin. The move was aimed at improving a country’s financial position after Venezuela, being almost solely dependent on oil, was hit hard by a slump in prices. Nowadays, Cambodia is considering launching its own crypto project named Entapay, according to a press release from the Association of Southeast Asian Nations (ASEAN) on 2 March. The press release underlines that Entapay is "expected to become the connection between integration payment of encrypted currency and the real world". The documents compare Entapay directly to Venezuela’s Petro which they classify as a virtual currency helping the country avoid the Western world’s economic sanctions.

link do file download linkLitecoin broke below its ascending trend line, thus a continuation of a corrective move could take place. Bears could eye $165 as their next target to tick. Source: xStation5

Coinbase launches a weighted index fund for cryptocurrencies

Coinbase, one of the largest cryptocurrency exchanges in the world, is releasing a weighted index fund for virtual currencies which will give a possibility to get exposure to cryptocurrencies offered by the exchange. The digital currencies will be weighted based on market capitalization. Among coins enabled to trade by Coinbase are Bitcoin, Bitcoin Cash, Litecoin and Ethereum. The company has yet to decide to add Ripple as it wants to avoid any "rubbish out there".

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