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Bitbay Plans To Move to Malta After Not Receiving Assistance From Banks In Poland

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Bitpay

Poland’s largest digital currency exchange, Bitbay, has planned to discontinue its operations in the nation as banks will not be of assistance to the organisation, the exchange reported recently. The trade will rather be directed by another provider in the Republic of Malta, where domestic laws are more cooperating towards digital currency.

According to Bitbay their business in Poland is dependent upon receiving services from national banks, however the last Polish bank which was ready to provide assistance to the exchange chose not to cooperate with the exchange.

Bitbay will end the client contract to give services, within a notice time of one month which ends on September 17. Clients will not be allowed to access their accounts in Polish złotys (PLN), but the other operations of the exchange will be active. After the notice period ends, clients will still allowed to draw out funds, while all trading activities with the exchange will be shut down in Poland.

As indicated by the official statement, clients will have the ability to make new accounts once BitBay continues their activities in Malta. The exchange will be led by another provider, yet will utilise the bitbay.net domain and trademark of BitBay.

Bitbay’s migration comes in the midst restrictions from the Polish government towards digital currencies. Despite the fact that Poland is officially identifies cryptocurrency mining and trading, the government’s take over digital currencies in the recent months has  become more disapproving.

This year in May, the Polish Financial Supervision Authority (KNF) submitted a tender of around $173,000 to plan and direct a web-based campaign concentrated on the threats related with digital currencies,  forex trading and pyramid schemes. Earlier in February, the Central bank of Poland paid around $25,000 to generate an anti-digital currency video in a joint effort with Polish YouTube network Gamellon, Facebook Ireland Limited and Google Ireland Limited.

#Ethereum

Analysis: Will Ethereum Rise in 2019?

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There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved.

Bitcoin and Ethereum have been leading the cryptocurrency market for quite some time. While bitcoin blockchain’s main motive is to track the transactions, Ethereum’s main motive is to run the codes of DEX or decentralized apps.

While most people feel that bitcoin will always lead the cryptocurrency market, some believe the cryptocurrencies such as Ethereum might overtake bitcoin in the future. Currently, a group of companies known as Enterprise Ethereum Alliance supports the Ethereum blockchain who are working hard to improve the overall functionality of the blockchain.

 

Can Ethereum rise in 2019?

While Bitcoin is a store of value and most people use bitcoin as a form of investment, Ethereum is mostly used by software companies for development of their own dapps.

Ethereum saw a tremendous rise in price as well as in market capitalization during the ICO era which might have ended last year. In 2017, there was a boom in the overall ICO market and most Initial Coin Offerings collected their investments in the form of Ethereum. This had led to a massive demand for ETH as investors had to purchase ETH first in order to invest in other initial coin offerings.

Ethereum Price Chart

Ethereum Price Chart

The price of Ethereum reached more than $1400 at the start of 2018 and people started to feel that Ethereum might even overtake bitcoin soon. However, as months passed in the year 2018, both the price and the market capitalization of ETH experienced a massive mall which might be related to the end of ICO era. Cryptocurrency analysts also believe that the massive selling of Ethereum by Initial Coin Offerings who had been storing them as investments was the main reason for the fall in the price of ETH. Thousands of ICOs started selling their ETH holdings when they saw a bear market coming upfront.

 

Why ETH might never rise again:

There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved. One of the reasons for this is the rising popularity of other blockchain platforms such as TRON who are direct competitors to ETH and some are even performing a lot better than Ethereum. The overall development of ETH blockchain seems to be quite slow and thus people have started to adopt other blockchains which are more suitable for their products and perform better than the Ethereum blockchain.

 

Another big reason why Ethereum might not rise again is the end of the ICO era. The number of initial coin offerings has seen a tremendous decrease last year and even lower this year. Also, the interest of investors has shifted from Initial Coin Offerings now as they do not see a safe and profitable future in investing in ICOs. As one of the major reasons for the rise of ETH was the ICO market and now with the end of the ICO era, Ethereum might never see those robust bulls again.

 

The following article is not financial advice. Readers are requested to do their own research and analysis before making any investment decisions in the cryptocurrency market which is highly volatile.

 

What do you feel about the future of Ethereum? Tell us in the comments section below.

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Western Union entering the cryptocurrency space: Partnership with Thunes

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Western Union, the American financial services and communication giant has announced a partnership with Thunes which is partnered with Stellar.

Western Union, the American financial services and communication giant has announced a partnership with Thunes, a cross-border payments network which is partnered with Stellar.

 

Western Union partners with Thunes:

The financial services giant in collaboration with Thunes will allow users to send funds directly to the receiver’s mobile wallet. The process shall remain the same as the traditional transfer (online or through an agent).

 

Western Union is one of the most used platforms for making transactions worldwide. According to Sobia Rahman who is the head of the account payment network, Western Union has been progressing ahead in terms of expansion and enhancement the account payout portfolio that is to provide the users with more payout choices and to include the bank accounts, credit/debit cards along or wallets in the efforts.

 

According to Sobia, the aim of the company is to provide more accessible money transfers digitally focusing on to enable mobile transactions. He says that the partnership with Thunes will lend a helping hand in serving the users who are lacking the accessibility to the traditional banking services. With Thunes, the users shall be able to connect with financial services using a mobile wallet.

 

Thunes partnered with Stellar:

The most interesting part here is that Thunes has already partnered with Stellar in order to provide instant clearing, settlements, and execution for cross-border payments.

 

According to the CEO of Thunes, Steve Vickers, the Western Union will be benefitted by their partnership as their users will now be flexible while transacting cross-border. The Thunes platform interconnects the worldwide payment providers and allows interoperability amongst various financial systems.

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#Ethereum Price Analysis

ETH Price Analysis: Is Ethereum going to fall hard?

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ETH price is trying to recover, however, the resistance around $138 is quite strong and might lead to the price falling downwards.

Technical Indicators:

Support Level: $135

Resistance Levels: $138, $140

 

Key Points:

  • ETH price was able to recover back upwards after testing the $132 support.
  • ETH price even broke through the $134 and $136 resistance levels.
  • However, there is a bearish pattern formed with resistance around $138 on the hourly chart which might lead to a dropdown.

 

ETH Price Analysis:

Summary: ETH price is trying to recover, however, the resistance around $138 is quite strong and might lead to the price falling downwards. The next resistance lies at $140 after which Ethereum price will turn bullish.

Ethereum price crashed after testing the $140 resistance level recently. ETH tested the $132 support level before starting to recover upwards. The upward momentum was able to break the $134 and $136 resistance levels. However, there is a solid resistance formed between $138 and $140 which might push the price back downwards.

Ethereum price is currently trading around $137 and the 100 hourly SMA. There is a bearish pattern formed with resistance around $138 on the hourly chart. If Ethereum is able to break through the $138 resistance level, the next strong resistance lies at $140 after which the overall momentum will turn bullish. The current support lies at $135 after which the price might test $132 support again.

ETHUSD Price Chart

ETH/USD Price Chart

The chart shows that ETH price is trying to recover upwards towards $140 resistance level, however, breaking through this range will be very difficult as a lot of sellers are placed within this range which might lead to the price falling down towards $135 support.

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