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Raiden Red Eyes Successfully Deployed on Ethereum Mainnet

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  • Thomas Hughes
    📈 Price Predictions

    The Raiden Network is a high-speed payments platform based on smart contracts and built on the Ethereum protocol

Raiden Red Eyes Successfully Deployed on Ethereum Mainnet
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The Raiden Network is a high-speed payments platform based on smart contracts and built on the Ethereum protocol. Their “Red Eyes” release is an alpha version used for testing and should be treated as such (bugs and other problems may arise).

Even if it’s just an alpha, its successful launch on the mainnet could bring Ethereum to new heights, especially if Red Eyes proves functional as a payment channel.

Chart Analysis – ETH/USD

ETH/USD chart

Lately, ETH has been moving like a rocket, posting 10% gains on Tuesday and a whopping 54% over the last 7 days, but currently trading at $129 against the US dollar after reaching a daily high at $139.

It must be noted that ETH/USD has not yet surpassed the 200 EMA on an 8-hour chart (at least not convincingly) and the Relative Strength Index is overbought (above its 70-level), so it would be wise to wait for a retracement lower before entering any positions but of course, this is not financial advice, just an opinion. In the longer term, 170 looks like the next target, with a cluster of resistance between 170 and 185.

Support zone: if the pair moves above 150, this will probably become support (as BRN - big round number); technical support sits at 122 – 125

Resistance zone: 170

Most likely scenario: move into 170 after possible retracements lower

Alternative scenario: sideways, choppy

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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Contents

The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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