Ripple, Bitcoin, Ethereum and Litecoin Hit SIX Swiss Exchange

  • Thomas Hughes

    ETP is issued by Swiss fintech company Amun and is listed on the Six Stock Exchange, which is Switzerland’s biggest stock exchange and 4th largest in Europe.

Ripple, Bitcoin, Ethereum and Litecoin Hit SIX Swiss Exchange
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HODL5 — the ticker for the first ever Exchange Traded Product (ETP) listed on a regulated stock exchange. The ETP is issued by Swiss fintech company Amun and is listed on the Six Stock Exchange, which is Switzerland’s biggest stock exchange and 4th largest in Europe.

The index is composed roughly of 48% Bitcoin, 30% Ripple (XRP), and the rest is split among Ethereum, and Litecoin. While this is hardly enough to reverse the massive crypto bear market, it is a bullish sign and a possibility that institutional money may start pouring in.

Charts at a Glance – XRP/USD

Charts at a Glance – XRP/USD

Although more resilient than its peers, Ripple’s XRP has been sliding south, losing almost 8% during the last 24 hours and more than 24% over the last 7 days, currently trading at 0.34 against the US Dollar.

The pair is capped by a long-term bearish trend line and will remain in a choppy downtrend if the line remains intact. It must be noted that the pair is now entering a zone that has been acting as both support and resistance in the past: 0.25 to 0.35 and this could lead to 2 scenarios — bounce higher or breakdown towards 0.20 and below.

The zone in discussion has acted as strong support, forming a double bottom pattern (right on 0.25) and then rejecting higher a breach of 0.35. If price hits the lower part of the zone, it will potentially form a triple bottom, which is a very bullish formation that will likely trigger a strong move up.

Support zone: 0.25

Resistance zone: middle line of the Bollinger Bands

Most likely scenario: bounce higher from 0.25 – 0.35 area

Alternate scenario: drop through 0.25 en route to 0.20

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Contents

Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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