Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

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Author: Lujan Odera

Tim Draper: Indian Government Is Pathetic And Corrupt Over Crypto Ban Proposal

Tim Draper: Indian Government Is Pathetic And Corrupt Over Crypto Ban Proposal

Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin worshipper and investor in Tezos has come out to condemn the move.

Now in a strongly worded message, the outspoken investor who recently advocated Bitcoin to the government of Argentina referred to India’s proposed bill as being “pathetic and corrupt.” He tweeted:

“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”

Draper was responding to reports of draft legislation that would allegedly impose a blanket ban on all cryptocurrencies in the country.

As reported earlier, an Indian blockchain lawyer leaked what he described as the proposed draft law that will put a blanket ban on all cryptocurrencies in India.

His comments were triggered by an unverified document circulating on social media after it was posted by blockchain lawyer Varun Sethi.

According to the document no person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India. However, the document makes one exception for this rule in the form of something called a “Digital Rupee” which will be used for local transactions.

Date Not Yet Set For The Imminent Ban

Draper’s comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only.

The leaked document indicated that people who hold, trade or mine cryptocurrencies will be handed prison sentences of about 10 years.

Although the alleged bill is yet to be introduced in India’s parliament, lawmakers are coy on giving their views about how the crypto industry should be regulated in the country. Government officials have also come out to disown the alleged bill.

India’s approach to cryptocurrencies has become the perfect example of what not to do. Despite an optimistic crypto industry initially emerging in the country, the authorities, no doubt fearing a loss of control, have cramped any efforts to take the industry up to an extent of jailing some crypto dealers.

The country’s central bank also banned local banks from providing any banking services to crypto-based companies leading an exodus to crypto-friendly countries with exchanges like Zebpay simply moving to Malta.

Draper is not the only one who feels that banning cryptos in India is in bad faith. Other figures within the cryptocurrency community suggested that enforcing such a ban on a decentralized entity like Bitcoin would be nearly impossible. John McAfee has stated that such a move is unlikely to work saying:

“Banning mosquitos after a rain in the summer would stand a better chance of being enforceable.”

Mr. Draper has previously hailed Bitcoin for its potential to replace mainstream forms of currency, calling it earlier this year, one of the greatest technological advances that humanity has ever seen.

Cointelegraph reports that the investor, who holds a significant share of Bitcoin, recently stood by a claim made in 2018 that the cryptocurrency will reach $250,000 by 2023.

Do you think India will ban the use of cryptos in the country? Share with us in the comments section.

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Author: Joseph Kibe

Analyst: Bitcoin Could See $20,000 BTC/USD Exchange Rate In July Having A Look At Fractals

Bitcoin Could Evetually Reach $20,000 In July Having A Look At Fractals Analyst Says
  • Crypto analyst Kaleo shows Bitcoin is following a fractal pattern
  • As per these charts, Bitcoin could eventually reach $20,000 by July 2019

As Bitcoin (BTC) continues to expand in the cryptocurrency market, the question that analysts ask is when is this bull trend going to stop. Bitcoin has grown more than 150% this year and in the last months, the price increase in Bitcoin accelerated. The charts shared by the analyst show that if Bitcoin follows the fractals, the digital asset could eventually reach $20,000.

Could Bitcoin Reach $20,000 By July 2019

The cryptocurrency analyst called @CryptoKaleo, shared some chart sin which it is possible to see that Bitcoin is following a fractal pattern that fit almost perfectly on the current price movement that the virtual currency was experiencing.

The fractual that the analyst shared seems to be so accurate that it has predicted the moved from $8,000 to $8,900 and that many traders were not seeing it coming. In general, fractals tend to have very different time frames, but surpisingly, this fractal seems to be almost identical also in terms of the time fame used.

He said that the best part of these charts is related to the potential that it has to reach new highs. In the near future, these fractals could take Bitcoin to test $20,000.

Kaleo commented that the next point of interest is in the $8,000 – $8,100 range and that bears are going to be screaming for $3,000 and $6,000. However, he said that he will be buying the dip.

Although the fractal has been very accurate describing Bitcoin’s price action, it might not be able to predict Bitcoin reaching $20,000 in the coming days since it is something that would go against many other analysis made by experts.

According to Michael Novogratz, the founder of Galaxy Digital, Bitcoin could be traded between $7,000 and $10,000 during the coming months. Thomas Lee, the co-founder of Fundstrat Global, mentioned that if Bitcoin reaches $10,000, FOMO (fear of missing out) would start in the market.

Bitcoin’s price is $8,748.36 BTC/USD exchange rate today. The real-time BTC market cap of $155.17 Billion currently ranks #1 with a chart dominance at 56.02%, daily trading volume of $5 Billion and live coin value change of BTC 2.12 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$8,748.3608 change ~ 2.12%

Coin Market Cap

$155.17 Billion

24 Hour Volume

$5 Billion

24 Hour VWAP

$8.69 K

24 Hour Change

$185.4545

“}” data-sheets-userformat=”{“2″:14849,”3”:{“1″:0},”12″:0,”14″:[null,2,0],”15″:”Open Sans”,”16″:11}”>Bitcoin’s price is $8,748.36 BTC/USD exchange rate today. The real-time BTC market cap of $155.17 Billion currently ranks #1 with a chart dominance at 56.02%, daily trading volume of $5 Billion and live coin value change of BTC 2.12 in the last 24 hours.

“}” data-sheets-userformat=”{“2″:513,”3”:{“1″:0},”12”:0}”>Find the Latest Bitcoin Price Analysis and Market Updates

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T