Central Bank of Brazil Adopts Guidelines Set by the IMF for Crypto Classification

The Central Bank of Brazil has decided to classify and segregate cryptocurrency that has been either bought or sold by the guidelines set up by the International Monetary Fund (IMF). This set of guidelines which primarily deals with crypto assets is in tune with the present statistical standards and comes very handy because there has been a dearth of formal guidance on the statistical treatment of such assets. These are assets generally held by people as investments and are expected to rise in their value. The IMF is an international organization with its headquarters in Washington D.C, USA and has one hundred and eighty-nine countries working mainly to establish global monetary cooperation, facilitate international trade, promote employment, foster an environment of financial stability and sustainable economic growth while reducing poverty.

Coming back to Brazil, its central bank made an announcement regarding this classification on Aug 26. In accordance with this new classification as per the IMF standards, traded cryptocurrencies will be classified as non-financial products and will be accounted as goods on the balance sheet of the bank. For instance, for crypto assets are divided into two types- a) Bitcoin Like Crypto Assets (BLCAs) and b) crypto assets other than BLCAs (digital tokens).  Further digital tokens can be classified into payment tokens, utility tokens, asset tokens or hybrid tokens depending on their underlying economic functions.

 According to the current standards or guideline that is available among the international accounting community, BLCAs should not be classified as financial assets. Therefore, these are generally considered as non-financial products or assets, although proper classification as to the kind of non-financial assets is still not available. This is mainly because the accounting treatment of crypto assets is still under consideration of the International Accounting Standards Board (IASB).

The purchasing and selling of cryptocurrencies involve the execution of foreign exchange contracts. Therefore, this buying and selling of crypto assets are taken into consideration in their import-export statistics by the Central Bank. The balance sheet of a central bank reflects its financial position and is made up of assets, equities and liabilities. It is very much similar to the balance sheet of a regular bank. Brazil is a net importer of crypto assets, and therefore, this has led to bringing down the trade surplus on its balance sheet. 

The Cointelegraph Brasil says that the classification of, as a good holds immense significance. This is because when cryptocurrencies are identified as property, they fulfill the non-financial criterion to be used as a payment mechanism.  It is the Balance of Payment Statistics Committee, an advisory committee to the IMF Statistics Department, whose primary focus is on external sector methodology (which helps in assessing current accounts and exchange rates), which has recommended this classification, according to the Central Bank of the country.

Ethereum Classic records 16% hike within a month

Alt heading: ETC may go bullish at the beginning of the next month

Meta description:

Trading ETC coin now is better than ever. The coin is inclined towards surging trends and may roll over to trade above $8 in the next 2 months.

Main article:

Ethereum is a live example of anything can happen within a matter of a few days in the world of cryptocurrencies. After trading around $6 for the maximum part of the month, the coin picked up pace suddenly this week and went all the way up to $7. The current market performance indicates that this may repeat again very soon, and this time it may turn into a permanent trend.

ETC to USD Price Comparison:

Ethereum Classic was seen to be trading at $5.923 almost 30 days ago, and from then since now, it has surged up to 16% to start trading at its current value at $6.915 as of August 24, 2019 at 09:44:43 UTC. In the last two days, Ethereum Classic price picked up pace suddenly to move from $5.450 to as high as $7.6 which became its 7-days high value. The coin may further cross it again.

Current Statistics of Ethereum Classic:

  • ETC price is trading at $6.915 and 0.00069647 BTC
  • The Market Cap has reached $790,543,890
  • The 24-hour volume of the coin is $974,957,533
  • ROI of the coin has reached 822.99%
  • Circulating Supply is 112,940,084 ETC

Ethereum Classic Price Prediction & Conclusion:

ETC may rise as high as $8 in the upcoming days. The question, however, remains the same that whether the crypto will be able to cross its 90-Day high value $9.69 to start trading above $10 and chase bigger targets. This is a great time to start bulking up investments on the ETC coin and wait for the right time to get huge returns on the same.

NEO Price Analysis: NEO maybe traded today in the range of $11.347 — 11.640, bearish run to continue for the coin.

Neo reached as low as $11.59 on last Friday at 00:15 UTC time. Post this date, the coin seemed to rise upwards and it did manage to reach as high as $12.26 on 27-July-19. NEO however could not sustain its performance and post 27-July-19 the price of the coin has been falling gradually. With two major falls, it fell to an all-time low of $10.55 on 28-Jul-19 at 22:30 UTC time. While writing this price analysis, the trend of the coin remained bearish.

Let us look at the performance of NEO over the past 5 days:

Current Data of NEO:

  • Rank of the NEO coin is number 17.
  • Market value of NEO was $816,388,763 at 06:34 UTC time.
  • Value of the coin is $11.63 at 06:30 UTC time.
  • 24-hour volume figures are $251,669,856
  • 70,538,831 NEO coins continue to be traded.
  • ROI of the coin stands at 6,303.31%.

NEO Price Comparison and Future Predictions:

If we compare the price of NEO since its highest value which was $12.26 on 27-July-19 at 01:05 UTC time and the current price, the coin is reflecting a bearish trend by 5%.

We anticipate that NEO will continue to fall and may reach somewhere close to $11.36 by the end of the day tomorrow. It may be traded in the range of $11.60 and $11.62 in the coming months’ time. By the end of this year, the coin can reach the level of $13.02 with more than 11% growth.

Conclusion:

Suggested to sell NEO coins today as per its present trend. You may wait till few days as prices may fall marginally post which you can purchase new coins. It is advisable to sustain the new purchased coins at least till next year as it can go as high as $15 in the near future. The Chaikin Money Flow indicator also indicates that the present movement of the coin is bearish. Looking at the way the coin is moving, it may take couple of months for NEO to gain back its efficiency.

The DGB value has dropped by more than -15% in last 4 days

With recent DigiByte update on Android and iOS, followers are expressing their delight on social media already. We hope to see some good fluctuation and improved capitalization on the chart too. Followers adore the new updates and it might have increased the number of supplies and volume too.

Price Analysis of DigiByte on 25th July 2019

The value of DGB is seen trading at $0.01011 at 08:27 UTC time on 25th July 2019, which is a constant value seen since yesterday. The other essentials factors in the chart are calculated as:

  • Market Ranking: @56
  • Return of Investment: 642.77%
  • Total supply/Circulating Supply: 12,068,925,353 DGB/ 12,068,925,353 DGB
  • 24 Hour Volume: 1,221,640 USD
  • Market Cap Value: 133,463,605 USD
  • 7 Day high/low: 0.012505 USD / 0.010267 USD

Comparison

Considering the data statistics from last 5 days, the lower value was seen trading at 12:25 UTC time on 21st July trading at $0.01094. The value escalated from then by 15.11% on the same day at 23:50 UTC time with trading value of $0.0125. The value dropped by -10.76% on 22nd July at 06:05 UTC time trading at $0.0112.

The value in next few hours was increased by 11.83% at 08:25 UTC time trading at $0.01257. The value after a sudden drop was seen fluctuating at the value at 15:55 UTC time on 22nd July. The value from then dropped by -19.81% on 24th July at 05:50 UTC time, with the trading value of $0.01010 and till now, fluctuating at the same valuation.

Prediction and Conclusion

With DGB trading in the bearish zone, this might be a good time for new traders to jump in the marathon by buying new DGB coins. However, you might want to consider the resistance support level calculated as:

R3: 0.011588

R2: 0.011219

R1: 0.011006

Pivot Point: 0.010637

S1: 0.010424

S2: 0.010055

S3: 0.009842

By end of 2019 approaching, traders might see the upside touchdown value of $0.02.

Monero Price Is Heading Downwards Again

Meta description

XMR is again deterring in the bearish trend, and within one day, its value has green greatly reduced and shift in the prices within a day is also great enough.

Main Content

The crypto sphere is highly volatile these days, it is quite expected that altcoin like XMR will be fluctuating to a great extent, and even that is the reality as well. In order to hold on to the bullish price trend, Monero needs to have a good support level that is currently lacking. Moreover, BTC is adhering to its erratic and turbulent nature so, every altcoin, including XMR is remaining in the verge to lose a substantial portion of its value to BTC every then and now.

Monero Price Analysis & Future Forecast

From the 1-day XMR price chart, it is highly evident that its volatility is high. It is unable to hold on to its uptrend as it lacks support level and the market condition is also very much unfavorable. Yesterday only, its price was trading at 86.488 USD, but today it deterred to 83.201 USD. So, within one day, the price shift is high. It is still declining fast, and it is expected that in the upcoming days, Monero price may run in the downtrend only. As it is devoid of adequate support level, even it rises back to the bullish trend, it may fall sharply at the next moment. Within one day, the XMR price has been declined by 3.28%. Considering the above price analysis, we assume that in the upcoming days, XMR may trade around $84 as per calculated pivot level.

Currently, Monero is in a highly fluctuating state, and its price can farther dip down as the market condition is still the same. So, for now, one should not consider investing in XMR coins.

1-Day Monero Chart

Paysera the Lithuanian Fintech Company Launches Operations in Romania

Title: Lithuania has been one of the lesser-known Fintech success stories in Europe so far

MD: The growth of the Fintech industry in Europe and many parts of the world has been quite dramatic. However, Lithuania has also become a hotbed for innovation and Paysera is proof of that fact.

One of the most dynamic industries to have emerged over the last five years is the Fintech industries. While it is true that the usual suspects like United States, United Kingdom, and China remain at the top of the tree, many other nations have also joined in the act. A company needs a vision, technical know-how, and commitment to innovation to create a Fintech company. Hence, many other countries have had success in this regard as well and one of those in the country of Lithuania. It is not particularly known for its technical excellence, but in the Fintech space it has made some progress and the best example of its success as a Fintech hub is the company Paysera.

The company has managed to grow by leaps and bounds in its home country and now it is looking to enter new markets as it chases substantial growth in the years to come. To that end, it has decided to launch its services in Romania and the operations were launched officially on 16 July. It is a significant development for Paysera and could help the company become a major player in Romania. There are plenty of Fintech companies which operate in Romania as well, but according to Paysera, many of the international companies charge too much by way of commission. With the usage of Paysera, consumers in Romania would not have to pay through their nose for a financial transaction and that makes it an attractive proposition.

In a statement that was released by Paysera on its Facebook page, the company stated,

Nowadays, the international payments market in Romania has high commissions for transfers in different currencies. In addition, for a local company that operates on any foreign market, it’s very hard and expensive to open an account abroad. This is the main reason why we are launching Paysera services in Romania.”

It is important to note that the company has made an effort to make its service as attractive to Romanian as possible. There is also going to be a customer service team that will speak in Romanian.