NBA Superstar Kobe Bryant to Attend Crypto Summit as Special Guest Speaker

Kobe Bryant, twice Olympic gold medalist and NBA superstar, will appear as a guest speaker at the NiTRON Summit 2019 in San Francisco, decentralized Internet project TRON (TRX) shared exclusively with Cointelegraph Nov. 20.

Basketball champion Kobe Bryant has been invited to the conference as a special guest to “share his thoughts and life experience to inspire young leaders and entrepreneurs,” the press release states.

The press release notes that Bryant is a guest of TRON founder Justin Sun.

Over the past several years, the crypto community has received a star-studded boost from a number of notable celebrities from around the world. Just recently, Eminem’s new album “Kamikaze” mentioned Bitcoin (BTC) as the new mainstream, as “now everybody doing bitcoin.”

Earlier this year, rapper Akon, who authored a total of twelve Billboard Top Ten Hits, launched his own cryptocurrency intended for use in his “Akon Crypto City,” Cointelegraph reported Jun. 20.

Back in the spring, Michael Owen, the former Liverpool football star, partnered with the Singapore-based Global Crypto Offering Exchange (GCOX) to issue the OWN tokens, Owen’s name-backed cryptocurrency, Cointelegraph wrote Mar. 22.

And this fall, former U.S president Bill Clinton gave the keynote speech at Ripple’s global payments tech conference.

Meanwhile, Cointelegraph reported Nov. 17, 2017 that the U.S. Securities and Exchange Commission (SEC) has already warned that Initial Coin Offerings (ICO) endorsed by celebrities could be qualified as illegal, noting:

“Celebrities […] using social media networks to encourage the public to purchase stocks and other investments. […] may be unlawful.”

Is India close to regulate crypto? A draft is expected in December

TL;DR

  • The Indian government has announced that regulations regarding the use of cryptocurrency will be drafted in December 2018
  • This happens following heavy restrictions on banks in regards to providing services for cryptocurrency exchanges and has led businesses, including Zebpay Exchange, to migrate out of India.

India seems to be a step closer to drafting detailed regulations for cryptocurrencies. The draft, that is expected for next month, will include clarifications on how cryptocurrency assets can be traded and: it would address “virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.” The revelation was achieved after a counter-affidavits filed by the country’s ruling party at the country’s Supreme Court.

The cryptocurrency industry has been in a state of limbo for the last few months due to a lack of firm regulation, and while nations like Malta (“the blockchain island”) have made cryptocurrencies and blockchain a recognized part of private and government affairs, India seems to have been yet dragging their feet.

India’s long history with cryptocurrency

The relationship between India and the crypto industry has been a complicated one:
Earlier this year, the Reserve Bank of India instructed banks not to have any business affairs with cryptocurrency exchanges. About a month ago, the founders of Unocoin Exchange were arrested in India. There has even been a talk of the government considering a complete ban on private use of cryptocurrency in India.

As a result, there was a significant decline in cryptocurrency businesses in the country, while some migrated: Zebpay, India’s largest cryptocurrency exchange, closed its headquarters in India and moved to operate from Malta.

According to Subhash Chandra Garg, the head of the committee and secretary of the Department of Economic Affairs, meetings will be held between December 2018 and January 2019, with the regulations to be implemented by March 2019.

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Get Ready for Cryptocurrency Market Volatility

Bitcoin and other cryptocurrencies plummeted once again on Monday. Bitcoin has dropped through the $6000 level, fell to a one year low, and almost touched the $4500 barrier. What is a worry for bitcoin and altcoin holders, is a great opportunity for CFD traders that can take short positions. Make sure you have your trading accounts ready when huge price swings come.

On Sunday and Monday, November 18-19 digital coin market capitalization fell by more than $14 billion. On Monday morning (UCT) Bitcoin fell sharply reaching the lowest point in over a year. The leading cryptocurrency almost touched the psychological barrier of $5000. Major altcoins – Ethereum, XRP, Bitcoin, and Litecoin followed. Bloomberg Galaxy Crypto Index dropped by almost 7 percent to a one year low, too.

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Before the mid-November, it seemed that the $6,000 level for Bitcoin is a hard barrier. The bulls defended it for over half a year. As you can see the price dropped below the barrier and the market started testing the next $4500 wall.

Analyst comment that finally the volatility may have returned to the cryptocurrency market. The recent sell-off was probably caused by two events. First is the growing concern about the bull market last. As you can see on the 1-day Nasdaq 100 Index chart below, the stock market is falling since the beginning of October.

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Second is the uncertainty and division among the cryptocurrency leaders and developers. Last weeks’ Bitcoin Cash hard fork may have caused some of the stir. The network divided after rival software-development groups failed to reach an agreement on how to improve the altcoin. That led to a kind of cold war with computing power, instead of nuclear power, arms race.

BCH division and controversy

Since it’s creating, which came as an effect of a feud between original Bitcoin factions, Bitcoin Cash was supposed to perform a scheduled protocol upgrade twice a year. It was always assumed to be a hard fork, that is a protocol change where the nodes running previous versions will no longer work with the new version nodes.

The newest hard fork was supposed to happen on November 15 but was sabotaged by competing groups. As a result, BCH split into three factions –  a conservative Bitcoin ABC led by Roger Ver that believes BCH worked well, a progressive Bitcoin SV led by Craig Wright, who had declared himself as BTC creator Satoshi Nakamoto, and a neutral consolatory fraction Bitcoin Unlimited.

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Here’s what happened to BCHUSD as a result of the conflict among the developers, source: SimpleFX WebTrader.

Get your CFD account ready for the stormy crypto forecasts

At the moment the most aggressive crypto bulls are reviewing their forecasts. A managing partner at Fundstrat Global Advisors Thomas J. Lee cut his BTCUSD target for the end of 2018 from $25,000 to $15,000. His explanation is quite clear: “Crypto-specific events have led to greater uncertainty in the crypto market, including the contentious hard fork for Bitcoin Cash,” said Lee quoted by Bloomberg.

An influential crypto trader Hsaka commented on Twitter: “$BTC Update. Could be forming a nifty little range here. Swept shortstops and tested range bottom. Swept long stops. Now if price can reclaim the zone around $5,400, a retest of $5,600s looks likely.”

simplefxXRP has been an attractive CFD trading instrument recently, source: SimpleFX WebTrader

Make sure you make the most of the possible price swing coming. Deposit some money on your crypto CFD trading accounts. SimpleFX WebTrader app designed for mobile is a perfect solution for reactive trading. It offers free multicurrency accounts, including Bitcoin, Bitcoin Cash, Dash, Litecoin, Ethereum, and no minimum deposits. Give it a try now, and make sure you keep SimpleFX WebTrader in your pocket when you learn about next steep crypto price moves.