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QuadrigaCX’s Legal Representatives Create Affected Users Committee

QuadrigaCX’s legal council has formed a dedicated committee to help provide guidance in representing affected clients of the exchange.

A new committee appointed by law firms Miller Thomson and Cox & Palmer will provide guidance in representing affected clients of major Canadian cryptocurrency exchange QuadrigaCX. The development was announced in a court notice on March 19.

In the filing, Miller Thompson reveals that it has established the Official Committee of Affected Users of now-shuttered QuadrigaCX, comprising of seven users affected by the shutdown of the trading platform following the sudden death of its co-founder, Gerald Cotten, last December.

At the time, the exchange reported that it was not able to access its cold wallet holdings, as Cotten had purportedly been the sole person with access to wallets’ keys. With the allegedly inaccessible crypto accounting for the vast majority of the exchange’s assets, QuadrigaCX now owes over $198.4 million to an estimated 115,000 users.

The newly formed committee is set to help the law firms represent all affected users in the court proceedings against QuadrigaCX. The committee can reportedly “retain advisors, experts and consultants to provide advice to and to assist the Official Committee of Affected Users and Representative Council in the exercise of their duties in relation to the Purpose.”

The committee members have varying fields of expertise and include such industry players as Eric Bachour, a creditor of now-defunct cryptocurrency exchange Mt. Gox, and Magdalena Gronowska, who has advisory experience in economic policy development for the Government of Ontario.

Miller Thomson and Cox & Palmer were appointed as QuadrigaCX’s legal representatives in February by a decision rendered by the Supreme Court of Nova Scotia, Justice Michael Wood. The representative council was set to be responsible for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identify[ing] potential conflicting interest amongst users; and advocating for user privacy.”

As Cointelegraph reported yesterday, QuadrigaCX’s co-founder Michael Patryn was reportedly involved in multiple criminal activities in the past. Patryn and his partner, Lovie Horner, remain two of QuadrigaCX’s largest shareholders, although he has not had any involvement in the company’s operations since 2016 due to a fundamental disagreement with Cotten.

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Cryptopia Crypto Exchange Resumes Trading on 40 Crypto Pairs

New Zealand-based crypto exchange Cryptopia has reopened trading on 40 trade pairs following a mid-January hack.

New Zealand-based cryptocurrency exchange Cryptopia has resumed trading on 40 trade pairs, according to a tweet from the firm on March 18.

In the tweet, the company announces that it has “resumed trading on 40 trade pairs that we have quantified as secure. We will continue to expand this list as we clear more coins.” The update follows the exchange’s recent announcement of the plans to reopen trading on its platform by the end of March, following a $16 million hack in mid-January.

In January, Cryptopia suspended services after detecting a major hack that reportedly “resulted in significant losses.” The platform had initially informed the public it was undergoing unscheduled maintenance, issuing several updates before officially disclosing the breach.

After the initial reports of the hack, further evidence reportedly surfaced that hackers were siphoning crypto out of the exchange as late as two weeks later.

As previously reported, Cryptopia’s co-founder Rob (Hex) Dawson said that the company re-launched its website in read-only form on March 5, however the platform showed the balances as they were at Jan. 14, 2019, the date of the hack. The exchange explained that the website could be used to reset passwords and two-factor authentication credentials, which is also a top priority issue in terms of client support at the current stage.

Hex also specified that users who had lost their cryptocurrencies would start to see a section dubbed “Withdraws on your account for those coins.” He explained that transaction IDs (TXIDs) for the withdraw orders will not exist on the network, but include details on how the coin had been impacted during the event.

Today’s tweet faced a mixed reaction from the community, with some users welcoming the company back and others accusing Cryptopia of trading manipulation:

“Cryptopia manipulate trading at some extent. they open trading with wallet offline and no announcement.”

Another user said:

“what are you talking about? you took my BTC  i saw withdraw history : INTERNAL WITHDRAW: on March 18 2019….. i want my BTC back!!!!!!!”

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Top 5 Crypto Performers Overview: Stellar, Bitcoin Cash, Cardano, Dash, Monero

The crypto market is looking at a tentative uptrend — let’s take a look at the coins leading the way.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The crypto markets are showing the first signs of bottoming out. Most cryptocurrencies are well above their yearly lows and are starting new uptrends. Every bull phase has a new set of leaders. Therefore, it is important to note the digital currencies that are pulling the market higher, as these are the ones that are likely to outperform during the move upwards.

Bitcoin’s (BTC) dominance continues to drop gradually since reaching a high of about 57.80 percent in mid-September. This shows that the market participants are loading up on altcoins. However, a new bull phase cannot start without support from the leading cryptocurrency.

The good news regarding Bitcoin is that it has stopped falling and is gradually moving higher. Its volume topped $11 billion over the 24-hour period on March 15, a level not seen since April 25 of last year. This shows that market participants are gradually turning bullish on the leading cryptocurrency.

As the crypto universe emerges from its prolonged bear phase, there will be periods when Bitcoin will lead and other times when altcoins will lead. So, traders should change their strategy accordingly.

XLM/USD

Stellar (XLM) is the best performing major cryptocurrency of the past week. It rallied on the back of favorable news, as Coinbase Pro announced support for Stellar on March 13. This move will likely eventually lead to full support on Coinbase’s other platforms. The appointment of Denelle Dixon, former chief operating officer at Mozilla, as the CEO and executive director of Stellar Development Foundation also served as bullish news.

Additionally, IBM’s push to create a stablecoin targeting blockchain-powered cross-border payment solutions for banks involves a partnership with the altcoin in the form of Blockchain World Wire. The question is, can this adoption and development-based rally continue or will it hit a roadblock ahead? Let’s take a look at the charts.

XLM

The XLM/USD pair is in a downtrend. Both the moving averages are still down and the RSI is in the negative zone. Currently, it is attempting to pullback from the lows, which will face resistance at $0.14861760 and above it at the downtrend line.

We are yet to see a higher high and a higher low being formed, which will indicate that the downtrend is over. Therefore, for long-term investors, we don’t see any reliable buy setups yet. If the pair turns down from the 20-week EMA, it will again attempt a breakdown to new lows.   

BCH/USD

Bitcoin Cash (BCH) was the second-best performer for the week, rising about 15 percent. Though there was apparently no specific news driving prices higher, the digital currency has a history of vertical rallies and waterfall declines. Let’s see where it goes from here.

BCH

After many small range weeks, the BCH/USD pair is looking to move up. The current move is likely to carry it to the 20-week EMA, which is just below the horizontal resistance of $239. If the bulls succeed in breaking out of $239, we anticipate the pair to pick up momentum and rally to $400. The digital currency has a history of sharp rallies; hence, the target might surprise to the upside.

Contrary to our assumption, if the cryptocurrency turns down from $239, it might extend its stay in the range for a few more weeks. It will turn negative if the bears sink the price below $105.

ADA/USD

Cardano (ADA) announced this week that it will be one of the founding members of the  European Commission’s International Association for Trusted Blockchain Applications. The association is an effort to identify the improvements blockchain technology can bring to various industries and formulate a common approach for the European Union.

ADA

The ADA/USD pair has been range bound between $0.036815 and $0.051468. We like it when a digital currency forms a large basing pattern after a prolonged downtrend. Previous attempts to breakout or breakdown of the range did not find any takers.

Currently, the bulls are trying to breakout of the range once again. The 20-week EMA is just above this level, which might also act as a roadblock. If the digital currency scales above the 20-week EMA, we anticipate a quick rally to $0.082952 and above it to $0.094256. Therefore, traders can buy on a weekly close (UTC time frame) above $0.051468 and keep a stop loss of $0.0350.

Opposite to our expectations, if the digital currency turns down from the current levels, it will extend it stay in the range for a few more weeks. A breakdown of the range will be a negative sign that can result in a retest of the lows, below which the downtrend will resume.

DASH/USD

Dash (DASH) has been making huge inroads in Venezuela as the citizens look at various available avenues to deal with the unstable Bolivar and foreign sanctions, which threaten to derail SWIFT, Visa and MasterCard services. Dash Text has come up with a charity system that is devoid of any human third-party intervention. The donations are directly distributed among the pool of recipients. In other news, Equicex Group, the provider of privacy-focused debit cards, has decided to integrate Dash, which increases the options available for Dash users.

DASH

The DASH/USD pair continues to trade between $56.214 and $103.261. The bulls are attempting to push prices above the resistance of the range. The 20-week EMA is placed just below $103.261 levels. We expect the bears to defend this resistance. If the price turns down, then the consolidation will stretch out for a few more weeks. The trend will turn negative if the bears sink the digital currency below the range.

Conversely, if the bulls succeed in breaking out of the overhead resistance, it can move towards the next levels of $175 and $224. Aggressive traders can buy a breakout and weekly close (UTC time frame) above $103.261. The initial stop loss can be kept at $56 that can be quickly raised if the price moves northwards or fails to build upon gains following the breakout.

XMR/USD

In Monero (XMR) news, the altcoin completed a hard fork on March 09 that will help improve its privacy, security and ASIC resistance. Following the update, the hash rate of the Monero network plunged by about 90 percent from 1.14Gh/s to 162.14Mh/s. Additionally, two new Monero trading pairs were added by top global exchange Binance. Given these developments, the cryptocurrency came out this week as the fifth best performer. Can it improve upon its performance?

XMR

The bulls are attempting to carry the XMR/USD pair above the resistance of the range at $60.1470 and the 20-week EMA at $62.50. If successful, a quick rally to $81, followed by a move to $114.840 is probable. The long-term target is $150.

Traders can buy on a close above $62.5 and keep a stop loss of $38, which is just below the bottom of the range. As the price moves higher, we would suggest trailing the stops higher to reduce risk.

On the other hand, if the price turns down from the overhead resistance, the virtual currency will remain range bound for a few more weeks. The trend will turn negative on a breakdown of the current range.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Vitalik Buterin Proposes That Wallets Charge Gas Fee for Transactions

Ethereum co-founder Vitalik Buterin has proposed that wallets to take a gas fee for transactions to support developers.

Ethereum (ETH) co-founder Vitalik Buterin  proposed that wallets charge a gas fee for transactions in order to support developers in a tweet on March 8.

Gas is a unit for measuring the computational work of operating transactions or smart contracts in the Ethereum network, wherein different kinds of transactions require a different volume of gas to execute. Gas price is the price of ETH a user wants to pay for every unit of gas measured in gwei, while gas limit represents the maximum amount of gas a user will pay for a transaction. In the tweet, Buterin stated:

“I propose we consider supporting a community norm that client/wallet devs can/should charge a 1 gwei/gas fee for txs sent through their wallet, we don’t try to circumvent such fees, and we support protocol changes to make such fees easier (eg. abstraction enabling multisends)”

Buterin gave a broader picture of the proposed change, saying that increasing average user gas costs by around seven percent would raise up to $2 million per year in funding for wallet developers. Buterin further explained his position:

“To be clear, I am NOT advocating a norm *mandating* the 1 gwei fee. I am arguing for a norm discouraging overly complaining about and/or trying to circumvent the fee if/where it exists.”

One commentator on the thread pointed said, “Multibit [Bitcoin (BTC) wallet] tried this. It was an utter failure. Users were not willing to pay for something that was previously free. No one would upgrade. Eventually, the fee was removed. Without a good way to pay for support and engineering, development on the wallet stopped.”

In March 2018, Buterin stated that he had been trying to solve Bitcoin’s limited functionality with the creation of Ethereum. Buterin compared Bitcoin to a plot key calculator, stating that it does one thing and it does it well, while he believes Ethereum is more like a smartphone, which can run apps capable of doing almost everything, including acting as a plot key calculator.

Last month, Ethereum core devs implemented the Constantinople and St. Petersburg network upgrades, which went live on the main network at block 7,280,000, in accordance with the previously released schedule. Constantinople is set to bring multiple efficiency improvements to the platform, including cheaper transaction fees for some operations on the Ethereum network.

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Top 5 Crypto Performers Overview: Binance Coin, Bitcoin SV, Ripple, Dash, Litecoin

Against the backdrop of numerous positive headlines, February was the first month to see Bitcoin’s price grow since July of 2018.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The crypto markets are showing signs of bottoming out. Bitcoin gained about 11 percent in February, its first month to close positively since July of 2018.

Bitcoin is not the only cryptocurrency being favored by the market participants.  A number of other major coins are also looking strong and have recovered from their lows.

The news of Facebook exploring options to launch its own cryptocurrency has been received as bullish. The new Samsung smartphone, Galaxy S10 will have a crypto wallet for Bitcoin and Ethereum. All these efforts will introduce cryptocurrencies to a global audience.

The fundamentals in the crypto industry have been improving for the past few months. The institutional players are recognizing these developments and have started making forays into the space.

We expect greater participation from the institutions after the cryptocurrency market at large confirms a bottom. Hence, the traders can start initiating positions in the coins that have bottomed out or are displaying a good risk to reward ratio.

BNB/USD

Binance Launchpad platform has concluded a successful sale of the Fetch.AI (FET) token within 22 seconds on Feb. 25. This shows that there is market demand for what Binance Launchpad does.

A few weeks back, a similarly successful sale of Tron-based BitTorrent token (BTT) had completed in 15–18 minutes. In order to speed up the launch of its mainnet, Binance is handing out rewards for testing the company’s new decentralized trading platform Binance DEX. Binance Coin (BNB) has benefitted from these positive headlines.

Can the price move higher? Let’s find out.

BNB/USD

The BNB/USD pair has risen by almost 174 percent from its early-December lows. After the recent pullback, the price has covered a lot of ground and now remains only about 56 percent below its lifetime highs. This clearly shows a strong demand for the digital currency.

Currently, the price is close to the critical overhead resistance of $12. A break out of this can carry the pair towards the next target of $15, and above it to $18.

On the other hand, if the bulls fail to scale and sustain above $12, a few days of consolidation or a minor dip cannot be ruled out. While short-term traders can buy on a breakout above $12, the long-term players can wait for a minor dip to enter.

BSV/USD

Bitcoin SV (BSV) was the second-best performer of the week. It rallied sharply on Feb. 25 and 26 as the cryptocurrency got listed by payment processor CoinGate, as well as by a Turkish exchange Vebitcoin.

Increased support has been welcomed by market participants. Can the price move up, or will it give up all the recent gains?

BSV/USD

The BSV/USD pair has a short trading history. It is currently trying to bottom out closer to the support at $65.031. Multiple attempts to sink the pair have failed, as selling dries up at lower levels. This is a positive sign that shows that buyers are keen to invest on the dips.

If the price closes (UTC time frame) above $71.412, it will be likely to rally to $123.980.

Conversely, if the pair breaks down of the immediate support at $58.072, a drop to the low at $38.528 will become probable.

LTC/USD

The Litecoin (LTC) Foundation has partnered with premier kickboxing league Glory to make LTC the official cryptocurrency for Glory’s various events and its online merchandise platform. With this, Litecoin aims to reach out to the large fanbase of the league.

LTC/USD

The LTC/USD pair has not given up much ground after hitting the overhead resistance of $47.2460 three weeks ago. This shows that the bulls are in no urgency to book profits after the rally from the lows.

If the price breaks out and sustains above $47.2460, it will indicate a probable bottom. The 20-day EMA has flattened out, and the RSI has also climbed close to the midpoint. This shows that the bulls are at an advantage in the near term.

Traders can buy on a weekly close (UTC time frame) above $47.2460, and keep a stop loss below $29 initially. This can be trailed higher to $40 within the next several days. The target to watch on the upside is $69, and above it $94.

However, if the digital currency fails to sustain above $47.2460, it can again turn down and correct to $40, and below it to $29.

XRP/USD

Ripple (XRP) got listed on the Coinbase Pro trading platform on Feb. 25. On Feb. 28, Coinbase announced support for the digital currency on its retail platform and mobile apps.

Nasdaq is also planning to list a separate index tracking the price of Ripple. The Thai Securities and Exchange Commission has included Ripple in the list of tokens suitable for initial coin offerings.

While some believed that Ripple had to offer Coinbase a certain incentive or money to get listed, the company has denied it. Although there was a lot of talk about JPM, the recently announced stablecoin by JPMorgan Chase, a research by Binance has concluded that it will not be a threat to Ripple’s XRP token in the near term.

XRP/USD

The XRP/USD pair continues to trade inside a descending channel. It is currently attempting to rise after taking support at $0.27795. However, it is facing selling close to the 20-week EMA.

A rise above this could push the price to the resistance line of the descending channel near $0.40. A breakout and close (UTC time frame) above the channel will indicate a change in trend.

On the other hand, if the bulls fail to break out of the 20-week EMA, the bears will again try to break down of $0.27795. A drop below the support zone of $0.24508 –$0.27795 will resume the downtrend.

DASH/USD

Dash has been a popular mode of transaction in Venezuela and continues to gain ground. Church’s Chicken Venezuela fast food chain accepts the coin in 10 of their 13 locations. It also keeps launching promotional activities in collaboration with Dash to attract more people towards using the cryptocurrency.

Brazilian crypto exchange CoinBene has integrated Dash, giving the coin an opportunity to expand its presence in the country.

DASH/USD

The DASH/USD pair has been trying to form a base for the past few weeks. The price is currently stuck between $56.214 on the downside, and $103.261 on the upside. The 20-week EMA is also just above the range. Hence, a breakout of the 20-week EMA is likely to attract buying that can propel the price towards $175, and above it to $224.

On the other hand, if the price fails to break out of the resistance of the range, it will consolidate for a few more weeks.

The trend will turn negative if the bears push the price below the support of $56.214. We could not find any reliable trade setups at the current levels.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.