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Vladimir Putin Orders Work on ‘CryptoRuble’ to Counteract U.S.-Led Sanctions

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Russian President Vladimir Putin has ordered his government to begin work on a national cryptocurrency, which the media has dubbed the ‘CryptoRuble.’ Although Moscow has already expressed interest in a national cryptocurrency, the latest call is driven by a desire to circumvent Western sanctions against Moscow.

Cryptocurrency to Fight Economic Sanctions

Putin’s orders were initiated after a meeting with economic adviser Serge Glazev, who indicated that a nation-backed cryptocurrency would be a “useful tool” to circumnavigate U.S.-led sanctions.

According to the Financial Times, Glazev indicated that a national cryptocurrency “suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions.”

Glazev says the Cryptoruble would be similar to the national currency, but with supply and circulation “restricted” to allow the government to monitor its moves. As CCN reports, it remains unclear whether the CryptoRuble would be issued by the Bank of Russia or some other government body.

Since 2014, Russia has been under economic sanctions by the United States and its European allies over its alleged involvement in destabilizing Ukraine. The sanctions were officially targeted in March 2014 after the Crimean referendum, which resulted in Russia’s annexation of the region. Relations between Russia and the U.S. have deteriorated in recent years, with both sides backing opposing factions in the war on Syria.

Before the new year, Russia’s finance minister indicated that the Kremlin was developing legislation to govern cryptocurrency trading. The new laws will govern all aspects of the crypto economy, from taxation to mining. The announcement came just months after Russia briefly banned then reinstated cryptocurrency trading and indicated it would implement specific regulations to govern the market.  Not even two years ago, the Finance Ministry said it would pursue seven-year prison sentences for bitcoin users.

The shift in sentiment reflects growing acceptance of cryptocurrency among mainstream and government circles. In fact, Russia’s decision not to ban cryptos came after Putin met with members of government and the business community. In the case of Russia, it also represents the need to develop new ways of kick starting a moribund economy. Russia was hit hard by the oil-price collapse, with sanctions making the situation even worse.

Growth appears to have returned, with gross domestic product (GDP) expanding for four consecutive quarters through Q2 2017.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 668 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Tron Price Analysis: TRX/USD Forced to Seek Help from Major Demand Area Despite New Developments

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  • TRX/USD under heavy downside pressure, dropping double digits. That is 13 consecutive sessions of losses.
  • The price is within a known chunky buying area and a failure to attract the bulls could be catastrophic.

TRX/USD took a heavy beating on Monday, down as much as 12% in early part of the session. This downside pressure is seen across the market. This is a continuation of the trend observed last week despite being provided some relief over the weekend, as the pressure subsided. Given the further fall observed, TRX/USD has been forced back within a vital area of support. Failure to hold could be catastrophic. Despite this selling, there have been some positive developments around the Tron foundation.

Tron News Flow

Tron (TRX) recently launched what’s known as the ‘Tron Accelerator’. This is an incubator which looks to “empower developers and foster innovation within the blockchain industry.” The Tron Accelerator will feed of funds directly from the Tron Foundation, a gesture aimed at helping fund decentralized applications (dApps) that are in their start-up phase. Furthermore, their ultimate goal is to accelerate growth of dApps on the Tron platform.

The Tron Accelerator program has a pool of $1 million, which will be awarded and split up between 56 winning projects. The Tron foundation will have a prize ceremony, which will be held in January 17-18 2019, taking place at the Tron niTROn Summit in San Francisco. Noteworthy, this will be Tron’s first international summit. The full details of the Tron’s accelerator program is detailed on its own separate site.

Technical Review – TRX/USD

TRX/USD daily chart

TRX/USD is currently running at 13 consecutive sessions in the red, as the pressure intensifies from the market bears. The price has now lost as much as 30% at the time of writing over the course of this period. This stubborn trend to the downside commenced on 7th November, after the price retested and was then rejected by a breached ascending trend line. It played out to the textbook with the breakout and retest to then invite further selling pressure.

Downside Support

The price is trading within an important demand zone, which is tracking from $0.01800 down to $0.01650. The past few occasions TRX/USD has been forced down to this territory as bulls have managed to drive the price back north. Most recently on 12th September, TRX/USD went on to gradually gain around 65%, over a few weeks’ period.  Elsewhere, on 14th August, similar moves were seen, some 70%, over two weeks. There is an opportunity here for the bulls, but failure to hold would be very punishing.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 55 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Litecoin Price Analysis: LTC/USD Has Fallen Through Vital Support; Where Next?

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  • Critical support for LTC/USD was breached just under the $50 area, leaving the door open to further downside pressure.
  • LTC/USD is moving within a range/consolidation block, subject to another explosive move.

LTC/USD has remained firmly within a downside trend, showing no signs of that shifting anytime soon. Out of the last ten sessions, LTC/USD has closed on the daily in the red for nine of those. Litecoin having lost as much as 27% within this trading period, a move which is generally inline with the rest of the greater market. The focus is now on where LTC/USD will find its feet on some firm ground.

Daily Chart View

LTC/USD daily chart

Looking via the daily time frame, the price has extended through a known touted demand area. This was seen tracking from the big psychological $50 mark, down to $47.50. LTC/USD has previously been comforted by this zone on several occasions. It proved support in August, September and October. This area has always having proven to see decent buyers come in to send the price back on its way north.

4-Hour Chart View

LTC/USD 4-hour chart

Current price behavior remains somewhat worrying via the 4-hour, after the deep drop, LTC/USD has entered a small range block. It is currently licking its wounds, following the bears vicious attack. The price is moving tightly, between $45.00 to $42.50 at the time of writing. Given this technical move being observed, it would not be too surprising if this takes another stab lower. Typically range blocks tend to be broken in an explosive manner.

Next Major Support Areas

LTC/USD weekly chart

The weekly chart view can provide some insight into downside levels to be aware of. In terms of support, the next major level would be eyed at $38 territory. The price has not been seen here since July 2017. LTC/USD had bounced around this area for 7 weeks, between 19th June to 31st July. This move was being observed during a period of consolidation, prior to the big bull run seen in August 2017.

Deeper to the downside, eyes would then be on $33 another vital weekly support level. Price last bounced here in September 2017, requiring support before resuming a bull run. A breach here could be very much catastrophic. There isn’t much support, other than psychological round number areas for LTC/USD. This fall to the downside is very much uncharted territory. If the bearish momentum retains its current course, then $20 or even a return to $10 cannot be ruled out.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 55 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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TRON Price Analysis: TRX/USD Moves Within Proven Buying Area

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  • TRX/USD flirting with a huge buying area, historically proven to see buyers swoop in.
  • Justin Sun sings praises on 100 million $TRX trading volume for Tron DEX.

TRX/USD has been suffering heavily, in line with a large bearish reversal seen across the board. The price is running sharply lower, closing on the daily in the red. After TRX/USD had broken out to the downside from a supporting ascending trend line and retested, selling pressure has been consistent. Within the current trend, the price today – Thursday 15th November, was forced to drop to its lowest level seen in around nine weeks.

TRON News Flow

The TRON foundation has not been shy on the update front of late, continuing to push out positive developments from the camp. It was only recent that a new Tron decentralized exchange, DEX was launched.  Over the past few days it has seen a large amount of popularity. Tronscan.org was acknowledged by Tron’s founder, Justin Sun, via Twitter, which heavily contributed to a further pick up in trading volumes.

Justin Sun tweeted, “trx.market  breaks 100 million $TRX trading volume! Next milestone is 500 million”. The founder continues to be very much supportive of these TRON based projects, given his active recognition via social media. Despite the protracted bear market, Sun disregarded this in a recent tweet, showing a screenshot of the double-digit losses seen on Wednesday across the crypto market. He then quite comically compared the Coinmarketcap view with the Tron DEX, showing TRX related pairs trading in the green.

Technical Review – TRX/USD

TRX/USD daily chart

The TRX/USD bears have in the session been testing a vital area of demand. This is seen tracking from $0.01800 down to 0.01700. Previously in August and September, the mentioned area provided firm support in propping up the price. Most recently, the price had dipped into this territory on 12th September, where TRX/USD gradually went on to gain over 60%. Earlier, on August 14th, buyers pilled in, seeing the price gradually gaining over 70% over a period of time.

Given the history of buyers camped in this area, bulls should come back into play imminently. If this does prove to be the case for TRX/USD, eyes will be on another retest of the broken ascending trend line. This is seen tracking around $0.02550. The bears had initially breached this area of support, on 29th October. TRX/USD was supported in its move higher, from 12th September, by this trend line, before the break lower.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 55 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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