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Another Altcoin surfaces- Glory Coin to offer better anonymity

With the advent of Blockchain Technology, what has become evident is the fact that the technology has multiple uses in diverse sectors. Adding to these applications, Bitcoin has inspired a host of cryptocurrencies who more or less simulate Bitcoin in the true sense. But what has been promising is the fact that every cryptocurrency is coming up with a unique feature that makes it stand out from the crowd. Now Glory Coin looms over the horizon of cryptocurrencies. Let’s dive deep into what Glory Coin holds in store:

Glory Coin’s vantage:

Glory Coin would be a platform comparable to Bitcoin as it relies heavily on Blockchain and is all set to hit the markets. Glory Coin uses a currency application that allows users to be highly anonymous and provide transactions freely. The platform was built safely on ledger based technology to support secure transaction for remitting and transferring money in an instant. The cryptocurrency makers have issued 84,000,000 Glory Coins for transacting and the currency has picked up traction.

The designer’s touch and additional features:

GloryCoin was designed to be on the equal level program with Ethereum and Litecoin so the total number is 84,000,000. Using its technology, there is a probability that users will be able to receive your transactions much more than before because the system is designed to trade with crypto currencies with a large user base and high distribution, such as Ripple XRP and Dogecoin. This will naturally expand the market to the other side of compatible point due to vast amount of crypto currencies.

Trading possibilities:

The digital currency comes with ‘Dice Wallet’ and the wallet can be used to trade the cryptocurrency. Trading features are also available on the website Triple Dice using desktops. The fees associated with this system are much cheaper than any centralized financial institution and it takes you a few seconds to complete the transaction owing to the wallet’s special feature. Hence trading the cryptocurrency becomes very easy owing to the low transaction fees involved. Using the wallet and the website one can exchange from Glory coin to other cryptocurrencies with ease and hence that makes it a pseudo multi-currency wallet.

Can Royal Mint and CME Group revolutionize Blockchain Gold Trading?

When it comes to trading of commodities, there are few key issues like holding, exchanging and transporting the product. Major exchanges stand as an authenticator between the buyers and sellers, ensuring the timely transfer of money and goods. While this is the standard procedure, it takes a lot of time and effort  to ensure that the contract execution is appropriate. When it comes to spot exchanges this process becomes highly difficult to handle or monitor. This is consequential to the fact that spot exchanges require immediate transfer of goods/contracts and keeping a track of the same in real-time makes it difficult.

When it comes to precious metals like Gold, it becomes even more complicated due to security concerns. Royal Mint of England and CME Group came together over an initiative to reduce the hassle in this process. For the same purpose they have employed blockchain technology. Let’s look into how they plan to execute the same:

 Gold Spot Trading:


A spot trade is the purchase or sale of a foreign currency, financial instrument, or commodity for immediate delivery. Foreign exchange spot contracts are the most common and are usually for delivery in two business days, while most other financial instruments settle the next business day. The spot foreign exchange market trades electronically around the world. It is the world’s largest market, with over $5 trillion traded daily; its size dwarfs the interest rate and commodity markets. With such heavy volumes, it becomes difficult to keep a track of spot exchanges accurately.

The Blockchain initiative:


The Royal Mint and CME are planning to build a gold market using nascent blockchain technology. This will perceptibly transform the way market participants will be able to trade, execute and settle gold. The new product will launch in 2017 and will see the state-owned Royal Mint issue a digitized gold offering called Royal Mint Gold (RMG). This will act as a digital record of ownership for gold which is stored at its highly-secure on-site bullion vault storage facility. CME will develop, implement and operate the product’s digital trading platform. This platform is to provide a new service that will offer an easier, cost-effective and cryptographically secure alternative to buying, holding and trading spot gold.

Digital Trading Platform:


CME will launch the digital trading platform which will operate 24 hours a day, 365 days a year. The traditional physical spot cost model for investing in gold involves management fees and ongoing storage charges levied. These RMGs will offer ownership of the underlying gold with the option for conversion to physical gold by The Royal Mint with zero storage cost. The initial amount of RMG at launch could be worth up to $1 billion of gold. How this initiative would transform other commodities markets is to be seen.


The Chinese look to impose capital controls over Bitcoin, a hiccup to the Bull Run?

When it comes to countries and cryptocurrencies, China and Bitcoin share a relationship similar to estranged lovers. China has a credit fueled economy; Bitcoin had a period of stagnated growth. Chinese used Bitcoins to escape the debt trap and this in turn boosted the growth of the cryptocurrency. The price of Bitcoin almost tripled (from $220 to $730) in a year thanks to the Yuan devaluation. While this is convenient to the proponents supporting the currency, the Chinese government sees this as a threat to the economy.

The Hostility:


China has dominated Bitcoin mining and trading domains for some time now. The widespread use of the digital currency has led the Government to initiate regulations to monitor Bitcoin. In 2013, the government classified Bitcoin as a commodity threatening its status as currency. This placed Bitcoin outside the purview of the foreign exchange regulator. People’s Bank of China and financial regulators made it a point to specify that bitcoin functioned as digital commodity only. Owing to the success of the cryptocurrency, the government itself was looking into possibility of its own national digital currency. In 2013, finally China moved to ban Bitcoin barring all financial institutions from handling Bitcoin transactions.

Capital Control:


Capital control represents any measure taken by a government, central bank or other regulatory body to limit the flow of foreign capital in and out of the domestic economy. These controls include taxes, tariffs, outright legislation and volume restrictions, as well as market-based forces. Capital controls can affect many asset classes such as equities, bonds and foreign exchange trades. As mentioned earlier, China has a credit fueled growth, which implies that it is important that they ensure the value of money is intact. This can only be assured by implementing Capital Control over certain assets.

Government to make the move soon:

According to Bloomberg, Chinese regulators are looking into measures for limiting Bitcoin transactions taking the funds out of the country. The policies include restricting domestic bitcoin exchanges from moving the cryptocurrency to platforms outside the nation. Also would be in place quotas for the amount of bitcoins that can be sent abroad.



The measures were triggered when investors bought bitcoin on local exchanges and sold them offshore evading taxes. Whenever the Yuan depreciated, there was heavy inflow of funds into Bitcoin as means of hedging. With U.S. interest rate hike around the corner, policy makers are trying to restrict the outflow of funds with Yuan weakening. When the measures will be implemented, growth of Bitcoin will surely face little discomfort.



Bitcoin Price Analysis: Yuan Devaluation on the cards, Bitcoin to go up further?

First week of October has seen a positive start for the cryptocurrency, with constant trading over $600 level. The bullish push came at the start of the second week, where market broke $620 and continued to trade higher. Market finally managed to surmount the long term resistance of 100 SMA at 618-620 level cruising to higher prices. While the setup looks bullish, let’s look into the price analysis for the coming week:

Fundamental Key Points:

The adoption of the cryptocurrency and its underlying technology has always been fundamentally positive for the Bitcoin ecosystem. Here are few highlights of the past week fundamentals that might continue to have effect on the prices:

  • China’s Renminibi added to IMF’s SDR as fifth reserve currency
  • FBI investigating into $1.3 Million Bitcoin theft of Bitfinex
  • Russian central bank trys first Distributed Ledger Transactions
  • UN testing Bitcoin and Blockchain for Remittances
  • Dubai to move all Government Documents on Blockchain by 2020

Adding to the above, from a macro perspective, addition of Renminibi to SDR might now see further devaluation of Yuan. As the Chinese have been holding off further devaluation till the review period of IMF, there is a good chance of further downward move. In any case, it would also depend on the timing of the news release and the trading prices at that point.

Technical Analysis:

Long Term Trades:


The Long Term chart has been in an uptrend from the start of this year, with no sign of any set up change currently. The market managed to breach the 100 SMA at $618 and close above it for three consecutive days. Now this 100 SMA can act as long term support and long term positions can be taken with adequate risks. The previous swing high at $770.89 can be a target.

On the daily chart, the Bollinger bands are still not trendy. The change from sideways to trending might be a slow one driven by good fundamental factor. Hence it is important to keep an eye on reserve currencies during this period. Long term trades from the bearish side look risky unless there is fundamental bearish news driving the markets.

Short Term Trades:


On a daily chart, the Bollinger bands are beginning to open out and indicating slow change into purely bullish trend. The market has been trending in the channel as indicated by the trend lines. 100 SMA has now joined the zone of heavy support around $600, with the middle bolligner, 9, 13 and 34 SMAs. Any short term bearish trades would be risky and futile in this period.

To get apt entry positions, let’s look into lower time frame:


On shorter time frame (4 Hrs), the setup is trending in the channel of the trend lines shown. 34 SMA has been the line of constant support and has provided good entry positions for short term trades. When the 100 SMA slowly turned from being the line of resistance to line of support was an indication to get in for the break out trade. During this change, it also crossed 34 SMA signaling even strong change which was the best indication.

While taking long term positions, keeping an eye on Yuan would be very helpful.