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All Sports’ SOC Token Dips Amid Poor World Cup Showing

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The All Sports SOC token has sunk 11% over the past 24 hours, falling to a three month low of $0.107. This takes All Sports back to a late April valuation, right before its market cap trebled over the course of a week in early May.

AllSports Market Analysis

The SOC token’s poor performance against the dollar today coincides with the failure of a member of its advisory board to secure a win in the World Cup game played last night in Russia.

Sergio Aguero is listed as a consultant on the All Sports website, and even though he managed to grab a goal last night, his Argentina team ultimately failed to get a win against Iceland.

In all objectivity, the price of SOC tokens had been falling for the last few days, so while the football match may have had something to do with it, it seems unlikely to have had a major impact.

Indeed, the value of the SOC token has crashed 30% in the last three days, after a fairly strong week which saw it trade for $0.15 against the dollar. Its 24 hour volume at that time peaked at $54 million. Today it’s back down to $12 million.

Argentina is the team which Lionel Messi represents, and they were hailed as early favourites for the tournament earlier in the week. Their draw against Iceland was all the more embarrassing for the fact that many of the Icelandic players are amateurs who have full-time jobs in addition to playing football.

Trades against Tether (USDT) have made up more than 60% of SOC’s entire trading volume, with Huobi and OKEx being the main centers of activity. The next most traded pair is SOC/BTC, the majority of which can also be found on Huobi and OKEx.

A Sports Hub

All Sports advertises itself as a future hub for the entire sports industry. Their roadmap details plans to turn their platform into a media, betting and market site; an ambitious aim in an industry that’s worth an untold number of billions or even trillions each year. In the UK alone, the football industry is worth an estimated $5.5 billion a year, and that’s without factoring in the billions spent in bookmakers or on gambling sites.

Footballer Advisory Boards

Grabbing a high-profile footballer to help launch your ICO is becoming all the more common, and All Sports are continuing that trend by listing not just one, but two world-renowned football players on their advisory board page.

Alongside Sergio Aguero is the Chelsea and Belgium superstar Eden Hazard, and their presence on the All Sports website is all the more startling for the fact that they are the only team members listed on the site.

Belgium play their first game of the tournament tomorrow against lowly Panama – a team they will be expected to beat. Here’s hoping that his company’s market performance doesn’t affect his own performance in the game tomorrow.

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 24 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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TenX: Look What’s Going On

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How is this for an attention getter? The price of TenX had jumped almost 250% since late June to around the $1.22 level.

Since it peaked at $5.00 around Christmas time, TenX investors have lost big time. So, is the recent action grounds for excitement? I believe the answer is yes. After taking a close look, there are some very cool things about TenX. Of course there is always a difference between a flashy whitepaper and a finished product, but TenX could deliver some interesting stuff. So stay with me and let’s take a look.

The Basic Structure

Just for starters, TenX is a debit card driven wallet. But that is only part of the story. The founders claim to offer a major game changer by enabling users to spend their blockchain assets through their mobile phone or a physical debit card. That is a very cool way facilitate mass acceptance of crypto, but TenX is hardly the first.

There are already quite a few including Xapo, Bitwala, Monaco, Tokencard and Wirex that have been around for several years. On the other hand, TenX’s ICO raised $64 million taking the #8 ranking in 2017 for the biggest raise. Presumably somebody back then looked at all the competition and decided to place their bets on TenX.

Uniqueness

On the surface, TenX is a project to make a better mouse trap. They claim to be the only company to be able to make multiple cryptocurrencies instantly spendable. If you do some digging you will see how others like Bitwala, Monaco and Tokencard focus solely on Bitcoin or Ether. TenX’s current list includes Bitcoin, Ether and Dash. The idea is to eventually include virtually any blockchain asset.

To make this all happen the COMET network is under development. The acronym stands for Routing Protocol and Cross-chain Payment Channels. The goal is to create a trustless, instantaneous network that is, above all else, lowest cost provider.

At the outset, the TenX app or physical debit card will be accepted in roundly 200 countries and 36 million locations.

TenX Promises To Be Cheaper

In addition to accepting Bitcoin, Ether and Dash, TenX also incorporates both MasterCard and Visa. All customer assets are held in crypto form until the last moment before being converted to the designated fiat currency. Cardholder transaction fees are free. Instead, holders receive 0.1% refund on purchases.

Milestones

The release of the iOS and Android version of the mobile app started in October of last year and both versions of the mobile application available for download in all countries.

One of the nice things is the ease of signing up with the app that is a lesson in user friendliness that most crypto exchanges could draw a lesson from. The only drawback for some potential users is the requirement to list both place of residence as well as place of citizenship. For most this is not a big deal but could offend some crypto purists.

As of April, TenX offered full support for BTC, ETH and Litecoin (LTC). Later this year, the intent is to add additional support for all other ERC20 tokens as well as Ripple.

The next step is for TenX to receive approval for a banking license. When this takes place, TenX will be able to issue it’s own debit or even credit card without dependence on the Visa or MasterCard networks or other third party issuers. In my view, that is when the real fun begins for investors.

Management

Having over $60 million from their ICO enables the project to be fully staffed. In addition to four co-founders, there are sixteen engineers, a dozen members on the operations side, seven in Legal & Compliance, six in product design and development and over a half dozen in related capacities. In other words, this is company appears well beyond the whitepaper stage and capable of delivering on their bold promises.

 Why The Price Tumbled

In early January, just as the crypto selling wave was going into high gear, Visa announced that it was terminating its relationship with the payment processing company WaveCrest. Affected cards under association with WaveCrest included CryptoPay, Bitwala and TenX. At first the Visa decision appeared to be cryptocurrency related.

After the noise quieted down it became clear that the move was strictly related to WaveCrest. The WaveCrest termination does not affect other card programs approved by Visa that use fiat funds converted from cryptocurrency. Nevertheless, the damage had been done by the time all facts were known. TenX’s relationship with Visa remained valid.

Keep An Eye On TenX

So to restate the question, what’s going on with TenX: quite a bit actually. The real question remains, is the recent price spike the beginning of a major move? Fundamentally, things look promising and in the long run that will create higher value. So this is name on which to do your homework.

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 88 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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Stellar XLM Surpasses Litecoin for Sixth Spot in Crypto Market Rankings

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Stellar’s massive gains over the past 48 hours have catapulted XLM to sixth spot in the crypto market ranking, surpassing Litecoin for the first time.

XLM Price Levels and Comparisons

The market capitalization for Stellar has ballooned $1.4 billion since Tuesday, with the price of a single Lumen reaching a high near $0.32, according to CoinMarketCap. At press time, the cryptocurrency was trading at $0.308, having gained nearly 2% over the past 24 hours and more than a third since Tuesday.

By comparison, the broader cryptocurrency market has gained 7% since 13:00 UTC on Tuesday, when the uptrend first began.

At current price levels, Stellar has a total market capitalization of $5.7 billion – some $700 million higher than the next cryptocurrency, Litecoin. Charlie Lee’s Litecoin project has now been upended by two cryptocurrencies this year: EOS and Stellar.

Stellar and EOS were ranked 12th and 13th, respectively, last December as Litecoin held on to the fifth spot. EOS is currently the highest of the three in terms of trade volumes.

The IBM Catalyst

Although Stellar’s bullish reversal cannot be divorced from the broader market’s sudden rally, the coin is also benefiting from enterprise adoption of the XLM protocol. As Hacked reported on Tuesday, IBM has joined forces with a fin-tech startup to launch a stablecoin on the Stellar network. Since the announcement was made, XLM’s trade volumes have grown four-fold.

Just two months ago, IBM also announced it was using Stellar to launch a new cryptocurrency that will tokenize carbon credits. The new token is intended to help companies account for carbon credits, which have been difficult to quantify.

Stellar and IBM have emerged as natural allies in the quest for a more reliable global payment network. Long before these new projects were announced, IBM had been working with Stellar to launch a network of 12 currency corridors spanning Australia, New Zealand and the smaller island states of the South Pacific. IBM’s banking network is using the Stellar network to move money across vast distances in near real-time.

The list of initial coin offerings (ICOs) launching on the Stellar network is also growing. CoinLauncher currently lists 16 past and future projects that are relying on the platform to launch their own cryptocurrency. Back in November, Smartlands became the first ICO to launch on the Stellar network.

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 502 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin Diamond Price Pumps 78%, Dumps 49% Twelve Hours Later

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Bitcoin Diamond (BCD) was rising steadily along with the market 48 hours ago and had chalked up more than 10% gains over the week, then came a twelve hour window in which the coin was flipped like a domain with blockchain in the name.

At 5pm UTC yesterday, BCD coins were relatively stable in the low $2.20 range. After touching $2.21 the coin’s value suddenly spiked to $3.95 within five minutes – that’s a 78% spike in less time than it takes to microwave a potato.

BCD’s daily volume just before the spike was $3.3 million – five minutes later and it jumped to $4.5 million.

The price soon began to rebound, but only for long enough to fool potential investors, because by 5am this morning the pump reversed and whoever initiated it in the first place made away with their original coins along with a nice chunk of interest.

Money In… Money Out

When the dump came, it came with the same swiftness. From a price of $4.51, BCD coins dropped to $2.30 within exactly five minutes  – that’s a 49% crash. The daily volume at the time was $10.2 million, and the dump reduced that sum to $7.8 million.

So if we narrow our focus to those two five minute windows – before additional investors had the chance to follow suit – we can see that $1.2 million was injected into Bitcoin Diamond at 5pm yesterday.

At 5am this morning, a sum of $2.4 million worth of BCD was sold off, after which point the coin resumed its relatively stable trend. Would it be too blunt to assume that someone just turned $1.2 million into $2.4 million?

During this time the daily volume jumped $6.3 million – not including the volume from the pump. If you look at the pattern on the pump and dump, you can see that it relied on enough people buying in after the initial sell-off by BCD holders who decided to cash out at the initial pump price.

A History of Pump and Dumps?

Similar spike patterns have been seen on Bitcoin Diamond in 2018 alone, with one coming between July 7th and July 9th. Going back to January there was another huge spike which saw the coin multiply 40x in price – enough to prompt Kucoin to issue a warning to its customers urging them to ‘invest rationally’.

That’s if they get the chance to invest at all, given how quickly the action takes place. The people who slept through the pump and dump are actually the luckiest – their coin is back to the value it started at, and it’s as though nothing happened.

But a lot of people on the exchanges got fleeced and will be nursing wounds this mornings. Others will just be disappointed that they didn’t cash out at the peak.

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 24 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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