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Bitcoin Cash Corrects Lower After Record Surge as Coinbase Investigation Weighs

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Bitcoin cash (BCH) corrected lower on Thursday after Coinbase suspended the buying and selling of the digital currency due to allegations of insider trading.

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BCH/USD Price Levels

The value of bitcoin cash declined sharply on Thursday. BCH/USD touched a session low of $3,411, and later recovered near $3,470 for a daily loss of more than 7%. Even with the decline, bitcoin cash has earned nearly 60% since the start of Tuesday.

At present values, bitcoin cash is capitalized at more than $62 billion. Trade volumes over the past 24 hours surpassed $8.3 billion, with the bulk of activity taking place on South Korean trading desks. Bitthumb saw nearly 16% of the daily volume, according to CryptoMarketCap. Bittrex accounted for more than 10% of the daily turnover.

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Coinbase Halts BCH Trading

Coinbase quickly halted trading of bitcoin cash on Wednesday as allegations of insider trading quickly spread  The value of BCH spiked immediately after the exchange announced it was rolling out support for the recently forked cryptocurrency. A few hours after hitting GDAX, bitcoin cash spiked above $8,500. That was nearly three times higher than  BCH’s price on all other exchanges.

Rumors quickly spread that Coimbase employees used insider knowledge to load up on BCH tokens prior to its launch on GDAX. Although Coinbase strongly denied any wrongdoing, evidence of bitcoin cash’s inclusion on GDAX surfaced three days ago on Reddit in a post called, “ATTN: Bitcoin Cash added to Coinbase API (EXTREMELY BULLISH)”.

Prior to the surprise launch, users were preparing for the release of bitcoin cash on or by Jan. 1, 2018 – the self-imposed deadline Coinbase issued in August. The exchange had previously decided against supporting bitcoin cash before a flood of angry users threatened to sue the exchange in a class action lawsuit.

Coinbase issued the following statement in August pertaining to its involvement in bitcoin cash:

“Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.”

It is not entirely clear how this issue will be resolved, or what other forces may have contributed to bitcoin cash’s controversial surge. Investors should therefore plan for more volatility in the near future as Coinbase concludes its investigation.

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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Tron Cryptocurrency to Partner With ‘Chinese Netflix’

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Cryptocurrency bloomer Tron (TRX) has announced a major partnership with a firm it calls the ‘Chinese Netflix’, a move that some say could set the project up for even more growth.

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Strategic Partnership

Tron founder Justin Sun took to Twitter on Wednesday to announce a new partnership deal with Baofeng, which is listed on the Shenzhen stock exchange. Sun, who has made quite the name for himself through clever marketing hype, issued the following statement:

“We #TRON are proud to announce the partnership with Baofeng group,” Sun tweeted Wednesday. “Baofeng, aka Chinese Netflix, boasts more than 200 million users as a video portal giant and has achieved 8 billion [Chinese yuan] listing in Shenzhen stock exchange (300431.SZ).”

Unlike other cryptocurrencies, Tron seeks to create a digital content platform directly on the blockchain. The primary goal of the platform is to give content creators new ways of owning and distributing their work without having to deal with intermediaries like Apple Store.

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The company recently announced a partnership with Singapore bicycle-sharing system oBike. There’s also speculation it could enter an agreement with Chinese e-commerce behemoth Alibaba.

Just last week, Tron became the latest altcoin to surge in value, joining the likes of Ripple and Litecoin near the top of the market cap chart. The project briefly overtook Litecoin in terms of overall market cap, which may have emboldened Sun to take a jab at LTC founder Charlie Lee.

In a Jan. 4 tweet, Sun seemed to criticize Lee for selling his Litecoin. In the same message, he reaffirmed his long-term commitment to the project through at least year 2020. Lee, aka @SatoshiLite, fired back with the following message:

“Congrats @justinsuntron, but you’re making the wrong comparison. You’ve printed over 34% for yourself ($6B!) versus LTC that I bought and mined. I also didn’t sell for 6 years, yet you’ve only locked yours up for only 2 years. Lock it up for 6 years if you’re really confident!”

TRX Price Levels

After a massive new-year surge, Tron’s value has drifted lower in recent days, placing it 11th among active cryptocurrencies with a market cap of $8.1 billion. The TRX token was last down 3.6% at around 12 cents U.S., according to CoinMarketCap. That’s around half peak levels from last week.

The Hong Kong-registered Binance was responsible for the vast majority of the $1.5 billion turnover in TRX.  The platform processed 50.5% of the total daily volume via TRX/BTC. An additional 22.8% of the daily volume came from the broker’s TRX/ETH cross.

Of course, Sun has also been vocal about the recent price drop in TRX. In a Wednesday tweet, he said the recent fluctuation in the cryptocurrency’s price was due to CoinMarketCap’s decision to exclude Korean exchanges from its pricing mechanism.

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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Let’s Take the Power Back!

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It seems clear by now to many of us that the next leap in the evolution of technology will be that of decentralization.

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The innovation of distributed ledger technology “blockchain” has shown us that centralized money, power, and data are inherently weak and that by spreading out these things over an entire network we can strengthen all of them and make them more effective.

Why then do the entire industry and the cutting edge cryptotraders, all rely on the same stupid centralized website to get our information and pricing?

I’m as guilty as everyone else on this and find myself logging into coinmarketcap.com several times a day to check pricing. I’ve seen them cited over and over again in articles as if they’re some kind of authority and it’s gotten out of hand.

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CMC caused the market to crash on Monday. Whether this was intentional or not remains to be discovered. For myself and all of you reading, I propose that we boycott this website effective immediately.

I’m sick and tired of their banner adds that intentionally promote scammy ICOs and sick and tired of them having total authority over a market that should be free, especially where there are so many other great websites that can give us the information we need just as quickly and just as efficiently.
 
@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

  • Action in The Bonds
  • Japan Exiting?
  • Ethereum is the Safer

Please note: All data, figures & graphs are valid as of January 10th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Usually, the bond markets are the most boring market to be involved in. As an incredibly low risk asset, the volatility is often times non-existent.

Yesterday however, there was some sudden sell off in US treasury bonds. Here we can see the TLT 20 year bond, which is trading on eToro.

What bond traders like to watch are the yields, which trade inversely to the price. Seeing the Yield on the US 10 Year spiking above 2.5%, for the first time since March, was enough to raise a few eyebrows on Wall Street.

Nevertheless, with eyebrows raised investors kept plowing into buy positions on the stock market. The S&P500 has closed with a record high every day this year making it one of the strongest starts for stocks ever.

What caused the bonds to sell-off?

Many analysts are pointing to “monetary tightening.” The central banks of the world are in the slow process of raising interest rates and gradually trying to reverse the “loose money” policy that has been in place since 2009.

The Bank of Japan, who until now has been the most aggressive champion of quantitative easing, showed a tiny sign that they might be reducing their monthly bond buying practices.

In their monthly purchases yesterday they bought a total of ¥190 Billion, instead of the ¥200 Billion that they bought last month.

That’s it. A tiny difference, less than $90 million difference from one month to the next has the entire bond market in a tizzy.

Though the Stocks don’t seem to be affected much, the currency markets certainly have been.

The USDJPY fell quite quickly below the current range (dotted blue line) and below the psychological level of 112 Yens to the Dollar.

Finally some action!!!

Let’s Talk about Crypto

The crypto market is also seeing somewhat of a selloff. The overwhelming gains we saw in Ripple’s XRP token’s over the few weeks are being rapidly clawed back. It looks like XRP has found some sort of floor at $1.50 but we’ll see how that develops.

It should be noted, that even if XRP retraces all the way to $1.10, it will still be worth 5 times what it was a month ago.

For those of you who got in early and are still hodling, awesome!! For those of you who got in late and are now hurting, I feel you and I’ve been there before. Next time please try to be more diverse in your investments and try to take a more long term approach to the markets.

The pullback isn’t just in XRP though. In fact, the only cryptocurrency that seems to be in green today is Ethereum. As we’ve noted several times in past updates, Ethereum is acting as the safe haven in this market.

Bitcoin Mining

It seems we have an update on the status of bitcoin mining in China. Official documents from the Chinese authorities obtained by the Financial Times indicate that China will in fact be cracking down on Bitcoin miners.

This is particularly concerning because most mining is still done in China. Though many other countries have plans to ramp up their operations, these things take time and none are fully operational just yet.

This news comes at a particularly bad time for the world’s first cryptocurrency as the backlog of unconfirmed transactions known as the mempool just does not want to clear. Even though the number of transactions processed by the bitcoin blockchain is coming down, there are still about 170,000 unconfirmed transactions at any given time.

The thing to watch is the hashrate. To bitcoin’s benefit, the computing power of the network has grown drastically over the last few months. If it starts to falter now it will be a very bad sign for bitcoin indeed.

The SegWit solution could still save bitcoin but the possibilities of this happening seem increasingly slim. Alas, only 10% of miners have gotten onboard so far.

Even though I love bitcoin, the amount of energy it currently uses to facilitate the blockchain is quite excessive. If the protocol cannot be updated to make it more efficient, perhaps it’s best that the way be cleared for other more efficient cryptos.

This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation. The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro. Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.

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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Crypto Selloff Continues as Altcoins Struggle

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Ripple, Stellar and several other altcoins declined sharply on Tuesday, as the crypto market correction entered its second day.

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Crypto Market Tumbles

The total market capitalization for cryptocurrencies reached a low of $682 billion on Tuesday, according to data provider CoinMarketCap. That was the lowest level in almost a week, when the market was charting new record highs.

At the time of writing, the overall market cap was $708 billion. The share of altcoins was nearly 67%, with bitcoin accounting for the rest.

In just 12 months, bitcoin’s share of the market has declined from nearly 90% to just over one-third.

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In percentage terms, altcoins were the biggest laggards, with Ripple, Cardano and Stellar posting double-digit declines.

Ripple

Ripple’s XRP token touched a session low of $1.90, its lowest since New Year’s day. The cryptocurrency was last valued at $1.96.

The hottest crypto asset of 2017 underwent a technical correction over the weekend before news of a bitter court battle between Ripple and bank consortium R3 consumed the market. The dispute, which centers on an options contract, escalated after Ripple filed a counterclaim accusing its blockchain rival of acting in bad faith. Last October, Ripple announced it had won a critical court case over who can keep millions of XRP tokens. Those tokens are now worth at least $12 billion.

Last week, XRP pushed north of $3.00 before running into a major technical hurdle. Now, the market finds itself moving back toward support levels near $1.80.

Cardano

A coin by the name of Cardano made headlines last month after it spring boarded into the top-ten list of cryptocurrencies. The ADA token was down more than 13% against the dollar to trade at 78 cents. Prices peaked at $1.32 on Jan. 4.

Cardano failed to generate any momentum after it announced the ADA token will be listed on the futures exchange Bitmex. The cryptocurrency, which is based on the Ouroboros proof-of-stake algorithm, is now supported by six exchanges.

Stellar Lumens

Distributed hybrid blockchain Stellar Lumens suffered a fresh selloff Tuesday, and now trades more than 40% below all-time highs. The XLM token was down more than 12% at 56 cents U.S., for a market cap of nearly $10 billion.

Stellar is slowly emerging as a viable platform for initial coin offerings (ICOs), with Mobius Network recently launching its token on the smart contract system. The software data provider raised $35 million in its pre-sale, with 32,000 investors participating. The full ICO will launch Jan. 18.

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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