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Bitcoin Won’t Replace Cash, Says Bank of Canada Deputy

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Bitcoin and other cryptocurrencies are changing the world finance as we know it, says a top Bank of Canada official. However, they are unlikely to replace fiat money anytime soon.

Meet Carolyn Wilkins

Speaking at a finance meeting in Washington on Wednesday, BOC Senior Deputy Governor Carolyn Wilkins had positive things to say about digital currency, but that they ultimately fall short as a medium of exchange.

CCN.com reported on Wednesday that Wilkins had the following to say about digital currency:

Money that’s worth the name to be called money really does have to be a medium of exchange, a store of value – and the digital currencies that are out there right now don’t fulfill them – bitcoin doesn’t, none of them do.

Bitcoin and its altcoin competitors have surged this year as investment demand picked up, but considerable challenges lie ahead for mainstream payment adoption.

Wilkins acknowledged that Canada’s central bank is considering its own digital currency, but is still in the early stages of research. Earlier this week, reports out of Russia suggested that the Kremlin was eyeing a digital token of its own. The so-called CryptoRuble is Russia’s attempt at regulating the digital currency market. Its adoption has strict provisions, including an outright ban on digital currency mining.

Like other central banks, the BOC is no doubt intrigued by blockchain – the ledger technology underpinning bitcoin. The Bank of England and Bank of Japan have also signalled their interest in blockchain technology.

The digital currency market has been on fire as of late. Prices have cooled in recent sessions on what looks like a healthy correction. Bitcoin’s market cap surpassed $95 billion last week at the height of the rally, with several altcoins quickly following suite. Bitcoin’s capitalization has since fallen below $92 billion, according to CoinMarketCap.

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 736 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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Altcoins

Tron Price Analysis: TRX/USD Looks Set to Give Up $0.02000 Territory Again

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  • TRX/USD under heavy selling pressure late on Tuesday, dropping over 7%.
  • Bears are gunning for another retest of vital support, seen above a breached pennant patterns structure.

TRX/USD has been under heavy selling pressure on Tuesday, nursing chunky losses at the time of writing of 7%. Bears remain well in the driver’s seat in the latter stages of the day, with momentum picking up pace to the downside. The bulls lost much wind behind their sails on 10th January, this coming after enjoying a strong period in a run to the north. TRX/USD from 4th January – 10th January had gained a massive 75%, breaking out of a bullish pennant pattern structure. It also managed to briefly extend above a known area of supply, which exacerbated the upside pressure.

TRX/USD daily chart.

The above-described move saw the price print its highest level seen since 31st July 2018. Shortly after this high print, a big wave of selling kicked in. As a result, a very bearish daily candlestick was produced on 10th January. Daily sessions since this have closed in the red, apart from 14th January. TRX/USD managed to receive strong support on top of the breached pennant, providing some brief relief after the reversal was well underway. Despite the current trend south, news flow around the Tron foundation continues to be plentiful and upbeat.

OKCoin Supports TRX

As reported by the CCN team, OKCoin announced it has listed TRX on its trading platform. This coming via the exchange’s Medium blog today. OKCoin detailed that “starting today, authorized OKCoin customers can deposit TRX, and starting on January 17th they’ll be able to trade TRX against USD, BTC, and ETH.” Of note, the OKCoin platform was founded by the same people behind OKEx; however, OKCoin primarily focuses on traditional swaps and allows for bank deposits. In addition, OKCoin accommodates U.S clients, whereas OKEx do not.

Justin Sun Welcomes New Partner ABCC Exchange

ABCC Exchange, a cryptocurrency exchange platform, announced it is partnering with the Tron Foundation. The company tweeted, “ABCC is the 1st exchange that will list TRX 10 tokens. We are one of the top exchanges with great security and user interface. Stay tuned!” On the back of this, Tron founder Justin Sun replied, “ABCC is truly an awesome platform that has witnessed great development. We are glad to partner with ABCC as it’s the first exchange listing TRX10 tokens”.

Technical Review – TRX/USD

Given the current downside momentum, eyes are on another retest the breached pennant pattern structure. Where the two trend lines cross, support will be sought here, which could see the $0.02000 territory come under threat. Should the bears manage to force a breach, then a prior action demand zone will be called into play, within the $0.01700 price region.

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 106 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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Cryptocurrencies

Tron Flashes Rare Green Despite Warning About BitTorrent Token

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Tron’s TRX token flashed green on Monday, outperforming its major cryptocurrency peers thanks to a technical rebound that first emerged roughly 12 hours ago. The ninth-largest cryptocurrency by market capitalization appears to be recovering from a turbulent weekend stoked by speculation that the Tron network won’t be able to manage BitTorrent’s voluminous transactions, something it purports to do via the newly created BTT token.

TRX Outshines Market

The TRX token climbed above $0.02500 in overnight trading, its highest since Friday. At the time of writing, TRX/USD was valued at $0.0238, having gained 4.8% on the day. By comparison, the overall cryptocurrency market was down 3.1% over the 24-hour cycle. The majors were down between 2% and 6%.

It’s not uncommon for Tron to go against the grain of the overall market. It was the last major cryptocurrency to fall last week following bitcoin’s sharp and sudden drop. This precipitated a much bigger selloff, which dragged crypto prices to their lowest in over three weeks. More on this story: Crypto Markets Extend Slide as Volume Plummets; Bitcoin Approaches $3,500.

Tron’s trading volume more than doubled on Monday, reaching $375 million. Volumes declined sharply over the weekend as overall market activity cooled. Binance is the largest market for TRX trades; on Monday it processed more than a fifth of total transactions. https://hacked.com/crypto-markets-extend-slide-as-volume-plummets-bitcoin-approaches-3500/

TRX Rollercoaster

Tron’s native token has been on a rollercoaster as of late. Markets initially rallied behind the launch of the BitTorrent Token (BTT), a cryptocurrency designed to incentivize participation on the massive peer-to-peer file sharing system. The TRX price would eventually reach five-month highs before falling victim to a broad market pullback, which was driven by the aforementioned slump in bitcoin’s price. Losses seemingly mounted over the weekend after a former BitTorrent executive cast doubts about whether the Tron network can actually support BTT transactions.

Simon Morris, who previously served as BitTorrent’s Chief Strategy Officer, said there was “no way” Tron’s network can handle the file-sharing system’s transaction volumes.

“I suspect that what they’re really going to do is they’ll do it on some central server, they’ll wave their hands and say, ‘Oh, it’s a Lightning Network for TRON,’ or something, and pretend it’s TRON-based, but it’s not really TRON-based,” Morris said in an interview with BREAKER magazine.

Morris also slammed Tron’s founder Justin Sun as being all marketing and no substance.

“It’s very clear that Justin is very strong at marketing. He has a very nice personality from a marketing point of view. He doesn’t have a technical bone in his body,” he said, according to CCN.

Former BitTorrent Chief: TRON Can’t Handle BTT Token; Compares Justin Sun to Trump

Sun’s company acquired BitTorrent last summer for $126 million. The acquisition was seen as a major breakthrough for the Tron Foundation and its founder, who has faced criticism for over-hyping projects and rarely delivering on promises.

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 736 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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Analysis

GBP/USD Price Prediction: GBP/USD Pump and Dump Eyed

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  • GBP/USD has been rallying heading into the crucial vote on Theresa May’s Brexit deal with the EU.
  • Markets could very well be making room for a big sell-off, depending on the outcome.

Markets Expect PM May to Fail

GBP/USD surprisingly has been making its way north, as the price on Friday made one final big push for the week. This comes despite the crucial vote on Tuesday 15th January, where UK parliament will vote on PM May’s EU deal. It appears the market is strongly anticipating the Prime Minister will lose this. As a result, the case for this is already being priced in.

Despite the fact the markets are expecting this sort of outcome, there could still very well be room for a large fall for GBP. This rally being observed may be the pump, making room ahead of it encountering a large dump. In terms of this type of behavior it has been seen time and time again ahead of big market moving events.

In these heightened times of uncertainty, both economically and politically, GBP/USD has still managed to close in the green for four weeks running. It has moved to its highest levels seen since week of 26th November. This has been the longest weekly run observed for the pair, going back as far as August 2018.

Key Technical Levels

GBP/USD 4-hour chart.

Looking via the 4-hour chart view, an ascending channel formation can be eyed, which has been in play since 11th December. Despite the freak mini touted flash crash on 2nd January that rippled the markets, GBP/USD has respected this pattern. The price has been grinding higher within this, having gained almost 400 pips.

The bull run on Friday was capped by the upper acting trend line, which is tracking at 1.2860-70. It did print its highest level since 22nd November in that latest squeeze higher. Given the further wave of uncertainty that will hit the market next week, the price will likely continue to respect this channel. Keeping in mind the recent rejection on Friday, price pressures to the downside could be eyed at the open. Support levels to note via the 4-hour; 1.2770, 1.2716 and then 1.2660.

GBP/USD weekly chart.

In terms of the weekly chart, should the bulls intend to resume the upside pressure, they will need to break down 1.2870. This is a resistance area and a break and close above can open the door for a return to the psychological 1.3000 mark. To the downside, big weekly levels to note are 1.2770 and 1.2660. Any failure of those mentioned holding, then a fast move back south to a demand zone tracking from 1.25-1.2400 is to be expected.

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 106 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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