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Crypto Market Selloff Intensifies Amid CFTC Probe; Bitcoin Plunges Below $6,700

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Cryptocurrency prices experienced a massive selloff on Sunday, as investors grappled with multiple pain points ranging from cyber security to regulation. At the time of writing, the overall market was trading at its lowest level since mid-April.

Market Meltdown

The cryptocurrency market has shed $47 billion over the past 24 hours, according to data provider CoinMarketCap. The market’s total value was last seen hovering just below $294 billion.

The intense selloff was associated with a sharp rise in trading volume, with daily turnover reaching $19.5 billion. The market averaged between $14 billion and $16 billion last week.

Nearly all of the top-100 cryptocurrencies by market capitalization had booked losses. All major assets in the top-ten were down double digits percentage-wise, with EOS plunging more than 22% to $11.00 a unit.

IOTA and TRX were each down more than 18%. Stellar Lumens and Cardano’s ADA were down 13% and 14%, respectively.

Bitcoin pierced below $6,700, possibly setting the stage for a bigger correction in the near term. At the time of writing, bitcoin was down nearly 12% at $6,740.

Despite increased volume, turnover in the crypto markets remains very low by recent standards. So low as weak volumes persist, volatile price swings can be expected.

CFTC Probe

Hacked reported Sunday that the U.S. Commodity Futures Trading Commission (CFTC) is broadening its investigation into price manipulation tied to bitcoin futures contracts.

According to The Wall Street Journal, CFTC regulators grew frustrated with CME’s inability to extract comprehensive trading data from four major cryptocurrency exchanges. The exchanges – Bitstamp, Coinbase, itBit and Kraken – eventually handed over data, but only on a few hours’ worth of activity. The Chicago-based exchange had initially requested a full day.

CME Group is regulated by the CFTC, which is growing increasingly weary of price manipulation in the digital currency market. The commodity regulator backed the launch of bitcoin futures in December but conceded that the project was risky.

Coinrail Hack

The crypto world experienced yet another high-profile security breach Sunday after South Korea’s Coinrail announced that it had lost more than $40 million in altcoins. The heist targeted lesser known tokens NPXS, ATX and NPER. The trio of affected coins were frozen following the attack.

The team at NPER later announced it had located the wallet of the perpetrator. According to the group’s Medium post, the wallet’s address has been permanently locked, making it impossible to transfer the coins.

Coinrail is one of several digital currency exchanges to have been targeted by cyber criminals. The frequency of attacks has intensified over the past 12 months as criminals seek to exploit the rapid rise in cryptocurrency prices. Some have attributed the rise of cyber attacks to the cryptocurrency market’s largely unregulated status. A lack of regulation often means there’s little recourse for victims of large-scale breaches.

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 649 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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TenX: Look Out The Brits Are Coming

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We have written about TenX in the past with admiration for its business model. We weren’t the only admirers.  Last year TenX raised $80 million, ranking it as the ninth largest ICO of 2017. But now, there is a new threat, UK based Wirex.  These Brits are less well financed but much further along with a real product ready to launch in the US. Could this could put the kibosh on tiny TenX? Let’s take a look.  

You Gotta Love The Concept: Mass Acceptance

Both TenX and Wirex share a similar business model. They make cryptocurrencies spendable anytime, anywhere in the world. Start with their wallet and add a supported cryptocurrency. Then when the need to fill the gas tank or pay for dinner arises, pull out your TenX or Wirex card bearing the VISA or MasterCard logo and complete the transaction.

During the transaction, your crypto is instantly converted to fiat in one seamless step.  The cost of this service to the cardholder is unclear but we presume it will have to compete with exchange fees from entities like Coinbase or Binance.

True, there are certain limitations. So far the Wirex wallet accepts only Bitcoin.  TenX boasts of accepting Bitcoin, Ether and Litecoin. That covers about 90% of crypto assets but still leaves out a long list of altcoins and the bazillion of recently minted stablecoins.

Other marketing highlights at the TenX website include the opportunity to “Spend at over 42 million points of acceptance online and offline, in almost 200 countries – perfect for the world traveller.”  Unfortunately the website also notes, “We’re working hard to bring the TenX Card to you as soon as possible. Join the waitlist in the app to be notified when it’s out.”

Neither approach is perfect.  For crypto purists the only solution is for Bitcoin and other altcoins to be accepted directly as a medium of exchange. Maybe that dream will take place by 2028 or sooner but be careful about holding your breath.

Another flaw is that both systems appear dependent on either the VISA or MasterCard payment rail (and this has been a big problem). Even under ideal circumstances these transactions fail to reach the dream of being both frictionless and free.  However from the standpoint of mass acceptance, the merchant is already absorbing these costs so it should not impede acceptance of either TenX or Wirex.

Wirex Comes To America

Now Bitcoin.com reports that Wirex, which just registered in Canada, has its sights on a US launch. There are two aspects about this that are worth noting.  First, Wirex is using transfer technology from i2c. Not being a technology mavin, it is unclear what this exactly means to things like speed and costs but it can’t hurt Wirex’s invasion of America.

So why should investors in TenX be concerned?  After all, things haven’t exactly been all that shining.  At one point this year, TenX ranked in the 50 most highly valued cryptos.  It pretty much carved out a giant sized niche.

And then back in January a great many of Visa’s cryptocurrency debit cards ceased working as the company ended its relationship with a debit card provider called WaveCrest. Affected cards were those issued by WaveCrest, including products from CryptoPay, Bitwala, TenX, Wirex and others. Since then, the price of TenX has dropped from $5 to about $0.55.

This is where the connection between Wirex and i2c could be the answer to the problem. According to Bitcoin.com “The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the US.”

A Few Metrics on Wirex

If any published data can be believed, it would appear the Wirex already is a small force in crypto to fiat payments.  According to its website, Wirex has over 900,000 customers in 130 countries having participated in over $1 billion in transactions.  That maybe be peanuts compared to the total value of all transactions but it ain’t exactly chump change either.

So while loyal fans of TenX patiently wait for their plastic and investors sit on their $0.55 crypto investment, Wirex appears ready to steal the thunder.

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 114 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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TRON Price Slides 7.2% Despite Release of TRON’s Version of MetaMask

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TRON just received its own version of Ethereum’s MetaMask in the form of TRONLink – an app which allows web browsers to interact with the TRON blockchain.

While the new feature may open up the TRON blockchain to the technically curious, it is unlikely to register a blip on the radar of the average altcoin buyer.

As such, TRX has seen a continuous slide for the last five days, during which time it lost 7.2% of its value.

This reverses the trend of recent months which had seen TRX break away from the pack thanks to various fundamental developments, and an always active Twitter presence.

TRON Blockchain Gets TRONLink

Created by a TRX wallet developer, TronWatch, the new TRONLink browser extension is available for Chrome, Firefox, and Brave Browser users.

The extension functions in the same way as Ethereum’s MetaMask, allowing for direct, secure access to blockchain applications and services.

According to the Medium blog post released earlier in the week:

“By integrating TronLink, developers are able to interact with the smart contracts they create for their DApps right inside their browser. Interactions that were previously impossible are now easily accomplished. This enables games, applications, sites, and more , all fueled by the TRON blockchain through TronLink.”

The extension comes at an apt time in the development of Tron, and can now be used to access TRONBet – the blockchain gambling app which recently pushed TRX transactions to higher numbers than that of Ethereum.

TRON founder and CEO, Justin Sun, took to Twitter to announce the news himself, stating:

“With TronLink Beta, developers will now be able to access #TRON‘s blockchain, create and interact with decentralized applications from their Chrome and Firefox browser. More #Dapps on TRON very soon!”

TRX/USD

In the five days leading up to October 23rd, the value of TRX dropped by 7.2%, as the coin price slowly dipped from $0.024933 down to $0.023114.

That’s the biggest dip TRX has taken since the flash dip on October 10-11th, when TRX lost close to 25% of its value. Yet despite this, TRX is now at break even for the month, having opened at the $0.023 mark thirty days ago.

The quarterly high of $0.04 reminds just how much potential for growth there still is the altcoin market. Back in spring of 2018, $0.04 was the support level from which TRX sprung to 100% growth in the month of April.

TRX/BTC and TRX/USDT trades are the most concentrated across various exchanges in the last twenty-four hours. TRX volumes dipped to $75 million on Wednesday, down from the $400 million recorded on October 8th.

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 82 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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Zcash (ZEC) Price Analysis: Market Cap Growth Continues, More Updates Coming Soon

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  • Zcash moves up to rank 19 on the top cryptocurrencies by market capitalization.
  • The Sapling upgrade just a few days away, as Zcash team suggest there could be more announcements soon.

Zcash (ZEC) continues to jump up the ladder, with its growing market capitalization. Last week it managed to creep into the top 20 cryptocurrencies, by market cap. Most recently, it has now moved up to rank 19. At the time of writing, it is seen at $624.5 million, ahead of VeChain (VET) with $612.6 million.

Countdown for Sapling Upgrade

It is just under 6 days now until the anticipated Sapling upgrade from the Zcash foundation. According to the firm, ‘Activation block 419200 will be mined October 29, 2018 01:31 UTC+00:00 assuming 150 seconds/block.’ The build-up of this is something that has appeared to be very supportive in the elevation of the ZEC price.

The Sapling is a network upgrade that boasts increased efficiency for transactions of which are shielded. They will facilitate broad mobile, exchange and vendor adoption of the Zcash shielded addresses. Zcash’s goal is to also see increased speed with these shielded transactions; it is touted that transactions can be shielded in less than 1 second.

New Announcements Coming Soon?

The Zcash team via their Twitter account have continued to count down their upcoming upgrade, tweeting “Is your product is #Sapling-ready? Or you would like to learn more about supporting the #Zcash Sapling upgrade? Reach out and let’s connect!” Within the tweet, they covered existing Salping-ready services listing; Bithumb, BitGo, Coinomi, Lamassu, Ledger, Suprnova, Trezor and WinZEC. They noted “MORE COMING SOON!” implying there are potential pending partnerships and integrations in the works.

Technical Review – Daily Chart

ZEC/USD daily chart

ZEC/USD bulls are on the hunt for an extended breakout north, as a vital trend line is being tested. A break of the mentioned resistance is seen tracking at $126. If a breach and daily close above, should open to door wide open to some buying pressure. The bulls will be met right away by some supply running from $130-133. As a result, sellers have knocked the price down throughout October, within this territory. Finally, for upside targets, a rally up to $145, would like then come into play. The price last traded here on 28th September.

In terms of support, this is seen all the way back down at $110. A lower supporting trend line can be observed tracking here. This has been active since mid-September. Furthermore, a buying area is noted from $100-95.

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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4.5 stars on average, based on 33 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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