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Ethereum Up 50% in Last Two Weeks on South Korea, ICO Hype

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Ethereum (ETH/USD) has been pushing higher over the past two weeks, with prices crawling back above $300.00 for the first time since June.

ETH/USD Hits One-Month High

The ETH/USD exchange rate approached $315.00 on Wednesday, the highest level in over a month. The price pulled back on Thursday to settle just above $300.00. Prices held relatively steady at the start of Friday trading, giving etherum a market cap of roughly $28.2 billion.

With Thursday’s advance, ethereum has risen for six consecutive days and is up 50% compared to two weeks ago when it traded around $200.00.

The cryptocurrency has forged a new leg higher, with prices well supported north of $280.00. This level prevented the sellers from gaining control of the market on Thursday when the ETH/USD pair entered a mild correction.

South Korean Buyers, ICO Hype Lift Prices

The South Korean won has done most of the bidding lately after lawmakers in the Asian country announced tentative plans to regulate cryptocurrency. According to CNBC, over 60% of ETH purchases are happening in the won currency.

South Korea would become the second Asian country to regulate cryptocurrency. Earlier this year, Japan spearheaded legislation recognizing bitcoin as a legal payment method. The announcement propelled the digital currency market to new record highs.

Ongoing hype surrounding initial coin offerings (ICOs) is also boosting buyer interest. ICOs are similar to crowdsourcing in that they allow startups to raise money by offering funders a stake in the company. ICOs raised $1.2 billion in June and July to surpass early stage venture capital.

In June alone, ICO funding exceeded $550 million. By comparison, angel and early VC funding came in at just under $300 million during the same month.

Bitcoin Stabilizes Near Record High

Ethereum has flown under the radar in recent weeks as infighting broke out in the bitcoin community. The rapid rise and fall of Bitcoin Cash – the newest edition to the cryptocurrency family – has had a minimal impact on the broader market. In fact, bitcoin prices surged to new highs this week as its mining community voted to accept the new Segregated Witness (SegWit) upgrade.

SegWit has been designed to scale up bitcoin’s capacity to boost efficiency and speed on the cryptocurrency network. It was also the point of contention that caused the chain split on Aug. 1.

Bitcoin Cash briefly spiked above $11 billion shortly after the fork, according to coinmarketcap.com, before crashing back down. On Friday, the market was valued at $4.6 billion – roughly $280.00 a coin.

Bitcoin (BTC/USD) has shot up to nearly $57 billion, with token values reaching multiple record highs. The BTC/USD traded within a narrow range Thursday and was last seen hovering just above $3,415.00, according to Bitstamp.

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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4.7 stars on average, based on 743 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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GBP/USD Price Prediction: Bulls Reclaim 1.2900, Eyes Locked on Another Retest of 1.3000

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  • GBP/USD bulls pick up momentum to the upside, following generally positive tone to Theresa May’s Plan B statement.
  • Next upside targets for the bulls should they firmly breakdown 1.2900 again, will be the psychological 1.3000 mark.

GBP/USD throughout the session on Monday remained very much elevated. This came as market participants were somewhat maintaining an optimistic view. All of which heading into the British Prime Minister Theresa May’s speech to the House of Commons, on her Brexit plan b. Of course, this had to be drafted again, given her humiliating defeat at the vote last week, on the initial EU withdrawal plan.

Theresa May Plan B

In terms of her details this time round, she will be going back to Brussels, to seek some amendments to her initial agreement. This needs to be done in order to get a plan through another vote in the commons. Looking at some of the GBP bullish takeaways from this statement; she guaranteed rights for EU citizens at several angles, scraping the application fee EU nationals registering in Britain, discussing the backstop with the DUP this week.

To conclude, PM May appears keen in her language to ensure of a soft-Brexit, rather than one that is hard. All of which supported GBP in its push to session highs, at the time, briefly moving back above 1.2900. The price had given up this area on 18th January, when the bears were reversing the run observed on 17th, where GBP/USD touched to big psychological 1.3000 mark again.

Technical Review – GBP/USD

GBP/USD 60-minute chart. Near-term resistance eyed at 1.2900, with bulls locked in on a retest of 1.3000.

GBP/USD at the time of writing continues to trade around the 1.2900 territory. This price did see a brief period cooling, on touted profit-taking post the statement. Near-term resistance can be seen within this price region, but if convincingly broken down again, then there is decent upside potential. Aside from the supply observed here, there isn’t much in the way of the 1.3000 price region.

Given the renewed optimism around Brexit now, this has assisted in maintaining momentum to the upside for GBP. In terms of support to the downside, a strong area of demand should be noted at 1.2850-25 price region. As can be seen via the 60-minute chart view, this has supported the price since 15th January.

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 111 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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Justin Sun Sets Out to Prove Tron Is the Real Deal

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Tron’s TRX token rose sharply on Monday, going against the grain of a wider market slump that re-emerged 24 hours earlier. The rally comes at a time when founder Justin Sun is setting out to bolster his project’s image and silence the chorus of vocal critics who have come out against Tron.

Sun Sharpens Tron’s Image

Tron’s controversial leader announced earlier this month that he has hired a former attorney at the U.S. Securities and Exchange Commission (SEC). David Labhart, a former SEC attorney, will serve as Tron’s head of compliance.

In further highlighting Tron’s willingness to play ball with regulators, Sun recently told VentureBeat that his company is looking to work closely with federal agencies in the United States, China, South Korea and Japan. These jurisdictions are where Sun hopes Tron will expand to in the future.

Sun is often criticized for overhyping his project with little substance. He has also been called out for exaggerating business relationships and presenting a muddied view of how Tron plans to disrupt the Internet. Along the way, he probably plagiarized whitepapers and sold billions of TRX tokens.

That being said, his words have had more substance as of late. Last summer, Sun acquired BitTorrent, the world’s leading peer-to-peer file sharing system. The interplay between the two projects is easy enough to understand, as the latter will allow Tron to create a globally decentralized content platform.

But not everyone is convinced that BitTorrent or its newly created BTT token will serve the desired purpose. Former BitTorrent executive Simon Morris launched a scathing criticism at Sun earlier this month when he said there was “no way” Tron’s network would be able to handle BitTorrent’s transactional capacity. Crypto pioneer Jed McCaleb, who co-founded Ripple, Stellar Lumens and the now defunct Mt. Gox, recently called projects like Tron “just garbage.

While Sun probably faces an uphill battle convincing his critics that Tron is the real deal, his project is one of the most talked about in the blockchain space. His 756,000 Twitter followers demonstrate the extent to which Tron has resonated with the market; its current ranking among top crypto projects showcases its popularity among traders.

TRX Price Update

Tron was one of the crypto market’s top performers on Monday, rising 6.6% to $0.0253, according to CoinMarketCap. The ninth largest cryptocurrency by market cap saw a large influx of trading volume ahead of a highly-anticipated BitTorrent airdrop. More on this story: Tron Volume On Rise as TRX Price Jumps 7% Amid Dip; BitTorrent Airdrop Nears.

Prior to the latest rally, Tron had shown little in terms of committed market direction. The massive bull run that re-emerged in mid-December ran out of gas roughly 11 days ago, which led to a sharp reversal followed by consolidation. TRX spiked 180% during the aforementioned rally.

The TRX price faces strong support at $0.0200. A drop below this level seems unlikely at this point. However, breaks to the upside have been just as elusive. For the past week, TRX/USD has been hovering right around $0.0250.

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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4.7 stars on average, based on 743 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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Tron Volume On Rise as TRX Price Jumps 7% Amid Dip; BitTorrent Airdrop Nears

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Tron (TRX) attempted to push through Monday’s market dip with a 7% price hike in the early morning (UTC), as TRX trade volume began its ascent once more.

The coin’s trade volume had sunk to $99 million just ten days after peaking at over $1 billion – an eight-month high at the time. Monday saw a rapid 98% increase to the Tron changeover, which topped out at $197 million at time of writing, and continues to climb.

One day previously, Tron CEO and founder Justin Sun revealed the first snippets of details regarding the BitTorrent Token (BTT) airdrop. The token drop will commence on February 11th with the release of 10.89 billion units of BTT to TRX holders.

Tron Price

Tron has been more volatile than most during the winter period, and more than doubled in value in the past month. That same volatility also slashed close to 40% from Tron’s value in the space of a few days in mid-January.

On Monday morning TRX defied the broader market movement which slashed between 5-7% from the major altcoins. From the daily low of $0.023703, TRX climbed 7% up to $0.025424 by time of publication.

The rapid 98% influx to trade volume appears to have been helped along by a mass of activity on the BitForex exchange. The exchange’s TRX/USDT pair accounted for over $23 million of the daily TRX volume – 11% of the daily total.

Binance is the next most concentrated venue of exchange, with $17 million worth of liquidity in the TRX/USDT market alone.

BitTorrent Token Airdrop

According to the Medium article tweeted out by Justin Sun on Sunday night:

“On February 11th, 2019, BitTorrent Foundation will initiate its first airdrop of BitTorrent (BTT) to TRON (TRX) holders. The snapshot will be taken when TRON’s block height reaches 6.6 million. Based on this snapshot, BitTorrent Foundation will initiate its first airdrop of 10,890,000,000 BitTorrent (BTT), corresponding to 1.1% of total circulating supply.”

Perhaps the promise of some BTT was enough to trigger TRX’s surge on Monday. Assuming the market aims to ramp up TRX in the lead up to the airdrop, then prices are likely to only get higher from here.

That said, the broader crypto market is currently in the midst of what seems like a slow bleed out. With that in mind, would Tron be able to continue its surge through a major dip? For some recent historical context, take a look at the Waves (WAVES) surge back in early December. The value of Waves more than quadrupled during a month when the rest of the market struck yearly lows, so it can be done.

The BTT airdrop will be a yearly event, according to the Medium article, with over 10 billion BTT to be distributed every year up until 2025.

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 125 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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