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Goldman Sachs Executive: Cryptocurrency Selloff “Healthy” for the Ecosystem, Custody is the Key to Future Growth

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Goldman Sachs Group Inc. has yet to venture into cryptocurrencies, but believes the future of the digital asset class is brighter now that rampant speculation has been weeded out of the market. Justin Schmidt, who heads the bank’s digital asset unit, says the market is healthier today as the focus shifts to institutional-grade service offerings.

Crypto: Far from Dead

The deep correction in cryptocurrency prices, while painful for existing holders, should be viewed positively from the perspective of overall market health, Schmidt said at the annual Consensus conference in New York. The new market dynamics will allow investors to focus on the continued research and development of products and services that could benefit the ecosystem as a whole.

“In many ways, the rampant speculation that has been quelled over the past several months is really healthy for the ecosystem and I very much look forward to companies that are actually providing institutional-grade products and services,” Schmidt said, as quoted by Bloomberg.

Schmidt identified custody as “the foundational piece that is absolutely necessary” for future growth because institutions tend o be much more conservative that institutions tend to be much more conservative about the bank’s ability to hold securities on behalf of investment funds.

He added: “Custody is part of an overall integrated system where different parts need to work well with each other and safely with each other and you have to be able to trust all the different parts in that chain, from buying something to transferring it to storing it in for the long-term.”

Goldman Sachs remains on the outskirts of the cryptocurrency arena after scrapping early plans to launch a bitcoin trading desk. However, the firm was the first to clear bitcoin futures contracts and has dedicated an entire unit, led by Schmidt, to research the space.

Wall Street juggernauts Intercontinental Exchange and Fidelity have already announced plans to launch crypto ventures. Earlier this week, Hacked reported that Nasdaq was also eyeing its very own bitcoin futures product by Q1 2019. It’s apparent that the major institutions are less concerned about the market’s recent performance and are more preoccupied with its future trajectory.

ICE CEO Jeff Sprecher was also present at this week’s Consensus conference, where he expressed unequivocal support for digital currencies and argued that the market’s long-term value was still intact. Kelly Loeffler, the head of ICE’s Bakkt cryptocurrency operation, said bitcoin’s price was immaterial to the platform’s launch early next year.

With respect to bitcoin, Leffler said, “the price is being expressed but there’s a lot of missing infrastructure and use cases.”

Market Eyes Recovery

Since bottoming at $115 billion over the weekend, the cryptocurrency market has recovered more than $21 billion in value, with bitcoin and the major altcoins recording double-digit gains as of Wednesday morning. At the time of writing, the crypto market cap was worth $136.7 billion on trade volumes of more than $18 billion.

Bitcoin has seen sizable gains since bottoming near $3,400. It was last seen trading at $4,675 on Bitfinex. The leading digital currency was trading hands at $4,164 on Coinbase. Aggregate data courtesy of CoinMarketCap shows a 24-hour recovery of 11.5%.

Stellar XLM was also among the biggest gainers Wednesday. A single Lumen was priced at $0.1617 for a gain of 15.4%.

Ethereum’s price recovered more than 11% in lost value to trade at $117.20. Litecoin jumped 13.1% to $33.56, regaining the no. 7 spot in the crypto market rankings. Monero XMR rose 15.4% to $61.72. Tron also added 14% to reach $0.0131.

Bitcoin cash and bitcoin SV lagged behind the broader market. BCH was up 6.3% at $186.29. BSV edged up 2.6% to $100.37.

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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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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Bitcoin Cash Price Analysis: BCH/USD Rejected Again by Long-running Descending Trend Line

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  • BCH/USD bulls attempted moving above vital descending trend line capping upside; however , they were dealt another rejection.
  • A recent study suggest Bitcoin Cash is not using anywhere near its full block capacity.

 Bitcoin Cash Bulls Fails to Break Big Resistance

Bitcoin Cash price on Monday is trading in minor negative territory, nursing losses of just some 0.5%, at the time of writing. Over the past three sessions, BCH/USD has traded very closely to a descending trend line. The price continues to face rejection when attempting to break above the aforementioned line; however, the bulls do not have enough momentum. This trend line has been in play since 6th November, right at the start of the pick up in downside, at the back end of 2018.

While BCH/USD was confined below the above-mentioned resistance, it fell a chunky 88%. It had dropped from around $650, down to a low of $73.50 on 15th December. Given the current failure to press ahead and break above, the price once again could be knocked back south.

Bitcoin Cash Block Capacity Failure of Use

There is now 500 days’ worth of data to analyze the capacity of Bitcoin Cash when looking at its block size. A recent study conducted by LongHash suggests that the Bitcoin (BTC) blocks on average have been 30x larger than Bitcoin Cash.

Looking at the figures, in terms of Bitcoin Cash, the block size on average has reported to have been just 171 KB since the fork back in August 2017. In real terms, this represents just 2.1% of the total block capacity for BCH. On just one day there the BCH blocks have been more than half full. Back on 15th January 2018, the blocks were able to average 59% of their total capacity, as covered by the recent study.

The study from LongHash further goes on to say, that some will believe that the BCH blocks not nearing their full capacity is a potential positive sign. However, this can also be seen as a lack of interest in Bitcoin Cash, which is somewhat concerning. Most recently, over the past 30 days, the blocks of BCH have averaged just a small 34 KB, which is just around 3.7% of the roughly 923 KB blocks of Bitcoin over that same period.

Technical Review – BCH/USD

BCH/USD daily chart.

Keeping in mind the earlier described rejections for the price, eyes should now note the coming key areas support. Firstly, just ahead of the big psychological $100 mark, at $105, which is an important daily support. The price had last traded around this level between 6-10th December, as it sought comfort at the time, before resuming its move south. If this fails to hold, then a retest of the December low and 2018 low at $73.50 would likely be on the cards.

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 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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