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Good News and Low Prices

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So interesting, isn’t it? Yes, we had gigantic hacking of a large exchange & perhaps some ponzi schemes, but overall I think we are sitting pretty! We have more and more banks looking into blockchain, and if you didn’t see it, Robinhood exchange is going to be offering BTC and ETH, with more coins to come. That means you can trade stocks & crypto in the same account. This is the beginning of regulated buying. Robinhood will have to be handing out 1099s on the crypto as well. If they don’t – it will be a public execution by the SEC. Both cases, we are on the major news networks debating it for I would say maybe 3-4 days. Excellent.

The market cap of crypto is sitting at around $550,000,000,000 as of this writing, give or take 10-20b. If we count the fact that significant populations of Asian countries have put their savings (and loans) into it, this market cap is still telling us we aren’t adopted in the way it will eventually be. Bitcoin and Ethereum are becoming household names as more and more people have to weigh in on how things will interact with their business. Stripe getting rid of bitcoin saying it was slow and how to much in fees tells us something.

People are actually using it! They wouldn’t be complaining if this wasn’t becoming a major issue in their business. I deeply encourage you to try to buy an item online or in-person in cryptocurrency. See how the experience goes and try different coins. There will be a difference. I am trying to do this more and more just so that I can see how things work. I love the fact that some of these coins have apps. I have a small amount of WAVES and they have an app! Going to be connecting it soon. The more unique places you put things the better you understand which way is the best.

There is a very distinct need for a unified account for all cryptocurrencies to be stored safely. Oh, hush about your tech friend who can do it for $3,000. I also don’t want it to be an exchange. There have been many different places I have looked into where they just have specific things that they can handle right now. I won’t migrate my business, and I am sure everyone else feels the same, until the wallet can handle literally everything and explain how it is safer. I have cold storage for most things, but I would like to see what someone eventually comes up with for the app/desktop.

I have mentioned on Twitter my love, my sweet love, for Neon wallet. That thing is awesome. Tracks my GAS for me, lets me participate in their ICOs right off the wallet, and overall the design is clean and understandable. The platform apps are just fantastic. You see all this Stellar rumblin’s? Told ya’ so. Look into who is designing coins quickly and efficiently. Stellar launched a gigantic ICO (Mobius) on their platform, and people are beginning to migrate over because of ease of use. I would say that ERC20 tokens will always be in use due to the fact that Ethereum will have scale to upgrade. Their partnerships are broad and their technology is being learned rapidly to catch up with demand.

I don’t want to be in the coin business anymore guys. I don’t want to be in the rapid transfer systems (except XRP pre-coin base WOO WOO) or the privacy coins. That is a bloodbath, and there are too many coins to keep up with. If they have business partnerships, then indeed partake! Make sure the companies are actually using the coin. However, this is where I have decided to trail to another side of the pond. I am interested in smart contract businesses. These are the companies that are actually using the technology.

These are the paintbrushes of Michael Angelo. Each and every day people are coming up with new ways to quantify all of kinds of data so that it can be entered into a contract, and reward those in which the aggregated data specified. If you think of the ways that this can be used, it is infinite. It all depends how quickly the people can come up with the way to expand what can become data for this software to understand.

If there isn’t a business to analyze, just a coin, I don’t know how I am going to get my money back. I want something behind the coin that is ensuring it’s existence that people are using it for. Volume is fantastic, and speculation is fantastic. But those things are slowly becoming less used as more people have margin calls to the 10th degree for all their buys during the rally. We are not equity holders. I don’t really want ownership in rapid transfer systems. You own the road, I am just a car on the road in that situation.

But if a car is just the entry ticket to wanting to get into my smart contract system, then now people have something tangible to judge. Stellar is trying to do that with their ICO, as Mobius was offered only in XLM. Beautiful. Jed up there making beautiful business decisions. More ICOs to come, and I am sure Jed is on board to help whoever wants to help him have storefronts on his road.

Right now I would be foolish to say any names that are a good purchase right now. Bitcoin is at 10-11,000. Purgatory. Absolute Purgatory. I won’t be happy until 13,000 and I barely own any Bitcoin. It’s dominance is up to 35%, and we are slowly starting to see it become more of a storage of value (“Gold”) for people to hold onto and distribute only in rare circumstances. Who takes over is anyone’s guess. I think all should watch in one place, and this is a shout out to Canadians. Your Bitcoin stores. I want to see what happens there. I want to see what other coins they begin to offer, and what happens when people don’t trade in extreme volume in Bitcoin, and rather hold it.

Good luck folks. I would cool off on the trading, as when XRP goes down after two business partnership announcements, I am going to take a knee. I am sure there are opportunities, but the risk scale has gone up a significant amount. $1,000 ETH is troubling. I want $1,200 again before I start to look at things. I am sure by then things will have gone up 20-30%, but I don’t need the downside to that.

This is not financial advice. I have not said to buy or sell any coins whatsoever. I do hope that you enjoyed reading, and I hope it gave you a couple ideas of your own. Do follow me on Twitter @raijincrypto, as during the week I will often share thoughts on certain news pieces. This market is way too fast. Beware of the risks, and be safe.

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 27 rated postsMythological God of Lightning. Cryptocurrency/Blockchain writer, evangelist, and friend. May the odds be ever in our favor.




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9 Comments

9 Comments

  1. kornyyy

    January 27, 2018 at 5:37 pm

    Im not sure to understand the goal of this text …

    • Haspel

      January 27, 2018 at 7:31 pm

      Me neither. Weird article.

      • darreno

        January 27, 2018 at 10:47 pm

        This Raiden lad is a bit rambly I say. Who is he? Not sure. Kinda unsure what value I’m actually getting for paying for this site..

  2. dopezone

    January 27, 2018 at 8:03 pm

    Things (what might those be?!) are cheap. You might want to think about buying some.

  3. Max Power

    January 27, 2018 at 11:30 pm

    Well this was a manic read

  4. MinerMatt17

    January 27, 2018 at 11:37 pm

    Did a 4th grader write this article? So many random thoughts and a complete lack of flow.

  5. douglash

    January 28, 2018 at 8:28 pm

    Thanks for the reminder of the importance of consistently taking ones meds.

  6. cfussy25

    January 28, 2018 at 8:58 pm

    The author has a bit of a different style for sure, but I don’t see anything wrong with that. I’d say this is more of a blog type post than an article however and maybe should be categorized as such. But I’ve personally enjoyed the authors’ rumblings.

  7. eocc12

    January 28, 2018 at 9:37 pm

    I can go to r/cryptocurrency and get one of the moonbois there to write a better piece than this. Really not worth a membership.

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Altcoins

STEEM Coin on the Move While Steemit Loses 20 Million Visitors in Six Months

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One of the three currencies which fuel the Steemit blockchain-based social media site, Steem (STEEM) gained 22% in the previous two days. Despite the increased price movement in January, monthly visitors and unique account creations continue to plumb new yearly lows on the Steemit social media website.

STEEM Price

STEEM’s recovery has been slow in coming – the coin gained 43% from December into January, however most of that came in the last forty-eight hours. Compare that to major and mid-cap altcoins such as Tron (TRX), Zilliqa (ZIL) and Augur (REP) which gained over 100% in that time, and you see a major discrepancy.

From Monday through to Wednesday STEEM went on a 22% run which carried the coin price from $0.249836 up to $0.306033. Trades against Korean won on the Upbit exchange accounted for more than 40% of the day’s trades, or around $1.2 million of the $2.7 million daily total.

Steemit Cools Down

After suffering the indignity of laying off a majority of its staff back in November, Steemit continues to hold on despite plummeting numbers.

Remarkably, the Steemit social media site lost almost 20 million monthly visitors in the last six months – a 61% drop off from the 30.8 million visitors in July, to the current 11.9 monthly visitors according to SimilarWeb. New account creations are also down 83% in the last six days alone, however statistics show that new users tend to flood in whenever the coin price pumps – even if just for a brief time.

CCN reported back in May of 2018 that Steemit had surpassed one million accounts created on the blockchain. This was a startling figure at the time, and grabbed a lot of headlines. However, Steemit statistics from the time suggest the number of unique users was actually much less – closer to 150,000 according to this chart from Steemit’s @arcange.

Follow the Money

The same chart shows that January of 2018 remains Steemit’s most successful month. The site gained close to 120,000 new users in the sixty days leading up to January’s all-time high, when the coin price climbed as high as $8.57.

As the coin fell to a twenty-month low in December, unique accounts on the blockchain also fell to eighteen-month lows in the process. A major increase to new account creations was seen on January 9th, as STEEM went on a similar 23% price spike, and 4,108 new users flocked to Steemit in one day.

Stats courtesy of Steemit’s @penguinpablo

By six days later, new registrations had fallen back to 695 per day, as STEEM’s gains from the previous few days were wiped out.

Steemit launched back in early 2016, and has divided opinion since its inception. Check out this recent primer for an up to date summary of Steemit and its features.

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 123 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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Cryptocurrencies

Perpetual Tron (TRX) Trading Goes Live on OKEx… With a Warning!

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It’s been a busy twenty-four hours for the Tron ecosystem. First the ABCC Exchange became the first to list Tron’s TRC10-standard token, then OKCoin unveiled a batch of new crypto and fiat pairs for TRX, including the Argentine peso, the U.S dollar, as well as a host of major altcoins.

By Wednesday morning news was making the rounds that the OKEx exchange had added TRX to its Perpetual Swap contracts. Unlike Futures Contracts offered by OKEx, perpetual swaps don’t expire, and allow for daily settlements at a regular set time. However, they demand daily interest payments, and carry increased risk.

OKEx even saw reason to calculate TRX’s risk differently from other digital currencies, owing to its increased volatility. Wednesday’s announcement warned users:

“Risk Warning: Tron (TRX) is more volatile comparing to other digital assets. Please make sure that you understand the risk involved when trading TRX swaps.”

OKEx Adds Perpetual TRX

That claim about Tron being more volatile is true enough. After declining by more than 50% last week alone, TRX is still up more than 129% since late November – such is the extent of its volatility.

Tron founder and CEO tweeted out the OKEx news on Wednesday morning, accompanied by a blog post explaining the fees for perpetual swaps on the exchange. OKEx processed just over half a billion dollars worth of trades in the previous day, with TRX/USDT, TRX/BTC and TRX/ETH making up 5% of Tron’s total daily changeover.

For more on perpetual swap contracts, check out OKEx’s own twelve-step guide – an ironic number given that’s the same amount of steps it’ll take to wean you off them later.

Tron Price – TRX/USD

Volatility has been more difficult to come this week. TRX traded between $0.024 and $0.026 fairly predictably since Monday. By Wednesday morning TRX was down 1.3% according to CoinMarketCap, while trade volume had sunk to $0.2 million, after hitting $1.1 million just the week before.

Tron has had first mover advantage during market rebounds for some time now, however we all know how the market loves a good correction. Despite a positively stellar month for TRX, tech analysts still fear steep fall for the coin in the near future.

More Tron News…

It’s been full steam ahead for Tron recently, despite a sudden bout of bad publicity stoked by former BitTorrent chief, Simon Morris.

In addition to the coin listings already mentioned, TRX was added to CoinGate – a crypto payment processing service which allows users to spend their coins via thousands of online stores. TRX is now a ‘native currency’ on CoinGate:

“Any user of the TRON blockchain can now shop at thousands of stores using CoinGate.”

Meanwhile, the Tron community is counting down the hours until the Tron NiTRON Summit, held in San Francisco on the 17th and 18th of January. Major updates about the future of the BitTorrent Token (BTT) are expected to be unveiled.

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 123 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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Altcoins

Binance Coin Price Analysis: Binance Completes 6th Token Burn; BNB/USDT Struggling to Move Back Above Breached Channel

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  • Binace has completed their sixth round of BNB token burning, a total of around 1.6 million.
  • BNB/USDT bulls are retesting a breached ascending channel formation.

BNB/USDT is holding steady for now, with a gains of 4% on Wednesday. Caution can be observed following a breakout to the downside from a rising channel formation. The price had been moving within this structure from around 15th December, when the bulls commenced the most recent upside trend. BNB/USDT had gained as much as 51%, while within the confinements of this. However, all good bull runs must come to an end, and on 10th January the lower supporting trend line gave way to the market bears.

BNB/USDT daily chart.

In terms of price behavior since the break, as detailed earlier, there is a lack of commitment seen. The bulls have stringently retested and been moving underneath the channel but have not got the momentum to break back above at this time.

Binance Complete 6th BNB Token Burn

The world’s largest cryptocurrency exchange by traded volume, Binance, announced they have completed their sixth token burn. Binance burnt a reported total of 1,623,818 BNB tokens. This detailed burn was for the period between October 1 and December 31, 2018. For comparative purposes, the number is similar to the 1,643,986 BNB amount that they previously burned in their fifth round.

Despite the similar number of BNB being burnt, it is worth considering that the final quarter of 2018 had “brought significant changes in the cryptocurrency landscape”. In monetary terms, the dollar value during the sixth BNB burn was around $9.4 million, versus the $17 million during the previous period.

CZ, founder and CEO of Binance, said, “I’m excited about is Binance Chain and Binance DEX, which will launch soon. From a tech standpoint, it is a major development for the Binance ecosystem. From an earnings standpoint, Binance DEX will not directly increase profitability for Binance, but it will certainly increase the utility of BNB in a big way. That should be good for BNB holders. Binance is also a larger holder of BNB, so we benefit the same way as all BNB holders. The more people using Binance Chain, the more value is created, or the more successful we all become.”

Technical Review – BNB/USDT

BNB/USDT must break back above the $6.40 area to attract another wave of buying. This is where the lower supporting trend line of the breached channel in tracking. Separately, a supply zone is seen in proximity, tracking from $6.20-$6.90. The price has not been above this region since 19th November. Should the bulls gather enough momentum to break above this supply, then a fast move could be seen back to $10.00. BNB/USDT had been consolidating here prior to the steep fall in November.

Looking to the downside, there isn’t much in the way of major support seen until the $4.00 price region. This is where the December low can be seen, $4.12, with a demand zone observed running from $4.55-$4.12.

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 107 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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