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Machine Learning Cryptocurrency IOTA Jumps Amid Institutional Support

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Cryptocurrency IOTA rose sharply on Wednesday after the venture arm of German industrial powerhouse Bosch announced it had a large stake in the altcoin.

IOTA Price Levels

The value of IOTA (MIOTA/USD) jumped 7.5% to $4.05, its highest in over a week. Prices touched a session high of $4.23 before paring gains. IOTA has a total market capitalization of $11.8 billion on supplies of nearly 2.8 billion, putting it eighth among active cryptocurrencies.

More than $274 million worth of IOTA was transacted over the past 24 hours, according to CoinMarketCap. Bitfinex generated more than a third of the daily trade volumes. Crypto exchange binance turned over 29% of the daily transactions. South Korea’s Coinoine saw nearly 15% of the daily foot traffic.

IOTA experienced a large drop off last week, as the global cryptocurrency market underwent a sharp correction. Prices plunged from record highs above $5.30 all the way down the $3.35.

Even with the latest bout of volatility, IOTA has witnessed a surge in buying interest over the pasts four weeks following months of lateral moves. In the process, the coin broke several technical resistances. IOTA is likely to run into sharp resistance the closer prices approach $5.00. Longer term, the bulls are eyeing new record highs north of $5.50.

Bosch Backs IOTA

Bosch’s venture capital arm recently disclosed a significant stake in MIOTA tokens, a sign the German industrial giant was betting big on the Internet of Things (IOTA). According to Venture Beat, the investment was made by Robert Bosch Venture Capital (RBVC), which announced it had bought a “significant number of MIOTA coins.

“Choosing IOTA as the first investment is based on the fact that we have been working with IOTA for quite some time and are very impressed by the founding team and the IOTA community,” RBVC partner Dr. Hongquan Jiang said, according to Venture Beat.

He added that, “IOTA has the potential to solve some fundamental problems in the [distributed ledger technology] for IOT, namely the scalability and transaction cost issues.”

IOTA offers a unique proposition to crypto investors looking to go above and beyond the blockchain. IOTA is one of the first distributed ledgers to implement machine learning for the purpose of securing data and money for a small fee. The platform has already processed more than $10 billion in transactions, and is being used in various industries where micropayments are accepted, including electric vehicle charging stations.

Being at the center of the IOT revolution puts IOTA in a strong position to attract new investments. As its use cases continue to grow, the platform will be relied upon to implement enterprise-level IOT deployments.

The size and growth rate of the IOT economy varies, but industry insiders generally agree it could represent the next phase in the internet’s evolution. The growth of interconnected devices will be accompanied by a surge in the micropayment industry, of which IOTA is already a participant.

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 457 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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  1. Z

    December 27, 2017 at 8:25 pm

    10bn in transactions?? Is this referring to trading?

    Is there anyplace where IOTA is actually being used to process payments on a large scale?
    By large I mean bigger than pilot programs.

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Altcoins

Cryptocurrency Prices Have Recovered $26 Billion from Last Week’s Bear-Market Low

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Cryptocurrency prices were seeing green on Tuesday, as investors continued to rally behind news of a popular bitcoin trading app being granted regulatory approval to operate in New York. The push for regulated crypto custodial services has also not gone unnoticed, with the likes of Coinbase looking to overcome one of the final barriers to institutional adoption.

Crypto Prices Hit One-Week High

Digital currencies on Tuesday overcame tepid trading conditions and lower trade volumes to reach their highest level in seven days. The total market peaked at $294.2 billion at 17:00 UTC but has since consolidated at $290.5 billion, according to CoinMarketCap. As a reminder, the market bottomed near $264 billion last week, the lowest since early April.

Crypto prices have been surprisingly stable since last week’s brisk selloff. As Hacked reported earlier, bitcoin volatility is at its lowest level in a year even while factoring the latest price collapse.

Almost all of the top-ten coins had reported gains over the past 24 hours. Tron’s 8.3% gain was the biggest, with TRX trading at $0.048.

Ethereum rose 3.4% over the past 24 hours to trade at $536.86. Bitcoin cash reported slight gains, climbing 1.6% to $900.54.

Bitcoin was virtually unchanged compared with the same time Monday. The world’s largest cryptocurrency by market cap is up 2.5% over the past seven days.

Although trading volumes were a paltry $13.2 billion, turnover is up 39% from Sunday’s lows.

Prices received their initial boost Monday afternoon on news that Square, Inc.’s Cash app was granted a BitLicense to operate in New York. The app, which has a bitcoin trading platform, has more than seven million active users. The company, which is led by Twitter’s Jack Dorsey, saw its share price and market cap rise significantly on the news.

Custodianship: The Final Frontier?

San Francisco-based Coinbase has joined forces with hedge funds and third-party custodians to unlock up to $10 billion in institutional capital. According to some industry insiders, custodianship is the last of the major barriers to widespread cryptocurrency adoption among hedge funds, banks and day traders.

As Goldman Sachs, Nomura Holdings and others have demonstrated, there is strong appetite for cryptocurrencies at the institutional level. But without a stable and robust custodian service, staking large positions on a highly volatile market is not considered feasible. This is especially the case for funds that are involved with handling university endowments and pension programs.

According to Ari Paul, co-founder of the Blocktower crypto-focused hedge fund, institutional money has been trickling into the digital currency market since mid-2017. And while adoption has been slower than expected, “that doesn’t mean it’s not coming,” Paul tweeted May 31. “There are a lot of pieces that need to come together, one big piece being third party custody,” he said.

Kyle Samani, a cryptocurrency hedge fund manager, recently told Bloomberg that custodianship is viewed as “the final barrier” to market entry. “Over the next year, the market will come to recognize that custodianship is a solved problem. This will unlock a big wave of capital,” he said.

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 457 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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TRON Spikes 21% in 24 Hours Ahead of Token Migration

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Only a few days away from its departure from Ethereum, TRON’s token price surged over the last day, racing to 21.4% gains in just under 22 hours.

That took the TRX token – which is due to go through the dreaded swap process on the 21st of June – from a starting price of $0.041 last night, to a price of $0.051 a few hours ago.

Since then its movement has corrected somewhat, but gains of around 14% have been holding steady since the sudden spike, and TRX is still close to the 5 cent mark as it tries to break out of the $0.04 range that it has been mired in since the sudden dip around early June.

TRX was trading at $0.10 on April 30th, and in the month and a half since then its value has sunk by an unbelievable 60%. In the same period, BTC lost just over 30% of its value, while Ethereum’s losses are closer to 40%.

In this context, TRON’s growth over the last 24 hours doesn’t seem all that out of place. Every day we see sudden gains recorded by altcoins which are correcting for sudden losses experienced earlier in the month.

TRON’s 60% loss over this period was itself a correction for the month of April, where TRX began the month trading at $0.030, only to find itself at a price of $0.10 just four weeks later. That 233% upwards movement was one of the best recorded by a Top 20 coin April, and the subsequent losses were almost equal in scale.

BitTorrent Acquisition

It was confirmed at the start of the week that TRON founder Justin Sun had followed through on his plans to buy the BitTorrent file-sharing platform.

A reported figure of $140 million is sure to make juicy headlines, and it marks one of the rare occasions when the crypto world has reached out and got involved with other industries. We can only speculate at this point whether Sun plans to simply oversee BitTorrent, or if he intends to integrate it somehow with his crypto platform.

Token Migration

On May 31st when the mainnet originally launched, TRON’s price didn’t see the kind of spike that everyone was expecting. By that time the long, bearish slide of May was already in full effect, and a price of $0.062 at that time would actually seem desirable now.

But now, in the ramp up to the token migration, TRX is starting to see some movement. It’s 24 hour volume is now three times as much as it was on Saturday – going from $114 million to its volume of $356 million at the time of writing.

Whether this is an omen of good things to come for the much hyped platform remains to be seen.

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 11 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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New York Approval of Crypto Trading App Ignites Price Rally for Bitcoin, Altcoins

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The cryptocurrency market on Monday added $13 billion in the span of one hour after New York’s Department of Financial Services granted Square a digital currency license.

Square Cash App Approved for BitLicense

San Francisco-based startup Square, Inc. announced Monday it has been granted approval by New York regulators to launch its cryptocurrency trading platform in the state. The new crypto service will be offered through Square’s Cash app, which has seven million monthly active users, based on the company’s first-quarter earnings call.

The announcement was confirmed by Square in conjunction with an official press release issued by New York’s Department of Financial Services (DFS).

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.,” Superintendent Maria Vullo said in a statement. “DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

Bitcoin buying launched for Cash users last fall; by January, most users had access to the crypto trading platform. Square announced in March it would seek a BitLicense to bring bitcoin trading to the nation’s second-most populous state.

Cash App has reportedly generated $34 million in profit through its bitcoin trading service.

Bitcoin, Cryptos Pop

Cryptocurrencies added roughly $13 billion in value between 12:22 UTC and 13:27 UTC, bringing the total market cap to $289.5 billion. Total trading volumes spiked by more than $1.5 billion over the same period.

At press time, the total value of all cryptos in circulation was $287.1 billion, according to CoinMarketCap. That represents a gain of about $23 billion from last week’s bear market low.

Bitcoin reached a high of $6,781.14 following the Square Cash announcement. It was last seen trading around $6,716, according to BarCart data.

The largest cryptocurrency by capitalization showed signs of breaking down earlier in the day as prices approached $6,300 on the major exchanges. BTC/USD was little changed over the weekend as the bulls failed to extend last week’s modest relief rally.

Despite the latest gain, bitcoin remains about 10% lower for June and is down more than 50% year-to-date.

As an asset class, altcoins rose more than $8 billion Monday afternoon. At $172.2 billion, digital currencies outside of bitcoin represent 60% of the total market.

All coins within the top-ten reported gains. Percentage-wise, Tron was the best performer, rallying 5.4% to $0.045. Ethereum jumped 3.4% to $517.46. Bitcoin cash added nearly 4% to trade at $884.28.

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 457 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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