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TRX Price Stabilizes as Twitter Visits Tron HQ

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After a week of compounding losses amounting to 17.5%, the value of TRX against the dollar has hit a period of relative stability. Tron opened the day’s trading at a price of $0.0331, and remained fairly unchanged over 24 hours en route to its price of $0.0336.

The increase on those fractions of cents add up to just over 1.5% recorded growth – nothing to write home about, but a welcome reprieve for a token which has taken some blows over the last few months.

TRX did hit a price of $0.0349 late last night, falling just short of $0.035 – a price many considered a key support for Tron. Of course, that was before the token plunged to a price of $0.032 between the 9th and 10th of July.

The month has been unkind to Tron, although the losses accelerated in the last seven days. TRX tokens began the month at the $0.049 mark before incurring heavy losses which amount to over 30% according to the current price.

April Fools?

The month of April was one of the best in Tron’s short history. TRX went from a value of $0.030 to $0.10 within the space of thirty days – that’s a 233% growth in one calendar month, and it catapulted Tron into the market cap top-10.

What followed since then, however, will be leaving many TRX holders wondering if the month of April wasn’t en extended April fools joke. Ever since the April 30th price of $0.10, Tron has nothing but sink on its way to 70% losses over 75 days. The only solace for Tron will be that it didn’t slip too far from its top-10 spot in the market cap rankings, meaning its losses were relatively in line with the rest if the market.

Twitter Visits Tron HQ

Tron creator Justin Sun is a polarizing figure who draws adoration and hatred in equal measure. But even Sun’s detractors have to concede his flair for firing up the hype train.

Another PR move may have taken place earlier today as representatives of Twitter met with Sun at his Tron offices. Justin Sun released this tweet, showing a selfie with him and the Twitter representatives.

The speculation surrounding the meeting mirrors the speculation regarding Tron’s possible integration into the Alibaba platform – a rumour which has been simmering away for some time.

Sun is one of the most followed crypto figures on Twitter, and recently grabbed headlines by buying up the well-known torrent platform, BitTorrent. That news was followed a few weeks later with the implementation of TRX payments on the adult video streaming website, Pornhub.

Tron’s fall over the last few months has not slowed the marketing efforts of its creator, and he may be about to benefit from a well-timed selfie with the Twitter reps.

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 23 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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Cryptocurrency Market Hits One-Week High as Volumes Spike 38%; Bitcoin Cash Jumps 10%

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The cryptocurrency market booked solid gains on Monday, as coin values and trading volume reached their highest levels in a week.

Market Update

With the exception of Tether’s USDT stablecoin, all major cryptocurrencies in the top-ten reported gains. In percentage terms, bitcoin cash was the strongest performer, rising more than 10% to a high of $804. That was BCH’s highest reading in nearly a month, according to CoinMarketCap.

The value of bitcoin reached a high of $6,691 Monday for a gain of nearly 5%. At press time, BTC/USD was trading at $6,674 on daily trade volumes of $4.6 billion. As Hacked previously reported, the $4 billion volume mark is closely associated with uptrends for the bitcoin price. Bitcoin is now eyeing resistance between $6,800 and $6,900, which is the upper end of last weekend’s rally.

Ethereum also notched one-week highs with gains of more than 5%. The second-largest cryptocurrency by market cap was last seen trading just above $476. The clean break above $450 is an encouraging sign for the bulls, who continue to target$500 as a critical inflection point for ETH/USD.

Ripple XRP showed positive momentum Monday as prices rose to fresh one-week highs. The so-called “banker’s cryptocurrency” is up 6.1% at $0.474. Ripple has been in the spotlight for all the wrong reasons lately as the San Francisco-company fends off another lawsuit claiming XRP is a security.

Market Sentiment Improves

A sudden shift in investor sentiment underpinned the market’s $20 billion gain on Monday. That shift was fueled by reports that BlackRock, the $6.3 trillion asset manager, is exploring entry into the cryptocurrency market.

Sometime over the past 12 months or so, the company has gone from vilifying crypto to treating it as a potential value driver. According to CNBC, BlackRock has been researching cryptocurrency since at least 2015.

At the time of writing, the total cryptocurrency market was valued at $270.5 billion. It notched $271 billion earlier in the day, the highest in seven days.

Trading volumes shot up 38% to $14.2 billion, with Binance and Huobi each processing more than $1 billion in transactions.

Coinbase – a company betting big on firms like BlackRock entering crypto – has also been a source of optimism after it announced Friday that it has short-listed five coins for future consideration. The five coins in question are Stellar (XLM), Cardano (ADA), Zcash (ZEC), Basic Attention Token (BAT) and ox (ZRX).

Coinbase remains non-committal about whether it will eventually add these cryptocurrencies to its exchange listing. However, their mention was enough to spur double-digit percentage gains early Saturday.

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 498 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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Ethereum Price Returns to Weekly High; EOS Behind ‘Fish’ Attack?

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Ethereum has regained lost ground over the week, returning to the seven day high of $475, even breaking the $476 mark just under an hour ago. For the last few days pundits and analysts marked the $450 barrier as the breakout point, but the growth really accelerated after breaching the $455 level.

In the last twelve hours or so Ethereum went from a price of $446.86 up to $476.13 – a 6.5% growth. If we look at the the strongest surge, which occurred six hours ago at 10am (UTC), we see that ETH prices experienced a 5% spike within just a few hours.

Looking at the weekly trend we see that ETH was falling in value against the dollar for six out of the seven days. Yesterday the coin tried to push upwards, but flattened out in the middle of the day. Last night into today marks Ethereum’s (and most of the market’s) first extended growth pattern for the week.

On June 16th Ethereum’s price was around $489 – not all that far off today’s level. Yet by June 21st the price had hit $543.72, meaning ETH’s value still stands at 12.5% less than during the monthly peak.

Exchange Activity

Bitcoin started the day with faster growth than Ethereum, but eventually fell away to 3.88% growth, compared to Ethereum’s 6.5%. The vast majority of Ethereum’s trades are coming against BTC right now, with ETH/BTC making up around 27.5% of the daily total.

The next most popular trade is against USDT, making up nearly 20% of the 24 hour volume.

The busiest exchange for Ethereum today has been CoinEx – the China-based exchange where the biggest trade volumes come in the form of BTC/USDT trades.

Interesting to note is Ethereum’s second most concentrated source of activity today, namely on Bitfinex where 5% of ETH’s daily total has been directly against U.S Dollars. That amounts to $80 million of the daily volume of $1.7 billion, and marks a sharp influx of new money into the markets.

iFishYunYu Attack

Spam attacks are nothing new to the Ethereum network, and are ultimately helpful in the long run due to their tendencies to highlight potential weaknesses in the platform.

The spam attacks commenced again this week as a smart contract began to overload the Ethereum network with pointless, meaningless transactions. At one point the flurry of activity raised gas prices to over 200 gwei, while some users have reported fees of several ETH at the absolute peak of the spam.

The attack was configured using Ethereum’s own token launching features. Around 5 billion ‘Fish’ tokens were created and distributed to multiple wallets, which then distributed them around to more. What followed was a senseless series of transactions between the wallets which eventually succeeded in congesting the network.

The issue has since been resolved, but already some Ethereum developers are pointing the finger at representatives, either official or unofficial, of EOS. Let the crypto wars commence…?

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 23 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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Cryptocurrency Market Rebounds as Trade Volumes Recover from Yearly Low

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Cryptocurrency prices were seeing green Sunday, as market activity rebounded from the lowest level of the year with bitcoin and the major altcoins making tepid progress.

Crypto Market Update

Every cryptocurrency in the top-20 by market capitalization was trading in positive territory Sunday. As a result, the total market capitalization of all digital currencies rose by $6 billion to $254.5 billion. Bitcoin’s share of the pie remains roughly 43%.

The bitcoin price edged up 1.7% to $6,363, with the bulls continuing to defend the critical $6,000 level despite repeated downturns.

Ethereum, the no. 2 cryptocurrency by market cap, rose 2.4% to $447.

Bitcoin cash jumped 3% to $719. BCH has shown poise over the past five days even as accusations of node centralization continue to grow.

Ripple XRP rose 1.9% to $0.445. Meanwhile, EOS gained 2.4% to $7.13.

Volumes Hit 2018 Lows

Daily turnover in the cryptocurrency market bottomed fell to around $8.8 billion on Saturday, the lowest since November, according to CoinMarketCap data. Daily trade volumes rose by as much as 20% Sunday, reaching $10.5 billion. At the time of writing, 24-hour volumes were valued just under $9.9 billion.

Since the April downturn, trading volumes have thwarted multiple rally attempts for cryptocurrency prices. Daily turnover has crossed the $20 billion mark only once since June.

As Hacked previously reported, tepid volumes reflect a general decline in retail trading activity on major digital currency exchanges. This is further corroborated by the sharp drop in Google search results for terms like “bitcoin” and “cryptocurrency.” Basically, the half-year market downturn has spooked new traders from entering the market.

Amid the downturn, exchanges like Coinbase have reported a drop-off in app downloads as fewer traders show interest in buying cryptocurrency. Meanwhile, trading apps like Robinhood are still growing thanks to a suite of service offerings that extend far beyond cryptocurrency. Robinhood began offering cryptocurrency back in February but still maintains a thriving platform for traditional markets, such as stocks and ETFs.

Several leading exchanges have announced plans to relocate to jurisdictions with friendlier policies toward cryptocurrency. Malta, a tiny Mediterranean island state, has managed to lure Binance and OKEx to its shores thanks to favorable regulations.

As Hacked’s James Waggoner recently showed, much of the downturn in crypto trading activity has been associated with fears of a regulatory clampdown in jurisdictions like the United States and South Korea. In the case of China, those fears were realized last September when policymakers issued a blanket ban on cryptocurrencies and initial coin offerings.

However, a “tectonic shift” in regulatory thinking is currently underway, which could pave the way for a renewed uptrend in cryptocurrency markets. Case in point: the U.S. Securities and Exchange Commission (SEC) has declared bitcoin and Ethereum to be non-securities. So long as there is no conveyance of ownership, ICOs may also fall under this favorable regulatory purview.

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 498 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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