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December 2012

TRON (TRX) Recovers After the Recent Sell-Off

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TRON

TRON

The cryptocurrency space has been in a bit of turmoil over the past week or so due to a variety of reasons, and the pressure was felt by TRON (TRX) as well. On Monday, there was a massive selloff in the token, and there were concerns over whether the crypto market still believed in the project or not.

However, things have now improved, and the TRX token has now managed to get back to $0.0163 per token. That being said, experts do not actually believe that the token is primed for any kind of bull run at this point in time. That being said, TRON has soared about 20% over the past three trading sessions.

TRON had a 10% fall on November 19 after the founder of the coin, Justin Sun, was among those who would no longer have access to his bank account.

Key Analysis

When the price of TRON actually dropped earlier this week, some keen watchers of the token had observed that the price action was a case of shaking out the weaker traders in the market.

While that may be the case, it should be noted that traders have now returned, and it cannot be doubted that the market still believes in the whole project.

At the end of the day, the viability of a token is closely tied to the project that is backed by it, and hence, the rebound by TRX this week is a welcome development for its traders. Another reason behind the fall in the price of TRX was the action against the smaller Chinese crypto exchanges. Additionally, the swirling rumors with regards to IDAX and Gate.io did not help matters for the cryptocurrency either.

>> Bakkt Futures Trading Volumes Continue to Grow—But There’s a Catch

On the other hand, there was also a significant outflow of TRX from Upbit, a South Korea-based exchange, and that has also been cited as a reason behind the selloff in TRON on Monday. It remains to be seen how the coin will perform over the weekend.

At the time of writing, TRON is trading higher by 13% at $0.163.

Featured image: DepositPhotos © giggswalk

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Bitcoin Price Plunges | Bitcoin Investors’ Joy is Shortlived

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Bitcoin Price

Bitcoin Price

After trading above $8,000 less than a day, Bitcoin (BTC) price plunged on May 17 and it was trading at around $7,200 which is a 10% drop within a day.

Other cryptocurrencies have also experienced a price drop. Ethereum dropped 7.97% to around $240 while XRP lost 15.4% and it’s trading at $0.399. The cryptocurrency industry market capitalization fell by 8% which result in about $21 billion being wiped out in 24 hours.

Bitcoin Price Drop Triggered by Huge Bitcoin Sell Order

The sudden decline in Bitcoin price was prompted by the placement of a huge sell order on Bitstamp as well as other cryptocurrency exchanges which caused contracts on margin trading exchanges such as BitMEX to be liquidated.

Someone placed a huge sell order of 5,000 bitcoin on Bitstamp that BitMEX uses for about 50% of its feed and it seems like it triggered some kind of algorithm that impacted on BitMEX. Gnosis Developer Eric Conner said that the manipulation of the cryptocurrency market by a single sell order may actually hurt the possibility of the exchange-traded fund getting approval in future.

The 5,000 BTC Bitstamp sell resulted in a sell-off on Ethereum and Bitcoin on BitMEX which resulted in a drop in the valuation of the cryptocurrency market by almost $30 billon. In the past week, Bitcoin price jumped 26% from $6,200 to around $8,300.

Crypto Assets Far From Being Viable Currency Options

Analysts such as Alex Kruger of Global markets believe that the overnight 10% decline of cryptocurrencies indicates how the narrative of crypto assets being a viable option to global financial instability is far from being true.

Despite the short-term drop in bitcoin price and other crypto assets there is still hope that the market will pick an upward momentum in coming months.  Although the drop is seen as a minor setback it nonetheless caught most investors by surprise.

If cryptocurrency markets were regulated with trusted platforms then it could have been difficult to manipulated prices of crypto assets and the market like what happened.

Featured Image: Sinenkiy

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Bitcoin Suddenly Gains Momentum | Is This a Breakout?

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Bitcoin

Bitcoin

2019 has been a remarkable year for cryptocurrencies, and much of that was marked by the hugely impressive Bitcoin rally during the first half of the year. However, that rally seems to have fizzled out, and the world’s biggest cryptocurrency has been experiencing a sustained slump.

Bitcoin Holds Gain

Moreover, the cryptocurrency has also been incredibly volatile over the past month or so, and it was particularly so during the last week. After going down to $7,400 per token, BTC managed to rally to $10,350 on certain platforms. Now, the question remains whether BTC can maintain this momentum and soar higher.

The current Bitcoin rally is certainly good news for many investors and traders; however, it seems that there is very little consensus in the market with regards to the reason behind it. While some believe that this could well be a case of manipulation by some of the biggest traders, others think the rally could have been triggered by China’s newfound affinity towards blockchain tech and cryptocurrencies.

One of China’s most popular newspapers, People’s Daily, did a story on blockchain recently, and it goes without saying that if the world’s second-biggest economy gets interested in cryptocurrencies, then it could be a massive development.

>> Bitfinex Denies Money Laundering as Crypto Capital President Arrested

That being said, it is still unknown whether the developments in China were responsible for the remarkable recovery made by BTC over the weekend. The rally does not seem to be entirely random, considering the fact that there are some other developments that could be considered as blessings for BTC. For instance, BTC has now been added to the Opera cryptocurrency wallet, and that could make the token more easily available for people all over the world.

According to analysts, the wide-ranging positive developments around Bitcoin all over the world are definitely positive for the cryptocurrency in the long run. However, it remains to be seen how it performs over the coming days.

Featured image: DepositPhotos © AntonMatyukha

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Bitcoin Hash Rate Hits 80 Quintillion for the First Time

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Bitcoin

Bitcoin

Bitcoin (BTC) surpassed another milestone on Thursday, August 8, as the world’s leading cryptocurrency’s hash rate hit 80 quintillion for the first time.

This news comes during a good week for BTC, which saw the coin’s value top $12,000 USD twice in three days amid fears that a global recession is on the horizon.

What is Hash Rate?

In its simplest terms, hash rate is a measure of the processing power of the Bitcoin network. When Bitcoins are mined, a difficult mathematical puzzle must be solved before mined coins can be added to the blockchain. The hash rate is a measure of how many times the network can attempt to complete this puzzle every second. The higher the hash rate of the network, the greater the number of miners would be needed to commit an attack on the network. Essentially, hash rate is a measure of Bitcoin network security.

However, just because the Bitcoin network is growing in computing power, does not mean that the coin can be mined any faster. Bitcoin’s network is programmed to mine a block about every 10 minutes, and this rate is maintained by adjusting the mining difficulty (how hard it is to solve the mathematical puzzles) in line with the overall hash rate of the network.

Over Bitcoin’s 10-year lifespan, the network has grown so powerful that it can compute quintillions of hashes every second. For simplicity, 80 quintillion hashes per second is written as 80 EH/s.

Cause for Concern?

While this may sound like more good news for BTC, there may be a slight cause for concern when it comes to ownership of hash power. Research by academics from Princeton and Florida International Universities from October 2018 shows that 74% of BTC’s hash power is controlled by mining pools that are operated by companies or individuals in China. Theoretically, this gives China significant power over the Bitcoin network. This high level of centralized network power in China exposes BTC to rampant censorship and other potentially damaging attacks.

>> Chipmixer Used to Launder BTC from Recent Binance Hack

What Does This Mean for Investors?

Naturally, investors will have more confidence in a network that is more secure, and so today’s news will contribute to the overall bullish attitude investors have towards BTC at the minute. It’s notable that during BTC’s all-time price peak in December 2017, its hash rate was around 10 EH/s. This spiked to around 55 EH/s in October 2018 before falling sharply to around 35 EH/s by the end of the year. BTC’s hash rate has enjoyed a resurgence in 2019, as seen by today’s news, to coincide with its recent resurgence in value.

Featured image: DepositPhotos © stevanovicigor

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