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Binance: Additional Litecoin [LTC] and Tron [TRX] pairs announced

Namrata Shukla

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Binance: Additional Litecoin [LTC] and Tron [TRX] pairs announced
Source: Pixabay

The largest cryptocurrency exchange by volume, Binance just wrapped up its inaugural Blockchain Week in Singapore January 22 and it is back to business with an announcement about the addition of more trading pairs for Litecoin [LTC] and Tron [TRX].

The exchange announced these pairs to be “LTC/USD, LTC/PAX, LTC/USDC, TRX/PAX and TRX/USDC trading pairs at 2019/01/24 10:00 AM (UTC).”

Recently, Binance also added new trading pairs for Bitcoin Cash [BCH] and Bitcoin SV [BSV]. Like LTC and TRX, BCH and BSV too will be paired with three different US dollar-backed stable coins, which are USD Coin [USDC], TrueUSD [TUSD], and Paxos Standard [PAX].

The trading pair announced for BCH were: BCHABC/TUSD, BCHABC/PAX, and BCHABC/USDC. Similarly, the trading pairs for BSV were: BCHSV/TUSD, BCHSV/PAX, and BCHSV/USDC and these pairs are open for trading, at the time of press.

Binance has also been in news for its active support to BitTorrent [BTT] airdrop program for Tron [TRX] holders and the Blockchain week conducted in Singapore where it announced various activities carried out by the exchange.

The exchange is undertaking an initiative to uplift the children in Africa. The founder and the Chief Executive Officer [CEO] of Binance, Changpeng Zhao said on the occasion:

“There’s two goals… Number one is to spread cryptocurrencies but I think something more important than just donating cryptocurrency to other people, is actually the process of educating people about cryptocurrencies.”

Zhao informed the audience about a new initiative which will enable them to feed lunch to one child in Africa with every Binance coin [BNB] donated. James Radecki, Global BD head of crypto trading firm Cumberland, agreed to match all donations in Binance coin [BNB] received from Binance.

The CEO also took the opportunity to reflect upon the sudden rise in crypto prices in 2017, reported Micky. The CEO said:



“I believe… at the end of 2017 there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers. Then of course, as everybody rushed in…once that massive rush-in finishes the price declines.”

He believes that the bear market has extended beyond reasonable levels and this could be the longest bear markets of all in the history of Bitcoin [BTC]. The CEO in his personal opinion said that they are “actually overshooting on the lower side now”.

However, he did not lose faith in the crypto-world and is very confident that this space “will get so much bigger; we just got to be prepared for when that happens.”





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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