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Bitcoin [BTC], Ripple [XRP], Tron [TRX] – Stable Sunday – Sentiment Analysis – July 1

Vinod KA

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Bitcoin and other altcoins experience a stable Sunday
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After Bitcoin’s spike on the 29th of June which “propelled” BTC from $5800 to the current $6400 levels, prices haven’t changed much. Over the past 24 hours, BTC’s lowest has been $6320 with the peak being $6430 (BITSTAMP:BTCUSD).

Bitcoin's stability over the past two days

Bitcoin’s stability over the past two days

According to chart analysts who have been studying the market through the current bearish market say that according to their indicators like BBs (Bollinger Bands) there is a big price action that’s coming and it could happen very soon.

Sentiment Analysis is a segment where we aggregate sentimental data that was collected over the week after our reporters’ interview people from various walks of life who are related to specific projects and tokens. These people would be developers, investors, traders, skeptics and journalists alike from various parts of the world. These comments are completely opinionated and conclusions are a summary of the interviewed respondents.

Bitcoin:

Bitcoin at press time started to show signs of a small bearish pressure mounting on it with BTC going down from $6345 to $6280. Despite a lot of critics claiming that Bitcoin’s price won’t affect the market conditions, the current market situation shows that BTC’s price still influences the market. Bitcoin’s dominance over the market has since the recent drop gone back to above 42%.

Bobby Pham, a Bitcoin miner from Coventry says,

“The mining business has taken a hit all over the world. Even big players like Hashflare which gave out profitable BTC mining contracts have stopped accepting fresh contracts. The December hike last year interested a lot of big players who invested millions in mining farms in colder, cheaper places. With big players in this market and billions invested in the industry, there is no way the markets are staying this way for a long time. I wouldn’t say the typical “moon” is happening soon but it is happening for sure”

Vaibhav Kapoor, a Relationship Manager at HDFC Bank in India says,

“No matter how many how positive you get, the real sentiment is in the order books and there is nothing big. You don’t see those big 20,30,50 BTC buy orders that you saw during December anymore. Now you have an equal sell and buy order on both sides. The market is still bearish and will be called bearish till Bitcoin crosses $14800 again. I hope Satoshi’s new book has a plan to get us out of this ditch”

Rex Colonna, a short-term crypto trader from Bologna says,

“Volatility is why I entered crypto. The concept of “HODL” is wrong. If you HODL the market does nothing. Everyone needs to constantly buy and sell. We at our trading firm believe that Bitcoin could see lower prices down to $5200 or maybe $4800 before we recoup back to $6k again and trade sideways. According to conservative analysts, Bitcoin will break $14K or $15K only next year and I believe them.”

In conclusion, 58% of the respondents felt the short-term price action to be bearish with a pullback to $5700. The other 42% felt that in the next week, Bitcoin could get a positive push back up especially with positive news expected to break out of the Asian markets.

Ripple:

Ripple [XRP] at press time was trading at $0.45 to a token with a market cap of $17.9 billion. Today’s trade volume was considerably lower than what was experienced in the first half of June with even Selfkey witnessing a bigger trading volume than XRP today.

Rob Jansen, a Financial Advisor at BKNG says,

“XRP is at the verge of breaking out. The entire year despite the fall from $3, we’ve had excellent partnerships, much better than the showbiz Pornhub deals from Tron and Verge. Ripple is out there making a difference in the world and I think we will see more adoption in the coming months. Ever heard about the sleeping giant, XRP is the giant. Unfortunately, the market is tamed by Bitcoin’s antics. With a lot of exchanges supporting multi-asset fiat withdrawal we should see an end to that soon”

Jimmy Mclaren, an Economics professor and a crypto investor says,

“What drew me to the crypto market was Ripple. I probably went with the flow and invested in the “cheapest” asset. Regretted it but later on, realized that it was probably the smartest investment.  XRP is an anomaly in the crypto space. You don’t see unnecessary jargons, unrealistic promises or illiterate “mooning” comments. If ever Coinbase lists it or even if it hints at doing it, XRP will zoom past $1.”

Ivan Zimmer, a developer working for an ICO says,

“We are at a stage where products need to prove themselves. You won’t get away with a weak whitepaper and a product in the air. You need to prove that you are worthwhile. Ripple has been doing it since day 1. Interledger protocols, xRapid, xCurrent, XRP, etc. You name it and everything has a use case. Ripple has been silent for a long time. It is like a dormant volcano. When it erupts, I think the next stop will be monumental January like scenario again”

In conclusion, an emphatic 73% respondents feel that XRP has been silent and momentum is building. They believe that July could be potentially bullish for XRP. The other 27% feel that XRP is just a follower and will trail Bitcoin’s path for now and could only increase with BTC’s price.

TRON:

Post the Mainnet fever, Tron has had multiple announcements of its SRs (super representative elections) to Pornhub announcements. TRX at press time was trading at $0.037 to a token with a market cap of $2.4 billion witnessing a 2% drop over the past day.

Alex Deen, a TRX investor since January says,



“There is nothing more dramatic than being associated with Tron. Justin Sun’s constant announcements, although naive, at least make it one of the few projects in the crypto world with such media attention. The attention has made TRX one of the most spoken about virtual currencies in the recent past. The independence from Ethereum is something big. Pornhub is a big deal too. Naysayers will always be naysayers. The big pump is coming and 20 cents is calling. TRX could be last year’s XRP”

Prabjhot Singh, another Tron investor from Ludhiana says,

“A plagiarized project, theatrical announcements and twisted sense of belonging are what the TRON community deals with. I was expecting a big pump in June, especially with their Mainnet launch. EOS pumped and TRX should have pumped the same. I’m sure a lot of investors like me didn’t get what they were looking for. The question I ask myself, is it worth Hodling?”

In conclusion, 66% of the respondents feel that TRX could be the next big bull run waiting to happen. Many compared it to the recent Docademic or Selfkey which bounced by more than 200%. The other 34% feel that TRX could be soon a forgotten project with many saying that it could crash even further.





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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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