Little known Groestlcoin [GRS] saw a massive price pump over the past 24 hours, climbing by over 150 percent against the US dollar. The pump followed a tweet by Groestlcoin, announcing a debit card backed by the financial services giant, Mastercard.
Despite no confirmation from Mastercard’s side, the coin shot up the global market, becoming one of the coins in the top 100 in the process. Groestlcoin added that the blockchain payments company, PolisPay, was also involved in the debit card project. PolisPay had partnered with Mastercard previously, launching a debit card that allowed users to convert their cryptocurrency into fiat.
Groestlcoin added that the debit card can be used in retail payments with any vendor that accepts Mastercard. It can also be used to withdraw fiat currency through ATMs that comply with the card-provider.
The tweet stated,
“First Debit Card for Groestlcoin $GRS is here! And is backed by MasterCard®!
» Use it in any retail/online shop that accepts MasterCard debit cards.
» Withdraw cash at any MasterCard-compatible ATM.
We want to thank @PolisPayApp for making this possible!”
In March 2018, Groestlcoin was added to the PolisPay payment platform in order to promote the use of cryptocurrencies in real-world cases. Through this addition, merchants would get paid in fiat while the users were charged in GRS from their accumulated balance.
Beginning at 1100 UTC on 11 March, the coin’s price shot up from $0.23 by a massive 216% to reach $0.73 in less than 8 hours. Following a brief drop to $0.47, the coin surged again to reach the price of $0.61, at press time. Groestlcoin posed a market cap of $44.56 million, while the market cap a day prior stood at $17.14 million.
Binance’s CEO, Changpeng Zhao, hailed this partnership as a feat of crypto-adoption. He tweeted,
“Progress. Slowly but surely.
What can’t be stopped will spread!”
However, the larger crypto-community did not share CZ’s optimism and stated that this ploy by Groestlcoin was nothing new as similar services were offered by other crypto-centric companies.
Adam Kracík, a self-described ICO reviewer tweeted,
“This card is useless – it works same as your credit card. It is only USD or EUR. You fill this card by the same process as withdrawal from any fiat-crypto exchange. If you withdraw USD from Kraken to your bank account, you can use your crypto in the exact same way as this.”
EddieBong, stated on Reddit,
“I feel so sorry for everyone buying in – this is in no way backed by mastercard – it is just a pure lie. This is similar to withdraw from for example Kraken or many other fiat gateways. This is just a trick :)”
Additionally, GRS will also be integrated with Japanese vending machines following its tie-up with IvendPay, a payment solution for vending machines. This will allow Groestlcoin to be used as a payment method on 5.5 million vending machines in the country.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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