The cryptocurrency market seems to be back on track with a lot of greenish signs. This could be attributed to the investments made by the big financial institutions. Countries are regulating their banks’ involvement with cryptocurrencies and the big shots are of the opinion that these countries like China and India will lose and other countries like Japan and Singapore will gain. Many cryptocurrency related firms like exchanges are flocking towards Japan which is a country that is open to cryptocurrencies. The total coin market capital at 1:51 PM UTC was $270.309 which increased from the amount earlier today.
The sentiment analysis segment is carefully structured after scrutinizing various comments and sentiments gathered from around the world. Each sentiment analysis is made after interviewing a group of investors, miners, journalists, skeptics, and influencers and it includes their valuable comments on the present market trends. This analysis is focused on the cryptocurrency, TRON [TRX], which has moved up to the 12th spot in the rankings from the 13th spot.
At 2:00 PM UTC, TRON was seen to be trading at a price of $0.0370 and a market capital of $2.438 billion. TRON has been moving up and down in the rankings for quite a long time now. It had managed to reach the 10th spot but could not retain it for long. The coin appears to be stable and has been trading above the strong support level of $0.035. The lack of volatility may also be a cause for the coin not breaking out of this price level. The bulls and the bears are apparently not actively engaging with the coin.
Alex Watson, an altcoin miner from Brisbane says:
“This stable trend will continue for TRON and some other developments should be implemented to have a bullish trend to kick in. Currently there is a selling pressure for the coin but there are enough number of good buyers to keep the coin going. My personal advice for you folks is to HODL till major trends arise”
Eric Johnson, a TRON investor from Queenstown says:
“This trend will continue till the second week of June and from there the coin has a bullflag formation which will take it further up. A resistance is formed at $0.043 and if the coin reaches this level, it will surely go up to the $0.095 mark.”
Sam Simmons, an Economics student at University of Chicago says:
“There was a double bottom alert for TRON a few days ago. Even though there was a big dip in the price, the coin did not hit the bottom. This resulted in the stability experienced by the coin at the present moment. A major bullish trend in the short-term cannot be expected but in the long-term, there are signs of a bullish trend.”
To conclude, 66% of TRON respondents are satisfied with the coin’s current trend and are hoping for a bullish breakout. Most of them are of the opinion that the launch of Test Net and other developments by the TRON team are the reasons why the coin attained stability. Another 34% of TRON respondents, however, does not believe in TRON and they say that the coin will lose the stability because of its long-held inability to breakout.
Bitfinex partners with EOSIO as a Blockchain Producer
Bitfinex, headquartered in Hong Kong is the largest Bitcoin trading platform with over 10% of the exchanges’ trading. They offer state-of-the-art services for digital assets and liquidity providers. While their search for advanced technologies with the capacity to meet high-demands of a high-volume blockchain both legally and technically was in process, they came across EOSIO community to which they believe they can contribute significantly.
Latest tweet by Bitfinex:
“Bitfinex is pleased to present itself as an EOS Block Producer candidate.”
Bitfinex will act as an incubator to fund, nurture and advise teams that are serious about the future of EOS. Their team is an assortment of more than 100 experts from the industry including a highly versatile development team, legal experts, technical support agents, and industry advocates.
“Our team has gained invaluable industry experience along the way, and we aim to make use of this to enrich the teams around us — sharing information and providing guidance whenever possible.”
Being a block producer candidate, they pledge to grow the open-source nature of the decentralized digital asset space. This is done through intense research, collaborations, and community development. They aim to combine the potential of EOSIO with their own terms of research, development, and adoption at a much higher level.
A high-performance decentralized exchange platform, EOSfinex also aims to combine the scalability and potential of EOSIO. It is built on EOSIO technology, along with the financial/development expertise of the Bitfinex development team. EOSfinex looks forward to delivering a highly-scalable, on-chain trading platform.
“EOSfinex has been developed by considering speed, transparency and scalability and will be the first trust less exchange to be implemented on EOSIO-based networks.”
Apart from the development of a trustless exchange, EOSfinex will be leading the development of a secure and intuitive EOS wallet as well. The partnership is meant to leverage EOSIO’s platform for horizontal scaling of DApps. As their continuous search led them to the EOSIO platform, they aim to process tens of thousands of transactions per second with the lowest fees.
Judy Steven, a Bitfinex user says:
“This is exciting. I’m interested in learning more about this “intuitive wallet” you are developing.”
Ariana Paul, a speculator says:
“Congrats Bitfinex! Looking forward to seeing what great accomplishments Bitfinex will bring to the EOS ecosystem. I can see a three-digit price for EOS soon.”
Lessie Grundon, a market observer said:
“Honestly, I don’t think this is good. To me decentralisation is all about random people having a right to produce blocks and vote the way ahead.”
EOS has been one of the top gainers in the market that has turned bearish recently displaying significant volume gains up to 52% and currently trading at $13.19. The market cap has also noticeably gained and is worth $10 billion roughly as seen at press time.
Jed McCaleb talks about the foundation of Stellar Lumens [XLM]
The BayPay Thought Leadership event was held on 19th April, where Jed McCaleb, the Co-Founder, and CTO of Stellar Development Foundation spoke about the past, present, and future of Stellar.
He started by explaining how the transactions on Stellar work and about how they get banks on board. He says that banks are not the first ones to take up this system of transaction. However, smaller financial institutions like money transfer operators that focus on payments will be more open to adopting this method of sending money.
“We are working with a few banks and none of them are in production. I don’t think of the banks using cryptocurrency are in production… I don’t think they’re going to do anything until they see a lot of money flowing somewhere else in the ecosystem first because they are the most risk-averse, they have the most to lose essentially.. we spend most of our time outside the US – mainly focus in South Asia, Africa.”
He further explains that there is a lot of friction in places where people do not have bank accounts, wherein the adoption of the Stellar network makes it easier for them to adopt the system.
When asked about how much responsibility they have as a network to allow ICOs to function, Jed talks about the company being unable to stop anyone from issuing a token on the network but they wouldn’t be involved in the same. However, he says “Our responsibility falls on the ones that we do work with.. we want to make sure there is reputable and valuable projects”.
He also says that people need to be careful while investing in ICOs as these are the early days in the space, due to which there are a lot of scams and fraudulent activities.
A crypto enthusiast commented:
“This was a great discussion. I loved how Jed did a great job answering the questions even though they were irrelevant. I think it could have been more detailed about the backstory of Stellar and the challenges the faced instead of talking about Jed’s life history. Im sure the audience wanted to know more than just unnecessary things.”
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