Bitcoin [BTC] value has actually improved since JPM coin because of its decentralized nature, claims Tim Draper

Tim Draper, Venture Capitalist and Bitcoin Bull, recently claimed that Bitcoin [BTC] had the potential to majorly transform how the world operates and not just the financial ecosystem.
In a recent episode of The Crypto Chick with Rachel Wolfson, Draper said that the importance of Bitcoin [BTC] as a medium of currency would not be diminished in the forthcoming period. He explained that Bitcoin [BTC] had transcended the concept of decentralization and enabled the mass to think in a decentralized manner rather than backing a “political currency which is tied to a bureaucracy.”
During the interview, Tim Draper was asked to comment on the current market scenario of Bitcoin and where it was headed in terms of valuation. He explained that new technologies usually undergo a period of hype where people give attention to a new and intriguing trend.
He stated,
“The excitement will never be that hiked as it was the first time around but the value would grow sustainably over a long period.”
He believed that the recent hike had occurred in discreet movements and the trade volume was still not significant enough. He also said that the use of open node and Lightning Network might have solved a lot of people’s problems in terms of scalability.
Additionally, Tim Draper indicated that JP Morgan’s introduction of the JPM coin actually helped Bitcoin’s case in terms of popularity. He said that people were smart enough to understand the value of Bitcoin now and that it had more value than JPM coin which was centralized in nature.
Tim Draper stood by his prediction he had made earlier that Bitcoin [BTC] would hit $250,000 valuation by the year 2022 or 2023.
He mentioned,
“There is no question in my mind that Bitcoin would have a 5 percent market share which is all it requires in order to hit $250,000. There is $90 trillion dollars worth currency in the world. The number would probably increase because of crypto and as people evolve and see the opportunity and security behind cryptocurrency, they would start bringing it into their lives.”
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Source: AMB Crypto

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Prices hold steady valuations as market moves towards a neutral trend

Bitcoin [BTC] and it’s silver counterpart Litecoin [LTC] managed to hold off major price decline over the trend period as the coins witnessed a standstill. At press time, Bitcoin [BTC] raised its valuation by 3.30 percent in comparison to the US dollar and the trade volume garnered about $11.7 billion.
Litecoin [LTC] exhibited a similar growth with a hike of 2.66 percent with respect to the US dollar and was priced at $81.09 at press time. The market capitalization recorded by the coin was around $4.9 billion.
Bitcoin one-day chart:
Source: Trading View
The one-day chart of Bitcoin exhibited the uptrend due to the surge and pushed up the valuation from $3952.4 to $5310.3. The new support line scaled after the hike was placed at $4931.9 and the resistance remained at 5312.4. The price held a sideways movement between these two lines at press time.
The Parabolic SAR indicated a bearish trend for the coin as the dotted markers remained above the candlesticks.
The Chaikin Money Flow or CMF line was above the zero line in the chart which implied that capital was coming into the market.
The MACD indicator showed a bearish crossover and the histogram was below the red line which pointed towards a bear trend for the coin.
Litecoin one-day chart:
Source: Trading View
Litecoin [LTC] had dropped in valuation after the price surge as the valuation extended from $92.512 to $83.976. The new support line for the trend was scaled at $61.225 and the resistance line remained strong at $93.144.
The Bollinger Bands indicator implied a volatile period for the coin as the markers converged in the market.
The Relative Strength Index or RSI pointed towards acquired neutrality between the selling pressure and buying pressure as the line remained under the 60-marker.
The Awesome Oscillator or AO indicated a bearish momentum in the market at press time, but continued to lose the upper hand with declining red bars.
Conclusion:
The SAR, MACD and the CMF indicated a bearish downtrend for Bitcoin on the daily charts. The indicators for Litecoin showed a bearish decline while the prices moved sideways.
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Source: AMB Crypto

Bitcoin [BTC], Bitcoin Cash [BCH] accepted as payments by Corporate Traveller following tie-up with BitPay

The future of cryptocurrency had always been speculative and constantly clouded with doubts as crypto-assets were highly unregulated. The silver lining for the industry remains in terms of worldwide adoption, which has the potential to promote the use of virtual currencies.
According to reports, Corporate Traveller, the premier company for business traveling services based out of the UK, entered an alliance with BitPay, which is the largest global blockchain payment service.
The newly announced partnership would now allow Corporate Traveller to accept Bitcoin [BTC] and Bitcoin Cash [BCH] for travel bookings from its Small to Medium sized enterprises [SME] customers.
Corporate Traveller made the announcement on Twitter and stated,
Source: Twitter
According to the announcement, there would be no price deviation for the company as the users would send the payments via Bitcoin or Bitcoin Cash directly to Corporate Traveller’s bank account via Bitpay. BitPay would charge the users only 1% to approve the transaction, unlike the high cost levied by bank credit cards.
This new-formed partnership is monumental for the crypto community and further solidifies the convenient usage of cryptocurrencies.
Andy Hegley, the UK General Manager of Corporate Traveller, said,
“We identified an increasing demand from our clients for the option to pay in bitcoin for business travel bookings made by our travel consultants. We chose BitPay to manage our merchant processing because they make it easy and handle the entire process of getting the Bitcoin or Bitcoin Cash from the customer and depositing cash into our account.”
Sonny Singh, Chief Commercial Officer of Bitpay, had recently claimed that countries like Russia, China and India could play a major and significant role in the next Bitcoin Bull Run.
He believed that the crypto realms were pretty steady in places like the US and Europe, but for digital assets to grow and for price valuations to rise up, regulations had to undergo changes in places like Russia and India; where cryptocurrencies were being blatantly opposed.
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Source: AMB Crypto

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins undergo price correction as bears rally back into market

After the recent price surges, Bitcoin [BTC] and Litecoin [LTC] continued to decline as the coins witnessed market price corrections. At press time, Bitcoin was priced at $5,084.9 and the market capitalization recorded was around $89.3 billion. The price fell by 1.70 percent in valuation against the US Dollar.
Litecoin [LTC] had a significant fall as the coin fell by 5.25 percent against the US Dollar. Over the past seven days, the coin exhibited a more significant decline of around 9.63 percent. The 24-hour trade volume garnered around $2.4 billion and the coin was priced at $78.98.
Bitcoin 1-day chart:
Source: Trading View
The one-day chart for Bitcoin saw the valuation bounce between $3,500 to $4500, until the recent surge propelled the valuation from $4,168.5 to $5,299.4. The resistance line was placed at $5,312.4 and the long-term support line remained at $3,281.7.
The Bollinger Bands indicated a less volatile period for the coin as the markers converged.
The Fisher Transform line remained under the red line on the chart, which pointed towards a bearish trend.
The Relative Strength Index or RSI line was under the 70-marker, indicating an equivalence in selling and buying pressures. However, the token was closer to the overbought zone.
LTC 1-day chart:
Source: Trading View
It can be observed from the Litecoin one-chart that the recent price surge had a dominant impact on its valuation as the coin’s valuation was propelled from $47.73 to $92.57. A price correction had taken place following the hike, which extended the devaluation from $92.578 to $84.425.
The Parabolic SAR indicated a bullish trend for the coin as the dotted markers remained under the candlesticks.
The Awesome Oscillator indicated a weakened bearish momentum as the red bars declined on the chart.
The MACD line remained under the red line, which indicated a bearish wave for the coin.
Conclusion:
After the surge, price correction was inevitable for the coins as the valuation continued to undergo corrections.
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Source: AMB Crypto

USDT premium was caused by USD inflow and not Tether Inflation, claims Chinese Bitcoin Billionaire

Bitcoin [BTC] recently led a significant bull run which pumped up the price by 15% in valuation. After the hike, the price of USDT was over 7 yuan on over-the-counter platforms, which meant crypto traders based out of China had to pay an additional 3 percent to 5 percent for Tether [USDT] to avoid a ban on crypto trading.
Zhao Dong, Chinese Bitcoin Billionaire, and an early Bitcoin adopter was outraged with the USDT premium and took it up to Weibo [Chinese equivalent of Twitter] to explain that the premium charge was due to USD capital flow, instead of the assumption that Tether was inflating USDT to hike the price.
Zong explained that the biggest exchange that currently existed in the US was Coinbase, which largely traded in dollars. The exchanges in the states which had significant trading volume would use USDT trading since BTC and USDT were able to flow freely between exchanges without any price discrepancy. Hence, the premium in USDT occured only when the Coinbase BTC-USD pair became hyperactive over a short period.
Zong further added that in a situation where the market surges, investors rush to Coinbase because the exchange saves the step of USD to USDT conversion. Since there is a lot of dollars to acquire, Coinbase goes up first and USDT goes up later.
In a short-term like that, the BTC/USD pair surpasses the BTC/USDT, which points towards a scenario where BTC would be worth more in USD than in USDT temporarily; which inflates the premium on USDT.
The increased premium on USDT would be reduced as soon as investors without direct fiat to Bitcoin channel would fomo into Bitcoin with newly converted USDT. In such a situation, BTC/USD would drop and BTC/USDT would improve and cause a “negative premium” in USDT for a temporary period; such as the current situation after the bull run.
Even though Zhao put forward an argument for investors to believe that US dollar inflow was the reason behind the price surge of USDT, many investors did not buy it as USDT was mostly played by Chinese traders.
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Source: AMB Crypto

Litecoin [LTC] halving would be more bullish for Bitcoin [BTC] than LTC, says Tone Vays

Litecoin [LTC], the silver counterpart of Bitcoin [BTC] is considered as one of the most dominant altcoins. The coin is scheduled for a block reward halving on August 6, 2019.
After a particular halving, the virtual asset is supposed to witness a bullish trend. However, Tone Vays believes that Litecoin [LTC] halving will be bearish for the altcoin’s future.
At a recent meet up held in Philadelphia, Tony Vays was asked to express his views on the LTC halving. Vays stated that it would be entirely bearish for Litecoin and would be particularly bullish for Bitcoin [BTC].
He explained his statement and said that Bitcoin [BTC] halving usually reminded miners of scarcity. The scarcity factor usually drives up the value factor of a virtual asset, which makes it more profitable for the miners to mine.
Tony Vays stated,
“In the case of Litecoin [LTC], the scarcity is not a major factor because Litecoin is unsecured inflation on top of Bitcoin.”
Additionally, Tone Vays stated that Litecoin [LTC] had more competitors in the market compared to the dominant Bitcoin [BTC]. He mentioned that Litecoin halving should remind the industry that there was no value to mine Litecoin [LTC] in the current market. On the contrary, he believes that Bitcoin [BTC] halving will create opportunities for miners to find more valuable Bitcoins.
Tony Vays said,
“Litecoin is easily replaceable, so investing a lot of money in Litecoin mining infrastructure only to watch Litecoin disappear in the halving is a problem. Hence, halving is a major problem for Altcoins but, not necessarily for Bitcoin.”
He added that the bullish trend after the Litecoin [LTC] halving would not drive Bitcoin’s [BTC] price valuation through any major highs, but would still play a crucial role.
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Source: AMB Crypto

Bitcoin [BTC] market is still majorly bearish, recent price hike was merely a bull trap, claims Tone Vays

The Bitcoin [BTC] market recently underwent a major bullish run which propelled its valuation above the $5,000-mark for the first time since November 2018. Many analysts put down their prediction and believed that the Bitcoin bottom was reached and that it was the beginning of another major price hike.
At a recent Bitcoin Q&A meet up at Philadelphia, Tone Vays, a popular Bitcoin [BTC] influencer, said that the market was still bearish and setting up for a bull trap.
Tone Vays presented some of his analysis and explained that he had predicted Bitcoin to reach a valuation of around $5,100. He said that after the breach of the $5,000 mark, he expected Bitcoin to hit new lows.
Additionally, the analyst mentioned in his presentation that he had drawn the support at $4,950 over the next week for Bitcoin. He stated that if the coin fell below the support, the coin was looking at a difficult period in terms of financial valuation.
However, he did open the window for a bullish run and indicated that if Bitcoin crossed $5200, the forthcoming period might be more inclined towards a bullish move.
During the meetup, Vays was queried on whether the bull run was triggered by a major whale purchase. He responded that a major whale purchase was highly unlikely to cause a bull run. He also added that the run only lasted two days, which did not give it enough credibility to be termed “bullish”.
He stated,
“If the bull run was caused by a major whale purchase in the market, then it would never be sustainable in the long term.”
Lastly, Tone Vays remarked that a major economic event, which did not involve a major financial catastrophe, would be beneficial for Bitcoin.
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Source: AMB Crypto

Ethereum [ETH] and Tron [TRX] Price Analysis: Bears dominate market as tokens bleed

Ethereum [ETH] and Tron [TRX] registered a fall in prices since the recent bull run. At press time, Ethereum was priced at $162.48 and with a market capitalization of $17.26 billion. The token also witnessed a decline of 1.48 percent against the US dollar over the past day.
Tron [TRX] garnered $304 million in trade volume over the last 24 hours and the token was priced at $0.0262. The market capitalization was around $1.7 billion and the 24-hour decline rate was about 1.94 percent.
Ethereum 1-day:
Source: Trading View
The one-day chart of Ethereum exhibited an uptrend which pushed the valuation from $136.74 to $180.87. The resistance line, at press time, was placed at $181.42 and the long-term support line was at $82.21.
The Bollinger Bands pointed towards a stable price movement for the coin and the markers converged on the chart.
The Relative Strength Index indicated that the selling pressure and buying pressure remained neutral in the market.
The Awesome Oscillator or AO indicated that the market was heading towards a bearish region as the red bars dominated the chart.
Tron 1-day chart:
Source: Trading View
The one-day chart saw sideways movement for the valuation of the token as the prices kept moving between the resistance line at $0.0309 and the support line of $0.0214. An uptrend from $0.0246 to $0.03083 was also seen on the chart.
The Parabolic SAR indicator hovered over the candlesticks and indicated a bearish trend for the token.
The MACD line remained below the red line on the chart and exhibited a bearish trend.
The Fisher Transform line followed suit and stayed under the red line, which indicated a bearish run in the market.
Conclusion:
The tokens seem to have embraced the bearish market and the drop in valuation could possibly continue for a longer period of time.
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Source: AMB Crypto

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bears loom as market correction forces hit market

After the recent bull run, market correction forces forced many coins to lose their valuation. Bitcoin [BTC], the largest cryptocurrency in the world, witnessed a minor decline of 0.82 percent against the US Dollar. The market capitalization was recorded to be around $91 billion and the coin was priced at $5171, at press time.
Litecoin [LTC] suffered brutally at the hands of the bear as its valuation dropped by 7.22%, at press time. The 24-hour trade volume was around $2.9 billion, while the token was priced at $81.78.
Bitcoin 1-day chart
Source: Trading View
The 1-day chart for Bitcoin was relatively positive as prices rose on the back of the recent bullish wave. The uptrend extended from $3913.60 to $5308.60. The new resistance line was scaled at $5312.40 and the support line remained at $3281.70.
The Parabolic SAR indicator remained under the candlesticks in the chart, implying the continuation of the bullish trend.
The Chaikin Money Flow line was above the zero line, indicating major cash inflow for the coin.
The Fisher Transform line dipped under the red line, indicating the start of a bearish trend.
Litecoin 1-day chart
Source: Trading View
Litecoin’s one day chart was majorly bullish as the coin witnessed a huge spike in price since December 2018. The significant uptrend extended from $40.053 to $92.578 and the support was lined at $23.23. The resistance line after the bull run was placed at $93.61.
The Bollinger Bands pointed towards a volatile period for the coin as the markers were diverging on the chart.
The Relative Strength Index pointed towards a neutrality between the selling and buying pressure after the token was oversold in the market earlier.
The Awesome Oscillator gave the upper hand to the resurfacing bearish momentum as the red bars dominated the trend chart.
Conclusion
Both tokens’ prices dropped significantly after market correction forces took hold of the coins. A reversal to a bearish trend was considered imminent.
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Source: AMB Crypto

Top Losers: Tron [TRX] falls by 8%, while BCH and Stellar plummet by 6% and 5% owing to market correction

After the massive bull run witnessed last week, the cryptocurrency market underwent significant price corrections, with several tokens plummeted in value. Bitcoin Cash [BCH], Tron [TRX] and Stellar [XLM] were the biggest losers of the market, with the bears ravaging the three cryptocurrencies.
Source: CoinMarketCap
Tron [TRX]
Tron suffered the most in the top 10 cryptocurrency list after falling by 8.02% over the past 24 hours. The token recorded a market capitalization of $1.8 billion, with the 24 hour trading volume recorded at $520 million. The token was priced at $0.0277, at press time.
TRX was highly traded on OKEx exchange, where it garnered 12.65% of the entire trade volume. It was followed by BitForex, where the virtual asset contributed to 7.05% of the trade volume.
Source: CoinMarketCap
Bitcoin Cash [BCH]
Bitcoin Cash [BCH] enjoyed a relatively lucrative bull run when Bitcoin surged. However, the coin’s price fell massively over the day. Bitcoin Cash [BCH] recorded a fall of 6.30% over the past 24 hours, while the market capitalization was $5.04 billion, at press time. The coin was priced at $284.69 and the 24-hour trade volume was $1.5 billion.
The coin was traded most on OEX exchange, where the token recorded a trade volume of $199 million, 12.08% of the entire trade volume. OEX was followed by OKEx, contributing to 7.14% of the trade volume.
Source: CoinMarketCap
Stellar Lumens [XLM]
Source: CoinMarketCap
Finally, Stellar [XLM] completed the list of top losers after falling by 5.18% against the US Dollar. The market capitalization was around $2.3 billion, with the 24 hour trade volume recorded to be $350 million.
BCH, TRON, and Stellar rode the bull wave last week. However, the tokens have since fallen in value after market correction forces allowed the bears to ravage the coins.
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Source: AMB Crypto

XRP: xRapid payments-facilitated exchange, Bitstamp granted BitLicense by New York DFS

Bitstamp, a cryptocurrency exchange based out of Luxembourg, announced on its official website that the exchange was granted a BitLicense. This will allow Bitstamp to continue providing crypto trading services in the United States and improve the exchange’s overall presence in the country.
Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS], stated,
“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”
The exchange is now authorized to offer services, providing its users with the ability to buy and sell Bitcoin [BTC] along with various other cryptocurrencies. The license also enables Bitstamp USA to facilitate transfers of funds onto the Ripple Network, issuing Ripple balances in USD, with other virtual and fiat currencies.
Bitstamp is one of the few exchanges that facilitate xRapid payment paths or Ripple Gateways, which provide an entry point into the Ripple Network. The announcement further hinted at the exchange being granted the license to use the XRPL decentralized exchange for utilization.
With the legal backing of the Financial Services, Bitstamp will now be able to issue fiat-backed and crypto-backed IOUs [tokens issued on the platform that are redeemable for a fungible asset such as USD, gold or crude oil].
Nejc Kodrič, CEO of Bitstamp, expressed his delight, stating,
“Bitstamp has always embraced regulatory efforts that focus on transparency and accountability to help expand the industry and bridge the gap between the traditional financial and cryptocurrency worlds.”
After the announcement, a Twitter user @Ticketothemoon, posted a query and asked,
“Wasn’t buying XRP from Bitstamp already an option in the U.S?”
Bitstamp responded to this query,
“You’re right, it was, and this license will enable us to continue providing crypto trading services and ramp up our presence in the US.”
XRP enthusiast, @XrpCenter gave its opinion on the announcement and stated,
“To be clear, this means that Bitstamp, as a separate and independent company, has been granted with an authorization to use the XRPL Decentralized Exchange to 1) Issue fiat-backed and crypto-backed IOUs. 2) Handle payments. It is not the XRPL, per se, what has been regulated.’
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Source: AMB Crypto

Dharma opens cryptocurrency lending to public as cryptocurrency adoption gets a boost

The mass adoption of cryptocurrencies is crucial to the mainstream acceptance of the digital asset sphere. With regulations and institutional limitations, validation has been difficult to achieve on a wide scale.
However, Dharma is on its way to change that. Dharma, a company which offers users the option to lend and borrow cryptocurrencies, announced that it is now open to public.
Source: Twitter
This development is a move towards improving accessibility, allowing users to acquire cryptocurrencies without the requirement of bank accounts or credit cards. Further, interest rates would be globally accessible to everyone.
The announcement is a huge boost for the crypto community as people will now face fewer complications when trying to acquire virtual assets.
At the launch, Dharma also announced that users would be able to borrow ETH and DAI at affordable rates in the market.
Nadav Hollander, Dharma CEO, explained that the company had worked hard towards improved user experience.
He stated,
“There are a handful ways to earn interest on your crypto in a non-custodial manner, pretty much all of those require a high degree of technical knowledge.”
According to Hollander, Dharma had already facilitated loans and reached over 2,500 users; data which had been derived from a third-party explorer, Dharmalytics. In principle, a capital of $1.16 million had been borrowed so far across 1,575 loans.
Brendan Forster, Co-founder, and COO of Dharma said,
“We see the broader shift to blockchain-based financial services as the beginning of a much more efficient, programmable, and equitable financial system.”
The firm is currently backed by Green Visor, Coinbase Ventures and Polychain among others.
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Source: AMB Crypto

Bitcoin [BTC] breaching $4,200 mark influenced market psychology, claims eToro’s Mati Greenspan

Mati Greenspan, the Senior Market Analyst at eToro, is in the news again after he suggested that the current cryptocurrency market might be in a state of “limbo”.
During a recent interview with bloxlive.tv, Mati Greenspan claimed that the cryptocurrency market was hinting at the end of the bear cycle. He took the reference of the critical 200 DMA indicator, suggesting that the bear market might have snapped, following Bitcoin [BTC] $5,000 level breach.
The 200 DMA had been taken as resistance during the crypto-winter. However, the line was broken by the recent price surge and was acting as support, at press time. He added that the long-term bearish trend line was also broken during the pump.
With the analysis, Greenspan speculated the end of the long-term bear market. However, he remained cautious about considering the ongoing cryptocurrency trend as a bull run.
He explained that the argument for the collective coin market’s bull run came from the massive pump which occurred within the span of two days.
He added,
“A bull market is defined as a market where the prices are going up steadily over a period of time and are expected to go up in the future. In that sense we don’t have it. Yes, we had momentum building up slowly since early February and there was a pop, but we do not have sustained upward pressure overtime because that only comes with time.”
Additionally, he stressed how important the $4,200 mark was as the coin bounced back from the resistance many times, before finally crossing it during the pump, which could have influenced the “market psychology directly”.
Source: Twitter
Mati Greenspan recently tweeted and charted out Bitcoin’s new resistance level at $5,350. According to him, a breach of the new resistance line will likely confirm dominant buying pressure, fueling a greater Bitcoin pump.
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Source: AMB Crypto

Ethereum [ETH] and Tron [TRX] Price Analysis: Coins remain bullish despite market correction

After the coin market collectively hiked on the back of Bitcoin’s surge, Ethereum [ETH] underwent price correction, as the token dropped by 3.66 percent against the US dollar. The market capitalization also dropped to $18.5 billion and the token was priced at $175.55, at press time.
Justin Sun’s Tron [TRX] however, continued to drive its price with a bullish outlook as the token improved its valuation by 2.35 percent over the past 24 hours. The trade volume recorded was approximately $765 million, about $200 million more than the previous day, while the token was valued at $0.0293, at press time.
Ethereum 1-day chart
Source: Trading View
The one-day chart for Ethereum showcased a minor fall in prices. Since the bull run however, the token improved its valuation. The token exhibited an uptrend which pushed the price from $137.56 to $164.78. The new resistance line was drawn at $181.42 and the support line was at $102.31
The Parabolic SAR indicated that the token remained in bullish territory as the dotted markers hovered below the candlesticks.
The Awesome Oscillator indicated bullish momentum in the market as the green bars remained prominent in the chart.
The Fisher Transform line was over the red line at press time, indicating a bull run.
Tron 1-day chart
Source: Trading View
The one-day chart for Tron sported a new support line at $0.0213, with the resistance line at $0.0309. The token exhibited an uptrend which extended from $0.025 to $0.0291.
The Bollinger Bands continued on a diversion course as the token remained volatile.
The MACD line appeared above the red line and pointed towards a bullish run for the token.
The Relative Strength Index pointed towards the dominance of sellers in the market as the token remained oversold. However, the line was threatening to enter the neutral zone.
Conclusion
According to the indicators, Ethereum underwent price correction after the prices consolidated after the bull run. Tron [TRX] continued to surge with bullish momentum, aiming to break into the top 10 cryptocurrency list.
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Source: AMB Crypto

Tron’s [TRX] Justin Sun says USDT-Tron partnership will make USDT will be more reliable, faster, and cheaper in the future

In a recent podcast with Rachel Wolfson, Tron’s CEO, Justin Sun, emphasized on the importance of stablecoins in the cryptocurrency ecosystem and the objective behind the launch of the upcoming USDT-Tron stablecoin.
Rachel Wolfson, the host of ‘The Crypto Chick” podcast, asked Justin Sun to explain the significance of stablecoins in the crypto sphere.
Sun mentioned that stablecoins, unlike other cryptocurrencies, are not tied to the fluctuations of the market. He stated that most of the traders want to keep their assets free of drastic fluctuations in the crypto sphere, making stablecoins important.
He stated,
“I think in the crypto ecosystem, the stable coin is the most important thing when we come to define the entire infrastructure of the whole industry.”
Justin Sun stated that the aforementioned partnership with the USDT would make transactions more reliable, faster, and cheaper in the future.
Sun explained that currently, USDT shared the same blockchain as Bitcoin. Hence, the transaction rate was very expensive and limited to only 300K per day. He claimed that these problems would be solved once the USDT-Tron stablecoin is launched and they migrate the majority of the USDT-Omni to USDT-Tron.
Additionally, the USDT-Tron would also benefit the entire community as it would decrease the congestion and poor user experience with the old stablecoin.
Justin Sun stated,
“The current solution is very obsolete which is extremely expensive, slow and unreliable for other stable coins. So once we gain the USDT-Tron infrastructure, I think the whole Tron community and the whole blockchain community will benefit from the move away from Bitcoin”.
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Source: AMB Crypto