TronWeekly

Crypto World News

You are here: Home / Archives for News

News

Tron [TRX] lacks momentum despite recovery above $0.55

by

After a strong surge, Tron [TRX] managed to reverse a significant amount of losses as it steered clear of its nearest support area. With a market cap of $1.40 trillion, the cryptocurrency market has seen a resurgence of bullish pressure despite resistance at higher levels.

After a mixed start to the day, Tron’s [TRX] daily gains stood at 1.09%, pushing its price to $0.0569. The 25th-largest crypto-asset recorded a market cap of $4.09 billion and a 24-hour trading volume of $613 million.

The low volatility in the TRX market can be a cause of concern as this could mean a continuation of the sideways price action for the coming days.

Tron [TRX] Daily Price Chart:

TRX 4

The moving averages continued to hover above the TRX price, as noted in the daily framed chart. The 200 DMA [Yellow] appeared to be challenging the downsloping 100 DMA [Blue] for a bullish crossover. The former had previously sustained a death cross with the 50 DMA [Pink], resulting in the gradual downtrend that lasted for over three weeks. Another bearish crossover in the near term could be damaging to the bullish trend that has just resumed.

Additionally, the volume has failed to back the increasing price, and the gap could result in a flip towards the negative.

TRX2 5

The MACD below the half-line signaled a weak buying demand in the TRX market. The Chaikin Money Flow [CMF] did observe an uptick but it has so far failed to surge above the zero-line, indicating that capital outflow continued to exceed inflow figures despite posting a recovery. A similar sentiment was noted by RSI, which bounced back from the oversold conditions but plateaued just below the 50-median line depicting a sentiment of intensifying sell pressure in the coin market, which could hinder the growth.

To reclaim the yearly highs, Tron first needs to breach the resistance levels posted by the moving averages at $0.06, $0.07, and $0.086. respectively. The support levels, on the other hand, stood firm at $0.045 and $0.028.

Bitcoin’s price climbs despite low volume; Is this a red flag?

by

Bitcoin [BTC] and the cryptocurrency market saw bullish sentiment take over after a series of downturns. The cumulative valuation now stands at $1.41 trillion. Due to the choppy price movement over the past couple of months, Bitcoin’s trading volume has dropped sharply. As a matter of fact, the figure is now hovering around levels that was last seen almost nine months ago.

This was revealed by the crypto-analytic platform, Santiment which tweeted that now the individual investors of Bitcoin will have a higher impact on markets. The tweet read,

“Bitcoin’s daily trading volume is hanging around low levels last seen in October 2020. These 9-month lows don’t necessarily mean $BTC is in for a price decline. If anything, this simply means individual trades will have a greater impact on markets.”

BTC 1

Summer doldrums may have contributed to the remarkably low volumes and poor performance in markets, money According to Luno’s UK country manager, Sam Kopelman, money managers de-risking their portfolios due to the turbulence in traditional markets, coupled with macroeconomic concerns about the effects of the pandemic is another driver for the ongoing trend.

Signs of an undecided Bitcoin market

Bitcoin’s dramatic revival over the last week is evident from the fact that the supply of BTC is being continuously moved off of crypto exchanges. Currently, the supply of BTC being held on exchanges is surging close to levels last seen in the first week of January.

While the market might have been in the process of recovery, the investors are still in hot water. All in all, the short-term outlook for the cryptocurrency can be said to be undecided with mixed signals emerging from every direction. For a strong bullish impulse, the crypto-asset requires the backing of an equally strong trading volume. The divergence formed could lead to correction in the coming days.

During the summer months, institutions typically ease up with their activity and hence, it can be said that the latest strength in the market comes from the retail club.

Uniswap’s users can still bypass censorship of the main UI, trade restricted assets

by

The largest decentralized exchange [DEX] Uniswap’s software development studio had earlier revealed restricting access to some tokens, including synthetic stocks and derivatives from the platform interface.

Over the past couple of weeks, several cryptocurrency firms such as Binance have removed their tokenized stock products. But Uniswap’s move is different than most centralized exchanges since it is only restricting access through its own interface.

Dodging Uniswap’s censorship

Uniswap Labs did not clearly mention the actual reason behind the restriction but in the official blog post, the studio had said that the tokens in question represented a very small portion of the overall volume on the Uniswap Protocol. However, it is important to note that there are several ways in which censorship can be bypassed. In fact, the users can still access these tokens through other portals on the DeFi platform that supports them. Parafi Capital’s Nick Chong also revealed that there are “a ton of alternative interfaces.”

Chong observed that the restricted assets accounted for a total of $5.9 million worth of volume over the past seven days which is around 0.076% of the decentralized exchange’s 7-day volume. He called it a “rounding error.” Chong also emphasized the need for bookmarking decentralized interfaces and mirror applications and asserted,

“The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user DeFi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call! Bookmark the decentralized interfaces.”

A bad precedent

The latest move has opened a can of worms about the never-ending decentralization and the impact of regulatory oversight on decentralized finance [DeFi]. Interestingly, the development comes days after the United States regulatory watchdog announced that that they would increasingly monitor these types of products. Needless to say, the platform has been at the receiving end of severe backlash from the community.

Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur said that even though he loves Uniswap, he said that the decision sets a bad example. Krug reiterated General Douglas MacArthur’s famous quote and claimed that this would not be the first case of defi censorship.

“History teaches with unmistakable emphasis that appeasement begets new and bloodier wars. It points to no single instance where this end has justified that means, where appeasement has led to more than a sham peace.”

Crypto Mom expresses concerns over the US delaying Bitcoin ETF

by

Crypto Mom, aka Hester Peirce, the Commissioner of the Securities and Exchange Commission [SEC], has been expressing concerns over how the US could be lagging behind in adopting Bitcoin ETFs.

Bitcoin ETF or Bitcoin exchange-traded funds have been trying to make a debut in the US for quite some time now. The regulators in the US, particularly the SEC, have been quite hostile towards this. An array of platforms have been sending out applications for the same, and almost every application has been either delayed or denied. However, the SEC has Crypto Mom, who has been urging the regulator to consider approving at least one Bitcoin ETF.

Appearing in a recent virtual conference, Peirce pointed out how all the other countries were moving ahead while the US hadn’t even approved one crypto ETF.

Crypto Mom calls out SEC

The SEC has been vocal about its angst towards the crypto-verse. The Ripple vs. SEC case is a classic example of the same. Bitcoin ETFs have made a debut all across the globe except for the US and the SEC has a primary role to play in the same. Speaking about the same Crypto Mom stated,

“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad, an investor is thinking of their entire portfolio, and sometimes we’re thinking in one-off terms of a particular product standing on its own, and we forget that people are building portfolios.”

Peirce has always noted how the SEC had been overregulation the crypto-verse.

Recently, the SEC delayed Wisdom Tree’s Bitcoin ETF plea. In its notice, the SEC urged the public to send in their views and arguments or concerns with regard to the Wisdom Tree application. Revealing the reason behind the same, the SEC stated,

“The Exchange asserts that the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that they are outweighed by quantifiable investor protection issues.”

Buyers’ swarm into Uniswap [UNI] market while it tries to hit $20

by

The bulls seemed to be prolonging their stay in the crypto market. Assets like Uniswap [UNI], Ethereum [ETH], Litecoin [LTC], and several others went on to make the most of this bullish takeover.

A couple of days ago, Bitcoin [BTC] dipped below $30K, causing mayhem in the market. However, the king coin was quick to recover and was on its way to $34K. The market cap of the asset also saw a drastic rise over the $600 billion level.

Uniswap [UNI] was the star of today’s bull run. The altcoin managed to make the most gains over the last 24-hours. At the time of writing, UNI was priced at $18.68, with a 5.27% surge in the last couple of hours. The altcoin garnered profits of 14% over the previous seven days. The asset’s journey towards its all-time high of $44.97 made it stand out.

While Uniswap was doing fine in terms of price, it noticed a massive fall with regard to its ranking. The altcoin lost its spot in the top ten as its market cap subsided to $11.04 billion. Nevertheless, the asset remained above prominent coins like Bitcoin Cash [BCH] as well as Litecoin [LTC].

Uniswap [UNI] one-hour price chart on Binance

Uniswap

The short-term price chart of UNI was exhibiting a bullish notion. The Parabolic SAR indicator formulated dotted lines below the candlesticks. This line restricted any sudden drops in the price of the altcoin. Earlier today, the MACD line took over the signal line further forming a bullish crossover.

The Relative Strength Index [RSI] indicator revealed that UNI was being overbought. The RSI marker was way over the 60 median.

With the presence of bulls, UNI could be making its way on to $20 very soon.

In addition to its price, the total value locked in Uniswap on DeFi saw a significant drop. At press time, the total value of USD stacked in Uniswap was at a low of $5.46 billion.

Amazon is looking for someone to head the digital currency and blockchain product sector

by

Amazon has been a constant visitor of the headlines, particularly after its founder Jeff Bezos blasted off into space. Apart from this, Amazon seemed to be making progress in the digital currency sector, and its latest job posting is a clear example of the same.

Digital currencies and blockchain technology witnessed massive growth in terms of popularity. While trying to steer towards digitalization, the world has started to adopt digital currencies as well as blockchain tech. Major firms were seen embracing this side of digitalization and Amazon jumped on the bandwagon.

In a recent job posting, Amazon revealed that it was looking for an experienced product leader to lead the blockchain, crypto, and the central bank digital currency [CBDC] sector of the e-commerce platform.

Amazon dives into digitalization

Applicants were required to traverse backward and keep in mind the needs of the customers as well as the partner. The lead would reportedly work towards developing the platform’s Digital Currency, which would include owning the vision and strategy of the product and designing the roadmap.

Elaborating on the job description, the e-commerce giant wrote,

“You will leverage your domain expertise in Blockchain, Distributed Ledger, Central Bank Digital Currencies and Cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities. You will work closely with teams across Amazon including AWS to develop the roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.”

While it wasn’t confirmed if the platform would be rolling out its own digital asset, its interest in the digital currency sector could significantly boost the industry.

Back when Facebook revealed its venture into the digital asset field, several speculated that Amazon would follow suit. However, this remains unclear.

CZ Confirms Binance US Will Go Ahead With IPO Despite Increased Scrutiny

by

Ever since its creation, the cryptocurrency market has been the subject of routine regulatory interventions. The latest story surrounds Binance’s United States wing, Binance US, and its decision to move ahead with an IPO despite crackdowns from the financial sphere. Binance chief executive Changpeng Zhao said on Friday that the company’s move was built on the back of intense discussions and reworks.

CZ, as the CEO is more commonly called, made his comments at the virtual REDeFINE Tomorrow 20201 virtual meet on July 23. He did not shy away from answering questions about Binance’s situation with US regulators regarding alleged illegal trading activities on the platform. Binance and all of its affiliates will be ready to face any regulator in the future as well, said CZ. In his words:


“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen. We are now in the mindset of shifting from a tech startup to a financial service.”

The trading platform has come under fire earlier for not complying with frameworks set by lawmakers in the States. Even CZ admitted that the company had a need to localize compliance communications to make regulatory processes faster and more transparent. Binance US has hired former US Comptroller Brian Brooks as its CEO and to chart out new paths in terms of regulations and systematic ecosystem creation. 

The creation of an IPO would allow outside investors to enter the cryptocurrency market in a traditional manner. Regulators have insisted that they want to ensure proper measures are taken before a cryptocurrency company enters the mainstream space and pockets. The United States CFTC has also played a key role in keeping the tabs on Binance and reports about the company’s dealings with US customers. 

Dogecoin [DOGE] and Binance Coin [BNB] struggle to amass gains

by

The bull stayed longer than the crypto market expected. However, Dogecoin [DOGE], Binance Coin [BNB], and Cardano [ADA] garnered limited gains. On one hand, BNB was the only asset painted in red while all the others embraced the green. Dogecoin, on the other hand, noted dainty gains.

Dogecoin [DOGE]

Dogecoin’s emergence from being a mere meme coin undoubtedly put the altcoin under the crypto spotlight. Despite its fame, the asset’s price was at a low of $0.19 during the time of writing. The altcoin experienced profits of just 0.45% over the last 24-hours. The last couple of days were good for the asset as it bagged gains of about 5%.

The market cap of Dogecoin was at $25.10 billion, which allowed the asset a place in the top ten.

Dogecoin [DOGE] one-hour price chart

Dogecoin

All the indicators used in the short-term price chart of DOGE were inclined towards the bear. Chaikin Money Flow [CMF] indicator was below the zero median, which suggested a bearish momentum. The Awesome Oscillator indicator followed suit as it laid out tiny red closing bars, further announcing the bear’s presence.

The Relative Strength Index indicator revealed that the DOGE market was traversing from a sellers’ market to a buyers’ market.

Binance Coin [BNB]

Binance Coin [BNB] made the maximum benefits during the recent bull run. The altcoin recorded new highs almost every other day. However, the current bearish invasion destroyed the altcoin. At the time of writing, BNB was trading for $289, with a 1.98% drop over the last 24-hours. This was surprising as all the other assets in the market were seen harboring the bull.

The market cap of BNB was at $48.78 billion. With this, BNB managed to reside as the fourth-largest cryptocurrency.

Binance Coin [BNB] one-hour price chart

SMddyCFC

The one-hour price chart of BNB noted strong bearish sentiment. The Bollinger Bands indicator was converging at the moment; however, it looked like they were headed towards divergence. The MACD line remained below the signal forming a bearish crossover. Despite this sentiment, the Money Flow Index indicator affirmed a buyers’ notion.

Binance loses another UK-based bank after Barclays

by

Binance’s latest fallout with regulators across the globe has left other crypto exchanges in fear. The constant pressure from financial watchdogs has proved to cause immense damage to the platform. So much so that Binance was losing out on significant partners.

Changpeng Zhao’s crypto platform emerged as one of the most prominent ones in the market. The exchange garnered the attention of crypto lovers from all around the world, which further led the platform to venture into different regions. However, certain regulators weren’t pleased with this. Particularly regulators from Japan, UK, Ontario, and the Cayman Islands expressed immense distress over this. They went on to accuse the crypto platform of operating without a proper license.

Just a couple of weeks ago, a prominent bank in the UK, Barclays withdrew support for transactions involving the exchange. More recently, another major commercial and retail bank, NatWest, revealed that it had dropped support for the crypto platform.

Binance transactions are no longer supported by NatWest

An array of people condemned NatWest’s decision. Revealing the reason behind its latest move, NatWest stated, the “increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the UK.” A Twitter used tweeted about the same,

Numerous people took to Twitter to condemn the bank’s decision and expressed angst over how banks determined how the public spent their money.

Another Twitter user with the username, Mean & Lean Fitness tweeted,

“Complaint raised to @NatWest_Help re – their recent msg restricting deposits to crypto exchanges like @binance. I will be removing my long-term custom, and I encourage others to do the same. I have not authorized them to make financial decisions on my behalf.”

While this is an ongoing debate, Changpeng Zhao revealed that he was taking his US branch public. Speaking at the blockchain virtual summit REDeFiNE Tomorrow 2021 noted that “Binance US was looking at the IPO route.”

Nigeria to kick start its CBDC pilot in October

by

As the world takes on the digitalization wave, Nigeria revealed that it was getting on the journey.

Central bank digital currency [CBDC] rose to fame after China took a plunge into developing a digital version of its fiat currency. While China is way ahead in the game, several other governments have started to catch up. The Chinese government has moved past its research and development phase and has already kick-started its distribution stage. Alerted by this rapid development, other countries have begun developing their own digital assets.

Nigeria hoped on to the bandwagon and even went on to announce the launch of its forthcoming CBDC pilot scheme.

Nigeria takes a leap into digitalization

In a recent webinar, the Central Bank of Nigeria [CBN] pointed out that it would roll out the pilot program for the region’s CBDC project, ‘”GIANT,” on 1 October 2021.

The project was reportedly in the works since 2017 and operated on an open-source blockchain called Hyperledger Fabric. This project has been focusing on the development of blockchain-based solutions, applications as well as products.

Rakiya Mohammed, the information technology director for the Nigerian central bank that Nigeria took this plunge into the CBDC game as 80 percent of central banks across the globe were on the verge of launching or developing a CBDC. Nigeria did not want to lag or be left behind in this move towards digitalization, the bank noted.

In addition to this, the central bank hopes to garner macro-management as well as growth. Easing the process of cross-bored trading is also an added advantage.

While the country continues to embrace the CBDC side, recent comments from the government about cryptocurrencies have led to people thinking that it is anti-crypto. Despite this, crypto is being widely used across several industries in the region. Most recently a school in the country revealed that it would accept crypto for tuition fees.