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You are here: Home / Archives for News

News

Chainlink [LINK] Surges Close To $30; Eyes At A Relief Rally

March 3, 2021 by Chayanika Deka

Chainlink [LINK] gained a much-needed upside momentum after weeks of dull price action. This helped it negate the losses and instead flip weekly gains of more than 16%.

Despite a major retreat from its all-time high above $35, the crypto-asset made a turnover to a crucial resistance level.

Chainlink [LINK] was up by 11.95% over the last 24-hours which drove the token value to $29.60. The extended sell-off period pushed the crypto-asset to the ninth-position on the crypto leaderboard.

Chainlink [LINK] Daily Chart:

1

Chainlink [LINK] underwent a bearish breakout after a month-long upward streak. The placement of the moving average remained unfazed by the plunge. The crossover between the LINK candles with the 50 DMA [Pink] was short-lived as the moving average settled below the former after the recent price rise.

Also, the 200 DMA [Purple] continued to hover quote below the 50 DMA as well as the candlesticks which was also suggested a bullish phase for the coin.

The gauge between the two moving averages continued to be on the rise which was a positive sign for LINK’s price action. The above chart depicted a strong buying at lower levels.

LINK

The Chaikin Money Flow noted a minor uptick indicating a inflow of capital in the coin market as price began to recover from slumber.

In addition, MACD hinted at a bullish reversal after being position on the negative side for nearly two weeks.

The RSO also recovered from the bearish territory as it made headway above the 50-median line depicting a rising sentiment buying pressure in the Chainlink market among the investors.

If the bulls manage to stall a correction at the current level LINK could target its immediate resistance level of $34. If the predicted bullish momentum fails to transpire, Chainlinnk could dip all the way down to its nearest support of $25.5. Failing to hold this level, could trigger another drop to the $21.5 support area.

Filed Under: Altcoin News, News Tagged With: Chainlink (LINK)

Coinbase Custody Accrued 11% of Collective Crypto Capitalization In 2020

March 3, 2021 by Chayanika Deka

With nearly 3 million monthly active users and over 40 million verified users, Coinbase has undoubtedly witnessed a period of tremendous growth and innovation since its launch back in 2012.

So much so that the custody wing of the US-headquartered crypto exchange reportedly accounted for 11% of the entire cryptocurrency market capitalization at the end of 2020. This also means that approximately a whopping amount of $90 billion worth of assets are currently being held with Coinbase custody.

11

This was revealed by the popular crypto-analytics platform, Messari in its latest report.

Coinbase Custody Figures Poised Even During Market Downturn

As noted in the above chart it can be observed that the value of assets custodied with Coinbase has been on a rise since the first quarter of the year.

Despite the damaging consequences and the market-wide repercussions of Black Thursday in March 2020, the figures remained unfazed and continued the uptrend.

However, it was not until the last quarter of the year which saw an astonishing rise in terms of the quantity of crypto-assets stored in custody on the platform. This can be attributed to the growing interest from retail and institutional investors.

It also found that Bitcoin [BTC] and Ether [ETH] made up for 83% of assets on the platform.

Moreover, Bitcoin alone accounted for nearly 70% of the total crypto-assets within Coinbase’s custody services in 2020, a figure that remained consistent even in the last quarter of 2019.

Ethereum holdings, on the other hand, rose from 9% in 2019 to 13% the next year.

Other crypto-assets on Coinbase represented 13% in 2020, with a decline of 2% from the previous year.

22

The exchange giant saw a substantial rise in the custody of digital assets during the last quarter of 2020 which was accompanied by the rising prices of Bitcoin and other crypto-assets and the first phase of the 2020 bull run.

Besides, Messari’s report also revealed that the retail clients on the platform represented a staunching 95% of its trading revenue. This class of clients reportedly paid 30x more than the institutional cohort.

The latest development comes a week after Coinbase filed an S-1 report with the United States Securities and Exchange Commission [SEC], according to which the exchange’s direct revenue for 2020 was found to be at $1.1 billion.

Filed Under: News Tagged With: Bitcoin (BTC), Coinbase, coinbase custody, Ethereum (ETH)

After Mary Hard Fork, Cardano Is Now A Multi-Asset Blockchain

March 2, 2021 by Chayanika Deka

Cardano has tremendous development over the past several months and it shows no signs of slowing down.

Input Output Hong Kong [IOHK], the developer company behind the Cardano blockchain revealed that the long-anticipated Mary protocol update was successfully applied to the mainnet via a managed hard fork combinator event.

A key milestone in its ongoing rollout as revealed by IOHK is that introduces core Goguen features. This involves native token functionality and multi-asset support.

Moreover, the latest update is touted as a crucial “building block” and the foundations for several new use cases for the blockchain.

Cardano’s Mary Update

Mary hard fork is a milestone or the ecosystem primarily because it opens a wide array of possibilities to developers and businesses looking to build on or migrate to the blockchain.

Most importantly, Cardano’s decentralized blockchain has now transformed into a multi-asset blockchain. Following this, the network will now be able to host services and solutions such as decentralized finance [DeFi], non-fungible tokens [NFT], stablecoins, and others, and paves the way for a flourishing decentralized crypto economy

How Does This Impact ADA?

Currently, Ethereum is home to a vast majority of DeFi and DApp platforms. The high transaction fees needs no introduction. As for alternatives, there are handful which have gained prominence.

Hence, Cardano has emerged as yet another promising alternative that with low transaction fees and massively secured smart contracts.

According to a blog post by Emurgo, Cardano was designed to be of low cost, and that will not change with tokens launched on the network.

The Mary hard fork and the Goguen era’s imminent full deployment is expected to onboard more third-party developers to the ecosystem. This, in turn, is likely to increase its overall network effects. And finally, it is this migration to the network that would essentially generate increased self-sustaining demand for its native token, ADA.

Emurgo also revealed,

“ADA will be fully tradable with native tokens from the start, unlocking the power and huge interest worldwide in DeFi applications. In Cardano, transactions between native tokens do not generate high fees, making DeFi applications even more affordable.”

Filed Under: Technology, Altcoin News, News Tagged With: Cardano (ADA), goguen, Mary Hard fork

Google Finance Adds ‘Crypto’ Tab featuring Bitcoin, Litecoin, Ethereum, Bitcoin Cash

March 2, 2021 by Chayanika Deka

Times are definitely changing for Bitcoin and the crypto industry as the bull market continued to heat up.

Crypto has been in the limelight for quite some time. But thanks to the massive institutional capital, the space has finally received the much-needed legitimacy. In the latest development, Google Finance has added a crypto-dedicated field.

Google Finance is essentially a data site maintained by the tech giant, hence this development is crucial for the digital currency ecosystem. This was first reported by ‘Documenting Bitcoin’ which also revealed that the ‘crypto’ is placed right at the top of the page among five default markets such as the US, Europe, Asia, and Currencies.

Here, the users of the platform can compare the aforementioned markets. The tool offers a rundown of real-time as well as historical data for Bitcoin [BTC], Ether [ETH], Litecoin [LTC] and Bitcoin Cash [BCH] with just a click.

However, the information for other top cryptocurrencies such as Cardano [ADA], XRP, Binance Coin [BNB], Polkadot [DOT] was not available yet on Google Finance’s website.

w

The latest move by the website which focuses on business news and financial information hosted by Google is no less than a milestone. It is indicative of the industry’s growing mainstream presence and demand for the latest information on the top coins in the market.

Crypto has come a long way

The industry has now entered mainstream usage. It is important to note that Google’s parent, Alphabet, owns one of the world’s most famous platform YouTube.

This video streaming platform had previously come under severe criticisms for banning virtual currency-focussed educational and news content. Several channels of prominent news platforms have been subjected to suspensions that have subsequently.

However, Google Finance’s move to enable users track the performance of various cryptocurrencies is a positive step as the asset class continued to witness massive investments from big institutional players and corporations.

Filed Under: News, Altcoin News Tagged With: Bitcoin (BTC), Bitcoin Cash (BCH), Crypto Adoption, Cryptocurrencies, Ethereum (ETH), Google, Google finance, Litecoin (LTC)

Ethereum [ETH] Bounces From Key Support; Aims For $1,600

March 1, 2021 by Chayanika Deka

Ethereum [ETH] has had a rollercoaster ride this week as it shed gains of more than 14% over the past seven days of trading. The cryptocurrency’s stint above the coveted level of $2,000 was short-lived as it crumbled under the market-wide bearish pressure soon after.

After a minor recovery from the extended sell-off and a mixed start to the day, Ethereum bounced back from a key support level of $1,400.

It was up by 12.26% in the last 24-hours which drove its coin up to a price of $1,535. At the time of writing, the altcoin registered a market cap of $176 billion and a 24-hour trading volume of $26 billion.

Ethereum [ETH] Daily Chart:

ETH

As predicted earlier, Ethereum [ETH] broke the ascending parallel channel on the 19th of Feb and underwent a massive sell-off period. So much so that ETH candles tested the second support near to $1,400 following the bearish breakout.

As Ethereum incurred significant losses, the price candles slid below the 50 DMA [Pink] depicting the bearish pressure while the 100 DMA [Blue] continued to tread well below.

Hence, if the token manages to move above the 50 DMA, it could aim for more gains in the near-term.

ETH2

The technicals does not look bright for the crypto-asset. The Klinger Oscillator, for instance, underwent a bearish crossover on the 21st of Feb and since then the signal line has been dominating its fate.

On a brighter note, KO did hint at a potential convergence and a subsequent bullish crossover in the coming days.

The MACD, however, did not depict any positive signals after undergoing a bearish crossover as it continued to be on the red zone suggesting a plunge in demand.

The RSI also dipped in tandem with the downtrend price action of Ethereum after three months of hovering above 50-median. However, it signaled a mild uptrend aiming for the aforementioned level which was indicative of a minor increase in buying pressure as the coin neared a local bottom.

Key levels to watch in case of an extended market downturn were $1,231, and $1,041 while its resistances were located at $1,624 and $1,964 respectively.

Filed Under: Altcoin News, News Tagged With: Ethereum (ETH)

Tether Discloses Alleged Extortion Attempt; Calls Circulating Documents ‘Bogus’

March 1, 2021 by Chayanika Deka

Just when Tether’s long-standing legal drama finally found a resolution, the company was hit by an alleged extortion attempt. In the latest development, the issuer of the world’s largest stablecoin USDT, claims to have received a ransom note asking for 500 BTC that currently worth about $22 million.

If the company fails to pay the amount, the entities said that they will leak documents to the public in an effort to “harm the bitcoin ecosystem.”

Tether claims that the documents circulating online purporting to be between the company personnel and reps of Deltec Bank & Trust and others bogus.

The documents in question revived the age-old debate of USDT’s backing. It alleged that the stablecoin is, in fact, backed by crypto and not US Dollar.

They confirm 1) being backed with crypto and 2) they try to fool regulators about that fact (2/7) pic.twitter.com/DhjTXq81x6

— RiskIndemnity 🌷⏳ (@RiskIndemnity) February 28, 2021

In a clarification thread, Tether stated that it is unclear whether the latest stunt is a basic extortion scheme like those aimed at other crypto-based firms or individuals seeking to “undermine” the stablecoin issuer and the community as a whole.

It added,

“Either way, those seeking to harm Tether are getting increasingly desperate.”

Calling it a “sad attempt at a shakedown”, Tether went on to say that the platform nevertheless takes these threats “seriously”. It also stated,

“We have reported the forged communications and the associated ransom demand to law enforcement. As always, we will fully support law enforcement in an investigation of this extortion scheme.”

Tether’s meteoric rise

usdt

The stablecoin has been one of the controversial tokens to exist. Despite this, it serves a crucial role in the crypto market. It is no surprise that trading has become the major source of demand for USDT.

Over the past year, the stablecoin saw an astonishing rise in tandem to Bitcoin crossing several key hurdles and finally breaching $55K.

With over $35 billion in circulation, Tether is now the fifth-largest token by market cap on the cryptocurrency ladder.

Filed Under: News Tagged With: paolo ardoino, Tether(USDT)

Corporate Is Going Crypto, But What Are the Incentives?

March 1, 2021 by Vaigha Varghese

The numbers are in, and they are conclusive – corporate is going crypto. PayPal was one of the first businesses to jump on the bandwagon, with Investopedia announcing that the secure payment service was going after ‘crypto curious consumers back in 2020.  

Visa has also decided it’s time to take the leap. In a blog post titled “Advancing our approach to digital currency,” the platform outlines its position for the future. These are two of the biggest movers and shakers in the business world, so getting them on board is a massive win for the likes of Bitcoin and Ethereum. Of course, there has to be something in it for the companies, but what?

Lower Rates Equal Smaller Bounce Rate  

Businesses might be different, but they share many similarities. Whether they are small or medium-sized, or global corporations, they have to contend with bounce rate, when shoppers abandon products and services. UWP reports that 67% of eCommerce customers leave their carts before finalizing their purchases.  

CNBC puts it down to hidden fees, claiming that North Americans pay billions in surprise rates yearly. At least 85% of Americans say they have been hit with an unexpected expense, such as bank fees. Typically, the latter stand at anywhere between 1.5% and 3.5%, depending on the vendor. Thankfully for consumers and corporate organizations, cryptocurrencies either eliminate these rates or reduce them significantly.  

If crypto traders do charge a fee, it’s around 0.5% and 1%. These figures are considerably lower and save shoppers significant amounts of money. The more companies can reduce costs, the more likely they are to encourage consumers to buy their products and services.  

More Uptake Opens up Different Industries  

Another reason for corporate to go crypto is to expand their reach and raise awareness of the brand. Tesla is the most current example of a business that’s using Bitcoin to hit the headlines, with the electric car manufacturer pushing up the price of Bitcoin to record highs. By accepting it as a payment, the brand legitimizes the currency and appeals to a broader audience.  

PayPal is also leveraging bitcoin to incredible effect by allowing its users to buy and save money in BTC. Not only does make them the number one distributor in the world, but it also means they can branch into new sectors. The world of online casinos is the best example because the likes of Fruit Kings now accept PYPL transactions, which essentially means they welcome crypto deposits too.   

Firstly, the remote wagering industry is booming due to its ability to diversify payments. Secondly, Elon Musk’s former company is now the second biggest bank in the US behind JPMorgan Chase.  

The Customer Is King  

According to the adage, the customer is always right. So, they get what they want, and currently, people are demanding cryptocurrencies. This isn’t only in the US, Canada and Europe, where you would expect usage to be prevalent, but throughout Africa, Asia and Latin America.  

Statista reports that Nigeria is the biggest powerhouse, with 33% of Nigerians owning cryptocurrencies. However, the Philippines’ Central Bank has approved crypto exchanges, and Peru, Brazil, Colombia, Argentina, Mexico and Chile are in all double figures for cryptocurrency use.   Ignoring the rise of crypto use among consumer bases, especially global ones, would be a death sentence for businesses. Therefore, they are taking more initiative to steal a march on their rivals and position themselves as thought-leaders in a relatively new industry

Filed Under: News

Bitcoin Whale Moved Over $337 Million After Transferring 7,073 BTC

February 28, 2021 by Chayanika Deka

Bitcoin Whales appeared to be been cashing out which snowballed into and unbearable selling pressure in the market.

February has been historically corrective for Bitcoin. Over the past week alone, the crypto-asset lost more than 20%. and was down to $45,381.

Accompanying yet another daily correction was an unknown wallet transfer with a significant amount by a Bitcoin whale who happens to be the 241st largest wallet of the cryptocurrency.

This was revealed by the blockchain tracker ‘Whale Alert’ which notified the transfer of more than 7,000 Bitcoin by an anonymous whale which was then worth approximately $337 million.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 7,073 #BTC (337,807,244 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/ZZnwD9clqP

— Whale Alert (@whale_alert) February 27, 2021

The transaction in question was made at 01:53 UTC from an unknown wallet to another unknown wallet.

Besides, Bitcoin has had an exceptionally trying week and the sell-offs have coincided with several other whale movements. Due to the anonymity of the Bitcoin whale transfers, they were either speculated as institutions moving coins to cold storage, or huge over-the-counter [OTC] trades or internal transfers between exchange wallets.

What sparked even more curiosity was some really ancient Bitcoin whale movements whose coins were lying dormant for more than a decade.

Willy Woo’s Take On Bitcoin Whale Movement

Whale movements can sometimes jolt the markets. For instance, a Bitcoin whale movement back this past December sung the crypto-asset’s price just as it crossed $20,000. According to an expert, however, the series of panic sell-offs that shook the market this February was was due to falsely generated concerns regarding a whale dumping.

In a recent interview on What Bitcoin Did, the popular on-chain analyst and market researcher, Willy Woo claimed that incorrectly spawned market concerns over a whale dumping $1.5 billion in Bitcoin is what likely generated the panic sell that eventually resulted in the cryptocurrency’s price drop to a low of $45,230 on the 26th of February.

Woo, along with Glassnode CTO Rafael Schultze-Kraft went on to confirm the transaction in question was merely an internal transfer of the exchange’s funds.

He said,

“I was trying to figure out this big sell-off. And, you know, the very peak of it started when there was a little alert that we had $1.5 billion that just moved onto the exchanges to sell… the assumption was to sell. And I think that spread amongst traders and we started to see the sell-off preempting that.”

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Bitcoin Whales, Willy Woo

Ethereum Maxis Deploys Controversial Contract On Binance Smart Chain

February 28, 2021 by Chayanika Deka

The war between Binance Smart Chain [BSC] and the Ethereum network is intensifying in the wake of tremendous DeFi activity. The competition to become a more efficient and better blockchain is far from over and is taking turns that no one ever expected.

Ethereum maximalist reportedly deployed a contract called “TANKS OF TIENANMEN” to the Binance Smart Chain. This was in response to a series of tweets by Binance CEO, Changpeng Zhao who said that “Ethereum is a network for rich guys, but soon those guys will be poor.“

What was the point of the “attack” on Binance Smart Chain?

As CZ criticized Ethereum, singling out its Achilles heel: high fees, the ETH community lashed back by creating a contract with a controversial Chinese subject referring to the infamous Tiananmen Square protests that were student-led demonstrations held in Tiananmen Square, Beijing back in 1989.

BSC

For the most part of the year, Binance Smart Chain has witnessed a greater daily transaction volume than Ethereum. As Ethereum’s fees became restrictively high, many people were encouraged to hop onto an alternative despite previously held views regarding centralization and censorship by one of the world’s largest cryptocurrency exchanges.

Decentralization cannot be taught in a day and even as the creation of BSC in itself, as most experts claim, goes against the very ethos of this industry, it still trumps, at least it is currently doing a lot better than Ethereum in terms of activity.

Hence, the Ethereum maximalist went on to create a contract for which Binance could essentially get into trouble if not taken down.

But was the point made?

According to few in the community, the consequence of this stunt could potentially draw physical harm on Binance employees. Some claimed that the move was not necessary since it is already known that Binance Smart Chain is centralized in nature and that CZ can always take down the contract.

Commenting on the weekend fiasco, the founding partner of Primitive Crypto, Dovey Wan believes that it would not have any impact on Binance. Her tweet read,

“Literally zero impact LOL. Just reveal how childish they are, not taking a side simply commenting on this behavior. Chinese gov failed in shutting down even Huobi/Okex while having them operating primarily in the mainland and what they can do with BSC again?”

She defended Binance Smart Chain and went on to say that the latest contract has nothing to do with “cypherpunk spirit” and that “cypherpunk can do much better”. The exec also added,

“If Ethereum ppl believe the future of Ethereum is as bright as Vitalik gone silent, they should know such naive “attack” can barely harm BSC”

Filed Under: DeFi, Altcoin News, News Tagged With: Binance, binance smart chain, Ethereum 2.0

Cardano [ADA] Slides To $1.25; Struggles To Buck Market-Wide Bearish Pressure

February 28, 2021 by Chayanika Deka

Cardano [ADA] has managed to stay afloat despite a market downturn. ADA went on to become the third-largest cryptocurrency by market cap on the leaderboard after surpassed Binance Coin [BNB] and Tether [USDT].

The crypto-asset finally breached the $1-milestone on the 26th of February after a fresh wave of optimism and buying volume. This eventually pushed ADA to hit an all-time high above $1.4 before hitting a minor retracement owing to the pressures in the broader cryptocurrency market.

Cardano [ADA] took a plunge of 14.48% over the last 24-hours and was currently changing hands at $1.25. It recorded a market cap of $38.47 billion and a 24-hour trading volume of billion, at the time of writing.

Is Cardano primed for more gains or a bearish reversal around the corner?

Cardano [ADA] Price Chart

ADA 3

Cardano [ADA] went on a parabolic run as it established a fresh high. The ADA candles formed an ascending channel pattern on the daily chart. By convention, the pattern formation depicts a bearish breakout in the inkling.

The moving averages are yet to identify a reversal in the trend, as the gauge between the 50 DMA [Pink] and the 200 DMA [Purple] continued to rise as they settled below the ADA price candles.

ADA2 1

Cardano did see some sideways price movement during the week with the weakness generated from the market-wide pullback. However, after brief downtrend, the Awesome Oscillator flipped to green bars depicting a shift to bullish momentum.

The MACD also bounced back up suggesting a growing demand in the ADA market. Furthermore, the RSI was found to be well above the 50-median line even as it witnessed a minor drop from the overbought zone. This was indicative of a consistent buying sentiment among the Cardano investors.

The above charts essentially signaled that ADA still has room to push higher before becoming extremely overbought, meaning that the current bull run can continue beyond its recently formed ATH.

Looking ahead, the first resistance lies directly at the peak price of $1.49. However, if the bulls fail to defend the current price level the crypto-asset could target its immediate support levels of $0.942, $0.708, and $0.63 respectively.

Filed Under: Altcoin News, News Tagged With: Cardano (ADA)

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