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You are here: Home / Archives for Bear Market

Bear Market

Bitcoin bears scare China’s crypto market

June 23, 2022 by Aishwarya shashikumar

Numerous predictions about Bitcoin [BTC] have been made possible by the start of the bear market. A few people appear to be certain that this bear market is the end of the king currency, while others seem to think that this setback is simply a catalyst for a potential bubble. Several nations proceeded to implement market restrictions as these forecasts poured in, but one country persevered in its animosity toward bitcoin.

The history of the world’s largest cryptocurrency in China is noteworthy. China at first became a BTC hotspot. The nation provided the most well-known crypto platforms, and for the longest time, it saw the biggest level of crypto activity. The industry’s degree of decentralization, meanwhile, did not sit well with the Chinese government. As a result, the nation later said goodbye to all things cryptocurrency. China still records activity in mining and trading despite this.

As a result of the market’s decline, the Chinese government continued to terrorize its populace by claiming that the world’s largest cryptocurrency would soon reach zero. According to a recent article from the news portal for the Chinese people, Economic Daily, “Bitcoin was nothing more than a string of digital codes.” Users were informed by the site that purchasing low and selling high were the primary methods for generating returns. The newspaper further stated,

“In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless.”

Saylor’s lifeboat- Bitcoin

Michael Saylor of Microstrategy has frequently stated his support for Bitcoin. Saylor has been a well-known BTC advocate, holding onto his money and encouraging others to buy additional BTC. Saylor was bullish once more despite the collapse of the biggest cryptocurrency in the world. He said,

“Bitcoin is a lifeboat”

107051661 1650986786982 gettyimages 1239811110 BITCOIN MIAMI 2022
Michael Saylor, CEO of Microstrategy

Furthermore, there is a significant gap in the market as BTC prices keep falling. Although the future of the cryptocurrency is uncertain, the holders anticipate a potential rise. At the time of writing, Bitcoin (BTC) was priced at $20,597.97 with a daily rise of 1.36%.

Filed Under: News, Bitcoin News, World Tagged With: Bear Market, Bitcoin (BTC), China, Cryptocurrency

Cardano [ADA] Stumbles Under Bear’s Might as Market Bleeds Red

September 8, 2021 by Akash Anand

After an extended bullish run, the cryptocurrency market seems to have hit a red wall. Prices across the board fell rapidly as almost all the major altcoins followed Bitcoin’s footsteps. IOHK’s Cardano, which had been enjoying a stellar September fell into the bear trap with millions wiped off its total market cap.

Cardano’s latest fall came at a time when users were expecting it to cross the $3 mark. At press time, ADA was trading for $2.34 with a reduced market cap of $74.04 billion. An 11 percent price drop lowered the cryptocurrency’s daily trading volume to $11.3 billion. This trading volume was enough to let it maintain its third rank on the cryptocurrency charts.

Cardano 1 hour:

ada 1 hr
Bitcoin bears scare China's crypto market 4

Cardano’s price action over the past 24-hours has been representative of the entire cryptocurrency market. The bear’s takeover caused immediate price supports to crumble with Cardano’s settling near the $2.2 mark. The price capitulation period still seems to be unclear as the red candles had overtaken their green counterparts.

Relative Strength Index: Cardano’s hourly RSI struggled to break away from the oversold zone as the graph slowed on its ascent. The low hold meant that more and more users were selling their ADA rather than hodl it.

Chaikin Money Flow: The CMF in the short term was surprisingly bullish with a k shaped curve forming upwards. This indicated the strong capital flow into the Cardano market.

Bollinger bands: The sudden price drop created a massive Bollinger cloud, the likes of which have been unseen for weeks. Both the upper and lower Bollinger bands converged towards one another after an exciting 12 hours.

Cardano 1 day:

ada 1 d
Bitcoin bears scare China's crypto market 5

Cardano’s price crunch was visible in full view on the long-term chart with strong red candles dominating the past week. After hitting all-time highs towards the end of August, Cardano’s current bearish predicament was evidence of a market reigning in its assets.

Chaikin Money Flow: In the long term, the CMF had fallen from its perch above the zero line. If the cryptocurrency continues on the same path, Cardano would soon crash below it for the first time since July.

Relative Strength Index: The panic caused by the bear run was enough for a large number of investors to sell their assets. A strong RSI would contribute to a confidence boost in the ADA ecosystem.

Bollinger bands: The Bollinger bands fell into a parallel restricted movement with a large cloud mouth. Cardano’s movement in bearish lands may cause the cloud to open up and be unable to contain the red candles

Filed Under: News, Altcoin News, Market Analysis Tagged With: ADA, Bear Market, Cardano, price

It seems like Bitcoin’s bear market is confirmed cautions Ki Young Ju

June 22, 2021 by Chayanika Deka

At this point in time, there might be only a few people who are actually bullish on Bitcoin apart from Michael Saylor. Since the crash of 19th May, recovery attempts have been faced by intense selling at resistance points. While the weeks that followed also accompanied buying at dips, this trend appears to have taken a back seat.

Instead of buying the dip, the retail crowd is now in anticipation of bullish signs to emerge as selling pressure grapples the market. But the situation is getting bleaker by the day and there seems to respite in the offing. With the crypto-asset so far failing to recuperate from its 50% drawdown from the April peak, the bear market narrative for Bitcoin has never been stronger.

According to the CEO of CryptoQuant, Ki Young Ju, it seems like the Bitcoin bear market is confirmed. He backed his argument with the latest trend that has been witnessed as whales were offloading their BTC to exchanges.

While admitting that there is no a single indicator that can tell the future for sure, the exec went on to add,

“I expect my BTC bearish bias won’t last long (maybe just a few weeks) because the market looks good in terms of supply/demand in the long term (e.g., Stablecoins ratio(USD) and SSR). So don’t get me wrong, I’m not saying it’s over.”

d
Bitcoin bears scare China's crypto market 7

Meanwhile, CoinShares‘s latest weekly report also echoed a similar sentiment. It revealed that the digital asset investment products witnessed a third consecutive week of outflows summing up to a total of $79m in what is now the longest bear run in outflows since February 2018.

Bitcoin’s tense market conditions

The choppy on-chain dynamics did little help to support the price of Bitcoin. In terms of active addresses, the figures have dropped by 24% from the generally sustained peak of 1.16 million that was witnessed from March to early May this year. Currently, the addresses, however, stood at 884,000, a figure that was last seen a year back.

In addition to that, there has been a dramatic decline with respect to the USD value settled on the Bitcoin network which currently sits at -63% compared to the recent highs established in May. According to reports, Bitcoin is settling approximately $18.3B per day, thus suggesting an equivalent volume to Q1 2021.

Filed Under: Bitcoin News, News Tagged With: Bear Market, Bitcoin (BTC)

Bitcoin Price Analysis: Bears Push BTC/USD Pair Below $12,000, What Next?

August 20, 2020 by Arnold Kirimi

The price of bitcoin is struggling to settle at higher support within the $11,000 price range after being rejected at its new 2020 high of $12,492. The bitcoin price decline was triggered by falling below the most hesitant of supports at $12, 200. The subsequent support zone, $12,000 failed to step up to the task, allowing bitcoin to plummet to lows of $11,800.

At press time, buyers are still struggling to build a support zone at the $11,800 price level, in anticipation for the BTC/USD pair to break past $12,000. Bitcoin price is currently revolving around $11.935. The pair is being held in place by the  100 Simple Moving Average (SMA) in the 1-hour range, preventing further sharp declines.

Bitcoin Price

Bitcoin price forecast

As far as the current technical point of view is concerned, there are two likely possibilities for the BTC / USD pair. For the most part, if the price breaks past $12,000 once again, new buyers are likely to enter the market, pushing the price of bitcoin past the bear at a price level of $12,000. The great confidence of the bulls would certainly have pushed BTC close to $12,500.

Second, if bears keep pushing, BTC price action could result in a decline of $11,800 below the temporary support zone. In the event of such a scenario, the BTC / USD pair would drop to $11,750 in the search for a lower level of support. Deficits could be further extended to $11,500 and $11,250 respectively.

In the meantime, the MACD and RSI indicate the existence of bears in the market as of Wednesday’s Asian session. The MACD is trapped below the mean line -37.63, signaling a bear run. However, the low volume and volatility depict that losses will be short in the near future.

Moreover, the RSI is somewhat pointing upwards, signaling the presence of bulls in the market, only that they are not strong enough to push the price further up.

Filed Under: Bitcoin News Tagged With: Bear Market, Bitcoin (BTC), bitcoin price

Market Crash, What Was The Blood Bath About?

March 14, 2020 by Simran Alphonso

Bitcoin Crash, the worse fall in the past 7 years – 90 billion wipes out from the crypto market

On 12th March, the financial markets experienced a blood bath. With stocks, oil, gold drenched in red, most didn’t expect the crypto market to follow the bearish trail until what we state the worse fall in more than half a decade happened; Bitcoin collapsed 40% under 24-hours. 

The market cap the crash wiped out $93.5 billion from the market cap under a day. Bitcoin reached the lowest its been in 2020 as it touched the $4000 mark.

The global sell-off on stocks made Dow Jones suffer its biggest drop since 1987’s Black Monday. The broad-based S&P 500 plunged 9.5% to 2,480.64, while the Nasdaq Composite Index dropped 9.4% to 7,201.80. 

Amidst the Coronavirus panic, Trump declared a travel ban on most travel from Europe while failing to give a comprehensive economic and medical of the pandemic. As if the coronavirus panic wasn’t enough already, the travel ban induced it more.

Yesterday’s market sell-off worsened to a level that stock trading was put to a stop for 15 whole minutes as the market hit the mandatory “circuit-breaker” threshold set by the US. Nevertheless, even that couldn’t stop the plunge as the market was already infected with panic selling. Gold fell, oil dropped and the credit market along with crypto followed.

The increased selling pressure killed the buying momentum which further increased selling pressure and so on.

“Markets can remain irrational longer than you can remain solvent.”-John Maynard Keynes

The crashes were the result of an extended bull market plus a worldwide pandemic surrounded by paranoia. 

To get this right, think about this – didn’t the bull market feel too long? Bitcoin stalling around $10k and altcoins pumping without any significant progress. There comes a point when irrational exuberance and greed drive the prices and the trading value becomes way more than its actual value. 

This type of extended bull market was also observed in the traditional stock market. The financial market would have nevertheless faced a correction but now, the usual crash was accompanied by millions of panic sellers. 

If you’ve ever read the Intelligent Investor by Benjamin Graham, the book that inspired Warren Buffet, you’ll understand a lot about the mentality of the market. 

Amongst things that live and die one thing that remains constant is the mentality of the market. The market sells when prices drop and buy when prices rise. The basic investment strategy of buying low and selling high doesn’t work here for anyone who gets into the bull wave. 

With Trump’s announcement, and Toilet paper prices skyrocketing, there were some market sell-offs. This lead to the eventual crash of an extended bull market. But that wasn’t it. The crash was followed by a huge number of panic selling, as the domino effect runs – all the financial markets collapsed. 

 

Filed Under: Opinion, News Tagged With: Bear Market, Bitcoin (BTC), Bitcoin [BTC/USD] Price Analysis, BTC markets, coronavirus panic

Bitcoin Bleeding Below $9600 while Altcoins Suffering Deeper Drop

August 29, 2019 by Tabassum Naiz

It looks like Bitcoin is shattering the hopes of those who were betting high on its upcoming value. While the king crypto is still holding its first position, it falls under $9.6K, dragging other cryptocurrencies in a bearish zone.

Bitcoin Eyeing $9K

At the time of writing, Bitcoin by market value fell to $9507 against USD with the negative remark of 6.67 percent over the past 24 hours. Nevertheless, the market cap also plunged to $170,220,898,984.

Bitcoin’s bearish view is one of the key reasons why major Altcoins are battling at their lowest level. Consequently, the second-largest cryptocurrency, Ethereum is tumbling with over 9 percent in just 24 hours, which affected its trading value to $169 against USD.

Bitcoin BTC price chart
Bitcoin price comparison for yesterday and today’s price. Source: CoinMarketCap.com

Moreover, similar narrow price range can be seen across other altcoins including XRP that saw a drop of 5.29 percent, Bitcoin Cash fell by 8.28 percent, Litecoin y 9.61 percent, Tether by 0.33 percent, Binance Coin by 12.22 percent, EOS by 8.44 percent, Bitcoin SV by 6.63 percent and Stellar declined by 7.53 percent over the past 24 hours respectively. Besides top 10 coins, Coinmarketcap shows the red figures for almost all its 100 top-ranked cryptocurrencies as on August 29, 2019.

Given the fact that the crypto market is too volatile, crypto enthusiasts on Twitter and Reddit are quick to point the market update. But as always, a specific reason that’s resulting in the market crash is yet to observe.

John McAfee – Bitcoin to Reach $1M by 2020

While the drop comes in the wake of Bakkt’s revelation of its futures contract, Dave Balter who is the chief executive of Flipside Crypto Inc. said that;

“From our end, it looks like it was a sell-off to cash-settled futures that are coming due on Friday for BTC.”

To note, Flipside Crypto Inc. tracks blockchain transactions data by separating the real users and speculators. With this view, it’s worth noting that the whales continue increasing their effort to move massive crypto assets between different wallets.

Having said that, only the time will tell whether or not Bitcoin will reach a price of $1 million by the end of 2020. Bitcoin at $1million was the prediction by famous Crypto influencer, John McAfee who bullishly out spoke about Bitcoin’s price of 2020 back in November 2017.

Although Bitcoin and other cryptocurrencies have been used for various illicit activities, including funding to Jihadist group and darknet market, the very fact barely affects companies viewing it as an alternative solution.

Conclusively, crypto is now a widely used across Hong Kong during its ongoing protest as a form of payment, but the sudden decline is shaking the crypto market enthusiasts, traders, investors, and community at large.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Bitcoin News Tagged With: Bear Market, Bitcoin (BTC)

A glance at the cryptocurrency market: November 2017 and now

June 9, 2019 by Naveed Iqbal

The cryptocurrency market as a whole is worth somewhere around $275 billion. So today, in June 2019, it’s more or less on the same level as November 2017, as it was ending. So the market has been going from one point to basically the same location, but the road has been very long and hard. The greatest boom happened exactly as November 2017 ended and, then, during 2018, we saw the market lose about 85% of its total value in a protracted bearish run that affected every blockchain project in the planet.

Dot com and crypto

The vast volatility we see in the cryptocurrency market is typical of emerging industries and economic activities. The internet economy behaved similarly. The stocks rose by 50 times between 1997 and 2000 only to crash down at the tune of 95%, reaching their historic low in September 2002.

As the year’s end saw the industry recover some of its value, too many investors were left too afraid of facing further losses and didn’t want to join back in the action. In the end, thigs stabilized, many companies disappeared, but those who picked the right assets – Amazon, for instance, or Google – were able to negotiate all the previous red numbers and even make a handsome profit.

So while there are definite similarities, there are also some critical differences between the dot com boom and the cryptocurrency market. In the dot com fiasco, failing companies went bankrupt, liquidated, and disappeared. The cryptosphere is not like that. There is not such a clear line that tells you (and the market) when a project has failed already.

So, in the crypto verse pets dot com is still around. Maybe nobody is maintaining the blockchain’s network or code. Perhaps it only keeps a handful of active users (there are romantic optimists everywhere). And that small number of idealistic users can keep “alive” in the market a cryptocurrency that’s dead by any other meaningful standard. But we still have no mechanism that can let us know what those projects are. Even worse is the fact that all projects start like that too. Bitcoin too was like that in the beginning.

So achieving some stability in the crypto verse would take several ingredients. One of them would be to separate the wheat from the chaff. This allows cryptonauts to find coins that hold great potential and that are still very cheap because their market behavior doesn’t follow BTC as closely as many other currencies.

That matters because a blockchain project can only stay on the top of its game if it can attract enthusiastic developers that bring their talents to the network. That needs uninterrupted momentum. And that momentum and the evidence of strong fundamentals in the developing community attracts more talent, investor capital, and enthusiasm from traders. It’s all about creating a virtuous circle.

Are there any answers?

So how do we find the chaff? We would suggest starting by looking at the coins that made up the top 20% of the market capitalization by November 2017. At that time, everybody was doing well. But some of them negotiated the 2018 crypto winter successfully. Dash, Cardano, Tron, Litecoin, Ethereum, EOS would be examples of this.

They’re dependable in terms of fundamentals, but they’ve failed to capture the investors’ imagination. The market is at the same level of November 2017 right now, but these coins (reliable though they are) are still not at that level. They still have something like 25% to recover if they’re going to reach that goal. So this category is made up of substantial projects that are not in most people’s wish list.

Another bunch of currencies to notice is the group comprised of those that have lost capitalization in Bitcoin terms even in the current 2019 rally. There are about 540 coins in this situation, and some big names are included. NEO, IOTA, Stellar Lumens’ XLM, Ripple’s XRP, and Monero are among the best-known examples.

XLM and XRP’s primary use case is settling international transactions; Monero’s XRP is a currency that seeks to bring privacy and anonymity to the center of the crypto verse; IOTA wants to bring cryptocurrency into the Internet of Things world; NEO is a smart contract platform. So as you can see from this shortened list, we’re talking about solid projects with specific use cases.

So what to make of them? They’re bargains because if they gather momentum, they will become unstoppable. But they’re risky too. Monero, for instance, is unlikely to be tolerated by many of the world’s governments. XLM and XRP are competing with private blockchain projects that are trying to disrupt the same markets but that are developed by banks and work closely together with regulators. It’s not that they’re not good. On the contrary, they’re maybe too good for the mainstream to adopt.

Then we have Bitcoin Cash, Bitcoin Gold, HyperCash, Gold Bits Coin, Metaverse ETP. They were 13% of the market’s worth in November 2017, and they’re not even close to recovering their value (in BTC terms) in the current market. They’ve been down by about 77%, and they don’t show any signs of any meaningful recovery. We would conjecture that mainstream investors, as far as any cryptonaut belongs to a mainstream, gave up on these coins a long time ago.

The next group, which some would consider the real chaff, is comprised of 111 currencies that were at USD 25 billion collectively at their peak but that they’re now under USD 1 billion. There are no recognizable names in this group.

So, we’re left with five cryptocurrencies that accounted for 53% of market cap on that infamous November 2017. They really went up when everything boomed during the next month. They suffered during 2018, but they still kept good value and, now, they’re back with a vengeance.

Are these good investments? Probably not, they could be too high in price all ready to take away profits soon, but they have shown they perform under any set of circumstances. These are the cryptocurrencies for all seasons. So who are they? Bitcoin, EOS, Binance Coin, Basic Attention Coin, and Freicoin. The last two projects may seem out of place as they lack fame but look at their numbers.

Investing in cryptocurrencies can be very profitable and very exciting. But there’s a reason for that. Investments that are so exciting and have such high returns always involve very high risks. Besides, there is still no regulation, and the whole crypto verse could disappear tomorrow (yes, it’s unlikely) if a couple of switches go off in China, where most mining in the world is made.

That being said, it can also happen that cryptocurrencies do find their way into the mainstream economy and become an essential agent with all the same uses that fiat money still has. The cryptocurrency market is at a crossroads, and we won’t know what happened until it’s already too late.

So what to do? First and foremost, you must do your own research. Find out each project’s strengths and trading histories, there are plenty of tools for that. Then make an investment plan and follow it through, don’t let your guts get the best of your head even (especially) when things are looking exceedingly sweet.

Also, diversification matters. Yes, Bitcoin is king. It will remain king. But you make a profit by buying low and selling high, and while that is still possible with BTC (and it will be possible many times again), if you’re going to hit the BTC jackpot, you’ll need to get your timing just right. And that is incredibly difficult.

Last but not least, have your fun as a crypto investor. But always remember that you should only get in with money you can afford to lose.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News Tagged With: Bear Market, Bull Market, Crypto Market, Cryptocurrencies

Altcoins follow suit as Bitcoin suffers a 7% plunge in under six hours

June 4, 2019 by Naveed Iqbal

In the wake of this morning, the world was met with the sudden news of Bitcoin’s dismal performance in the cryptocurrency market. Up to the time of writing, there is no apparent cause to explain why the crypto market dived. But some quarters argue that there is a clear connection of some 25,000 BTC that is worth 200 million US dollars being deposited in Coinbase right before the price dip, and about the same amount being transferred after the massacre.

It is not clear, and it is too early to speculate that the Bitcoin movement is related to the price plunge, but the timing seems suspicious.

The number one cryptocurrency which has been fluctuation wildly over recent days has collapsed under 8,000 US dollars. The current price drop records a sudden loss of about 1,000 US dollars per Bitcoin in a matter of minutes in the past few hours.

At 23:00 UTC yesterday, the most influential digital currency by market capitalization began to fall sharply, sustaining over a 700 US dollar loss in price value on the back of a substantial transaction volume leading to the crypto market sudden change in color at the beginning of the Asian session today morning.

Bitcoin with the inclusion of all other significant altcoins with a notable exception of Cosmos are buried in the red recording value depreciation of about 3 percent to 12 percent on a day-on-day basis. The entire cryptocurrency market has lost over 20 billion US dollars in a matter of hours as the total market cap of all cryptocurrencies in circulation has recorded a drop of about 250 billion US dollars from Monday’s figure of about 270 billion US dollars. Despite the bad news, the crypto market has witnessed an increase in the daily trading volume to about 81 billion US dollars.

For quite a few days now, Bitcoin has disappointed to close the gap and rise above the 8,800 US dollar level leading to the reexamination of prior support levels as BTC struggles to pick up a bid.

Despite the price plunge, Bitcoin prices are still up around double the value of where it began the year after a disappointing 2018 that saw a majority of the world’s most significant virtual currencies including Bitcoin losing around 80 percent of the market value.

What could have Been the Reason Behind Bitcoin’s Price Fall?

Although it is still unclear as to what contributed to Bitcoin’s sudden price fall today, some investors and pundits are pointing an accusing finger to the manipulation tactics of whales holding large amounts of Bitcoin. It is believed that there are whales or investors in the crypto market, holding Bitcoins that are worth hundreds of millions of US dollars.

These investors and pundits that are coming with this speculation are basing their arguments on the fact that a significant investor transferred some 25,000 BTC worth 215 million US dollars to San Francisco based Coinbase cryptocurrency exchange.

About an hour after the deposit, 14,000 BTC worth 112 million US dollars was moved from Coinbase exchange to another wallet followed shortly by another transfer of 11,000 BTC worth 88 million US dollars.

One Reddit user who goes by the name ‘makoveli‘ in the popular virtual currency forum r/cryptocurrency wrote,

“If you do your little calculations and follow the timeline, it will not be hard for you to see that someone deposited 25,000 BTC worth 215 million US dollars in the market and shortly bought them back at a profit of 15 million US dollars.”

In doing so, the whale pocketed 15 million US dollars in profit strolling away with the same amount of Bitcoin they had initially.

While this might be true, some crypto pundits are dismissing the claim of manipulation citing that the volume of BTC-USD pair on Coinbase cryptocurrency exchange was estimated to be less than 215 million US dollars.

Regardless of the cause of the price plundering, a majority of traders and investors hope Bitcoin will be able to replicate past pullbacks to redeem not only itself but the entire cryptocurrency market. At the press time, BTC trades at $7975.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Filed Under: Bitcoin News Tagged With: Altcoins, Bear Market, Bitcoin (BTC), Crypto Market

Here’s how the bear market uplifted Tron’s network bloom

December 18, 2018 by Ali Qamar

About a couple of weeks ago, Justin Sun, Tron’s CEO and founder, published a tweet announcing that the Tron foundation is creating a fund to rescue developers on the Ethereum and EOS networks. There’s a catch though. Said developers can only benefit from that fund if they bring their decentralized apps and project to the Tron Network. That’s a fair twist.

#TRON will build a fund to rescue #ETH and #EOS developers from the collapse of their platform as long as those developers migrate their dapps to #TRON. #TRX $TRX

— Justin Sun (@justinsuntron) December 7, 2018

The bear market has been causing projects to stop functioning.

Mr. Sun’s tweet could have been prompted by another tweet issued by the ETCDEV team. It’s one of the main development teams working on Ethereum Classic. They had to stop working because of lack of funding. Mr. Sun also wrote that one of the team’s developers contacted the Tron foundation in another tweet:

https://twitter.com/mary_janex1/status/1071276170157613056

Projects are taking Justin’s offer seriously, and they will boost Tron’s development. One developer from ETCDEV officially announced his tie with Tron just a little while ago.

I'm really excited to join #TRON team as core developer!
Many challenging problems expected 🤯

— Tomasz Zdybał (@tzdybal) December 18, 2018

The awful bear market we’ve seen for almost a year now has provided the perfect conditions so that Mr. Sun’s invitation for Ethereum and EOS developers to join the Tron network will make the network flourish.

This month, the Betguild team moved the Bitizens gaming app from Ethereum to Tron. Also, we saw how the Tron foundation launched the Tron Accelerator program which will spend a million dollars to support the creation of new decentralized apps for the platform.

That financial advantage makes it a lot more likely that dApp developers will move their projects to Tron, which is a platform that’s been hailed for many good reasons. It can manage 2,000 transactions per second (worldwide, it charges zero fees for processing smart contracts that are within a certain bandwidth, and the option to use zk-SNARKS to enhance privacy. Very few blockchains can offer comparable advantages. The niTron summit will take place next month, in San Francisco, and, it just so happens that Tron is compatible with the Ethereum virtual machine.

Final Thoughts

The recent market conditions pushed many dApp projects to either settle for less or just shut down completely. Mr. Sun and Tron foundation, on the other hand, are trying to persuade them to leave Ethereum and EOS behind so they join Tron, which could allow them to keep their projects alive even as the market keeps going down and they’re even providing financial incentives for them.

Tron’s dApp catalog remains very small when you compare it to Etherum. But 2019 could be the year in which we see it explode as developers take Mr. Sun at face value and join Tron. And that’s not a longshot. Everdragons has already made a move, and many other projects are expected to do the same just because of simple self-preservation.

As we write this article Tron’s TRX is trading at $0.014275. It’s trading in green numbers against the dollar (up by 8.87% in the last 24 hours).

Image courtesy of Pixabay.

Filed Under: Tron News, Market Analysis Tagged With: Bear Market, Crypto Market, Justin Sun, TRON (TRX)

The Bitcoin Oracle has spoken: Crypto winter is here

December 4, 2018 by Ali Qamar

Vinny Lingham is a cryptocurrency expert, especially when it comes to Bitcoin. He became involved with it five years ago after a long and successful entrepreneurial career in his native South Africa.

He’s been founder and CEO of several projects. Civic, Gyft (sold to First Data Corp), SilconCape (an initiative to turn Cape Town into a tech hub), and incuBeta. He was considered one of the world’s top 500 CEO’s in 2015. And, yes, he’s got credibility when it comes to Bitcoin as he sits in the Bitcoin’s Foundation board.

Fast Money, a CNBC show calls Mr. Lingham “The Bitcoin Oracle” and interviews him occasionally to gain insight into the cryptocurrency market. The latest interview happened just yesterday. The show’s anchor asked Mr. Lingham for his opinion about the current market conditions for Bitcoin and future prospects.

Mr. Lingham was very clear and to the point. He said he expects Bitcoin to remain bouncing between the $3k and $3.5k levels for a few more months. But if no bull run materializes in about six months and the coin remains stuck, then it will break the $3k support level to go downwards.

He explained further that a problem in the current market is that too many investors are guided by price instead of paying attention to the fundamentals, and that’s what’s been driving the price down.

In Mr. Lingham’s view, Bitcoin is not ready to be a means to store wealth. That’s painfully clear to anybody who bought bitcoins when the price was above USD 10,000. On the other hand, Bitcoin is a very successful payment network that is moving almost as much money as MasterCard on a daily basis.

On reasons to be positive, the Bitcoin Oracle was rather scant. He believes Bitcoin to be too much of a risk as things stand. The great risk is the only way to rip great rewards, as he pointed out, but he was very clear in that it would be so much safer to buy bitcoins when the level goes back up to USD 6,000.

While we don’t believe that this, or any other expert, is an actual Oracle, we do agree with some of his points. The cryptocurrency market would surely be better off if the fundamental analysis was used more than technical analysis.

In other words, if crypto enthusiasts were more interested in coins with real value instead of following speculative trends to make quick money. Let’s remember that Bitcoin is still the same whether the price is high or low. The price doesn’t change its usefulness and value, and the same goes for every cryptocurrency.

As we probably mentioned in this site many times already, Bitcoin, XRP, Tron, XLM, ETN, and a few other digital assets are slowly but surely showing the planet that some real-world problems have no better solution than cryptocurrencies and blockchain technologies. That is making the assets useful in many ways; it’s giving them a competitive advantage which will lead to mass adoption as time keeps progressing.

Adoption will change the game for everybody because those few useful coins will have great demand, and the market price will respond to value in the real world and realistic economic forces instead of sheer speculation, which is the main force behind the current market. But until that happens, winter is here indeed.

Image courtesy of Pixabay.

Filed Under: Bitcoin News Tagged With: Bear Market, Bitcoin (BTC)

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