After 2018 ended, the crypto community was hoping for a strong start to the new year. Unfortunately, that hasn’t happened. In addition to Bitcoin stagnating, many traders recently suffered another painful loss after Cryptopia was hacked on January 14th. This latest theft highlights the importance of cold storage. For those wanting to truly protect their assets, nothing beats a Ledger Nano or a Trezor device. But, even more than that, it highlights the importance of trading on secure and safe platforms.
Off To The Races In 2019
Although many tokens hadn’t been doing much trading in the new year, one coin was. That token is Encrypgen (DNA). DNA started off the year with a price of $0.018, or approximately 500 sats. Within a few weeks, the price had soared to $0.07, or approximately 2000 sats. That represented an increase of roughly 300% in sat value. The increase was due primarily to a flood of news announcements including strong partnership deals. Additionally, large buyers were rapidly entering the market, including one mysterious buyer who purchased roughly 6 million DNA tokens.
DNA has been one of the hottest tokens to start the new year but that, unfortunately, came to a halt after Cryptopia’s temporary closure due to a multi-million-dollar hack. Previously, DNA tokens had been listed on Okex and KuCoin. However, when Encrypgen’s CEO refused to pay bribes, the tokens were delisted.
So, what’s next for Encrypgen? Fortunately, the business is 100% focused on adding users to the Gene-Chain, both data buyers and sellers. And, within the next few weeks, users can expect to trade DNA tokens directly on Encrypgen’s Gene-Chain. Because of this, DNA token buyers won’t have to worry about dealing with unsecured exchanges such as Cryptopia.
Encrypgen’s main goal is to bring together genomic data sellers and buyers. Essentially it wants to be the go-to marketplace for genomic data transactions. While consumers who sell their data have the option to cash out their payments via Bitcoin (BTC), they will soon be able to cash out via other methods such as Ethereum (ETH). Researchers will also be able to buy the uploaded data with DNA tokens. This was the original vision that was laid out by Encrypgen’s Founder and CEO, David Koepsell.
Once the Gene-Chain is ERC-20 compatible, DNA token trading will be available on the platform. Given how hot DNA tokens were this month, it’s not unreasonable to think that trading volume could explode on the Gene-Chain. It’s natural that traders may want to get their hands on these tokens that are very likely to increase in value during the upcoming months and years. Still, it’s important to remember that DNA is a utility token. It was created for buying genomic data on the Gene-Chain.
Other Trading Options
For users who may want to get started trading DNA tokens before the functionality is made available on the Gene-Chain, there are other options. These options include:
- IDEX – A Decentralized exchange for trading Ethereum (ERC-20 tokens).
- EasyTrade – Trading widget that provides the best available orders from its pool of decentralized exchanges.
- Bleutrade – New option for DNA trading but very little volume at the moment.
Although Cryptopia let a lot of people down, Encrypgen’s business isn’t affected in the least. The company continues with business as usual. Encrypgen is one of the most promising companies in the crypto world and I’m looking forward to seeing all the future developments.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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