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Here is Why Binance is Key to Tron (TRX) Getting to $1

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Tron (TRX) HODLers who are also users of the popular cryptocurrency exchange of Binance have been waiting patiently for the resumption of deposits and withdrawals of TRX on the platform ever since the token migration officially began on the 21st of June this year. Binance and the Tron Foundation have offered apologies for the delay and further stating that regular services on the exchange will resume sometime this week.

In the announcement via their medium page, the Tron Foundation stated that:

“The technical teams on both sides are working closely to push forward the migration. Deposit and withdrawal services are expected to be provided within the next week.

We would like to extend our sincerest apologies for keeping you waiting, but we are also kindly asking all TRON supporters and Binance users to remain patient. We are continuously working towards building a global ecosystem. Thank you for your support and understanding.”

So why is Binance key in breaking the current TRX price decline?

To begin, the value of TRX has plummeted since the Tron Independence Day. TRX is currently valued at $0.033 and down 9.33% in the last 24 hours (at the moment of writing this). TRX has also dropped from the number 9 spot on coinmarketcap.com to the number 12 slot. IOTA and NEO have zoomed passed TRX.

The TRX trading on Binance represents a total of approximately 20% of all the TRX traded globally. The number one spot goes to BitForex.com with the exchange handling 33% of all the TRX traded worldwide. BitForex has resumed TRX withdrawals and deposits, but the market response is still minimal. The extra liquidity of TRX brought about by Binance resuming deposits and withdrawals, will add to the demand of the coin in the crypto-verse. This means that with full functionality, Binance will assist TRX in regaining its number 9 spot on coinmarketcap.com and even facilitating at top 5 finish by the end of 2018.

A second reason why Binance is key to breaking the current TRX price decline is that the exchange is currently handling the highest daily trade volume of any exchange. Binance is handling a total of $1.124 Billion in trade volume at the moment of writing this. This means TRX will get more trade action once deposits and withdrawals resume. Binance has also instituted a TRX trading competition worth 10 Million in TRX to entice more TRX trading.

Lastly, the solid partnership between Binance and the Tron Foundation has resulted in the former guaranteeing permanent TRX token migration until the last TRX token is converted. This means once again, Binance is the focal point of TRX token migration after the Tron Independence Day.

Summing it all up, the crypto exchange of Binance will play a big role in TRX trading activities since the exchange announced it will support permanent token migration for the foreseeable future. With the resumption of TRX deposits and withdrawals sometime this week, the price of our favorite coin of TRX will no longer be as low as it is right now. Another way of viewing this is seeing the current low TRX value as an opportunity to get some more TRX in the crypto markets.

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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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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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