Bitcoin

Here’s The One Thing That’s Going To Push TokenCard (TKN) Higher This Week

Published

6 years ago

December 13, 2017

TokenCard (TKN) is picking up a considerable amount of upside attention during the midpoint of this week. The coin is up more than 53% early morning in the US versus the USD and a little over 50% on its bitcoin counterpart.

This is a coin that’s had a pretty tough couple of weeks, for reasons we’ll get to in a minute, and the latest run will be something of a welcome reprieve for holders. The question is, however, can this reprieve serve as the start of a longer-term support level and – in turn – can the coin continue to run towards previous highs and beyond moving into next year?

Let’s take a look.

For anyone not familiar with this one, TokenCard is a sort of payments processing entity that’s trying to allow users to pay for goods and services in the real world (and at brick and mortar outlets) using its eponymous debit card. The system that underpins the platform isn’t all that complicated – the company has essentially created an application that serves as a link between a storage wallet (which is controlled by the user) and a payments processing system. The application connects to the wallet (via various user permission systems) and serves to exchange fiat (for the processor) with the coins or tokens that are stored in the wallet at transaction time.

TokenCard Chart

It’s not necessarily a new idea but the difference here is two-fold. First, that the company doesn’t actually store any funds or tokens in the application or event in-house – the user stores them on a user-controlled wallet and gives the app permission to remove them on payment. Second, users have an active stake in the company’s success.

And this is where the coin, TKN, enters the picture.

The TKN token was set up (initially) as an ECR20 token that could serve as the basis for the company’s initial coin offering (ICO) and, by proxy, could help the company fund the development of its platform.

Going forward, however, these TKN tokens represent a stake in the company’s ECR20 and ETH pool, which is made up of the funds that the company collects on the back of user and processor fees associated with its services.

To put that another way, anyone that’s got TKN holdings has a proportionately representative holding of the company’s fee pool.

So why has TKN suffered of late?

Well, on December 8, 2017, Bittrex announced that it would be delisting the token from its exchange. As far as publicly available information can be used to interpret the situation, it looks as though there’s some issue with the way that the tokens represent portions of company profits and, specifically, the fact that the company has US token holders as a portion of its holder base.

So what’s causing the recovery?

The company just reported that it’s working on sorting out the Bitttrex issue and that – importantly – the TKN coins in people’s wallets can still be stored on the platform (i.e., they won’t be removed) and that the company is working towards a resolution to get things moving again. Further, that there’s also a near-term listing on another major exchange in the works and that this should serve to negate the issue with Bittrex whether the latter is resolved or not.

So that’s what’s important for this one going forward, especially as regards to near-term price action. We want to see the company announce a fresh listing on another exchange and – when it does – we wouldn’t be surprised to see another high double-digit percentage move (or perhaps higher) as the announcement hits press.

We will be updating our subscribers as soon as we know more. For the latest on TKN, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of TokenCard

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

4 months ago

December 18, 2023

Crispus

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

4 months ago

December 14, 2023

Crispus

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

4 months ago

December 6, 2023

Crispus

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…