Is The Monaco (MCO) Correction An Opportunity To Pick Up Some Cheap Tokens? - Global Coin Report
Connect with us

Bitcoin

Is The Monaco (MCO) Correction An Opportunity To Pick Up Some Cheap Tokens?

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

At the start of this week, Monaco (MCO) went for a little over six dollars apiece. By midmorning on Tuesday, this had risen to $18 – a 200% increase in a little over 24 hours. At time of writing, shortly before markets open for business in the US on Tuesday, MCO tokens trade for $12 apiece, down around one third on early-morning highs.

This is some pretty volatile action and exactly how things are going to mature as we move into the primary US session is unclear. However, if the initial run was driven by a reasonable operational development, then the correction we are seeing right now might just be exactly that – a short-term correction ahead of a longer-term return to the overarching upside trend.

By proxy, if this is true, there might be some value in picking up some MCO ahead of said return.

With this noted, then, let’s try figure out whether this is the case.

For those new to this one, Monaco is a sort of payment processing application of blockchain technology built on the Ethereum platform. It’s designed as a way for users to transact using a debit card in local currencies and, by proxy, using local interbank exchange rates. The ability to use interbank exchange rates as opposed to retail rates means that the users can save substantially on purchases that they might otherwise be making with nondomestic type cards.

Monaco Chart

Monaco Chart

The company employs a Visa credit card and – through the credit card and its companion mobile application – users can buy, exchange, and spend fiat and cryptocurrencies, such as bitcoin and Ethereum, at perfect interbank exchange rates. When you’re spending $500, this can lead to a saving of somewhere in the region of $30 or $40, so we are not talking insubstantial amounts here, and it’s this degree of savings that has spurred growth to date.

Back in June 2016, Monaco conducted an initial coin offering (ICO) and raised more than $26 million – at the time, one of the most successful ICO’s ever and still up there today, even with the huge wave of ICO activity we have seen throughout 2017.

Since then, the company has on-boarded tens of thousands of users and is now headquartered in Switzerland with offices in Hong Kong and Singapore. In other words, it’s executing on its business plan to a pretty strong degree and – given the very real demand for a product like the Monaco card – we expect it will continue to do just that.

But none of this explains why we’re looking at this company today and – in turn – doesn’t really go too far towards answering the above-outlined question of, is there an opportunity here?

To answer this one, we’ve got to jump right into the current moment and highlight exactly why this coin is running right now – it’s just picked up a listing status on five fresh exchanges, as of today, December 5. These exchanges are BigONE, Exchange X, Huobi Pro, OKEx and UPBit.

Combined, these exchanges have a total reach of around 5 million cryptocurrency users and, as a result, the listing dramatically increases the available liquidity for the company’s underlying token, the MCO.

Increased liquidity should translate to an increased volume which, in turn, should help to push the token higher near term. This allows us to say with a relative degree of certainty, then, that the current action we are seeing in this one is very much representative of a near-term correction and that, in turn, we should see MCO turn around as the US session gets underway on Tuesday.

So that’s a short-term trade on an exposure to the correction and a long-term position as the company continues to execute on its game plan.


We will be updating our subscribers as soon as we know more. For the latest on XXXX, 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.

 

Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

Continue Reading

Bitcoin

CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

Continue Reading

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving
READ LATER - DOWNLOAD THIS POST AS PDF

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

Continue Reading

Press Release