Tron (TRX) is fighting to pull itself up from the price deprecation it encountered for some time as it trails other cryptocurrencies. Currently, the market is performing dismally swimming in the red sea (again) as virtual currencies recording trading lows that can only be compared to the lows of October and September 2017.
The cryptocurrency selloff that began in the first days of August has gone viral and looks unstoppable. Going by last weekends trading, the market showed signs of recovery with the consolidation of the losses that had been encountered. However, virtual assets took yet another fall this week and the better part of trading on Tuesday 14.
For instance, Ripple (XRP) declined 3.77 percent to trade at 0.26 US dollars early this week with Ethereum (ETH) prices falling below the 300 US dollar mark to find a new support level at 250 US dollars.
Bitcoin Cash was also not spared, as it fell to exchange below the 500 US dollar mark to exchange at 497 US dollars. Bitcoin Cash now embraces a new support level of 480 US dollars. This negative market trend reflects on a majority of virtual coins and altcoins in the crypto ecosystem.
However, for the prices of any virtual currency to skyrocket, it needs to increase its circulation in the market and Tron (TRX) has been doing a great job in putting itself out there increasing its chances of real-life usage. And following the current trends Tron (TRX) has been showing, it is safe to say that the digital coin is going to experience a significant price surge shortly.
But what are some of the factors that might lead to Tron’s upwards movement, you might ask. The following are some of the reasons we think might positively impact the virtual currency in the coming few days, weeks, and months.
The Acquisition of BitTorrent
Early this month, the crypto community woke up to the news that Tron (TRX) had successfully obtained BitTorrent plus the positive launch of its mainnet platform aiding in increasing the coins transaction volumes. The move according to many shows Tron’s positive maturity although recent price movements are yet to reflect this good news.
BitTorrent continues to offer high-quality peer-to-peer services to over 100 million customers all over the world as the acquisition of the company was aligned with Tron’s mission of decentralizing the internet.
The challenge remains that BitTorrent mostly deals with pirated contents and its users are used to using BitTorrent’s services for free. How Tron intends to profit from this remains unclear. But one thing is certain, if Tron manages to take advantage of 100 million users of BitTorrent, its price might hit the tallest mountain in our world if not the moon.
Tron’s Acquisition of BlockChain.org
Following the purchase of BitTorrent, Tron (TRX) went ahead to acquire, Blockchain.org, a top-level domain name that many consider as one of the significant acquisitions ever made in the blockchain industry.
And the plans Tron intends to do with the domain name is to make it a decentralized Google for the crypto community members and the entire blockchain industry as the default search engines usually lack complete information about the industry.
Tron will not benefit from this venture in any direct monetary way as the project is categorized as a non-profit venture, but it will surely have some indirect positive influence in its prices as it will assist in increasing consumer confidence in Tron (TRX) as a blockchain and a currency.
Consequently, the above two are just a couple of reasons among many to believe we could witness a huge Tron (TRX) price surge in the near future. Of course, for that to happen, the market needs to have a nice rally, as well as Tron, needs to make use of its user-base in a way that turns the table for the cryptocurrency.
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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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Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
Calculate your total gains…
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