Updated 17:31 UTC+1 – 13 October 2018
The crypto market and bitcoin are holding steady as interest mounts over Tron partner rumours.
Bitcoin is currently priced at $6,273 and total market cap of the crypto space is $201 billion.
After the recent move to the downside, market participants hope for another assault on $6,600 at the 50-day moving average (50MA).
Tron (TRX) teaser
All eyes turned to Tron today following the teaser on Twitter from founder Justin Sun of a tie-up with a major tech company “with tens of billions USD valuation”.
— Justin Sun (@justinsuntron) October 12, 2018
Tencent has been linked to Tron as one possible partner, with search giant Baidu another. Baidu is meant to be the favoured candidate by some analysts but we are not so sure.
Given Tron’s focus on “digital entertainment”, we think a deal with Tencent makes more sense given its huge and growing footprint in gaming
Some might say Sun is a shill as he has done this before with pump tweets promising hit news. It’s just as well the industry abides by a minimum of regulations as he would be getting in trouble if Tron was listed on a public capital market – as Elon Musk and Tesla have. Musk has just settled with the SEC after doing something similar to Sun but at greater scale. Hopefully Sun comes up with the goods but if he doesn’t, hey this is crypto – there’s no come back from the SEC or any other financial authority of whatever jurisdiction.
Tron is up at $0.0232, or 5%, in the past 24 hours , according to coinmarketcap, as traders buy in anticipation of a solid announcement that will drive the crypto asset higher.
Price pumps from Yobit – must be desperate
Yobit is another project – actually it is an exchange based in Russia (we think) – looking to drum up suppor. It has introduced an official pump system for coins.
It will spend BTC on buying random coins to bump up the price and thereby attract more traders seeking to ride the volatility. Yes, another scheme that would not be allowed in the grown up financial world.
None of this helps the image of crypto with retail or institutional investors but are perhaps both signs of the weakness of the market and the struggle to survive for some. Tron should be fine but not so sure about Yobit.
Exchanges are feeling the pinch as trading volumes fail to return to the heady days of December and early January at $24 billion a day compared to around $4 billion currently.
The UK’s Coinfloor sacked 40 people this week.
Industry consolidation – South Korea’s Bithumb sold
Meanwhile, one of South Korea’s largest exchanges Bithumb has been sold for $354 million to BK Global Consortium in a sign of the beginning of growing consolidation in the industry. Bithumb was hacked to the tune of $30 million in June this year.
New York-based Gemini exchange owned by the Winklevoss twins has listed Litecoin, helping it to rise 1.3% to $53.49.
We are pleased to announce that @litecoin (LTC) is now available on Gemini! Starting tomorrow, we will begin accepting Litecoin deposits, and trading will open across all currency pairs on Tuesday. For more information, please visit our blog on @Medium https://t.co/it5xuF9Hr5
— Gemini (@GeminiTrust) October 12, 2018
This weekend sees the attack by a white hat hacker on Einsteineum. The attacker believes there are hundreds of network’s out there that have attracted little hashing power and are therefore easy tomlaucn 51% attacks upon.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane