0x Archives - 2100NEWS

UrbanJuly 22, 2018

4min293

The crypto market has been extremely volatile over the past 24 hours, especially small tokens and digital assets, possibly due to the decline in volume in the past week.

Bitcoin’s Weird Movements

Yesterday, on July 21, the price of bitcoin surged from $7,400 to $7,600 in a span of 10 minutes, with a spike demand on major cryptocurrency exchanges including Binance and Bitfinex.

However, almost immediately after the spike, the price of bitcoin crashed from the higher end of $7,600 to the lower end of $7,300, bringing along other major digital assets and tokens as well.

Since then, the price of bitcoin has been very volatile in the range of $7,400, with decent volume and demand. Still, the volume of bitcoin compared to its volume of last week is relatively low, and has decreased by over a billion dollars in the past 48 hours.

Subsequent to its large rally on July 19, the price of bitcoin has struggled to initiate any major movement on the upside, mostly due to the lack of momentum in the crypto exchange market. Ether, Bitcoin Cash, and Ripple in particular have performed poorly against both bitcoin and the US dollar.

The volatile movement of the market may open bitcoin and other major cryptocurrencies vulnerable to strong downward movements, and as BitMEX CEO Arthur Hayes emphasized, a drop below the $6,000 mark to bottom out in the $5,500 to $6,000 is still a possibility.

“I don’t actually think we’ve seen the worst. I would like to see us test $5,000 to really see if we put a bottom in. But come back in Q3, Q4, I think is when the party is going to start again,” Hayes said.

Currently, the market and community are generally optimistic, mostly due to the strong performance of bitcoin since earlier this week, but other major assets and tokens have not been performing as well as bitcoin against the US dollar.

Tokens Surge in Price

ICON (ICX), 0x (ZRX), and Zilliqa (ZIL) have spiked by 5 to 10 percent on July 21, with ZRX recording a solid performance throughout this week, supported by the intent of Coinbase, the world’s largest crypto exchange to integrate ZRX in the near future.

Against bitcoin, ZRX experienced an 8 percent rise in its value, as its dollar price rose from $1.02 to $1.18.

Overall, the crypto market is in a positive position to continue its momentum, but as Hayes and other experts have noted, it will need to demonstrate stability before eyeing 20 to 40 percent movements on the upside, and properly bottom out in the lower region.

With Samsung accepting crypto in its stores and the G20 moving towards unified regulations around cryptocurrency exchanges, the crypto sector has shown enthusiasm towards the long-term growth of the market.

If the G20 moves to unify crypto regulations by the end of 2018, led by the efforts of the Japanese government, it may lead the crypto market open to a larger group of accredited investors in leading economies.


UrbanJuly 15, 2018

5min322

Coinbase, the world’s largest crypto exchange, brokerage, and wallet platform has announced its intention to list Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX), causing the price of tokens to surge, while bitcoin has struggled to demonstrate any major price action.

The release of the statement of Coinbase was taken aback by the crypto community, as most investors considered the company’s acquisition of decentralized crypto exchange Paradex as the substitution for direct token listing.

However, the Coinbase team emphasized that despite the additional approval and verification work required to list the five digital assets, the company decided to list them.

BAT and 0x

Coinbase emphasized in its statement that the plans to list the five digital assets have been finalized, but there exists a possibility that the company fails to integrate the above mentioned assets due to regulatory and compliance-related issues.

Still, the price of BAT and 0x surged by around 25 percent and 15 percent respectively, allowing the valuation of the crypto market to increase slightly by $3 billion.

BAT Price on Binance, Chart by TradingView

The price of BAT surged by a larger margin than 0x because while the listing of 0x was highly anticipated by the crypto community, given the involvement of Coinbase founding members in the 0x Protocol and the company’s recent acquisition of Paradex, BAT wasn’t being discussed as potential candidates for Coinbase listing.

In its statement, Coinbase explained that the reputation of Brave creator Brendan Eich, the founder of JavaScript and Firefox, as well as the fast adoption of the Brave browser, which currently has more than 18,000 verified publishers that receive incentives via BAT, as the reasons for the listing of BAT.

The Coinbase team said:

“The initial purpose of the BAT is to allow advertisers to pay for user attention when they view ads via Brave, but it can potentially be used as a general digital currency for Brave user interactions with arbitrary websites. Brave announced that they have recently passed 3 million monthly users and are in the top 10 list in the Google Play store in more than 20 countries. More than 18,000 verified publishers are using Brave across 4,500 websites and 13,500 YouTube and Twitch streamer accounts.”

Almost instantly, the volume of BAT surged massively on major crypto exchanges such as Binance, quickly becoming one of the largest trading pairs of bitcoin. Currently, as of July 14, BAT remains as the 11th most traded cryptocurrency against bitcoin on Binance, above major digital assets like Bitcoin Cash, Binance Coin, NEO, and Litecoin.

XRP Investors Outraged

Throughout the past year, the price of XRP, the native cryptocurrency of Ripple, surged on several occasions as rumors about potential Coinbase listing emerged, and time and time again, Coinbase denied those rumors.

On social media, users and investors of Ripple reacted negatively to the announcement of Coinbase and their decision to integrate small tokens ahead of XRP.

One investor said:

“The fact that you did not include XRP which is a top 3 crypto shows your bias and that the news about you trying to strong arm Ripple to pay millions for a listing are true.”



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