The countdown to the migration of the TRON tokens, the introduction of Ethereum smart contracts into French insurance and other news in our daily heading.
The Monday’s recession of the cryptomarket in the evening was replaced by an active growth that occurred within an hour after the Department of Financial Services (DFS) of New York agreed to issue the trading license by virtual currencies for Scuare Inc. The platform for processing electronic payments with an audience of about 7 million people a month will be under a constant control of the local financial regulator but it will be able to provide its clients with the opportunity to work with digital money becoming the main competitor of Coinbase in its state. Earlier the company's CEO promised to make available bitcoin trading for all Square Cash (a popular money transfer service) users. In this context about $17 billion returned to the market and the total capitalization by this hour is $292 billion.
Bitcoin (BTC) has increased by 4.65% over the past day. It again found itself in the equilibrium zone of $6 700-$6 800. If the coin can stay in it for at least three days it will be possible to hope for a transition to a sustainable growth but the analysts are not particularly optimistic. The investors remain cautious believing that it is not the last bounce up in the continuing downward trend. The activity on the market is characterized by the predominance of the closing old transactions over the opening of new ones. The «predictors» who believe the price of $1 000 to be the bottom of the current market movement are active again. But the truth is that the principles of trading on a highly volatile market such as the cryptomarket often contradict the forecasts of technical analysis so now no one expert can say with certainty about a particular price.
Ethereum (ETH) has increased by 8.24% finally breaking the pressure from above and exceeding $535. In addition to the general market trend, the French insurance company AXA announcement about the launch of the new Fizzy service on the Ethereum blockchain could have some impact on the growth. Now insurance payments and automatic payments for flight delays will be carried out through smart contracts.
Ripple (XRP) is rising by about 6.7% reaching the price of $0.54. In spite of ongoing proceedings about whether Ripple is a security and doubts that the XRP token will be listed on the Coinbase listing where it was so eager in the foreseeable future, Ripple is feeling pretty good and is counting on the long-term growth.
Today TRON (TRX) cryptocurrencies have become the leader of the growth rising by about 18% for three days before the beginning of the «move» to its own network from the Ethereum blockchain. The migration of tokens was supported by more than 25 cryptoexchanges including such large ones as Binance, Bithumb, OKEx, Huobi and Upbit. The hype surrounding the TRX tokens is understandable but the curious thing is that the most analysts believe that the TRON rate will continue to grow after the migration rather than «collapse» as it often happens after significant and expected events in the cryptocurrency world. All the previous dynamics of the TRX price movement is evidenced by the fact that even before the end of 2018 the token rate can reach $0.5 (at the current price of $0.04). In the context of the fall of the market it sounds rather utopian but in case of the transition of cryptocurrencies to growth (and sooner or later it will happen) the forecast can be implemented in a relatively short time.
The Factom (FCT) token has risen by 14.6% after the US Department of Homeland Security (DHS) gave the grant of more than $192 000 to the Texas blockchain start-up.
«In the early stages of work the Factom team demonstrated a deliberate choice of the architecture and solutions for the developments related to the integration of blockchain into existing technologies», − the manager of the research and development program in identity information management under the Directorate of Science and Technology of DHS Anil John explained. It is the fourth grant received by Factom from DHS under the Silicon Valley Innovation program that gives technology start-ups the opportunity to qualify for funding of more than $800 000 over two years.
The Dropil (DROP) token had a pump to 12% and then it went into correction. The total increase for the day at the time of the publication is 5.6%. The analysts can’t yet explain the reason why this token began to trade actively today but most likely this growth is speculative with its volume of trading.
Next week the Japan Virtual Currency Exchanges Association (JVCEA) that was set up in February in response to the hacking of the large Japanese Coinbase cryptoexchange will unveil the new guide for regulating the cryptomarket. According to CoinTelegraph, the recommendations include the ban on insider trading by cryptocurrencies and punishment for the exchange employees who practice such methods of personal enrichment.
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