Randal Quarles, Vice chair for supervision of the Federal Reserve Board of Governors, laid out on Wednesday, some of the major questions US financial regulators will need to tackle as they figure out how to best monitor the rapidly changing cryptocurrency landscape.
Cryptocurrencies are capable of “potentially much broader use” now, thanks in part to the introduction of so-called “stablecoins,” which are pegged to more traditional currencies, he added.
Bitcoin is still down about 30 per cent so far this month while rival cryptocurrency Ether is about 42 per cent below its record. However, overall volume in the crypto market have been affected, analysts say.
“We are currently in a phase of consolidation and markets seem to have corrected slightly today. Overall, markets dipped by 4-5 per cent across the board. But this dip is not supported by volume, hence expect it to be temporary. This choppy behavior will continue for the next few months as we see the euphoria in the markets stabilize,” said Edul Patel, CEO and Co-founder, Mudrex.
As leading crypto’s by market capitalization start to show signs of recovery, historically, altcoins have also followed suit in quick succession. Analysts advise investors to remain cautious, despite the belief that the market is likely to ride an upward trend over the next few days and potentially weeks.
Crypto Cart: Quick Glance
(Source: coinmarketcap.com, data as of 09.40 hours, IST)
- Bitcoin: $37,761.70, 3.76 per cent down
- Ethereum: $2,692.49, 3.88 per cent down
- Tether: $1.00, 0.02 per cent up
- Binance Coin: $349.67, 2.75 per cent down
- Cardano: $1.66, 0.52 per cent down
- XRP: $0.9577, 4.37 per cent down
- Dogecoin: $0.335, 4.82 per cent down
- USD Coin: $1.00, unchanged
- Polkadot: $22.38, 3.55 per cent down
- Internet Computer: $132.74, 8.66 per cent down
ZebPay trade desk’s tech view
An asset that has shown good recovery both in terms of volumes, as well as the price, in these rather volatile markets, has been Tron (TRX). It drives its utility by providing a blockchain-based operating system to facilitate transactions with greater efficiency and lower latency.
While Bitcoin can process around six transactions per second, and Ethereum does around 25, the TRON network claims to have a capacity for 2,000 transactions per second (TPS). This project aims to become the leading decentralized platform, which is specialized in the domain of content sharing and entertainment. In 2018, it made its biggest acquisition when it took over BitTorrent.
Market capitalization and rank: $8.2bn (24)
As we can see from the chart above, TRX has been on a downtrend over the past three weeks, and the prices have plunged almost 70 per cent from their peak and made a low of $0.55. On the technical front, the asset has made a ‘Bullish piercing’ pattern (Trend Reversal Pattern) at the support level and has started to move upwards making ‘Higher Top Higher Bottom’ formation.
For TRX to go further up, it needs to break and sustain above the resistance level of $0.096 whereas $0.069 should act as a crucial support level. The asset currently trades at $ .0782.
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC