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Tron (TRX) Outperforms Bitcoin, But Here’s Why It Could Correct Lower

Tron price is up over 5%, while bitcoin is down over 5% against the US Dollar. TRX is currently testing a crucial resistance near $0.0385 and it could correct lower in the short-term. Tron price is trading in a positive zone well above the $0.0320 pivot level against the US dollar. The price traded to […]

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Tron price is up over 5%, while bitcoin is down over 5% against the US Dollar. TRX is currently testing a crucial resistance near $0.0385 and it could correct lower in the short-term.

  • Tron price is trading in a positive zone well above the $0.0320 pivot level against the US dollar.
  • The price traded to a new weekly high at $0.0386 and it is currently consolidating gains.
  • There is a key connecting bullish trend line forming with support near $0.0350 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
  • The pair is likely to correct lower, but the bulls are likely to defend $0.0350 or $0.0320.

Tron Price Jumps 5%

In the past few sessions, tron price followed a bullish path above the $0.0300 level against the US Dollar, and it outperformed bitcoin and ethereum. TRX even broke the $0.0350 resistance zone and settled well above the 100 simple moving average (4-hours).

The price traded to a new weekly high at $0.0386 and it is currently consolidating gains. An initial support is near the $0.0370 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.0316 low to $0.0386 high.

The first major support on the downside is near the $0.0350 level (the breakout zone). There is also a key connecting bullish trend line forming with support near $0.0350 on the 4-hours chart of the TRX/USD pair.

Tron (TRX) price

Tron (TRX) price breaks $0.0350. Source: TradingView.com

The trend line coincides with the 50% Fib retracement level of the recent rally from the $0.0316 low to $0.0386 high. On the upside, tron is facing a major hurdle near the $0.0385 zone. If the bulls successfully clears the $0.0385 resistance, the price could rally again.

The next major resistance is near the $0.0400 level, above which the bulls are likely to aim a larger increase towards the key $0.0500 zone in the coming days.

Dips Likely to be Limited in TRX

If TRX price fails to clear the $0.0385 barrier, it could correct lower. An initial support is near the $0.0350 zone, where the bulls are likely to appear.

It seems like dips are likely to remain supported, but any losses below $0.0350 could lead the price towards the $0.0320 support zone in the near term.

Technical Indicators

4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently well in the overbought zone.

Major Support Levels – $0.0370, $0.0350 and $0.0320.

Major Resistance Levels – $0.0385, $0.0400 and $0.0420.

Source: https://www.newsbtc.com/2020/09/03/tron-trx-outperforms-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=tron-trx-outperforms-bitcoin

Blockchain

Cryptocurrency Asset Management Provider NYDIG Raises $100M From a Single Investor

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NYDIG, the cryptocurrency asset management company, has raised $100 million from a single investor. The firm collected the amount during its newly-announced fund Digital Assets Fund II, after the previous fundraising project, named Digital Assets Fund I.

$150M In Just Two Crypto Investment Funds

According to officially published documents filed with the U.S. Securities and Exchange Commission, the New York-based digital asset firm revealed that it raised $100 million from only one investor on their recently announced project Digital Assets Fund II.

The operation follows its forerunner Digital Assets Fund I, which raised $50 million from investors in November. The amount has been reportedly collected from just two investors and was to invest mainly in Bitcoin.

The $50 million fundraise in November came after a quadrupling in NYDIG clients. The firm offers investment, brokerage, treasury, and technology solutions for Bitcoin to its institutional allocators, corporations, investment advisors, etc.

Another Publicly-Owned Company to Own a Big Pile of Bitcoin

As CryptoPotato recently reported, less than two months ago, asset manager Stone Ridge bought 10,000 bitcoins worth about $115 million through its subsidiary NYDIG. The new digital assets-oriented investment was reportedly to serve as a primary treasury reserve asset for the company.

Co-Founder and CEO of NYDIG, Robert Gutmann, said that considering that Bitcoin switches to a mainly institutionally-owned asset, “the company has a better position than ever” to be the leading provider of BTC solutions to a variety of banks, corporations, and institutions.

Speaking on the Bitcoin investment, Gutmann also said that the NYDIG is proud to facilitate one of the largest commitments of treasury assets to the cryptocurrency to that date. He added that he sees demand for the company’s full suite of corporate treasury and investment solutions accelerating.

In another significant recent Bitcoin purchase in October, Jack Dorsey’s Square reportedly bought $50 million worth of the most influential and valuable digital asset right now. Thus, it became the second publicly-traded company to do so in recent months after MicroStrategy.

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Source: https://cryptopotato.com/cryptocurrency-asset-management-provider-nydig-raises-100m-from-a-single-investor/

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

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  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

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