Time to Exchange | The Great Oil Drop
Written by tojukaka
Time to Exchange brings you market analysis and news from the TokenPocket ecosystem and beyond.
TokenPocket is a multi-purpose and multi-blockchain app that comprises of a wallet (TP Wallet), an exchange (TP Exchange) and a dApp browser, through which TP users can store and trade cryptocurrencies and gain secured access to decentralized applications on the major blockchains. TokenPocket currently supports Bitcoin, Ethereum, EOS, Tron, BOSCore, IOST, Cosmos and Jingtum. More blockchains and cryptocurrencies will be supported in due time.
Market Analysis
Bitcoin has been doing pretty well. Despite its retracement to last week’s lows at about $6,300 on Thursday, April 16, Bitcoin’s price has maintained a steady range, dangling slightly above and below $7,000 and staying below $7,300. Should bitcoin break the psychological barrier at $7,500, we may see a bullish trend. Some of the reasons to be bullish on Bitcoin price in this season include the ‘halving’ which would happen in May and the fear, uncertainty and doubt which has gripped the traditional markets because of the coronavirus pandemic.
The effect of the pandemic was felt again in the traditional markets on Monday, April 20. For the first time in history, the price of US oil in the futures market went down below zero. WTI oil fell as low as minus $37.63 per barrel. This is due to depreciated demand for the commodity as a result of coronavirus induced lockdown. Traders are selling the oil futures contract to avoid the cost of storage as the futures contract expires.
Bitcoin’s price reaction to this historical market move was a 4.23% drop. This is relatively mild and can be counted an uncorrelated market correction. At the time of writing this post, Bitcoin is trading at about $6,911, with a 63% domination of the cryptocurrency market which has a market capitalization of over 199 Billion dollars.
News
#WeWearMasks
Over 270 Twitter users have joined #WeWearMasks. By using a face-mask-avatar they are spreading awareness and encouraging people to wear masks whenever they go outdoors and reduce the spread of the coronavirus.
Equilibrium, a multichain framework for asset-backed stablecoins and DeFi products, announced on Twitter that the CEO of EOS Nation, Yves La Rose would be donating his #AMAHeat bounty to the #WeWearMask campaign.
You too can donate to #WeWearMasks or join in the campaign by following the steps outlined in this tutorial.
EOS is number one
In the recent crypto rankings report released by China’s state-backed tech workgroup called “CCID 14th Global public blockchain technology assessment index”, EOS was ranked as number one. The last report was published in 2019 and compared to it, there has been some reshuffling amongst the 35 ranked assets. Tron has risen to the second position, displacing Etherum while Bitcoin remains at number 11th.
The CCID 14th Global public blockchain technology assessment index ranks the major cryptocurrencies based on basic tech, applicability and creativity.
BOS IBC Hub on TokenPocket
With BOS IBC hub on TokenPocket, users can transfer tokens from one EOSIO blockchain to another, for example, users can transfer TELOS to BOS and WAX tokens to EOS blockchain and vice versa.
Time to Exchange
TPExchange enables users to trade with the liquidity of the most popular exchanges. Deposits and withdrawals are free using EOS-USDT and users also enjoy the lowest transaction fees. TPExchange is the cryptocurrency trader’s paradise.
TokenPocket’s latest Android update comes with some updates to TPExchange. Users can now filter by “in & out” on the transaction records. There is a new TPExchange homepage upgrade and Klines are now possible.
Brian Armstrong, the CEO of an American crypto exchange tweeted that the percentage of deposits and buys worth $1,200 (which is the exact amount of the stimulus check given by the US government to citizens) recently increased over four times. Is this a coincidence?
Crypto aficionados will most likely spend their stimulus check on cryptos and most other people who are paying attention should be concerned and be taking steps on how to stay safe in the present economic crisis.
The great ‘oil drop’ has also sent a new wave of fear to the global markets. Countries whose economy is dependent on crude oil exportation will have to take serious steps to adjust. With such a drastic drop to negative values as we saw on Monday, it’s obvious that anything can happen in this season. If the price of oil futures can drop to zero, how much more other assets that may not have as much intrinsic value as oil. In times of great uncertainty, cryptocurrencies provide an opportunity, an alternative financial system. There has never been a better time to get into the crypto markets. It’s time to exchange.
Start your journey of discovery
- Download TokenPocket from App Store or Google Play
- Go to [Discover] > [TPExchange]
