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TRON (TRX) and EOS | Trading in the Red Despite Releasing Big News

While the total cryptocurrency market is trading mostly in the red today, most of the top digital tokens are only seeing slight losses. For the past 30 days, the total cryptocurrency market has hovered around the $210 billion range. Today, we’re going to take a closer look at TRON (TRX) and EOS.

 TRON (TRX)

TRON is currently the 11th largest cryptocurrency by its total market cap and is sitting just under Monero (XMR). Two days ago, TRON’s Founder Justin Sun announced that Odyssey 3.1 would be launched at 8 PM SGT that day.

Launching Odyssey 3.1 meant TRON’s committee function and its Virtual Machine would also go live during this upgrade. Sun claims that after Odyssey 3.1, TRON will be 200 times faster than Ethereum and 100 times cheaper than EOS.

The TRON Virtual Machine will allow developers to test smart contracts before they transfer over to the TRON mainnet. On the 7th, TRX spiked nearly 17%.

At the time of writing, TRX is trading at $0.0254 a coin, down -3.89% in 24 hours. At its peak on Sunday, TRX was trading at $0.0280 a coin, meaning TRX is now down nearly -10% from its spiked price.

EOS

Block.one is currently in the midst of getting together the final components of its EOS Hackathon. Last week, the company that founded EOS announced that its Grand Finale hackathon will be held in Cape Town, South Africa, on December 7th.

So far, the other four hackathons have been held in Hong Kong, Sydney, London, and San Francisco.

>> KYC and AML: Could this Really be the End of the Decentralized Era?

Before the first event started in Hong Kong, Block.one held a virtual hackathon, and the winner was granted flight and hotel accommodations to attend the first event. It seems the company will hold another Virtual Hackathon.

This event will only be available to the EOS community within Africa and coding will begin on October 15th. Coding ends on October 18th at 9:00 Central Africa Time UTC+2:00.

According to CoinMarketCap, EOS is currently trading at $5.86 a coin, down -0.03% in 24 hours.

Will EOS and TRON (TRX) make a comeback after both pushing out positive news the past few days? We shall see!

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StellarX Launches | Brand New Zero-Fee Decentralized Crypto Exchange

Today, StellarX launches! StellarX is the Stellar network-based zero-fee decentralized cryptocurrency exchange. The company behind the platform, Interstellar, announced the upcoming launch via a Medium blog post on September 28th. XLM has yet to be positively affected by the news.

StellarX Launches!

Previously, StellarX was open only to a number of individuals who signed up for its Beta testing, but it seems the team at Interstellar feels confident in their product thus far—confident enough to launch publically!

What makes the platform stand out from the rest is that it’s a totally free trading platform. A few “free” exchanges that have popped up as of late, but in actuality have been shown to have deceiving charges—making it not so “free” after all. For example, Robinhood was shown to profit from its customers’ idle funds.

I’m sure you’re all wondering, “Well, what’s the catch with StellarX?” I thought the same thing, but Stellar claims it isn’t here for a cut, and they hope to “redefine how assets move around the world.”

Christian, an employee of Interstellar and the writer of the blog post, explained:

“We take no fees and, even above that, we refund all network costs, something no other decentralized exchange can match. All the while, you have sole control over your assets, so whenever there’s interest, it’s yours. We’ve even written our own fee out of our agreements with deposit partners, who, we’ve found, often put in a percentage by default.”

How do they do this? It’s all in the way they designed their platform. By using Stellar and its consensus mechanism, StellarX requires neither ‘work’ nor ‘stake’ and they don’t need your capital to function.

>> Is Ripple Becoming the Microsoft of Crypto? One CEO Says Yes

StellarX Launches: Assets Galore

StellarX has started by implementing the top cryptocurrencies onto its platform first but claims it plans one diving into a number of the top assets displayed on CoinMarketCap soon.

At its launch, StellarX also has a real fiat onramp, which is a first for a decentralized platform. All you need is a US bank account, and you can deposit USD directly into the app, via ACH.

The group at Interstellar will be adding a number of things to its app in the near future. You can take a look at those things here.

XLM Price Movement

According to CoinMarketCap, XLM is currently trading at $0.239 a coin, down -5.05% in 24 hours. For the week, XLM is down -4.4%.

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NEM Gains 13% in 24-Hours

The cryptocurrency market is moving very slowly today. Some of the top coins are in the red: Bitcoin at -0.20% and Ethereum at -0.36%. Small losses, but pretty appropriate for a day when the market is dragging its heels. However, there are very notable NEM gains happening right now.

NEM (XEM) is, without a doubt, today’s biggest winner, having grown 13% in the last 24-hour period. So, what has NEM trading in the green, especially when every other coin is pretty much asleep!?

Let’s find out!

NEM Gains

NEM (XEM) is ranked 17th on CoinMarketCap’s top 100 cryptocurrencies. And as stated, XEM is currently the best-performing digital asset of the day.

NEM currently has a market value of $999 million and an average daily trading volume $24 million. At the time of writing, NEM gains have it selling at just over $0.11 USD.

The Reason for the Move?

NEM’s bullish wave is likely due to a new partnership with Timechain Wallet. The wallet recently added support for the coin and offers holders “multiple side-chain wallets with Timechain” along with the capability to “buy and sell digital assets right from their wallets.

The platform is described as a “useful tool for crypto assets management and an instrument for natural interaction with other blockchain-based services and users.”

>> Ripple Swell Conference Day One Wrap-Up

So can Timechain Wallet offer NEM holders a door to bigger things? It seems the market reaction says yes.

According to the CEO of Timechain, Louis Cleroux, NEM technology is a leader:

“Wallets are becoming the centerpiece of blockchain mass adoption. Timechain strives to offer the most simple solution to use blockchain and cryptocurrencies to its users. NEM technology is a front-runner for digital assets management. We need to popularize this amazing tech to the market. Businesses will dramatically reduce their cost and greatly increase their distribution reach by using this solution,”

However, another new partnership has just come to light. NEM will be teaming up with Unibright, an enterprise-grade blockchain platform, by adding NEM oriented code generation to the Unibright framework.

Perhaps this is causing NEM gains. We will wait for more on this. Stay tuned!

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Ripple (XRP), Stellar (XLM), Litecoin (LTC)

The crypto market is in the red this morning, after ending last week on a high note. Ripple (XRP) passed ETH for a few hours on Friday during its bull run, which in turn boosted the entire market. Stellar (XLM) and Litecoin (LTC) saw monumental gains, but now, the crypto market is red across the board.

Let’s take a closer look at these three cryptocurrencies and their latest movements.

Ripple (XRP)

Ripple Labs has had some big news lately, which has boosted the price of XRP. Ripple and XRP are often confused with one another and seen as the same. This is not the case at all. Ripple is a technology company that has created Ripple’s tech. XRP is a cryptocurrency, independent of the company, that is used on Ripple’s platforms. Ripple owns a majority of XRP though.

Back on the 18th of September, an executive at Ripple spoke to CNBC and told them xRapid, Ripple’s XRP cross-border payment platform would be launching soon, and good news would be released shortly. XRP saw gains above 20% that day.

That news continued to push XRP up, and this week the coin saw a spike of over 180%. Now, the cryptocurrency has corrected and is in the red this morning. At press time, XRP is trading at $0.523 a coin, down -7.17% in 24 hours.

>> Stellar Embraced by Visa-backed Company

Stellar (XLM)

Stellar is known as Ripple’s ‘little brother’ as both companies were founded by Jed McCaleb and their platforms are almost identical. What makes them stand apart is their target audience. Ripple is geared more towards the financial institutions, and Stellar wants to target everyone.

The Stellar Foundation also received big news this month. The for-profit subsidiary of Stellar, named Lightyear, purchased Chain, which is backed by Visa. Lightyear and Chain are now going to be retired and will form ‘Interstellar.’

This is huge news for the company, as Interstellar will be responsible for managing StellarX. StellarX is the free asset trading service that has been created on Stellar and is set to debut in a few weeks.

At press time, XLM is trading at $0.26 a coin, down -5.75%.

Litecoin (LTC)

The Litecoin Foundation recently held its first Litecoin Summit in San Francisco two weekends ago. The Foundation also held a live stream, for those unable to attend. On Sept 19th, Litecoin released its Litecoin Core v0.16.3.

This new update fixed its DoS vulnerability. On Friday, the Canadian crypto exchange, Coinut, announced Canadians are now able to buy LTC with CAD on the exchange.

LTC saw price spikes at the end of last week after most of the cryptocurrency market was on a bull run. At press time, LTC is trading at $58.80 a coin, down -3.35% in 24 hours.

Ripple (XRP), Stellar (XLM), and Litecoin (LTC) have all had big news lately and have the potential to rebound. But will they?

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Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) Crash

The cryptocurrency market is on the fritz this morning as most cryptocurrencies are in the red and seeing losses in the double-digital percentages. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are all taking significant losses today. Bitcoin Diamond, however, is currently seeing gains well above 100%.

Many speculate that the fall of the crypto market today is due to the announcement that Goldman Sachs is pulling its cryptocurrency trading plans. This could very well be the case, as many investors see a potential crypto trading desk by Goldman Sachs as a push for more widespread adoption, especially with institutional investors.

Still, others aren’t easily convinced.

Many crypto enthusiasts aren’t convinced that the ‘dumping’ is due to the Goldman Sachs news but instead has more to do with the Silk Road news that surfaced a few days ago.

Almost $800 million dollars worth of Bitcoin and Bitcoin Cash were withdrawn from wallets that are associated with the defunct ‘black market’ Silk Road marketplace. The movement was first observed by cryptocurrency community members on August 30th and eventually, the coins would be dumped back into the market.

Could it have been dumped this morning? Possibly. But that doesn’t explain why most of the altcoins are falling rapidly, as well.

Let’s take a closer look at the top three cryptocurrencies and their losses today.

Bitcoin (BTC)

At press time, BTC is down nearly -6%, trading at $6,941.82 a coin. Currently, Bitcoin holds 54.9% of the total cryptocurrency market. Usually, when Bitcoin falls the rest of the market follows. In less than 24 hours, BTC has lost over $400 in value.

Ethereum (ETH)

According to CoinMarketCap, ETH is currently trading under $250. At press time, Ethereum is trading at $245.82 a coin, down -14.44%, in 24 hours. This is a year-low for ETH, which started the year trading around $750.

>> Trust is the Central Issue of the Decentralized Ecosystem

Ripple (XRP)

At press time, the world’s third-largest cryptocurrency by its total market cap, Ripple, is trading at $0.295 a coin, down -11.74%, in 24 hours. While these coins don’t have the most percentage losses among the other coins, their drop holds greater significance due to their market cap size.

What do you think is behind the drop of Bitcoin, Ethereum, and Ripple, along with the rest of crypto?

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