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Cryptocurrency exchange Poloniex now controls the largest decentralized exchange (DEX) on blockchain network Tron (TRX), official reports state.

Confirmed by Tron CEO Justin Sun on Nov. 29, Poloniex will now operate TRX Market under the new name “Poloni DEX.”

Poloniex ‘acquires’ decentralized exchange

The move comes a month after Poloniex itself spun out from owner Circle to form a new exchange that addressed regulatory problems in the United States.

According to Sun, Poloniex “acquired” TRX Market, while it remains unknown what changed hands and what financial value the deal generated.

“To maintain the development of TRXMarket over the long term, the team has accepted an acquisition offer from Poloniex and will rebrand with the new name Poloni DEX, becoming a decentralized exchange under Poloniex. The official website has now changed to poloniex.org,” an accompanying blog post from Poloniex issued on Nov. 27 reads.

TRX Market functions as a non-custodial exchange that does not require users to store funds in a centralized wallet.

TRX briefly reacts 

Sun’s wording nonetheless appeared to confuse social media users. Mati Greenspan, senior market analyst at fellow trading platform eToro, quizzed Sun about how a notionally decentralized entity could possibly be placed under another entity’s control.

Poloniex meanwhile promised long-term beneficial effects for Tron as a result of the takeover. 

“This acquisition is bound to be a very significant move for the TRON ecosystem, signaling the exchange sector’s trust and recognition of TRON,” the blog post claims. 

As of press time, TRX/USD had come down from its modest boost following the announcement, shedding around 2% in the past 24 hours. 

As Cointelegraph reported, Sun hit the headlines earlier this week after pledging a $1 million donation to a fund specifically designed to fight negative publicity of cryptocurrency businesses. The idea came from Changpeng Zhao, CEO of exchange Binance, following a well-publicized tussle with local industry media outlet The Block.

Cointelegraph By William Suberg , 2019-11-29 10:13:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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