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Opera Browser Adds TRON to its Native Crypto Wallet

TRON founder Justin Sun has been in the news recently through a number of events. Most famously, perhaps, the recent Tesla giveaway debacle raised the ire of the cryptocurrency community and may well have backfired against its original intention.

However, the famous founder has also encountered a host of positive news bites regarding his blockchain platform TRON. Most recently, the company announced a partnership with Opera, the streamlined web browser of choice in much of Asia.

Opera sings

The connection with Opera is a major boon for TRON. Already boasting a stunning 300 million users, Opera is a fast-rising browser alternative to the less secure and less private Chrome or Safari. Further, their platform is dedicated to making Web 3 more user-friendly and easy to control.

The company has also made strong movements toward the cryptocurrency faithful. The browser already supports ETH and ERC tokens, making it the first web browser with a substantial user base to offer peer-to-peer cryptocurrency payments.

This move to partner with TRON continues the existing direction of the company. In fact, over the next year, their intention is to add as many as twelve new blockchain supports to the browser, increasing user functionality and control. Krystian Kolondra, EVP at Opera and Head of Browsers recently said,

“TRON is a popular, quickly developing blockchain with a swiftly growing dApp ecosystem. We are happy to open our browser to it. By opening products to multiple blockchains, we are accelerating the mainstream adoption of Web 3.”

TRON’s win

The news is a major win for Sun and TRON. By offering cryptocurrency wallet exposer for TRON to its massive user base, the company will undoubtedly gain increased user awareness and support for its system.

The connection also allows Opera users to access the TRON blockchain, and to run dApps from the blockchain directly. This functionality further links the company to a wider user base. Per Sun, “We are excited that Opera, a mainstream browser with hundreds of millions of users, will now seamlessly support TRX and other TRON tokens. Soon, Opera users will be able to use dApps on the TRON blockchain.”

Already a major player in the industry, TRON may need to further increase its user base to maintain competition with Ethereum and Binance, both of which have dramatically larger communities. Binance, in particular, represents a movement of the community away from Ethereum as a dApp choice. Battling these two platforms will require increasingly creative methods.

Opera is also ramping up a release of their crypto wallet for iOS users. The massive iPhone market is not yet tapped by Opera or TRON, but the connection would allow iOS users to utilize the TRON blockchain. While Apple’s recent sufferings under the supreme court have slowed the juggernaut, the company still boasts the highest user base in countries with large GDP. The connection would put TRON into the market with crypto’s highest-end users.

The cooperation with Opera and TRON appears to be a true win-win. With both companies gaining substantial benefits, the link should result in strong growth potential for both. As crypto continues to gain adoption, access points for large audiences will be key.

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Bitcoin (BTC) May Have Bottomed, But Crypto Could Still See A “Black Swan” Event

In the eyes of analysts across the board, Bitcoin (BTC) decidedly bottomed at $3,150. They cite the fact that at $3,150, BTC was down 85% from its all-time highs, which is where the crypto asset has bottomed in previous cycles, coupled with the idea that industry fundamentals are better than ever.

And so far, this call has been vindicated, as BTC now sits at a casual $5,300. However, some pundits fear that a so-called “black swan” event could still strike this market, forcing Bitcoin and other cryptocurrencies to enter a freefall. Let’s take a look.

Related Reading: Crypto Professionals Predict $2,400 Bitcoin Bottom, Expect Infrastructure To Spark Bull Run

Why Crypto Could Head Lower From Here

Adamant Capital, an Alpha-seeking Bitcoin fund, recently released its latest report about the state of cryptocurrency markets. While the report, titled “Bitcoin in Heavy Accumulation,” had bullish undertones, its authors, which includes prominent analyst Tuur Demeester, weren’t remiss to not mention the cases for lower lows in this cycle.

Adamant’s researchers and partners gave three/four cases for a collapse to new lows in the coming months.

First, hacks or failures of exchanges and other infrastructure providers. While the unwinding of the 2013 rally was partially a result of natural cycles, some of the drawdown was catalyzed by the decimation of Mt. Gox, hacked for hundreds of thousands of BTC. Adamant postulates that if a similar event occurs in the coming six months, Bitcoin markets could see a negative demand shock.

Second, a macroeconomic crash. Although cryptocurrencies have been lauded as non-correlated assets to stocks, it was proposed that a collapse in traditional markets could create a situation similar to the “2008 paradox” of the value of gold falling by 30%, even as demand surged.

Last, a “secondary Bitcoin mining capitulation.” Adamant remarks that while miners have already capitulated in this cycle already, if BTC “drifts down” to $3,000, this capitulation could be replicated as miners go out of business en-masse.

Bitcoin Looks Hopeful

More likely than not, however, Bitcoin has bottomed. As reported by NewsBTC previously, the same report showed clear signs that BTC is in accumulation.

It was explained that the Bitcoin Unrealized Profit/Loss (BUPL) indicator, which aims to estimate how much BTC holders’ are cumulatively profiting or losing, is reading at $13 billion in the positive. If the indicator is adjusted for the approximate number of lost coins, however, BUPL currently reads at $3 billion — 3% — of unrealized losses.

While this doesn’t sound all too important, as the measure is lesser-known, as Adamant explains, the recent BUPL movements confirms that Bitcoin has exited a “capitulation” phase, entering into a stage of “hope” (and fear). It is important to note that when BTC exited the “capitulation” phase during 2014 to 2016’s cycle, there was strong BUPL uptick, as we are experiencing now due to Bitcoin’s recent rally past $5,000.

What’s even more optimistic is that the 60-day volatility chart for BTC is currently sitting at 5%, a level not seen since late-2016, and even fell as low as 2% in early-November 2018. This, as Murad Mahmudov once explained, shows that a Bitcoin rally could be on the horizon.

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Slowing Macroeconomy Could Be A Boon For Bitcoin & FAANG Stocks: Researchers

Since 2018’s bear market came to life, investors have tried to determine what will revive Bitcoin (BTC) once again. According to industry researcher boutique Delphi Digital, the strength (or lack thereof) of the macroeconomy could be a boon for the cryptocurrency market moving forward, in spite of the fact that many pundits see digital assets as independent of traditional systems.

Bitcoin Could Catch Investors Looking For “Significant Price Appreciation” 

Per an excerpt from the New York-based group’s most recent report, a potential rise in growth investing strategies (throwing money at firms with strong growth upside to maximize capital gains) could aid Bitcoin in the coming months and years. Delphi’s analysts explain that growth-centric investors’ most popular choices include the stocks that consist of FAANG along with other hot Silicon Valley firms.

The reason why this is significant is that in periods of slow economic growth and subdued earnings, which economists are calling for, growth stocks, meaning Bitcoin in turn (correlation), often outperform their peers. Thus, Delphi concluded:

“Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential.”

Perfect Storm For Bitcoin Is Approaching

Delphi’s talented researchers aren’t the first to have claimed that factors in the macroeconomy could boost Bitcoin over the coming months. As reported by NewsBTC previously, Brendan Bernstein, the founding partner of Tetras Capital, an industry investment firm whose partners seem skeptical of Ethereum, recently laid out why he believes BTC’s long-term prospects are healthy.

He remarked that the U.S. Federal Reserve’s decision over the past decade to enlist quantitative easing (QE) strategies could aid BTC. Here’s why.

While QE, which is a fiscal policy that sees central banks purchase assets to boost the economy, has arguably been a positive catalyst for cryptocurrencies for the better part of a decade, some fear that the economy might get dicey (asset inflation, fiscal instability, etc.). Anti-establishment figures, presumably like Bernstein and Ikigai’s Travis Kling, are wary that with the overutilization of QE, the economy could be put in a bad place, potentially giving BTC a chance to rally as a non-correlated store of value.

Bernstein continued on the theme that macroeconomic and political factors may give a decentralized, digital currency a chance to outperform by drawing attention to democratic socialism, modern monetary theory, a growing retired yet financially stunted population, and the rapidly swelling amount of U.S. sovereign debt. He claimed that all this, coupled with QE, is why there is a “perfect storm for BTC right now.”

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The “Conservative” Case For A Bitcoin (BTC) Rally To $50,000

While the value of Bitcoin remains down in the dumps, so to speak, its believers still have stars in their eyes. Many crypto investors are adamant that their holdings will eventually retest their all-time highs, prior to another jaw-dropping rally.

And while countless cynics have begged to differ, these hopes were validated recently with an extremely optimistic, yet potentially rational tweet from Ryan Selkis, the chief executive of Messari.

“Great Wealth Transfer” To Spark Bitcoin Rally?

It isn’t a secret that crypto’s audience is primarily millennial and younger. It makes sense. Cryptocurrencies, namely Bitcoin, are inherently digital, and of the Internet, as Jack Dorsey recently put it.

Related Reading: Binance CEO Lauds Jack Dorsey’s Pro Bitcoin Comments On Joe Rogan

Selkis used this demographic fact to his advantage, recently writing on Twitter that as millennials en-masse inherit $30 trillion from their baby boomer parents over the coming decades, much of the money could find its way into digital assets, meant for the Information Age that society currently resides in.

Messari’s chief writes that if even 1% of the $30 trillion floods into crypto, which equates to about $300 billion, BTC could find itself conservatively at $50,000. This doesn’t exactly add up, but the call does make sense.

As hinted at in a previous NewsBTC report, due to the shallow order books (low liquidity) that are a byproduct of nascent markets, U.S. dollars that enter this market have often had an amplified effect on the value of digital assets. Per analysis compiled by Alex Kruger, a leading markets researcher, JP Morgan claims that for the crypto assets at large, a fiat amplifier of 117.5 is present, as a purported $2 billion in net inflow pushed Bitcoin’s market capitalization from $15 billion to $250 billion But, this isn’t the whole story. Citigroup purportedly estimated an amplifier of 50, while Chris Burniske of Placeholder Ventures calculated the figure out to somewhere between two and 25.

Considering a low-end estimate of ten times, that means the “great wealth transfer” that Selkis refers to could boost cryptocurrency’s value by $3 trillion, thus setting the stage for BTC to surmount $50,000. 

Crypto Cynics Aren’t Too Sure

Although Selkis was fairly convinced that his thesis is entirely probable, some begged to differ. David Silver explained that if his parents left him with money, he would not invest in Bitcoin, explaining that allocating inheretance money to cryptocurrencies “IS NOT AN INVESTMENT STRATEGY.”

Others were less overtly sardonic, and were instead, skeptically optimistic. David Nage explained that while the transfer of wealth could be massive for cryptocurrencies, especially in an increasingly digital world, money won’t flow in on a whim. In other words, if the technology and infrastructure stay stagnant, it is nonsensical to assume that fiat from estates will rush into digital assets, whether it be Bitcoin, Ethereum, or otherwise, without a proper catalyst.

Thus, Nage concludes that if the “conservative case” is to come to fruition, industry stakeholders will need to continue putting their nose to the grindstone, so to speak, to create an inviting environment for the mentioned hypothesized wealth transfer.

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Crypto Bear Market Provides Opportunity For Major Corps, As CP Group Acquires Omise

The crypto bear market has been the longest on the record books, causing most cryptocurrencies to decline in value by 85% or higher. While the flight of capital from the crypto market has been brutal for retail crypto investors who bought in at the height of the hype bubble, the bear market has proven to be a unique opportunity for corporations seeking to enter the blockchain or cryptocurrency arena.

The latest example of this was demonstrated by the acquisition of Omise, by Thailand’s wealthiest company, CP Group. CP Group is following the lead of others interested in the space, and are taking advantage of the lowered valuations of these crypto-focused companies during the ongoing bear market.

Thailand’s Richest Company Acquires Omise Payments Firm

According to The Block, Omise, the payments company behind the ERC-20-based OmiseGo, has been acquired by the largest private company in all of Thailand, Charoen Pokphand Group (CP Group). The acquisition was reportedly made for the sum of $150 million, according to sources close to the matter.

CP Group is owned by the 4th richest family in Asia, the Chearavanont family, and is one of the largest conglomerates across the entire globe. The importance of their interest in the cryptocurrency space cannot be overstated.

Related Reading | Crypto Analyst Expects Multi-Year Bear Market

The Block reports that CP Group Executive Chairman and Fortune Magazine owner Chatchaval Jiaravanon is working to acquire companies that can be used for crypto payments, such as Omise. The crypto projects being sought include an agricultural division.

Omise is among the leading payment gateways in Thailand, which may have sparked CP Group’s interest. OmiseGo, the token used for payments, has already surged as much as 12% after the news broke.

Other Corporations Eye Crypto Projects During Ruthless Bear Market

It’s not just CP Group that’s got their eye on crypto projects in dire need of support following a long arduous bear market. Los Angeles-based investment firm Maco.la has been scooping up infrastructure companies now that their valuations have nose-dived.

Related Reading | Crypto Prices May Be Down, But Industry Fundamentals Are Healthier Than Ever

“We felt like the best way to make money is to buy the infrastructure companies — the picks and shovels — that are helping build the foundation,” explained maco.la co-founder and principal advisor Sheri Kaiserman. “They are coming down in valuation, which is the best part of the crypto winter for us,” she added.

Many corporations are left scratching their head, trying to understand and leverage emerging technologies like cryptocurrencies and blockchain, like the internet before them. During the dot com boom, many companies opted to buy fledgling startups rather than invest in their own infrastructure. Considering this new trend following the bear market, the crypto industry may be witnessing a similar situation across the crypto landscape.