It was a red day for global stock markets this Thursday as Wall Street faced its biggest decline in eight months. The Dow had plunged 832 points which is its 3rd worst decline in history. Investors are concerned about high interest rates and the ongoing trade wars as US President even blamed the federal reserve for this carnage.
Interestingly, some analysts believed that Bitcoin could become a new safe haven for investors during such turbulent times as capital could find its way from traditional markets into this new asset class. However, the outflow of approximately USD $20 billion on Thursday from the crypto market poked holes in the claims of Bitcoin becoming an uncorrelated asset class. The major top ten cryptocurrencies experienced corrections ranging from -4% to -15% as the total combined market cap of all cryptos plummeted down from approximately USD $220 billion to USD $200 billion.
While the coinmarketcap.com page was a proverbial sea of red, one particular token, 0x (ZRX) stood tall, gaining more than 33% against the dollar from its intraday low of USD $0.65 and hitting USD $0.87. 0x rose substantially against both Bitcoin and Ethereum as investors rushed in to acquire the asset once the news broke out about it having been listed on Coinbase Pro. Over the course of the last few months, there had been lots of speculation
about 0x’s possible listing on Coinbase due to various well-known reasons. This is obviously very good news for the holders of 0x token, especially the people who had bought it during its ICO last year. The token’s price during the ICO was approximately USD $0.049 cents and approximately 0.00014999 Eth as the exchange price was around 1 Ethereum = 6,667 0x tokens. As the news about the listing spread like wild fire, 0x’s price against Ethereum touched a high of 0.00406127 Eth, marking an increase of 27x, meaning if you had invested 1 Ethereum during its ICO, you would now have 27 Ethereum tokens.
0x Protocol is a very important project in the bigger scheme of things when it comes to the digital asset ecosystem. Currently the centralized exchanges are used extensively for exchange of digital assets globally. But there are lot of problems related to them such as the constant threat of hacks, high exchange fees, unilateral actions by exchanges such as freezing of customer funds, asking for sensitive personal information to name a few. This is the reason that 0x (ZRX) is such a valuable project as it is an open source protocol for exchanging ERC-20 tokens over the Ethereum blockchain in a decentralized, cost effective and swift manner.
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