Crypto announces iOS app on Twitter — increasing its value by 33%.
Saying that the current cryptocurrency ecosystem is “volatile” would be an understatement. On the 13th of July “Ethos” ($ETHOS or $BQX) launched its wallet for iOS, at which point the token’s value increased by 33% over a 3 hour period.
Unlike on the stock market, the token, which has a market cap of $100M, didn’t have to formally announce the news through an RNS — they simply tweeted it. No rules were broken in the process.
This is the world of cryptocurrency we live in. A world where “trading the news” is less about reacting to scheduled RNS announcements and more about finding important tweets.
Although the potential for insider trading increases, so to does the potential of profit for the retail trader. Due to the lack of a regulatory news stream, the vast majority of cryptocurrency hedge funds are not “trading the news”; they are using other strategies, such as backing ICOs and using quantitative analysis. The time to trade cryptocurrencies using a news driven strategy has never been so opportunistic.
This article was collated by Scoop Markets.
Scoop is the breaking news & analytics dashboard for crypto traders.
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