The Newsletter by Tokenize Xchange (Vol.137| May 2021)

Hillary

Published in

Tokenize Xchange

6 min readMay 19, 2021

Trading Fees Now Imposed to TKX Trading Pairs

Notice: From May 2021, users will be applied the trading fees as stated below when trading TKX.

For the trading pairs SGD-TKX, USD-TKX will have the trading fees of 0.8% for Normal members, 0.5% for Premium members and 0.1% for Platinum members.

New Xfers Flow Applied from May 28

To bring about better user experience on the platform, Tokenize Xchange team have spent time on researching and implementing a brand new Xfers flow to shorten the time needed for each user to deposit and withdraw.

Automations applied to cut down operating time.
Excessive steps eliminated.
Require only one first time linking.
Optimized and simple to use.

The new flow will officially be available on May 28, 2021. More details will be disclosed on the upcoming newsletter. Stay tuned.

Invite Your Friends to Earn 5TKX

Invite Your Friends! You will get 5 TKX for every friend who signs up, successful onboard and trade 1000USD worth of crypto with Tokenize Xchange.

Your friends will get 5 TKX too by using the referral link upon successful onboard and trade 1000USD worth of crypto.

* Get your referral link HERE**.

Crypto Earn New List of Coins

Let’s look back at been new additions to our Crypto Earn listings and revise the wide range of coins that are available in the function.

With Crypto Earn, users can get a great passive income from holding certain coins. With just a small stake of of only 100TKX, users could receive even much higher interests.

JOIN CRYPTO EARN

Facebook Community: Give-away Incoming

In case you haven’t joined our Facebook group, there will soon be a huge TKX GIVE-AWAY for the members of our group — Tokenize Community.

📍 JOIN NOW to grab the chance and also connect to other users.

Bitcoin Plummets to Below $40K, Ether Tumbles

Bitcoin’s volatile week-long slide saw it tumble to below the $40,000 mark on Wednesday as news of further restrictions on cryptocurrency transactions in China added to earlier concerns sparked by Tesla boss Elon Musk’s tweets.

Bitcoin, the world’s biggest and best-known cryptocurrency, fell about 9% to as low as $38,940.04, even slipping below a key 200-day moving average. It is now down 40% from the year’s high of $64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped about 15% to $2,875.36.

The declines in the two most traded cryptocurrencies were sparked last week by Musk’s reversal on Tesla taking bitcoin as payment, followed by other tweets that caused confusion over whether the carmaker had shed its holdings of the currency.

China’s announcement on Tuesday that it is banning financial institutions and payment companies from providing services related to cryptocurrency transactions, coupled with a warning to investors against speculative crypto trading, seemed to have exacerbated the selling.

Buyers Beware as “Altcoin” Frenzy Bruises Bitcoin

Bitcoin’s smaller rivals are eroding its share of the $2 trillion digital currency market. Of the dozens snapping at its heels, most have little use beyond financial trading — but few of the investors fuelling their rise seem bothered.

Among the major “altcoins” — as all cryptocurrencies aside from bitcoin are known — some such as ethereum aspire to be the backbone of a future financial system. Others, like Dogecoin, have no such ambitions, and are barely used in payments or business.

Along with prospects of fun and gains, however, altcoins are plagued by volatility.

Such swings in price can leave investors heavily out of pocket and, unlike bitcoin and depending on the regulatory framework of the exchange on which they are bought, many can only be swapped on exchanges for other digital coins rather than cashed in for hard currency.

Second-largest coin ethereum is catching up, having risen more than four-fold this year to around $380 billion as more peer-to-peer “decentralised finance” crypto lending platforms have started to use its blockchain.

Ethereum’s surge has triggered wider interest in the altcoin universe from retail investors with cash to burn, part of a trend that has also fuelled the use of trading apps like Robinhood and powered a social-media driven rally in stocks including GameStop Corp.

“The fact (the crypto market) is 24/7 makes it more accessible for people who are working,” said Amar Rai, a 25-year-old risk consultant whose crypto investments have doubled since March last year.

Half a dozen other altcoin investors, all men in their 20s, told Reuters they based their decisions on information gleaned from sites like Reddit, Twitter and TikTok.

As coins such as ethereum — whose backers say it will transform finance — grow, that use of social media trends as a reference point has meant others with few such prospects have also ballooned.

Take Dogecoin: Started as a joke in 2013, its logo features a Shiba Inu dog widely used in memes. But that has not dented its ascent.

It has soared over 10,000% this year to becomes the fifth-biggest token with a market cap of over $60 billion, but that rise has not coincided with any growth in mainstream usage for payments, and with an unlimited supply it lacks the scarcity that has attracted inflation-warier investors to bitcoin.

Instead it has gained momentum from the tweets of a prominent backer: Tesla boss Elon Musk.

Dogecoin last week jumped about 25% after Musk said he was working with its developers to boost its efficiency. It had previous slumped by a third after Musk called it a “hustle”.

Further down the food chain sits Shiba Inu, which soared over 2,000% in the four days to May 11.

The Dogecoin spinoff’s individual coins are worth fraction of a cent and have barely any practical use, while its website calls it “an experiment in decentralized spontaneous community building”.

The spinoff is still valued at around $6 billion, according to CryptoMarketCap, though it has sunk 60% over the past week.