Did Bitcoin Investors Try To Pull Down Glitzkoin GTN?

Might sound strange to hear that investors of a $45,000+ cryptocurrency, would be interested in bringing down a $0.25 crypto token. Without making any direct accusations, let us look for some logical explanations.

No doubt that Glitzkoin has some very strong opinions about, the way in which a small group of high volume BTC investors, have been making Bitcoin dance to their tune. Backed by loud paid media hype, these investors make sky high Bitcoin price predictions – unreasonable and illogical. The general investor gets mislead and often, takes risks that are higher than anticipated.

The April-May 2021 Bitcoin price crash, triggered huge losses across crypto markets. This was interestingly planned by one big Bitcoin investor, the reason was ridiculous. Elon Musk apparently did that Bitcoin dump to prove that, Bitcoin was as liquid as conventional cash. Investors panicked and quickly liquidated their holdings – thousands had to book losses that ended being tough to recoup. The damage was not limited to Bitcoin, other confidence in other cryptocurrencies also began to drop. Yahoo Finance had mentioned Glitzkoin GTN as being, one of the 5 cryptocurrencies that, withstood the market massacre.

Glitzkoin saw through the gimmick and made some very strong comments, much of this did obviously not go well with hardcore Bitcoin lovers. The point is that the planned event, did not keep the interest of general crypto investors in mind. As Navneet Goenka CEO Glitzkoin has often stated, “… there would be no Bitcoin or crypto market without investors …”.

Anonymous messages have in recent times, been targeted at Glitzkoin investors on several social media channels. Claims that, the Glitzkoin GTN was heading for a major crash is the general theme. We have also seen messages claiming that, Binance has refused to list the GTN token! The truth is that, Glitzkoin has made no official attempt to list on Binance as yet – as Mikhail Koslov our Russian mentioned, “… we are in no hurry to list on Binance…”. As far as the rumour about GTN heading for a severe price crash goes – time has proved that, it is baseless.

It was in the first half of October 2021 that, signs of Glitzkoin GTN being attacked were observed. A small group of investors seemed to be placing sell orders consistently, GTN prices dropped from $0.25 to $0.20 within a matter of 48 hours. The token turned tables around at $0.20 when, Glitzkoin GTN investors got into a buying mood. The token made a rapid recovery and withstood any attempt to pull it down.

Crypto investors are free to buy or sell as they please, no doubt about that. Glitzkoin GTN has carved a niche for itself among crypto investors, who seriously appreciate comprehensive projects. We will continue to grow the project and the token organically. We will also continue to be on the side of crypto investors, this attitude could displease a few big crypto investors – we are fine with that!

 

 

 

 

GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token. 

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.

 

 

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