Review on PAX Gold by Thalhat Tee
Pax gold
Gemini crypto exchange has announced that New York users will now be able to trade Compound (COMP), Amp (AMPL), and Pax Gold (PAXG) against the USD. The Winklevoss brothers’ led crypto exchange noted that it worked in collaboration with the New York Department of Financial Services (NYDFS) to receive approval for listing these digital assets. According to the official announcement, active trading of the newly added pairs is scheduled for September 15.
This move is quite significant for the New York market, which had been left out of the DeFi space when it comes to listings on centralized crypto exchanges. Coinbase, for instance, has been quite active in listing ‘hot’ DeFi tokens, but yet to cover prospective users in New York. With COMP’s listing on Gemini, crypto investors and enthusiasts in the big apple will now be able to acquire positions in DeFi through the exchange.
COMP made waves in May when the decentralized protocol debuted this governance token to be used in running the platform. The protocol has since risen to become one of the leading DeFi lending and borrowing platforms; currently, its market cap stands 544 million while the price of one COMP token is $163 as per Coingecko metrics. Tyler Winklevoss, Gemini’s Co-founder, tweeted bullish sentiments as welle We know gold is in a clear uptrend and has also formed an equilibrium pattern in the weekly chart. The RSI has been quite high but this is not the first time. Back in June 2019, the RSI was overextended for several months before a pullback. Similarly, the RSI was also heavily overbought in July of this year and it also took several weeks to cool it sake facing too much resistance.
Pros
- good for mining gold crypto
Cons
- it is unpredictable
