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Bad times for XRP, as Coinbase suspends XRP trading

XRP dropped 20% in value, amid reports coming from Coinbase, on suspending XRP trading in the coming days.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

These are surely unpleasant moments for XRP, as it dropped 20% in value, amid reports coming from Coinbase that it would be halting XRP trading in the coming days.

  • At the time of writing this report, XRP traded at $0.226184 with a daily trading volume of $9,124,702,877.
  • It has been down 19.48% in the last 24 hours.

READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

The world’s most valuable crypto exchange, Coinbase, recently announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

  • According to a statement released by Coinbase’s Chief Legal Officer, Paul Grewal, Coinbase disclosed that it was suspending XRP trading starting from January 19 at 10:00 am PST.
  • The American crypto exchange further explained that “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.
  • In addition, the suspension will reportedly not affect Ripple-backed Flare Network’s upcoming Spark (FLR) token airdrop.

READ: Bitcoin obeys law of gravity, drops $1,200

Grewal said,

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  • “The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. We will continue to support XRP on Coinbase Custody and Coinbase Wallet.”

READ: Ripple jumps by 4% as investors intensify buying spree

The report also assured its users that the American crypto exchange remained resolute in protecting the interests of its customers in the ever-changing financial ecosystem.

  • “Coinbase remains committed to being the most trusted platform for trading cryptocurrency. We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to access factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. We take seriously any decision to change our customers’ access to one of those assets.”

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

Many crypto experts further predict that other leading crypto exchanges might fall in line on delisting or suspending the trading of XRP now that a major player like Coinbase has taken a position on the token.

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READ: Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

4 cryptos gain over 400% in a month, far outperforming Bitcoin

Ramp Defi, Telcoin, Parsiq and DeFiChain have had their value surge by more than 400%.

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4 cryptos gain over 400% in a month, far outperforming Bitcoin

Four crypto assets have had their value surge by more than 400% while significantly outmatching the flagship crypto asset, Bitcoin, amidst a relatively bullish trend in play.

CryptoDiffer, a crypto information company, disclosed such data on its Twitter feed.

READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%

READ: Bitcoin on rampage, now worth over N10 million

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Staking platform, Ramp Defi (RAMP), had rallied by more than 465% for the last month by January 15th, coupled with outperforming Bitcoin by 5 times.

The crypto asset traded around $0.04 on December 16th before exploding to an all-time high of $0.28 on January 13th, according to Coinmarketcap.

READ: Pension funds take up investing in Bitcoin

  • Telcoin (TEL) is the second crypto-asset on the list printing monthly gains of about 418% and also outperforming Bitcoin by 4.3 times.
  • TEL continues to surge as it is presently trading around $0.001 from $0.00016 on December 16th.

The third crypto asset eclipsing Bitcoin in monthly returns is the blockchain transaction tracking protocol known as Parsiq (PRQ). PRQ had gained 414% in 30 days and exceeded BTC’s performance by 4.2 times.

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READ: Ripple on steroids, up 11%

  • Recent data show that it’s on an impressive bullish run, printing a new all-time high of $1.78 on January 16th from $0.18 on December 16th.

The fourth digital currency is known as DeFiChain (DFI) printing gains of a 401% surge.

  • The crypto that helps its users with seamless access to Defi services has also outmatched Bitcoin by 4.1times within a month
  • DFI is presently trading at $2.64 after surging from $0.53 on December 16th.

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Cryptocurrency

Crypto investors lose $530 million within a day

The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in a single day.

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Bitcoin, Bitcoin running out of steam

These are surely bad times for many crypto investors on the account that roughly $530 million worth of Crypto positions disappeared into thin air within a day.

The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $34,000 today.

READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

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What this means

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Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.

  • However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
  • The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.

READ: Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations

What they are saying

A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.

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  • “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”

READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain

READ: Everything you need to know about Crypto Trading

At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.

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Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

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READ: Crypto market breaks past $1 trillion for the 1st time in history

Some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;

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“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”

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Cryptocurrency

$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100

Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.

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Bitcoin, 5 major reasons it's good to buy Bitcoin

Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.

Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.

READ: Bitcoin’s market value can reach $600 billion – JP Morgan Chase

READ: Bitcoin more valuable than any global bank

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At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.

  • While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
  • The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.

READ: Polkadot fast-rising Crypto, jumps past XRP

What you should know

  • In the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
  • The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.

READ: You can now buy Bitcoin, Ethereum, Uniswap through Apple Pay

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