Binance US, Genesis, & Abra Suspends XRP Support; Bittrex & Uphold Clarifies No Plan to Delist

Much like all the XRP trading and deposit suspension that has happened so far, only the US users are affected. Exchanges clarify that Spark (FLR) Token Distribution in 2021 is unaffected.

Binance’s US-based crypto exchange Binance.US has announced the delisting of XRP on Jan. 13, 2021, at 10 am EST. Binance.US users won’t be able to deposit XRP but withdrawals will be unaffected.

Much like all the trading and deposit suspension that has happened so far, only the US users are affected.

The exchange further clarified that delisting will not affect users from claiming their Spark (FLR) Token Distribution in 2021.

Another one to join this list is Genesis which sent an email to its users, informing them of the XRP trading and lending suspension, as of Dec. 29. The users are not allowed to make new purchases while those who hold XRP have until Jan. 15 to sell it.

The company no longer supports loans in XRP either and both open-term loans and fixed-term loans will also be called. Meanwhile, the “team is actively monitoring the evolving regulatory situation with XRP.”

Abra has also joined the list of companies ending XRP support for US users, despite it being a peer-to-peer transaction network.

According to the firm’s message, Abra plans to suspend trading in XRP for US customers at 3 PM PST on Jan. 15th.

“Abra is registered in most states as an MSB and has had previous legal battles with the SEC that led to them delisting their stock ETF offering,” noted Adam Cochran, partner at Cinneamhain Ventures.

No plans to delist XRP

Amidst all the suspensions, cryptocurrency exchange Bittrex, which no longer allows its US customers to trade XRP clarified that they are not going to delist the digital asset and will maintain all XRP markets: BTC-XRP, USD-XRP, USDT-XRP, ETH-XRP, and EUR-XRP.

“Uphold will continue to list XRP until and unless the Complaint is adjudicated against Ripple – specifically citing that XRP is, today, a security, or trading volume dissipates to a point where we can no longer support,” came the tweet from JP Thieriot, CEO of crypto trading platform Uphold.

Australia-based BTC Markets also took to Twitter to share that they are monitoring events in the US regarding the SEC but have “no plans to delist XRP at this time.”

The price of XRP meanwhile lost a considerable amount of its value in the last two weeks. After falling under $0.17, the crypto asset is currently trading around $0.22.

“XRP’s market cap has fallen by 93% from $137B to under $10B. That makes the value of the XRP collapse bigger than Enron and Worldcom,” said Joshua Frank, CEO of The TIE. “While not a bankruptcy, XRP is effectively the third-largest collapse of all-time behind Lehman Brothers and Washington Mutual,” he added.

Coinbase Under Hot Water Too

A class-action lawsuit has been filed against US-based crypto exchange Coinbase alleging that it knew XRP was a security and still sold it “illegally”.

Just this week, Coinbase, which recently filed to go public, said it suspended support for XRP trading and deposits.

The case is filed by Thomas Sandoval in the U.S. District Court, Northern District of California (San Francisco) and he is seeking damages for the commission paid by him and other users to Coinbase for XRP tokens.

“Until late this month Coinbase sold the XRP token, the value of which was entirely linked to the success or failure of Ripple Co. and the managerial efforts of its executives,” Sandoval said in the complaint. “Indeed, Ripple Co.’s survival as a corporate entity depended on its sale of unlicensed XRP securities to the public to fund its business operations.”

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Author: AnTy

Oldest Crypto Exchange Bitstamp to Suspend XRP Trading & Deposit on Jan. 8

Oldest Crypto Exchange Bitstamp to Suspend XRP Trading & Deposit on Jan. 8

This is yet another strike against XRP whose price rallied over 80% after the losses this week.

Another platform has joined the ranks of cryptocurrency exchanges suspending XRP trading.

The latest is the oldest exchange and one of the biggest names in the crypto market, Bitstamp.

The exchange will halt XRP trading deposits only for US customers, to be effective on January 8, 2021, at 9 PM UTC. The US-based users of the exchanges, however, are still able to withdraw XRP XRP -6.52% XRP / USD XRPUSD $ 0.30
-$0.02 -6.52%
Volume 9.97 b Change -$0.02 Open $0.30 Circulating 45.4 b Market Cap 13.43 b
6 h Ripple Partner MoneyGram Says it ‘Doesn’t Utilize ODL or RippleNet’ for Which it was Paid Millions in XRP 10 h Oldest Crypto Exchange Bitstamp to Suspend XRP Trading & Deposit on Jan. 8 2 d XRP Carnage Begins as the Delisting Commences
from Bitstamp.

Non-US customers are unaffected.

The decision was made in the light of SEC filing against Ripple, “which alleges that XRP is a security.”

“We will closely follow the unfolding situation and continue to adapt accordingly,” said the exchange on December 25th.

Unlike Beaxy and CloseTowers which are small exchanges, Bitstamp is a known exchange that manages more than $500 million in daily trading volume. In 2020, XRP actually accounted for 18% of Bitstamp’s trading volumes.

Another big US-based crypto exchange Coinbase is speculated and rumored to halt XRP trading as well. Meanwhile, Bitwise Asset management has already liquidated its $9.3 billion worth of XRP position while the Asia-based OTC desk also suspended XRP trading.

After losing more than 63% of its value in the week, going as low as $0.21 on Thursday and taking the entire altcoin market down with it, yesterday XRP jumped more than 80% to as high as $0.38.

At the time of writing, XRP/USD has been trading at 0.304 while managing $2.31 billion in trading volume over the past 24 hours, higher than Ether’s $1.44 billion volume.

With a market cap of $10.84 billion, XRP is currently holding the fourth spot in the crypto market.

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Author: AnTy

ETH 2.0 Effect: Staked Value & Miner Revenue Continue to Uptrend

Ethereum 2.0 deposit contract continues to amass more and more ETH.

The trend particularly gained momentum after ETH 2.0 finally went live on Dec. 1st. More than 81,500 ETH were deposited to the contract on Tuesday, bringing the total staked value to about 1.35 million ETH.

This represents 253.75% of phase 0, “the Beacon Chain” goal, as per Dune Analytics.

While more than 1% of ETH supply is locked in ETH 2.0 contract, about 7 million ETH are locked in DeFi, and another 3 million are with Grayscale’s Ethereum Trust.

With the Beacon Chain’s successful launch, the enthusiasm around Ethereum is increasing not only among the retail but also institutions.

In the world of mining, the “new generation of Bitmain ETH machine E9 is in production,” with “China’s ETH mining enthusiasm is higher than BTC this year. At least 10 companies are preparing to make new ETH mining machines,” noted Chinese publication Wu Blockchain.

For now, a full transition to proof-of-stake (PoS) is still far off, and at least for a year, ETH1 will continue to run normally with no changes to the mining.

“There are still plenty of mining rewards left to be earned, and there will be for the foreseeable future,” stated one of the biggest mining pools, F2Pool.

According to an F2Pool’s report, mining revenue is to be unaffected by the development of ETH 2.0 and “will be a profitable option for at least another year or two.”

Ethereum creator Vitalik Buterin himself had stated that the issuance rate of the cryptocurrency would remain stable at 4.7 million tokens per year for the foreseeable future.

However, there is Ethereum Improvement Proposal (EIP) 2878, which seeks to reduce inflation by reducing the block reward from 2 to 0.5 ETH, and EIP 1559 that suggests modifying the dynamics of the Ethereum fee market to mitigate certain issues with the user experience that arise during times of high congestion, that is to be considered but are currently under discussion and debate.

As of writing, Ethereum mining revenue is $0.036 per MH/s, trending up since last month, as per Bitinfocharts.

In November, Ether miners raked in over $262 million in revenue, up 22.4% from the previous month but down from September’s $321 million, which resulted from DeFi mania.

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Author: AnTy

Ethereum Rallies Above $400 as Proof of Stake Launch “ETH 2.0” Scheduled for Dec 1

Ethereum 2.0’s v1.0 has been released along with its mainnet deposit address. With this release, ETH 2.0 will have a genesis of 1606824000 — December 1, 2020, at 12 pm UTC.

There must be at least 16,384 32-ETH validator deposits made a week before the deadline for the genesis to trigger. In case the threshold is not met on time, the genesis will be kicked off whenever it does, as per the official announcement.

As expected, the price of Eth jumped above $407 in response to the much-anticipated news. Yesterday, ETH dropped under $375 despite bitcoin rallying.

But today, as BTC went back above $14,200, the crypto market turned green in tandem, and so did ETH, which continues to rise.

As Binance noted last month, the locking of ETH for staking could see a potential supply shock, which means a “dramatic price surge and trigger” due to “unprecedented levels of retail FOMO.”

Unlike the usual when ETH leads the rallies, this time, Bitcoin has been stealing the thunder as it increased by 30% in value than Ether’s mere 12% in the month of October.

But despite Bitcoin being back on the move today to the important $14k level, Ether is the one up 6%, the biggest gainer among the top 35 cryptocurrencies.

And with this, green has splashed across the crypto market.

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Author: AnTy

Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when speaking on the Blankless podcast last week, noting that the deposit contract will be ready after an audited approval of its BLST crypto library. The audit currently ongoing and being undertaken by the NCC Group crypto audit firm. Ryan was keen to emphasize the criticality of this particular library,

“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct.”

He speculated a release date between early and mid-Nov, slightly later than the anticipated October release. The Deposit Contract will play a fundamental role in the ETH 2.0 ecosystem; touted as the last ‘piece of the puzzle,’ it will facilitate ETH transfer between the current and expected blockchain iteration.

Almost Sunrise for ETH 2.0!

After a very long wait, it appears there is some ‘white smoke’ coming from the ETH 2.0 development team. Last week, BEG reported that the Beacon Chain launch might be a few weeks away, according to an update by Ben Edgington, a developer at ConsenSys. Going by his estimation, this launch is likely to take place in late November or December. Notably, the Beacon chain launch will mark phase 0 of the ETH 2.0 rollout in what will be followed by a series of phases 1 and 2.

The ETH 2.0 upgrade is a much-anticipated event by the whole crypto community as it will mark Ethereum’s shift from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) blockchain. This move is expected to improve Ethereum’s scalability and security to create a sustainable ecosystem. So far, a couple of testnets have been held in preparation for the Beacon chain launch, with the latest being Zinken testnet.

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Author: Edwin Munyui

‘Bullish Divergence’ for SNX; Nearly 80% of Synthetix’s Native Token is Locked as Collateral

Synthetix currently has about $600 million worth of crypto deposit locked, which is in decline since hitting the record $1 billion on Sept. 2nd, as per DeFi Pulse.

One of the top DeFi protocols, Synthetix, is a synthetic asset issuance and trading protocol that tracks real-world assets like crypto, fiat, and stocks and uses Chainlink’s oracle for price feed.

Launched on mainnet earlier last year, the protocol has a native token called SNX, which can be locked as collateral along with ETH to mint Synths, which are tradeable ERC20 tokens. Token holders also get the transaction fees generated from Synths being exchanged on Synthetix’s non-custodial DEX.

Ranked 40th as per market cap of $408 million, SNX currently trades at $4.10 in green. While up 500% YTD, the token has lost about 35% of its value in the past month.

But unlike the price, the address activity is holding up nicely with DAA sitting “well above its expected historical levels.”

“When price levels move down, but address activity stays high, this is something we tout as a bullish divergence,” states data provider Santiment.

So Little to Accumulate

With nearly 80% of SNX locked as collateral for minting synths like sUSD, only a small percentage of SNX supply is left for accumulation.

A meager, 3.8% of all SNX is available on crypto exchanges viz. Binance, Uniswap, Poloniex, and Kucoin.

For large players, the over-the-counter (OTC) market, which tends to be opaque, is the place to get their bid filled without incurring much slippage. Here, market participants make use of Airswap and Deversifi’s smart contracts to execute OTC deals.

Over the last six months, 4,520,232 SNX, 3.78% of the circulating SNX supply, worth over $21 million have been swapped through Airswap. During this period, July was the busiest month with 11 trades conducted.

It was also in that month that the leading spot exchange Binance listed SNX, which @Neuros12 says “likely to weigh negatively on future OTC activity for SNX.” With more than 5 million SNX in its wallet, Binance is the largest SNX holder among the centralized and decentralized exchanges.

Keep on Building

The protocol is currently preparing for a technical release called The Fomalhaut that includes Ether collateral enable ETH holders to mint sUSD when sUSD is trading above $1 to help reduce the premium and opening the possibility of sUSD borrowing against BTC tokens such as renBTC and tBTC in future.

Exchange rates aggregator V3 and migrating iETH rewards to the protocol, decrease to 0 SNX per week are also part of it. The Synthetix team continues to build and become an integral part of the DeFi ecosystem.

Amidst the sky-high Ether gas fees, there are also plans to implement layer2 solutions to scale the Ethereum network, which has gotten congested due to DeFi’s speculative frenzy.

“Everyone priced out of staking SNX due to high gas prices is about to be unpriced out,” tweeted Synthetix founder Kain Warwick.

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Author: AnTy

Ripple Partner MoneyGram Expands its Cross Border Service with Visa to Spain and the Philippines

  • MoneyGram is extending its debit card deposit service internationally in collaboration with Visa via Visa Direct
  • The service allows MoneyGram customers to send money in real-time
  • This adds 50% new users to MoneyGram and retention rates that are “outperforming expectations”

The global provider of money transfer services MoneyGram is now extending its debit card deposit service internationally to Spain and the Philippines, the company announced on Dec. 4. The company launched this service in collaboration with Visa through its real-time push payments platforms Visa Direct.

MoneyGram is the first company to allow cross-border transfers from the US using Visa Direct and will be offering the service in more areas of the world very soon.

“Cross-border digital growth is a key strategic priority, and we will continue to lead the industry with innovative products and services,” said Alex Holmes, MoneyGram Chairman, and CEO.

Rapid Expansion to new Markets Worldwide

Visa Direct that enables payments to more than a billion cards worldwide allows its customers to send money in real-time. MoneyGram users can either go the actual website or use the App to send to eligible Visa-branded debit cards.

“The initial launch phase with MoneyGram has been a success. Based on customer feedback to date and seamless integration of Visa Direct into MoneyGram’s digital network, we look forward to continuing the rapid expansion of this service to new markets worldwide,” said Bill Sheley, SVP and Global Head of Visa Direct, Visa.

This expansion was launched soon after the Visa Direct’s successful launch in the United States where about half of the customers were new to the platform. Also, early signs show they were able to retain their customers rates and are “outperforming expectations.”

Ripple & MoneyGram

MoneyGram is also opening new corridors for Ripple’s XRP using On-Demand Liquidity (ODL) before 2019 ends.

In June this year, Ripple became a key partner of MoneyGram for cross border settlements using the digital asset by making an initial investment of $30 million in the company. Most recently, Ripple made yet another $20 million investment in MoneyGram —purchasing the firm’s newly issued equity at $4.10 per share which was much higher than its market valuation — completing its $50 million investment commitment to MoneyGram.

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Author: AnTy

Bitfinex Temporarily Shuts Down Deposits and Withdrawals, Says Exchange Funds are Safe

Bitfinex Temporarily Shuts Down Deposits and Withdrawals, Says Exchange Funds are Safe

The crypto exchange Bitfinex has recently announced that its deposit and withdrawals were suspended. The company used its Twitter profile in order to make the announcement.

According to the exchange’s tweet, this was happened due to some outage on one of the company’s network providers. Therefore, they had to shut down the services temporarily.

They also affirmed that all funds remained in cold storage and that the situation should be restored in around three to four hours. This was pretty much what happened. Around three hours after the announcement, the services were live again.

During the downtime, the CTO of the company, Paolo Ardoino, has posted several links to the hot wallets of the company. He made it in order to show to the community that their funds were safe and that nothing was happening.

Downtime Caused Worries Because Of Recent Controversy

One of the reasons why the downtime was so worrisome for the community was because of the recent controversy that Bitfinex and its sister company Tether faced. The New York Attorney General (NYAG) Letitia James has accused the two companies after Bitfinex lost $850 million USD and Tether used the funds of its stablecoin in order to make up for the money that was lost.

This created a major problem for the companies, which are now facing the NYAG in court. Bitfinex never actually revealed the loss to its investors and used the money of the stablecoin, which was supposed to be backed 1-to-1 with USD. It was a double mistake.

The Community Reacted

The price of Tether has somehow remained stable despite all the trouble, but it is fair to say that the confidence of the investors has been badly shaken by what happened, which is why people were so suspicious today when the downtime happened.

A user called @CryptoFraggle, for instance, has shown a Simpsons gif affirmed that “the end is near”, something that many investors and traders were probably thinking when the company affirmed that the downtime was happening.

Other people, such as @Naji_GK, only affirmed: “Let’s panic”. Others affirmed that the case was very similar to Cryptopia when the exchange was hacked.

Fortunately, most of the users preaching doom were wrong. There was no reason to be so afraid, after all, since the funds were eventually released for withdrawals. It looks like, at least today, people will not have to worry anymore.

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Author: Gabriel M