Bittrex Delisting Privacy Coins Monero (XMR), Zcash (ZEC), and DASH Without Any Explanation

Kraken CEO dispels any regulatory pressure, says market removal could be something business-specific. Meanwhile, these coins drop 17% to 23% while DASH argues its “privacy functionality is no greater than Bitcoin’s.”

Cryptocurrency exchange Bittrex has announced the removal of privacy coins from its platform after removing XRP markets for its US customers. Monero (XMR), Zcash (ZEC), and DASH are the affected cryptocurrencies.

Starting Jan. 15, 2021, 23:00 UTC, BTC-XMR, ETH-XMR, USDT-XMR, BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC, BTC-DASH, ETH-DASH, USDT-DASH, and USD-DASH would no more be available on the platform.

After this, Bittrex users would have up to 30 days, a period that may be shortened in “certain instances,” to withdraw any of these delisted tokens. The exchange states, after the withdrawal deadline, “there may be circumstances under which a user may not be able to withdraw a token due to events outside of Bittrex’s control.”

Up until now, only XRP XRP 5.48% XRP / USD XRPUSD $ 0.23
$0.01 5.48%
Volume 5.09 b Change $0.01 Open $0.23 Circulating 45.4 b Market Cap 10.34 b
8 h Bittrex Delisting Privacy Coins Monero (XMR), Zcash (ZEC), and DASH Without Any Explanation 2 d eToro and CEX Suspend Trading for US Customers; Grayscale Buys 3.23 Million XRP 3 d Binance US, Genesis, & Abra Suspends XRP Support; Bittrex & Uphold Clarifies No Plan to Delist
trading and deposits were suspended and only for the US customers due to SEC’s lawsuit against Ripple and its two executives for allegedly selling unregistered securities, but now more cryptos are being targeted. Trader CryptoSqueeze noted,

“Privacy coins are the next on the target list. Bittrex might just be the beginning. This is gonna be a rough and uncertain year for alts.”

Bitcoin BTC 7.79% Bitcoin / USD BTCUSD $ 33,331.76
$2,596.54 7.79%
Volume 77.75 b Change $2,596.54 Open $33,331.76 Circulating 18.59 m Market Cap 619.63 b
7 h GBTC Added $1.6B in December But Grayscale Hasn’t Purchased Any BTC in Over a Week 8 h Bitcoin Smashes $34,810 as Market Sees Some ‘Serious and Prolonged Investor Activity’ 2 d Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70%
and Ethereum ETH 25.18% Ethereum / USD ETHUSD $ 949.37
$239.05 25.18%
Volume 40.77 b Change $239.05 Open $949.37 Circulating 114.1 m Market Cap 108.33 b
2 d Altcoins’ Market Cap Still 59% Off its Peak as Bitcoin Dominance Exceeds 70% 4 d Bitcoin Going to $1 Million in the Next Decade Says Kraken CEO; Highlights ETH & DeFi 4 d Ethereum Is A ‘Huge Success Story’ But is ‘Undervalued’ in Terms of Institutional Buying
are free from any such uncertainties because they have been explicitly stated by regulators to not be a security because they are decentralized.

Meanwhile, Bittrex’s lack of explanation on their motive behind this decision has led the crypto twitter (CT) to speculate.

“Privacy is a constitutional right, not a crime,” said Jake Chervinsky, General Counsel at Compound Finance who shares his disappointment on exchanges removing crypto assets with privacy-preserving features. “There’s no law or regulation requiring this, just DOJ’s opinion that privacy is “indicative of possible criminal conduct,’” he added.

According to Josh Swihart, SVP of Growth at Electric Coin Company, the creators of Zcash, there could be more than what meets the eye here. He pointed out how US-based crypto exchanges Gemini and Coinbase recently added additional support for ZEC.

Meanwhile, other crypto exchanges clarified that there isn’t any regulatory pressure to delist these privacy-focused cryptos.

“Haven’t heard of anything on the regulatory side. Presumably, it’s something specific to their business,” said Jesse Powell, co-founder, and CEO of crypto exchange Kraken. He also shared that these cryptos meanwhile are not supported by Kraken in Australia because of being “banned by local fiat funding rails” and that they are working on the alternatives.

For now, the damage has been done to these cryptos price-wise as they performed poorly following the delisting news.

XMR dropped over 11% in the last seven days and is currently trading around $138, DASH lost 17% of its value in the last seven days and is now trading at $89 and after a 13% drop, ZEC is now keeping around $58.

Some believe XMR, DASH, ZEC’s loss can be Litecoin’s gain which is working on bringing privacy to the network. Ever since Bitcoin bulls went crazy in Oct., LTC also moved in tandem, up 183% in the last three months to climb the levels not seen since June 2019.

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Author: AnTy

Warren Buffett Is Wrong, Everyone Should Have 1% of Assets in Bitcoin: Virgin Galactic Chairman

  • Have 1% of net worth in something completely uncorrelated to the world
  • However, there’s no knowing if bitcoin will remain uncorrelated if “all other risk assets if shit really hits the fan,” – said analyst Ceteris Paribus
  • Also, markets are falling apart which “seems to have crept into crypto” and there are no fresh funds moved into crypto in the current state of panic – economist and trader Alex Kruger

Chamath Palihapitiya, the chairman of Virgin Galactic, yet again doubled down on bitcoin being a “fantastic hedge.”

While talking to CNBC’s “Squawk Box,” the billionaire investor disagreed with Berkshire Hathaway chairman Warren Buffett on the value of bitcoin, that Buffett earlier this week said has no value because cryptos do not produce anything. The long term bitcoin critic said, he doesn’t own any bitcoin or crypto and he never will. Palihapitiya said on Wednesday,

“He is completely wrong and outdated on this point of view.”

“I think he’s an exceptional person. I’ve learned an enormous amount, both from afar and the few interactions I’ve had with him.”

1% of net worth should be in an uncorrelated asset

A bitcoin proponent, Palihapitiya said his views on bitcoin being an important part of an investors’ portfolio haven’t changed since the last time he wrote about it in Bloomberg in 2013.

“Everybody should have 1% of their assets in bitcoin specifically,” said Palihapitiya, who has also founded the investment firm Social Capital.

In the current environment where stocks are having the second-biggest drop ever amidst the deadly coronavirus scare and where the financial industry is running on exuberant amount of leverage, bitcoin is the money under your mattress.

Also, in a world where every financial instrument is correlated, an average individual citizen of any country in the world needs an uncorrelated hedge when there’s a lot of risk to the downside. Palihapitiya said,

“I don’t think when you wake up and see a coronavirus scare and the Dow down 2,000, you should not be going in and buying bitcoin. That is an idiotic strategy.”

“I think a reasonable strategy is to say 1% of my net worth should be in something completely uncorrelated to the world and how the world works. You quietly over some period of time accumulate a position and then just never look at it again and hope that that insurance under the mattress never has to come due. But, if it does, it will protect you.”

No knowing if Bitcoin will remain uncorrelated

Analyst Ceteris Paribus agrees with Palihapitiya but says there’s no knowing if bitcoin will remain uncorrelated if “all other risk assets if shit really hits the fan.”

In the past 10 years, bitcoin only lived in one type of world, a risk-on period with near-constant quantitative easing, but not through a financial crisis. Paribus said,

“What we do know is that bitcoin is uncorrelated to other assets in this particular environment.”

However, historically uncorrelated assets can converge in a time of crises, argues the analyst. As we saw this week, with bitcoin falling along with the stock market, it is perceived as risk and the correlation may further “increase with other risk assets (stocks) in a true time of panic.”

However, “portfolios should include it” still. Also, there’s’ no knowing if Bitcoin has been doing bitcoin things or having correlated risk-off moves.

Economist and trader Alex Kruger also pointed out that it’s good to be mindful of global markets risk appetite, even if “crypto is a mostly uncorrelated asset class.” Markets are falling apart which he says “seems to have crept into crypto.” He added,

“there had been lots of talk recently of traditional asset allocators moving funds into crypto. It is hard to see them moving fresh funds into crypto if the world is in a state of panic and their portfolios are suffering. Same applies to regular investors.”

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Author: AnTy

Yet Another Tailwind for Bitcoin? US Markets ‘Absolutely’ Not Prepared For Increased Inflation

  • The US “utterly and completely unprepared” for an inflationary environment
  • Why put your livelihood into something that could be devalued without your input?
  • Govt. currency is funny money, once young people see this, the perspective of seeing crypto as a speculative class will flip

Last week, Atlanta Federal Reserve Bank President Raphael Bostic said inflation is stable and the US economy is close to full employment which means the Fed will be able to keep the interest rates where they are. Bostic said,

“In general I think both on the inflation and employment side, we are performing pretty much close to target if not right on it, so that’s encouraging.”

The Fed cut rates three times last year and though most policymakers are saying that they won’t be touching the rates in 2020, traders are betting the rate cut by June.

The US “Utterly And Completely Unprepared” For An Inflationary Environment

Currently, inflation is missing the Fed’s target and Bostic said the Fed could aim for a range or target higher inflation for a certain period should inflation is too low for too long.

However, US markets are “utterly and completely unprepared” for the possibility of an increase in inflation, according to the founder of $30 billion hedge fund Citadel, Ken Griffin.

“In the United States there is absolutely no preparedness for an inflationary environment,” said Griffin on Thursday.

Expectations of low inflation have encouraged investors to hold up on long-dated debt, which helped in pushing the rate on 30-year Treasury bonds close to 2%, near historic lows.

“It’s clear that even our most well-informed policymakers, and I do believe the Fed does phenomenally good research on economic policy, don’t see it coming either,” Griffin said about rising inflation.

Why Put Your Livelihood Into Something That Could Be Devalued Without Your Input?

And this could create yet another tailwind for the world’s leading cryptocurrency. As we saw this year, Bitcoin is reacting to the macro factors.

The upcoming Bitcoin reward halving will also cut down its inflation rate from 3.67% to 1.80% and will further continue to decrease over time because of its fixed supply of 21 million.

It is because of inflation, the US Dollar has lost 98% of its value since the creation of the Federal Reserve. Co-founder and CEO of Coinbase said,

“Crypto is seen as real money that people can’t tamper with (at least control is decentralized and I can trust people to review the open-source code).

Why put your livelihood into something that could be manipulated or devalued without your input.”

Govt. Currency is funny money

Apart from inflation, the US government debt is set to skyrocket as well. According to a Congressional Budget Office forecast, the debt held by the public is projected to rise to $31.4 trillion at the end of 2030 — the highest since the end of World War II. Co-founder and CEO of Coinbase said,

“Most people today probably still think of cryptocurrency as funny money or a speculative asset class.

But I believe we’re going to see this perspective flip, probably starting with young people as with many things, where holding a government’s currency is seen as funny money.”

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Author: AnTy

Experts Issue Warning On Crypto That Will ‘Increase In Value Faster Than Anything Else In History’

If something seems too good to be true, chances are it is.

A new cryptocurrency has entered the market that is “designed to go higher, faster, and retain its value.”

However, currently, it values at $0.00 and is listed on only EtherDelta and Bidesk exchanges and haven’t made it to the market aggregating websites like CoinMarketCap.

This crypto-asset called HEX which is making such a bold statement is a fresh experiment in the market that market commentators are warning people against, calling it a “scam” and comparing it with the Bitconnect.

In 2016, the open-source crypto project Bitconnect was released with a high-yield investment program, a Ponzi, where users were to lend the value of BCC coin in return for interest payments.

Users traded their Bitcoin for Bitconnect Coin on the lending platform, where the interest payout was determined by “trading bot” and payouts were calculated as a fraction of the open and close price of BTC.

After rising to nearly $500 value, the coin plummeted below $1 after the platform administrators closed the learning platform in January 2018.

But What is HEX?

Originally known as Bitcoin HEX, this cryptocurrency is the brainchild of serial entrepreneur and marketing expert Richard Heart. On Dec. 2, 2019, HEX completed the snapshot and is now in circulation.

According to the HEX website, the leading cryptocurrency Bitcoin can be mined, sent, and received but doesn’t allow to earn interest on unless you entrust your BTC to a “centralized third party.”

Here, you need to send your HEX, claimed by the BTC users — 10,000 HEX per BTC — or acquired in exchange for ETH, to the same smart contract that minted the HEX in the first place and it credits you interest.

HEX is a Certificate of Deposit (CD) and the more the holders’ stake, the less the interest. Users who lock up a greater amount of HEX, and for longer periods, get to earn the highest rewards. HEX’s FAQ claim it will always be able to make the payouts.

Unlike Bitcoin’s fixed 21 million supply, the primary factor behind the narrative of it being a store of value, “only guesses can be made” about HEX’s supply as it is a function of “how many coins are staked.” And bonuses will further increase it.

Another issue with this project is its “origin address” that earns as much of the rewards as other users do. Though Hearst says this address is not under his control, the lack of transparency is surely a matter of concern.

As for its long term goal, HEX aims to replace gold as a store of value and credit card and payment companies. However, Bitcoin is the only cryptocurrency that has gained a high level of adoption among retailers and institutions alike and no other cryptocurrency from thousands available in the market has come even close to its level.

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Author: AnTy

As Bitcoin for Payments Concept Grows, So is the Lightning Network Fee Debate

As the Bitcoin Lightning Network evolves and becomes something bigger than it was before, several developers are discussing its future at the Lightning Conference, which is happening in Berlin right now.

Now, the developers are discussing the fees of the network. At the moment, the default fees are at 1 satoshi plus 1 part per million of the payment. This means that you pay the smallest unit of Bitcoin plus a small part of the money that was sent.

Node operators have the freedom to hike fees if they wish, but historically, this was not done extensively. According to Rusty Russel, a developer from Blockstream’s c-Lightning, two-thirds of all nodes do not charge more money than the minimum fees. Because of this, he has recently proposed to spike the fees to 5 satoshi plus 500 parts per million, a considerable hike.

Some people believe that increasing the fees is important to protect the future of the network. Pierre-Marie Padiou, the CEO of ACINQ, has agreed with Russel. Jack Mallers, the founder of Zap Solutions did as well. There is a clear movement of people who think that this can solve problems.

However, others are concerned that this might hurt the image of the network, as one of the main selling points of the Lightning Network is that it is very cheap to use it. The CTO of Lightning Labs, Olaoluwa Osuntokun was one of the main forces against the changes. According to him, this could create an image that the developers are the ones deciding the fees on the network.

Olaoluwa believes that the operators should decide. If their fees are too high, people will choose other services. This means that the market would be balanced, in his opinion.

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Author: Gabriel Machado

JPMorgan’s Jamie Dimon Dismisses Libra as ‘Neat Idea’ That’ll Never Happen

Nowadays, you can’t go on any reliable source of blockchain news without stumbling into something new about Libra. Sadly, this remains the case.

Libra has taken large amounts of scrutiny, a fair amount of praise, and now a fair amount of pure dismissal. Jamie Dimon, JPMorgan Chase’s Chief Executive Officer, described Libra as something that’s a neat idea, but will never happen.

Dimon delivered this comment during his speech at the Institute of International Finance conference that happened on Friday. Bloomberg reported the comment on the 18th of October. Dimon stressed the fact that the ideas behind Libra’s construction aren’t unique. Dimon then rather cleverly turned the conversation to his company’s stablecoin: JPM Coin. He revealed that JPMorgan is investing over $11 billion on technological development this year.

JPM Coin, XRP and Libra

Dimon had reiterated his opinion about Facebook’s coin when he had commented in July this year that Libra has no short term threat for JPMorgan. At the time, he tried to argue that people have been talking about blockchain technology for more than seven years. In those seven years, according to Dimon, very little new things have happened. He stated that they’re going to talk about Libra like that within three years.

JPMorgan’s native coin is selling itself to have three early applications. Umar Farooq, Head of JPMorgan’s Blockchain Products, had stated that fact. The first application would be to help facilitate cross-border payments for large corporate businesses. These businesses currently rely on wire transfer networks, such as SWIFT.

The second application is Securities Transactions, with the last being Treasury Services to help replace funds a firm holds in various subsidiaries across the globe.

A Mudslinging Warning

Dimon, before JPMorgan announced its own stablecoin, has been incredibly vocal with his low opinion of Bitcoin. Now that the US Bank has stepped into the blockchain ring, all they have is praise for this new form of technology. They also hold condemnation for other types of cryptocurrency due to those being inadequate compared to theirs.

In an objective opinion, Dimon’s statement that Libra will never work out could easily be considered a mudsling. Something that was thrown out there to ruin Libra’s reputation. This could be further reinforced by the fact that directly after that comment, he moved to his company’s coin and sang its praises.

Whatever you, the readers, think about Libra, please do not let blatant political moves like this skew your view. Libra has made enough mistakes to warrant apprehension, and they have made enough promises to warrant praise. It is not Dimon’s job, as a direct competitor, to comment on anything about the prospective stablecoin.

Libra has already fallen on tough times due to regulators cracking down on the stablecoin. Countries across the EU and groups within the US consider Libra a threat to the world’s economy, due to its potential in destabilizing a country’s currency.

Times will inevitably change, and an international currency will happen. It may not be Libra, and it may not be now. However, it should definitely not be because a rival CEO commented about it.

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Author: Ali Raza

Chinese Interest in Bitcoin has been on the Rise in 2019

China’s relationship with Bitcoin is something that has been a source of much speculation in the cryptocurrency space.

From banning the trade of Bitcoin in 2017 to legalizing owning the digital currency, the stance keeps on changing. What’s not changing is the rising interest in Bitcoin.

In 2019, Chinese interest in BTC, as measured by Baidu searches, has been on the rise, notes economist and trader Alex Kruger.

A spike in Bitcoin searches occurred simultaneously with the searches for trade war and Trump.

This year we saw Bitcoin moving in response to the development in the US-China trade talks. Earlier this month, Bitcoin jumped after Trump Tweeted and Chiense Yuan broke its important physiological level of 7 against US Dollar.

“Continuation of the trade war means BTC up. The longer the war runs, the higher bitcoin will go,”

said Clem Chambers, CEO of private investors website ADVFN.com.

This has him predicting Bitcoin to soar above

“ £20,000 by Christmas or sooner.”

Most recently

Bobby Lee — co-founder and former CEO of China’s first crypto exchange BTCC — says the Chinese have always thought of Bitcoin as an investment rather than a payment system.

Bitcoin searches may seem to often move in line with USDCNY searches (贸易战, red) … however, that’s likely due to the weekend effect (interest for both decreases during weekends, even BTC). The Aug/5 USDCNY breakout may be an exception, as everyone started talking about it.

This chart shows bitcoin searches’ peaks of 2019.

It’s safe to assume interest is usually driven by price, rather than vice versa, although there should be a feedback loop in play.

For a better analysis, one needs the time series, ideally with intraday periodicity, to run stats.

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Author: AnTy

Tether Whale Watchers Find Unsuccessful Attempt to Move $46 Billion Worth of USDT

Massive transactions are not something new to crypto traders. This is why nobody is surprised when the so-called whales, who are investors with huge amounts of cryptos, are active. A profile specialized in finding big transactions, Whale Alert, has recently affirmed that a huge Tether (USDT) transaction was spotted.

Initially, the profile reported that someone moved 46,140,337,592 USDT tokens (around $46,16 billion USD) to another wallet. However, it was soon discovered that the transaction did not actually go through. The profile lacked the funds to make such a transfer.

A Whale Or A Mistake?

The presence of whales is so prominent in the market that nobody is actually surprised when insanely high transactions happen. This time, however, it seems that people might have been too eager to affirm that it was actually a whale behind the trade.

For instance, there is simply not 46 billion USDT tokens in existence. In fact, their actual number is much more close to 4 billion USDT. This means that it is not possible that a person would actually hold that much money.

This prompted some people to affirm that the transaction was fake, while another affirmed that the block explorer could not lie or argued that a country was actually buying USDT.

Whale Alert ended the discussion by affirming that the invalid transaction only appeared on the profile because the system took some time to recognize that it was fake.

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Author: Gabriel Machado

Users Affected By Binance KYC Leak Hack Will Get Free VIP Accounts

Binance has decided to give something to the users who were allegedly hacked. According to a recent blog post, the company will give free VIP accounts to any user related to the Know Your Customer (KYC) leak incident.

While the company disputes that it was hacked and affirms that some of the information was actually stolen from a third-party company, it has chosen to offer some kind of compensation for the incidents, as some of the leaks match actual clients. Most “leaks” are said to missing vital information, though, which is great.

According to the crypto exchange, some of the images stolen from the third-party company overlap with the ones that Binance has in its own KYC. Multiple pictures were photoshopped, though, or do not match the records that the company has. The main reason for the company not to believe that the hack happened was because the images lack the company’s watermark.

The exchange affirmed that it has “robust security” measures which are being used to safeguard the assets of its clients. These measures include AI-verification and all the data is stored with several protections, so the hacker would really need to do a notable job to be able to crack them.

Now, all the potential victims can become VIP customers for their lifetimes. They will get all the advantages without ever having to pay for them.

Binance has also requested that, just in case, everyone affected by the hack should issue new documents in their countries, as there is the risk that some sensitive information might be leaked by the actual hack, the one made on the third-party company hired to handle KYC some time ago.

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Author: Hank Klinger

University College London Research: Almost Half of All Blockchain Supply Chains Are in Groceries

Almost-Half-of-All-Blockchain-Supply-Chain-Projects-Are-Involved-in-Groceries

Something very curious about the blockchain technology is that when it was first created, nobody could guess how useful it would be for the groceries market. That’s right. Everybody was focused on the financial side, but most people didn’t pay enough attention to how useful the blockchain can be to track food.

Today, almost half of the supply chain projects focused on blockchain technology are for groceries, a new survey made by University College London has discovered.

In order to get to this result, the researchers investigated 105 projects. 52% of them, almost half, were focused on groceries while 17 were focused on fashion and 14 on healthcare. The other 41 projects were more diversified.

The ones that operate in other areas were mostly projects which were more related to actual functional specializations than industries or could be used in several different industries at the same time, which made it clear just how important using the blockchain to tracking food can be.

One of the main reason for the dominance of this specific industry is that clients are increasingly interested in having more information about the products that they are about to buy. Groceries that can prove that they are healthy are starting to get an edge in the market.

Several major companies are already using the technology for the benefit of their clients. Walmart and Carrefour are some of the big retail names using it so far and companies such as IBM are offering solutions in this area. Groceries is set to be one of the areas that will use the blockchain the most in the coming years.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Hank Klinger