The native token of the Augur decentralized prediction market which is based on the Ethereum blockchain protocol has risen by more than 35% in only three hours. The token is apparently continuing to increase in both price and volume – at a rapid rate.
According to some analysts, the rise of Augur’s token is because of its post-mainnet launch value. However, the surge seems drastic to many analysts, who said that a rise from 70 BTC to 1,090 BTC usually does not occur without striking events that could lead the value of the token to rise.
Other tokens followed the bullish run. Some of them were Decentraland (MANA) as well as Salt (SALT) which both recorded solid gains in the 13% region, backed by the increase in the daily trading volumes on major exchanges such as UPBit and Binance.
Still, there is one concerning thing about most of these surges.
Apparently, the volume of Bitcoin has dropped by 36% in only 7 days – dropping from $5.5 billion to $3.5 billion. A drop that is more than $2 billion in only a week may be a sign of a short-term downfall.
Ether (ETH) and Tether (USDT) also dropped by a similar margin. When it comes to the reason of the overall drop, many point to the tendency of the crypto investors to hedge the value of their portfolio to the one of the US dollar.
SBI Holdings Removes BSV But Not As A Part Of The Delisting Campaign
“It is true that we do have a business relationship with Mr. Craig Wright through our partnership with nChain. However, our decision to delist Bitcoin Cash (ABC) is unrelated to the delisting of Bitcoin SV by several non-Japanese exchanges.”SBI Holdings made clear that the BCH delisting was premeditated and a decision was brought after a long consultation with the Japanese Virtual Currencies Exchange Association. The decision comes at a time when BSV is reaching almost all headlines in every best cryptocurrency news sites but the company states it is a coincidence. As of press time, Bitcoin Cash is trading at 3.2 percent lower at $299 while Bitcoin Satoshi Vision is trading around $59 despite the massive delistings.
Renminbi Chinese Currency To Officially Become A Cryptocurrency
“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”Tapscott also gave a long explanation on decentralized exchanges as all of the best cryptocurrency news sites reported. He explained the Initial Coin Offering ban in the country and said that the government has a harsh stance towards using digital currencies. He suggested that decentralized exchanges should outperform the centralized ones since they have the ability to be more transparent and can identify ‘’bad behavior.’’ All assets, including the Renminbi Chinese currency, should join the decentralized exchanges according to Tapscott. The Chinese authorities are discussing the possible ban on crypto mining. The National Development and Reform Commission (NDRC) added crypto mining on the revised list of industrial activities. The agency believes that the crypto activities don’t provide safe production conditions. However, the country is a huge player in the bitcoin market since the Renminbi Chinese currency is often traded against the number one cryptocurrency. China is also one of the largest bitcoin mining pools owner. Bitmain for example, in 2018 operated about 11 mining farms in China so he was affected by the national agency’s reported plans. As for the blockchain technology, China is also among the places in the world with the largest number of blockchain projects. There are currently more than 264 projects. This is also one of the reasons why the Renminbi Chinese currency should become an official cryptocurrency.
Bakkt Exchange Eyeing A New York License Following Launch
South Korean Exchange Coinnest Announces A Shutdown
“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision. The cynical nostalgia and passion alone can not cope with the changes and movements of the cipher and block chain industry measured at this time."According to an official, the South Korean exchange Coinnest and its closure comes as a result of a decrease in trading volume, regulatory issues and business decisions. All of these factors have served as a background for this decision. As reported in the altcoin news section of many crypto news sites, the decision comes after a bad year for the exchange. One year ago, an executive of the firm was arrested on suspicion of fraud and was later convicted, being jailed and having to pay a 3 billion Korean won (approximately $2.5 million USD) fine. The South Korean exchange Coinnest also lost more than $5 million in a mistaken airdrop this January, which piled up to the bad news for the firm. As soon as that happened, the firm revealed that Bitcoin and other altcoins were sent to customers due to a computer error. Since then, the exchange had been trying to distribute We Game Tokens (WGT) to repay for the lost funds because of the incident. As reported by many best cryptocurrency news sites before, Coinnest was also once the third largest cryptocurrency exchange based on the domestic volume and was a popular name on the South Korean market.
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- SBI Holdings Removes BSV But Not As A Part Of The Delisting Campaign
- QuadrigaCX Chief Executive Feared For His Life According To A Close Friend
- Peter McCormack Sued By Craig Wright After Accusing Him Of Fraud
- Renminbi Chinese Currency To Officially Become A Cryptocurrency
- Bitcoin (BTC) Price Holding Onto Crucial Support Levels: An Increase Is Likely
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