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How Did The US Government Shutdown Affect The Crypto Market?

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President Donald Trump ended the government shutdown on January 25, opening the government for three weeks before they decided about the wall funding. But how did the shutdown affect the crypto industry? We are about to find out in our latest crypto news.

The workers from the US government facilities have returned to work after the 35 days during the shutdown. However, the closing down of the government affected the Securities and Exchange Commission and the Commodity Futures Trading Commission as well.

The SEC was paralyzed and it operated with reduced staff during the shutdown after the regulator announced via the website of the agency:

 “Effective Thursday, Dec. 27 and until further notice, the agency will have a very limited number of staff members available.’’

The agency kept the essential staff in order to be able to respond to emergency situations. The regulator left operation for enforcement offices and investor complaints opened as well as the Electronic Data Gathering and Analysis and Retrieval system.

The SEC was operating with 5.8 percent of its normal capacity and the former chief of the Internet Enforcement Department of the SEC called the numbers ‘’shocking’’:

“There will absolutely be people on Wall Street, and off of Wall Street, who believe they may be able to get away with something because the cop is simply not on the beat.”

After the shutdown ended, the agency issued a guide on how to tackle the effects of the shutdown such as prioritizing filings, requests, and submissions.

Despite the consequences, Trump announced that if the Congress doesn’t make a deal with the president, he will use the power he has under the laws and build the wall as a part of the national emergency plan.

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Altcoin News

Huobi Crypto Exchange Adds Three Trading Pairs For XRP In The USA

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Huobi crypto exchange and its USA based version Hbus, have launched three more trading pairs for XRP. In our latest cryptocurrency news today we read more about this amazing news. According to the announcement, Huobi crypto exchange added three trading pairs including USD-XRP, Bitcoin BTC-XRP, and Tether (USDT)-XRP. The news came in a press release just today. All of the XRP deposits will be opened at 12:00 a.m. All of the withdrawals for the trading pairs will go live tomorrow on April 19th. The Huobi crypto exchange branch Hbus and its CEO Frank Fu commented on the new addition. He pointed out that XRP is the 20th listed digital asset to the platform which means that the exchange is now at a total of 51 trading pairs. The press release describes XRP as a ‘’strong performing coin with broad utility and volume.’’ It also explains how the Ripple Labs Company is driving mass adoption by making a lot of partnerships. The Ripple network will reach mass adoption for the cross-border payments system. To press time, the XRP token is the third largest cryptocurrency on the market with a market cap of around $14.2 billion. As previously reported in many of the best cryptocurrency news sites, the Huobi crypto exchange marketplace initially launched with the name Hbus in 2018 in June. This was a strategic move of the Huobi Group which is the operator of the Huobi Global Crypto exchange and is ranked at the eight place in the world. All of the US trading services on the platform went live in 2018 July. At the start of this year in January, the Hbus operator in San Francisco rebranded the name into Huobi crypto exchange-Huobi.com. After a lot of controversy and speculation, XRP was listed on the professional trading platform of the major US crypto exchange Coinbase for the first time in February 2019 which made the coin’s price skyrocket. Later in March, Coinbase also added functionality for the asset which made possible for the customers to make zero-fee cross-border transactions and payments with the help of XRP and the stablecoin USD coin. Currently, the Huobi crypto exchange is at the 183rd place as an exchange globally which means it reaches up to $90,000 in trades in just a period of 24 hours.
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XRP Price Jumps By 3% But The Upside Actions Seems Weak

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XRP price seems to be a big mover over the week since the company saw its token increase by 3 percent when the Asian session opened. Following the latest developments in our altcoin news, we make a broader analysis of the price action. The XRP/USD dollar exchange rate reached a $0.344 intraday high after being held up in the red zone for the week. The pair boomed with a moderate volume when the traders changed the game as same as they did in the previous session. The XRP price could not have been established as a breakout, therefore. The movement is also considered as a bounce back with higher chances of fading away in the latest trading sessions. The XRP price recorded a mixed track record as we mentioned in the coming altcoin news. This could be the case since Resona bank, the fifth largest one in Japan, decided not to use MoneyTap which is a Ripple-based blockchain payments service. In the same time, the ripple price increased after Weiss Ratings claimed that the Ripple labs company aims to partner with Skype. Another announcement that could have impacted the XRP price came from Coinbase. The major San Francisco-based crypto exchange announced to be expanding their services to 11 regions including Hong Kong, India, and Mexico. This could have brought XRP more traders. The altcoin’s market cap is currently hovering around $14.3 billion. The XRP price downtrend is capped by the 50-period moving average indicator. A slight bounce back could open a good long opportunity towards the 200-period moving average. The analysis shows that we can adjust the interim upside target to about $0.378 which is a tough level historically speaking when talking about bullish attempts. If the XRP price continues its upwards momentum, everything will be well for the altcoin. If this does not happen however, ripple could face a stop loss order around $0.320 and will leave the market with a small loss. The current upside action is quite weak. This gives the market a lot of chances to open a short position towards the downside target. The analysts are now waiting for the XRPprice to break below the 50-period MA. If that happens, a short move towards $0.289 will be great news. However, we should expect a stop loss order slightly above the 50-period MA in order to be able to manage risks.
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OKCoin Exchange Invests In Crypto Custody Provider Prime Trust

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In the latest cryptocurrency news, we have the major OKCoin exchange with its latest decision to invest an undisclosed amount of money in the crypto custody provider Prime Trust. According to a note sent to customers on Wednesday, the CEO of Prime Trust and chief trust officer Scott Purcell said that the firm has decided to close a "nice" funding round that was led by the California-based exchange. Among the other participants in the round funding the OKCoin exchange decision were Gateway Blockchain Partners, Novablock Ventures and Xsquared Ventures. According to Purcell, no details are disclosed yet. Right now, Prime Trust serves as the OKCoin exchange fiat gateway. According to an announcement by the exchange, there is a new payment channel allowing customers to deposit funds through Prime Trust without any fees. However, the withdrawals are charged at $35 fee for each transaction. Last month, Prime Trust commented the partnership with the OKCoin exchange which was featured on many best cryptocurrency news sites. Then, the company said that it plans to launch a compliant stablecoin named "OKUSD" which will operate in the OKChain blockchain. The development of the network will be in the "final" stage, according to OKEx's statement from last month. On top of that, the coming altcoin news show that a new decentralized exchange (DEX) launched by the OKCoin exchange is also on the horizon. Meanwhile, Prime Trust which is a Nevada-based financial company, quietly entered the crypto custody of digital assets any longer which is in line with its custody services for stocks and bonds. As Purcell told media outlets at the time, the decision for OKCoin exchange to partner with Prime Trust has many other sources of revenue that make up for the removal of custody fees.
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.
This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
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Coinbase Expands Its Crypto Offering To 11 More Countries

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The major American cryptocurrency exchange Coinbase has decided to expand its crypto to crypto trading to more countries, as a recent blog post published by the exchange noted. The news that Coinbase expands went viral on many best cryptocurrency news sites and was well accepted by the crypto community. The full crypto news showed that Coinbase and its professional trading platform Coinbase Pro have introduced the crypto-to-crypto conversions and trading to 11 more countries in Latin America and Southeast Asia. The product is now available in the following countries: Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. As Coinbase explained:
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”
Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."
Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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