One altcoin is in the focus of our daily digital currency news. We are talking about the Chain (CRO) cryptocurrency which is actually a blockchain project by Crypto.com – enabling instant crypto transactions.
Over the past 24 hours, CRO has jumped as much as 168%, recording a massive increase and eating bulls for breakfast. The crazy surge pushed the project’s market valuation from the modest $72-75 million range to above $200 million.
As of 13:000 GMT, CRO was trading at $0.052, down by 13% from its intraday high. The spike has been real and the CRO volume posted circa $682 million worth of trades, quoted the most against Bitcoin, the South Korean Won and Ether as the 24-hour adjusted timeframe shows.
Most of the volume came from the New York based crypto exchange Bittrex. Even though this exchange is not entirely regulated, it claims that it complies with the existing US laws. The exchange also has a strong presence in Malta which is a safe haven for crypto companies. There is a possibility that Bittrex’s US customers, however, did not contribute much to the CRO surge.
The other exchange which saw a lot of CRO trades was GOPAX, which is a South Korean trading platform and one of the few that passed a self-regulatory test conducted per the Korean Financial Services Commission (FSC) and its set of guidelines established last year. According to this, it is unlikely that a volume manipulation is the case with CRO here.
Meanwhile, Crypto.com which is the site behind CRO, went on to an exchange listing spree. The project announced that Indodax will alsostart offering CRO-enabled trading pairs on its platform from March 14th, after which Chain said it was partnering with the Indonesia-based dropship e-commerce company Yoshugi Media group. In this partnership, CRO is meant to be the token which replaces costly payment options thanks to its blockchain-enabled settlement services.
Hello Indonesia!🇲🇨@cryptocom's $CRO(with IDR pairs)will be listed on @IndodaxOfficial, the leading exchange, while https://t.co/vCNztABJoG Pay will be implemented with the Yoshugi Media Group. Bringing crypto to 260 Million more wallets! More here-https://t.co/qPs1KzGa20 #crypto pic.twitter.com/LVNVbjRmhR
— Crypto.com (@cryptocom) March 12, 2019
According to the co-founder and CEO of Crypto.com:
“Indonesia is a vibrant market with over 260 million people. We look forward to developing closer ties with both Indodax and the Yoshugi Media Group as we seek to serve our customers in the rapidly growing ASEAN market. We see Crypto.com Pay driving the adoption of cryptocurrency as a mode of payment and CRO token as the ultimate way to settle cross-currency payments instantly and inexpensively.”
From what we have seen so far, CRO had every reason to rise, especially given the bombardment of positive developments this Tuesday.
Venezuelan President Mandates New Petro-Financed Housing Scheme
“We tell President Nicolás Maduro that we continue to follow his instructions, moving forward and giving concrete samples when delivering homes, and the next milestones will be with Petro and the homes will be more protected by this mechanism.”Another member of the Venezuelan government was in the altcoin news. Joselit Ramirez, who is the superintendent of virtual currency in the country, praised the department and its confirmaiton that it will adhere to the Petro Incentive plan. He described the department as “a bastion of transformation of the entire national economy" and stated that this program will allow private investors to finance the construction of public housing through the stock market with 4,000 houses set to be constructed. This announcement was featured on many best cryptocurrency news sites and local news sites portraying the Venezuelan president as an authority leading the scheme. The announcement also comes 15 months after the government in the country and its desired to finance public housing using Petro cryptocurrency was first reported. As the coming altcoin news show, the financing initiative approved by the Venezuelan president Maduro is the latest attempt of the government in the country to cultivate Petro adoption via executive mandate. Earlier this month, the Bank of Venezuela launched an online portal which aim is to facilitate Petro wallet registrations. The announcement followed an official order from the Venezuelan president Nicolas Maduro in July - which demanded that the country's central bank must provide support for Petro. At the end of August 2018, Maduro ordered banks throughout Venezuela to accept the oil-backed virtual currency as a unit of account.
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BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
Upbit Exchange Delists Privacy Coins Including Monero, Dash and Others
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support. Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”Now that Upbit exchange decided to delist the privacy coins, the coming altcoin news show that coin prices are starting to drop. According to Messari analytics, the Zcash price dropped over 50% since July 1 joined by Monero, which has been down near 20% over the same period. Still, the exchange delistings and price drops have not necessarily slowed privacy coin tech development. Over the past month, the Electric Coin Company by Zcash released Halo which is the long-awaited zk-SNARK which can verify a single blockchain in one proof.
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