After the strong short-term rally that was previously reported in our altcoin news, the overall valuation of the crypto market reached $130 billion from the previous $141 billion.
Analysts believe that Bitcoin being unable to break out of the $4,200 mark is the reason why most of the crypto assets retraced. DonAlt believes that the cryptocurrencies are now in their last phase of retracement:
“All the bearish altcoins setups we’ve been discussing on stream for the last week are finally starting to play out. One more leg down should finish their retracements and make them attractive again. Staying hands off due to their weakness paid off. Patience is key.’’
He also stated that the investors could be probably extremely excited about breaking the resistance level which led the market to retrace:
‘’I’d argue the main reason why this happened was due to the entire crypto sphere getting overly excited into technical (Weekly & daily) resistance combined with the fact that there’ll probably be a lot of ‘sell the news’ coming the closer we get to the ETH fork.’’
Despite the decline in the price of Bitcoin, the fundamental factors still remain strong. The drop may have surprised investors because the number one cryptocurrency was struggling to overcome the resistance level for months. Bitcoin was close to going past the $4,200 resistance level which meant a possibility for the asset to breach the $5,000 price range.
Smaller assets tend to go under an intensified price movement when Bitcoin surges but they also tend to retrace by large margins when BTC drops.
Most of the tokens recorded losses from 10 to 25 percent against the US dollar as BTC dropped by more than 9 percent.
OKEx Korea Delisted Monero, Dash, And Other Privacy-Cryptos Over FATF Demands
“Support for trading of 5 different cryptocurrencies, XMR, DASH, ZEC, ZEN, SBTC, will be terminated.”As the news site reported, the sweeping changes to crypto transaction rules currently demand businesses to identify the two parties which are sending funds to each other - if a transaction exceeds the limit of $1,000.
"According to the statement corresponding to FATF R.16, OKEx Korea has restricted its implementation as the ' travel rule' recommends that exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset. privacy-oriented cryptocurrency, aka that ' the dark Coin "has decided to take the deal end-of-support measures of the corresponding event," the blog post showing that OKEx delisted the five altcoins shows.This comes in period when more than 200 countries are forced to theoretically implement the rules by June 2020. Still, the altcoin news show that there are concerns that doing so is physically impossible for a lot of decentralized blockchains. Now that OKEx Korea delisted the five cryptocurrencies, all of them make it possible to identify the sender and recipient of a transaction by design. An OKEx representative was also featured on many best cryptocurrency news sites a while ago, telling that the coins will only be delisted on OKEx Korea (OKEx.com.kr) but will remain listed on the global OKEx platform. The value of these coins, as the coming altcoin news show, has remained unchanged.
Ripple Is Selling XRP At Discount To Institutional Buyers
“We would hypothetically have restrictions about what they can sell and how often, and usually those are based upon volume in the market,” Garlinghouse noted.He also talked about the price at which XRP is sold, being featured in the coming altcoin news for his unique response to the interviewer's question:
CNN asked "So you might give them it slightly cheaper but you say to them, ‘hey, you’re not allowed to sell it for six months, let’s say, or a year’,” on which the CEO of ripple replied “Correct, that’s basically correct,” even though the rest of his statement was cut off.Also, the CNN interviewer asked Garlinghouse about the proportion of ownership that Ripple has currently, as well as its amount of power and ability to control the price. The CEO replied that Ripple is still the largest owner in the XRP community and that they would never dump XRP which would go "against their best interest." Garlinghouse also said that the team has "taken steps to lock up most of the XRP we own in escrow, so that we can’t touch it.” https://twitter.com/jchatterleyCNN/status/1172151590763016193 What's also interesting is the fact that in August, the CEO of Ripple has confirmed that Ripple hasn't increased - but instead decreased its sales by volume Q/Q and since then, the inflation rate of XRP and the circulating supply has been lower than the one of BTC and ETH. In value, sales for Ripple increased by 48% which is probably another reason why Ripple is selling XRP with a discounts - to trigger further growth. In either case, the company confirmed that it "plans to take a more conservative approach to XRP sales" in Q3 this year. The interview was featured on many best cryptocurrency news sites.
Square Cash App Is Testing A New Stock Trading Feature: Report
“Just from a business perspective, we don’t look like an Internet company today. An Internet company can launch something and it’s available around the world. Whereas with payments, you have to go to each market and pay attention to regulators. You need a partnership with a local bank. This is a very slow process in any new market.”The new announcement about stock trading features on the Square Cash App has been well received by the crypto community.
Coinbase Pro Excludes UK And New York Traders After Adding Dash
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