The Malta-based crypto exchange giant Bittrex has officially canceled its first token sale or its Initial Exchange Offering (IEO) which we initially read about in our cryptocurrency news a few days ago. Bittrex International issued an official statement that was published yesterday on March 14.
Earlier in the week as previously reported, Bittrex International announced its plan to host the initial exchange offering today, on March 15 aimed to allow investors to use Bitcoin (BTC) to purchase the XRD tokens which are developed by the popular gaming data blockchain project, Raid.
In the announcement published yesterday, the crypto exchange made clear that the decision for canceling the IEO is ‘’a result of significant changes in the business status of RAID.’’ The statement explains further:
“A few hours ago [on March 14], OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project. When [we] became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.”
Bitrrex International made very clear that they acted quickly and promptly to the changes and challenges that occur and the capability of the exchange to face and solve them. The exchange also stated that they will remain ‘’vigilant to ensure the integrity of our markets.’’ The statement added:
“one of the hardest challenges we face in advancing blockchain adoption is to avoid the rampant fear, uncertainty, and doubt that is everywhere in this industry.”
As DC Forecasts previously reported, Bittrex decision to engage with the exchange-hosted token sale comes after the precedent of another crypto exchange giant-Binance. Bill Shihara who is the CEO of Bittrex and its co-founder, says that the initial exchange offering on the platform will make possible for international token investors to back new blockchain projects ‘’with the peace of mind that comes from Bittrex International regulated in Malta.’’ The token sale platform Launchpad of Binance initially hosted a high-profile token sale for the BitTorrent, Tron-based token earlier this year in January and in February hosted another public token sale for artificial intelligence and smart contract project Fetch.AI.
Currently, Bittrex is on the 49th among the largest cryptocurrency exchanges around the world according to adjusted daily trade volume with more than $62.8 million in trades until the day of press time.
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‘’We will be removing 23 trading pairs on August 16, 2019, due to low volume. Note that each asset will continue to be independently tradable.’’More than half of the listed pairs are in ETH, about six are XMR pairings and the rest are stabelcoin pairs for the various obscure altcoins. Some of them include Loom Network/ USDT which has $50 traded in the past day, Status/USDT with just $157, Bancor/USDT trading only $75 per day, FOAM/USDC and the worst performing pair which is the Khyber Network/USDT. Some of the ETH pairs were popular altcoins with high volumes such as Golem, Qtum, GAS, Steem, OmiseGO and Civic but after bitcoin, Ethereum and Zcash as top pairs on the exchange, all others burst into flames. The Monero paris aside from BTC and stablecoins will also be dropped because of the low volumes. This could only be the case of falling volume on that particular exchange because the same pairs on Binance are doing really well. Compared to two years ago in 2017, the altcoin scene looked a lot different than today and many of the altcoins have now falled off the digital cliff in terms of token price regardless of other developments on the project by the respective teams. Two years ago in August, IOTA was the fifth largest cryptocurrency by market cap which was priced at $0.94 with a $2.6 billion market cap. Today as we can read in the latest cryptocurrency news, IOTA is struggling to say in the top twenty and is down by more than 75%. The Crypto Exchange Poloniex drops the pairs and we shall see if any major fluctuations will happen.
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