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Kraken Becomes Latest Exchange to Halt XRP Trading

Kraken announced on Jan. 15 that it would halt trading in XRP for US residents. The company made the move because of the Securities and Exchange Commission (SEC) filing against Ripple Labs. Kraken sets parameters The exchange specified that US residents would still be able to deposit, hold, and withdraw XRP after the freeze takes … Continued

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US residents see their options shrink even further as Kraken freezes trading of the beleaguered crypto.

Kraken announced on Jan. 15 that it would halt trading in XRP for US residents. The company made the move because of the Securities and Exchange Commission (SEC) filing against Ripple Labs.

Kraken sets parameters

The exchange specified that US residents would still be able to deposit, hold, and withdraw XRP after the freeze takes place. The action affects only US residents. “Clients residing in other countries are not affected.”

The announcement also includes a FAQ list. It covers topics such as how long the ban will last (they will adapt to any change in the SEC saga). The upcoming change to a deposit-hold-withdraw only regime may change as the situation warrants. Also, the company’s plans regarding the Spark token airdop remain unchanged.

The SEC filing

The SEC action mentioned in the announcement is the set of Dec. 23 charges laid against Ripple Labs and some of its executives. The SEC claims that the company sold $1.2 billion of unregistered securities in the form of XRP through its platform. Former CEO Christian Larsen and current CEO Brad Garlinghouse are also charged with selling another $600 million in unregistered securities in the form of XRP. 

Ripple Labs is defending itself in court and in the media. Garlinghouse in particular has taken to Twitter to explain the company’s position.

Garlinghouse points out that the Ripple platform has been out for over seven years. Furthermore, it already has government decisions in several countries, including the US, stating that XRP is a form of currency and not a security. He also drew attention to the timing of the charges, and claimed that the outgoing SEC administration essentially left a mess for the incoming Biden team to clean up.

Ripple in still waters

The market reaction to the SEC charges came swiftly. XRP sank highs associated with the Flare airdrop at the end of November. It hit a bottom of under $0.20 at the end of December, while retail investors were raising bitcoin to new highs. A January rally raised XRP into the high 20s.

Exchanges with significant US exposure also moved quickly. Garlinghouse noted that the US accounts for about 5% of XRP holders, but the exchanges kept an eye on compliance. Coingate, Coinbase, and Bitstamp are among the exchanges that have already signaled stoppages.

In one sign as to how Ripple will leave this eddy of activity, SEC Commissioner Hester Peirce, commonly known as ‘Crypto Mom’, stated in a recent interview that charges such as these often get settled out of court.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/kraken-becomes-latest-exchange-to-halt-xrp-trading/

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Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

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  • Cardano (ADA/USD) bounces off a critical support trendline during the Asia-Pacific trading session Friday.
  • The blockchain asset expects to close above key moving average waves on the prospect of turning into a multi-asset chain following its hard fork on March 1.
  • Nonetheless, a death cross formation offsets the probability of more price legs higher.
  • Levels to watch

A sell-off in the Cardano market Thursday brought its benchmark instrument ADA/USD down by more than 11 percent.

The pair touched a week-to-date low of $1.02, about 31 percent lower than its record high established on February 27. It later underwent a modest recovery phase after finding support in a short-term upward trendline. The bounce prompted the price to attempt a close above its 50-period moving average, only to pull back later owing to higher selling pressure near the blue wave.

Cardano, ADABTC, ADAUSD, ADA, cryptocurrency
Cardano slips after testing its 50-period simple moving average wave as resistance. Source: ADAUSD on TradingView.com

It appears likely for Cardano’s ADA to retest the ascending trendline support, further pressured by a death cross formed after the 20-period moving average slipped below the 50-period moving average. It signals additional selling pressure in the market in the short-term.

Should the sell-off continue, ADA/USD risks plunging towards its 200-period moving average. It is right now around $0.88. Meanwhile, an extended slipover below the orange wave would have traders view $0.80 as their downside target. The level has served as support all across February.

Bullish Fundamentals for Cardano

The downside correction in the Cardano market follows its 700 percent-plus price rally in 2021. ADA/USD rallied partially because of an overall upbeat sentiment in the cryptocurrency market, led by Tesla’s $1.5 billion investment into Bitcoin. Altcoins tend to tail the benchmark cryptocurrency’s price trends.

Second, the ADA price surged amid a broader rally among projects that rival Ethereum, the second-largest cryptocurrency by market cap and the leading blockchain network with smart contract functionalities. The transaction and gas fees on the Ethereum network surged aggressively during the February session, prompting speculators to make bets on its rivals.

Cardano briefly surged to the third rank in the top cryptocurrencies’ list, only to get replaced by Binance

#Cardano still holds the level for support here.

Has to break and flip the 2400 sats area for continuation either way.

Otherwise, I’m looking at 1900-2100 next. pic.twitter.com/i9SoHN4YiW

— Michaël van de Poppe (@CryptoMichNL) March 5, 2021

Nonetheless, the reason why traders raised their bids in the ADA/USD market was “Mary” — a hard fork that made Cardano a multi-asset chain network upon its successful deployment on March 1. Cardano’s upgrade will enable new tokens on its network and offer smart contract services just like its rival Ethereum.

“Slowly but surely, the momentum is fading away from Cardano after the Mary hardfork,” noted Michaël van de Poppe, an independent market analyst. “That’s normal. Natural market movements. Hype pre-event, calm, and getting back to equilibrium after the event. That’s how it always goes. ADA will continue running later.”

ADA was trading for $1.13 at the press time.

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Source: https://www.newsbtc.com/news/cardano/cardano-ada-death-cross-spells-worries-despite-bullish-mary-fork/

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FCA Issues Timeline to Cease LIBOR Benchmark

Most of the currency settings will end by the end of 2021.

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The Financial Conduct Authority (FCA) is officially ending the controversial LIBOR benchmark for most of the currencies, a decision that came after an industry consultation in December led by the ICE Benchmark Administration.

The FCA, which oversees the global benchmark, announced on Friday that the publication of LIBOR will be ceased after December 31, 2021, for the pound sterling, euro, Swiss franc, and Japanese yen and also for the one-week and two-month US dollar settings.

The rest of the US dollar settings will cease on 30 June 2023. According to the regulator, these timelines will ensure a smooth transition of the cessation of the benchmark.

“Today’s announcements provide certainty on when the LIBOR panels will end,” FCA CEO Nikhil Rathi said in a statement. “Publication of most of the LIBOR benchmarks will cease at the same time as the panels end. Market participants must now complete their transition plans.”

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The Scandalous FX Benchmark 

The reputation of LIBOR, which measures the cost of unsecured borrowing between banks, was tainted by the manipulation of its rates done by several banks. Many traders were charged and penalized for their role in this mass forex market rigging.

Though global authorities were pushing banks, asset managers, and other market participants to stop using the FX benchmark, the recent regulatory decision finally cleared the conundrum over the benchmark of a nearly dead market.

“Today’s announcements mark the final chapter in the process that began in 2017, to remove reliance on unsustainable LIBOR rates and build a more robust foundation for the financial system. With limited time remaining, my message to firms is clear – act now and complete your transition by the end of 2021,” said Andrew Bailey, Bank of England governor.

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Source: https://www.financemagnates.com/institutional-forex/fca-issues-timeline-to-cease-libor-benchmark/

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Leading on-Chain Option Trading Protocol Oddz Finance Announces Its Public Distribution IDO on Polkastarter

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Oddz Protocol is a trustless On-Chain Option trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts in a fast, secure, and flexible manner.

It employs the synergies of Ethereum, Binance Smart Chain, and Polkadot to unleash the potential decentralized derivatives market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.

Oddz Finance associates with a decentralized fundraising platform, Polkastarter to drive the DeFi revolution.

Incepted with the idea of creating a seamless derivative options trading experience for users, Oddz is all geared up to redefine how derivatives markets work in a decentralized financial landscape. With the high degree of intuitiveness and fascinating attributes, Oddz Finance is all set to spearhead chartered territories by consolidating the models of traditional finance with DeFi to capture the broader spectrum of the DeFi market.

To transform the idea into reality, Oddz finance has announced its public distribution IDO to allow the community’s participation to contribute to the vision of mainstream DeFi adoption. Therefore, it has joined forces with the leading cross-chain auction protocol, Polkastarter. The public IDO will occur on 18th March on the leading platform, thus inching one step closer to massive adoption.

Users will be able to participate in the IDO process by undergoing the whitelisting process in various phases to gauge the efforts of early supporters. The Whitelisting process for Phase 1 for Polkastarter IDO will commence on 5th March at 12 PM UTC and closes on 10th March at 12 PM UTC. The second whitelisting phase will commence from 13th March at 12 PM UTC to 14th March at 12 PM UTC. $150,000 worth of $ODDZ tokens will be allocated on the Polkastarter platform for the $POLS and Non-$POLS holders.

The Whitelisting phases will employ a random lottery method to promote fair participation. To dive deeper into the nuances of the IDO and partnership, Oddz Finance has provided a comprehensive overview of the entire process. In the quest of creating an immersive user experience and making options trading seamless, Oddz Finance is relentlessly working towards unleashing the true potential of the DeFi landscape by employing technological innovation at its best.

The public distribution IDO is a major milestone for Oddz Finance in this expedition to evoke a revolution by powering ODDZ for novice users by providing a seamless gateway opening the doors of decentralized finance. It aims to breakthrough technical complexities to allow users to experience the nuances of options trading and create awareness about the same. In the upcoming days, it is all set to release its testnet and product development demos that would contribute to the overall growth of Oddz finance.

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Source: https://www.newsbtc.com/news/company/leading-on-chain-option-trading-protocol-oddz-finance-announces-its-public-distribution-ido-on-polkastarter/

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