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London Can’t Become Ripple’s New Home And Here’s Why

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London Can’t be Ripple’s new home as the company moved out from San Francisco looking for regulatory clarification for its cryptocurrency XRP. Japan and Singapore are the two other choices as we reading more in our ripple news today.

Ripple considered moving to London because of the regulatory uncertainty in the US but the status of its cryptocurrency is in dispute still. The UK offered Ripple assurance that the coin will not be considered as a security. In an interview with CNBC, CEO Brad Garlinghouse said that the UK Regulator, the Financial Conduct authority provided Ripple with the assurance that it doesn’t consider Ripple’s XRP to be a security as a key source of contention n the market. instead, the FCA deems XRP to be a currency but he said with clarity, it will be advantageous for ripple to operate in London.

xrp entered key accumulation, ripple, price

The $10 billion fintech company has been considering other jurisdictions and Garlinghouse revealed that the legal status of the XRP cryptocurrency is a key in any decision. Switzerland, Japan, and Singapore are also under consideration.  Ripple has chafed at the US Securities and Exchange Commission stance on crypto and indicated that Bitcoin and ETH are not securities while the status of XRP remains less clear.

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Brad Garlinghouse

The company started fighting a legal battle with the investors who claim that XPR is unregistered and it is issued illegally as security so that Ripple is making misleading statements which Ripple, of course, denied. Being labeled as security will place XRP under stringent rules with heavy repercussions for the coin. While claiming to be independent of the cryptocurrency, the company owns more than half of the XRP in existence. Ripple said it holds the bulk of the funds in escrow and mainly uses the digital asset for the financial services clients to transfer funds cheaply and quickly but it also sells holdings as well. Garlinghouse said:

 “Regulation shouldn’t be a guessing game. You have different pockets of regulation from different parts of the government.”

He also stressed that the company still prefers to stay in the US but praised Japan for its regulatory stance towards crypto contrary to the situation in the United States. Japan has considered as Ripple’s fastest-growing market thanks to the close ties with Japan’s SBI holdings. It now seems that London can’t be Ripple’s new home as he was disappointed that XRP was not selected by PayPal which recently announced support for four cryptocurrencies but he blamed regulatory uncertainty again. He made his remarks after Ripple’s executive chairman Chris Larsen suggested that the company will abandon the states.

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Source: https://www.dcforecasts.com/ripple-news/london-cant-become-ripples-new-home-and-heres-why/

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Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

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Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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Bitcoin price rocket rally to $20,000 unstoppable, here is what to watch out for

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  • Bitcoin bulls are intensional about hitting a new all-time high and holding above $19,000 is very critical.
  • BTC/USD could enter a price discovery period if it penetrates the all-time high barrier near $20,000.

Bitcoin bull rally is still on and seems unstoppable, perhaps until it hits its all-time high. On Tuesday, the flagship cryptocurrency surprised many by lifting off above $19,000. Moreover, BTC has managed to stay above $19,000.

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At writing, BTC is doddering at $19,182 while holding above the month-long ascending parallel channel’s middle boundary. All eyes are fixated on breaking above $20,000, which will allow Bitcoin to enter a price discovery period.

Bitcoin has continued to rally despite technical and on-chain indexes spelling doom. In other words, the price could be rallying due to greed, hope, and euphoria among investors. However, it is essential to be aware that a reversal is usually imminent in such an extended bull cycle.

For now, staying above the channel’s middle boundary is the first step to ensuring Bitcoin continues with the uptrend. On the other hand, the Relative Strength Index appears to be holding above the midline following a rejection from the overbought region. If the index renews the uptrend, the bellwether cryptocurrency may also jumpstart the final leg to $20,000.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

In addition, Bitcoin has been trading above all the three moving averages and especially the 50 SMA in the 4-hour timeframe. In bull markets, holding above the 50 SMA is a critical indicator that Bitcoin is not done with the upside. The gap made by the 50 SMA above both the 100 SMA and 200 SMA also doubles down on the bulls’ presence in the market.

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It is worth mentioning that the mission to hit a new all-time high will be abandoned if Bitcoin slides under the channel’s middle boundary support. The RSI may also drop below the midline, suggesting the bearish pressure is rising. Support is expected at the 50 SMA as well as $18,000. Extended losses will seek an anchor with the 100 SMA at $17,000.

Bitcoin intraday levels

Spot rate: $19,084

Relative change: -92

Percentage change: -0.38

Trend: Bearish

Volatility: Expanding


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/bitcoin-price-to-ascend-to-20000-if-these-technical-indexes-remain-intact/

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