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XRP’s Problems Deepens Once More: Kraken Suspends US XRP Trading

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XRP just isn’t winning these days, as Kraken now stands as the latest crypto exchange set to suspend trading in XRP tokens. The reasoning given, much like the many other institutions and exchanges that dropped XRP like a hot potato in recent weeks, was due to the enforcement actions leveled against Ripple. The US regulator, the Securities and Exchange Commission (SEC), has recently leveled an enforcement action against both Ripple and two of its executives.

Business As Usual Outside The US

This decision only pertains to US customers, however, and will come into effect on the 29th of January, 2021. As a result, any customer outside of the US will still be fully empowered to do business in XRP just like any other day, derivatives of XRP included.

It should be noted, however, that Kraken is still trying to serve as a custodian for XRP holders in the US. Users will still be capable of accessing, holding, depositing, and otherwise withdraw their XRP holdings in the US, even after trading was suspended. This was revealed through their latest update, as well.

Businesses Dropping XRP Before It Bites Them

XRP trading suspensions have been becoming quite common as of late. Major exchanges across the globe, be it Bitstamp, Coinbase, as well as OKCoin, have all reacted to the SEC’s legal actions by suspending the XRP trading within their respective platforms.

With more partners and exchanges fleeing from XRP, the price has seen yet another crash, going down by 5% today. XRP itself stands as the fourth-largest cryptocurrency when looking at the market cap, but that might start to change if something radical doesn’t happen.

The SEC Might Finally Win This Time

The SEC had filed a lawsuit against Ripple, alongside Chris Larsen and Brad Garlinghouse, the Co-Founder and CEO, respectively. The SEC claims that these parties took part in an illegal, ongoing securities offering since 2013, which netted them $1.3 billion in funding.

Ripple is making plans to contest this, of course, but a legal battle with the SEC is never cheap, and it’s never quick. This charge could be contested in court for years to come. The reason why institutions and exchanges are dropping XRP services, however, is due to the risk of getting dragged into the mess.

Who’s to say they themselves wouldn’t be fined or sued the moment the SEC wins the case? All the court needs to do is conclude that XRP is an unregistered security, which everyone knows it is. It seems that XRP’s ticker is running to its close. The only real question will be if they can recover after this mess, or just plan to ride this as long as they can.

Source: https://insidebitcoins.com/news/xrps-problems-deepens-once-more-kraken-suspends-us-xrp-trading

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Dogecoin becomes the most popular cryptocurrency

TL;DR Breakdown Doge now more popular than altcoin About Doge crypto Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter […]

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TL;DR Breakdown

  • Doge now more popular than altcoin
  • About Doge crypto

Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.

ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.

About Dogecoin cryptocurrency

Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.

While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a Dogecoin’ Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.

However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.

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Source: https://www.cryptopolitan.com/dogecoin-now-most-popular-cryptocurrency/

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Ethereum, UNI, Verge, FTX Token Price Analysis: 03 March

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Ethereum, the world’s largest altcoin, recaptured the $1,600-level and targeted a break above its 200-SMA. The market’s bulls maintained control of the Uniswap market, with the $27.2-resistance likely to be toppled in an extended bullish scenario. Verge flipped the $0.019-resistance at the time of writing, one of the many levels that need to be overturned for a bullish comeback. Finally, FTT presented an upside at over $35 after breaking north of its symmetrical triangle.

Ethereum [ETH]

Source: ETH/USD, TradingView

Successive green candlesticks on Ethereum’s 4-hour chart underlined the bullish sentiment in the market after it regained the $1,600-level at press time. However, what was interesting was that ETH posted gains even as the 200-SMA (green) crossed above the 50-SMA (blue), usually considered a bearish development. Perhaps, the press time gains were more reflective of a positive correlation with Bitcoin since it also moved north, at the time of writing.

The on-chain metrics indicated that ETH was up for additional gains over the next few trading sessions. The RSI rose sharply and eyed the overbought region as bulls sought control of the price. The Awesome Oscillator also noted a pickup in bullish momentum. A rise above the 200-SMA looked certain going forward.

Uniswap [UNI]

Source: UNI/USD, TradingView

The Parabolic SAR’s dotted markers moved under the candlesticks as Uniswap maintained its uptrend after picking up from the $20-mark. A reading of 20 on the ADX Indicator showed some weakness, but the index was pointing north since bullishness was strengthening in the market.

If trading volumes pick up over the coming sessions, the market’s bears could struggle to hold on to the $27.2-resistance mark. Conversely, if UNI moves south, the 50-SMA (yellow) could act as a buffer against a price drop.

Verge [XVG]

Source: XVG/USD, TradingView

A look at Verge’s 4-hour chart showed that the cryptocurrency was still reeling from losses suffered post a broader market correctional phase. In a matter of just 4 days, the cryptocurrency dropped by over 40% and finally cushioned losses at its $0.015-support. However, at the time of writing, the bulls had managed to flip the $0.019-resistance as momentum picked up on the buying side.

The same was pictured by the Awesome Oscillator after green bars rose above the equilibrium mark. On the other hand, the Stochastic RSI peaked in the overbought region and signaled a pullback in price. Nevertheless, an upside of $0.023 can still be projected considering the broader market trend.

FTX Token [FTT]

Source: FTT/USD, TradingView

FTX Token witnessed a breakout from a symmetrical triangle a couple of days ago and was heading towards its upside at over $35. The On Balance Volume made a series of higher highs as buying pressure drove the price towards record levels. However, some selling pressure was also evident over the last few sessions.

The Bollinger Bands showed that volatility was on the up as the bands were diverging at press time. If sellers assume control of the price, there is a chance that FTT could trade below the Signal line moving forward. Such a move would put the bulls at risk of losing out to $28.5-support.


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Source: https://ambcrypto.com/ethereum-uni-verge-ftx-token-price-analysis-03-march

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Tether USD (USDT) Market Capitalization Doubles This Year

Better Weather, More Tether The circulating of Tether USD (USDT) has a valuation of just under $36 billion, after soaring over 100% this year alone. The meteoric rise in USDT’s supply closely tracks the price of Bitcoin (BTC) over the same period. On Jan. 1, the total value of USDT circulating in the space was … Continued

The post Tether USD (USDT) Market Capitalization Doubles This Year appeared first on BeInCrypto.

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The total amount of Tether (USDT) in circulation has soared this week, as demand for cryptocurrencies surges amidst all-time highs all-round.

Better Weather, More Tether

The circulating of Tether USD (USDT) has a valuation of just under $36 billion, after soaring over 100% this year alone. The meteoric rise in USDT’s supply closely tracks the price of Bitcoin (BTC) over the same period.

On Jan. 1, the total value of USDT circulating in the space was just under $18 billion, less than half of the current value.

However, as Bitcoin hit a new all-time high, breaking over the $50,000 mark, USDT began seeing huge demand, often diverging positively from USD’s value.

Historically, increased demand for cryptocurrencies sees Tether mint more and more USDT, causing an inflation of the circulating supply. Essentially, this is what the market is seeing this year.

Moreover, optimism in the cryptocurrency market is at the highest ever, translating into more demand for stablecoins to buy cryptocurrencies.

Stablecoins Are The New ETFs

Indeed, the stablecoin market as a whole sees immense growth in both valuation and the number of available options.

USDcoin’s USDC also saw a similar pattern of growth to USDT. Having started the year with less than $2 billion worth of USDC in circulation, the stablecoin now has a valuation of just under $9 billion.

Its market capitalization makes it the twelfth largest cryptocurrency by that metric, just above Uniswap (UNI) and Dogecoin (DOGE). Moreover, USDC recently announced its platform’s expansion to Solana (SOL) to increase its usability.

Accordingly, new stablecoin platforms like Venus (XVS) are also seeing rapid surges in the number of users on their platforms. XVS’s native governance token rose more than ten-fold this year alone.

Is The Market Bullish?

With the increase of stablecoin supply, like Tether, there is now extra liquidity in the cryptocurrency market and will be used to purchase cryptocurrencies.

This adds to the already bulging demand the market is seeing as a result of all-time highs all-round.

There is also a serious cryptocurrency supply issue on exchanges as miners choose to ‘hodl’ instead of sell. Moreover, institutions like Grayscale and MicroStrategy are gobbling up whatever supply is left.

Combine these two factors, and the cryptocurrency market may only be heading in one clear direction; to the moon.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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Source: https://beincrypto.com/tether-usd-usdt-market-capitalization-doubles-this-year/

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