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Another Bruise for Ripple as Grayscale Customers Say Goodbye to XRP Trust

Ripple and XRP are continuing to lose the love they once boasted thanks to the recent lawsuit initiated by the Securities and Exchange Commission (SEC). Ripple Is Losing Out Again The financial firm recently filed charges against Ripple on account that the XRP asset it hosts is alleged to be a security rather than a

The post Another Bruise for Ripple as Grayscale Customers Say Goodbye to XRP Trust appeared first on Live Bitcoin News.

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Ripple and XRP are continuing to lose the love they once boasted thanks to the recent lawsuit initiated by the Securities and Exchange Commission (SEC).

Ripple Is Losing Out Again

The financial firm recently filed charges against Ripple on account that the XRP asset it hosts is alleged to be a security rather than a currency by agency heads. Thus, according to the organization, Ripple has not been forthcoming regarding the coin’s status and engaged in an illegal token sale when XRP was first offered by not properly registering it. It is estimated that the company sold over $1 billion units during that time.

Ripple has fought these allegations, claiming that XRP is a standard currency and that it has been recognized as so by several leading financial organizations in both the United States and abroad. Nevertheless, it appears that the lawsuit is moving forward for the time being, and several companies want nothing to do with the asset while things remain in speculation.

One of the latest companies cutting ties with Ripple and XRP is Grayscale, which has announced that it will no longer be offering its XRP Trust to customers. The company explained in a statement that converting USD to XRP and vice versa is likely to be difficult to do in the long run given that the currency is still being subjected to so many regulatory investigations.

In addition, Grayscale is not comfortable with the high number of exchanges that have delisted the asset, and thus does not want to take the chance of potentially offering something that has no value or might be deemed illegal in some way. Following the announcement, XRP dropped to about $0.29 per unit, roughly six cents less than its recent high of $0.35.

In the statement, Grayscale mentions:

In response to the SEC’s action, certain significant market participants have announced measures, including the delisting of XRP from major digital asset trading platforms, resulting in the sponsor’s conclusion that it is likely to be increasingly difficult for U.S. investors, including the Trust, to convert XRP into U.S. dollars, and therefore continue the Trust’s operations. In connection with the dissolution, the sponsor has liquidated the Trust’s XRP and intends to distribute the net cash proceeds to Trust shareholders, after deducting expenses and providing appropriate reserves and subject to any applicable withholding. The Trust will terminate following distribution of the net cash proceeds.

How Much Money Does Grayscale Manage?

Since the SEC first brought the lawsuit to light, XRP has lost as much as 60 percent of the value it held in December of 2020. Meanwhile, Grayscale’s total assets amount to well over $20 billion, and its total AUM initially surpassed $28 billion in early January.

Aside from the XRP Trust, Grayscale also provided trusts based in bitcoin and Ethereum, which presently hold as much as $22 billion and $3.25 bitcoin in their respective assets.

Tags: , , Source: https://www.livebitcoinnews.com/grayscale-announces-it-will-terminate-its-xrp-trust/

Blockchain

How Bexplus Apps Make Trading Crypto Futures Easier

Due to the ongoing lockdown, many of us get to stay home more often. While this is a good opportunity for us to relax, we can’t go to work and have to rely on our savings, which is frustrating and worrisome.  If you have been wanting to find a way to make money during lockdowns […]

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Due to the ongoing lockdown, many of us get to stay home more often. While this is a good opportunity for us to relax, we can’t go to work and have to rely on our savings, which is frustrating and worrisome. 

If you have been wanting to find a way to make money during lockdowns or in your spare time, online trading on your phone may be a great option for you. Crypto exchanges make trading more accessible to small investors with little experience or low budgets. This is especially true for futures trading, in which investors could borrow leverage from exchanges to increase their buy power. 

If you are interested in futures trading in the crypto market but aren’t familiar with the markets, you can learn a great deal about how to get started here. Simply put, futures trading enables you to profit from the ups and downs of the market, so any price swing could be an opportunity to profit. 

To get started trading, you only need to create an account on an exchange and now with easy-to-use phone apps like Bexplus‘, you can set up your account in minutes from nearly anywhere. Bexplus is a cryptocurrency trading platform providing 100x leverage on BTC, ETH, LOS, XRP and EOS. No KYC and no deposit fee, Bexplus offers services in 37 countries including the USA, Iran, Korea, and Sudan. 

According to App Annie, the largest mobile marketing app analytics and app market database in the world, as of May 2020 Bexplus’s apps have been ranked in the Top 5 of keyword search results related to bitcoin trading in 56 countries.

Let’s take a look at the Bexplus app to see what advantages it offers.

How Bexplus Apps Make Trading Crypto Futures Easier 2

On the home menu tab, besides market indexes (there are bitcoin, litecoin, and ether prices on the main display), we see constantly updating recent trades lists (which might show you the market sentiment and to open the correct position).

Also, Bexplus is famous for its detailed beginner’s guide and demo account, which enables you to practice as much as you like. 

The market tab offers 5 types of indicators which are available for the main chart and 11 for sub chart. Among the indicators are a bullish-bearish indicator, Bollinger bands, moving average convergence divergence, stochastic oscillator, and many more. No matter whether you’re a beginner or an advanced trader, Bexplus accumulates all the options needed for daily trading.

The market menu tab allows you to open long (buy/up) and short (sell/down) positions: before placing an order you’ll be asked to choose the position volume. Keep in mind that volume doesn’t refer to position amount, it’s rather a proportion of position size to your account balance, thus, 0.1 volume doesn’t suppose that you’re about to open a 0.1 BTC position, it will be just 0.001 BTC in size.

How Bexplus Apps Make Trading Crypto Futures Easier 3

The trade tab is basically an order management menu, where traders can browse currently opened market orders, limit orders, and trading history.

The indexes for each trade include floating profit and loss, the free margin available, currently used margin, margin level, and your balance account as for now with opened positions (net worth).

Bexplus also offers standard risk prevention instruments such as stop-loss, which is available by pressing on the specific order tab in the trades list.

Though looking quite simple, the Bexplus app is as full-featured as its desktop counterpart. Besides trading, you can store your bitcoin in the interest-bearing wallet, in which you can gain up to 30% annualized interest.  

Bitcoin trades around the clock and huge price swings could occur any minute. If you hope to monitor your account anytime and anywhere, the Bexplus app is the right tool for you. With the 24/7 notification, you can stay updated with the market.  All data and assets can be accessed through all kinds of devices including desktops, mobile phones, and tablets.

How Bexplus Apps Make Trading Crypto Futures Easier 4

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Source: https://www.cryptopolitan.com/how-bexplus-apps-make-trading-crypto-futures-easier/

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EIP-1559 get the nod for Ethereum’s London Hardfork

TL;DR Breakdown With complete official backing secured, the Ethereum Improvement Proposal (EIP)- 1559 looks certain to be included in the forthcoming London Hardfork scheduled for July.  However, while the development has been largely welcomed among developers and the users (who are the core stakeholders), there is a growing negative perception among Etheruem miners towards the […]

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TL;DR Breakdown

With complete official backing secured, the Ethereum Improvement Proposal (EIP)- 1559 looks certain to be included in the forthcoming London Hardfork scheduled for July.  However, while the development has been largely welcomed among developers and the users (who are the core stakeholders), there is a growing negative perception among Etheruem miners towards the proposal.

But Etheruem miners are the only ones in the opposition quarters. Mining pools participants together with hash power producers have met the initiative with equal reservations.

EIP-1559 prompted by high trx fees on ERC-20 networks

According to the developers, the proposal was formulated to specifically address the current situation where users are forced to commit unreasonably high percentage of transaction value as gas fees, before funds can be successfully sent. However, when the EIP-1559 is finally implemented, all of that would change.

Users only need to register their transaction by releasing a gas fee, which the network picks and automatically assigns to a miner who in turn inherits the obligation to process the transaction, while keeping the gas fee as the incentive.

The situation is even worse in the DeFi ecosystem, where the minimum amount required to execute trade swaps hovers around $4. That added with the scalability problem of Etheruem network has forced many DeFi projects to explore alternative blockchain networks.

 Miners’ revenue to be greatly affected

There are justifiable reasons why miners are all weary over the EIP-1559 initiative. From the onset of the current gas fee problem, daily records of profitability in miners’ revenue are being recorded, with the day-to-day average running into millions of dollars.

It is forecasted that the successful implementation of EIP-1559 will cause a 20%-30% reduction in miners’ earnings. Some observers have voiced concerns over the fact that miners might initiates a different hard-fork of the network to counter the impacts of the proposal.

 However it is generally believed that majority of miners won’t take that route as it could negatively affect the price of etheruem, thus plunging their earning deeper down the slope.

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Source: https://www.cryptopolitan.com/eip-1559-get-the-nod-for-ethereums-london-hardfork/

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Blockchain

EOS Price Analysis: 06 March

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice On the back of a major correction phase seen by the cryptocurren

The post EOS Price Analysis: 06 March appeared first on AMBCrypto.

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

On the back of a major correction phase seen by the cryptocurrency market, EOS has been acquiring a level of stability on the price charts lately. At the time of writing, EOS was valued at $3.74 with a market capitalization of $$3.55 billion, with the altcoin ranked all the way down at 24th on CoinMarketCap’s charts.

In light of the general market trend at press time, EOS was likely to continue trading within the same price range in the near-term.

EOS 4-hour chart

Source: EOSUSD on TradingView

EOS’s six-hour chart indicated that after dropping under $3.57, the price bounced higher, with the alt moving between $3.57 and $4.10 on the charts.

With the value of the digital asset continuing to bounce within this tight range, EOS also saw some slight bullishness emerge. However, the crypto’s indicators noted that there was not enough momentum for a significant price swing.

Reasoning

The Bollinger Bands were indicative of the volatility in the market. At the time of writing, the Bands had converged within the consolidating price range. This suggested that the price was not moving wildly, but was moving within a short-range. Meanwhile, the Signal line slid above the candlesticks, highlighting that bearishness may take over the market.

However, the 50 moving average remained under the candlesticks and has been acting as strong support for EOS. Despite the bullishness or bearishness in the market, a price swing cannot take place due to a lack of momentum. Finally, the Awesome Oscillator underlined that EOS had no momentum to carry out any trend change.

On the contrary, the Relative Strength Index remained in the equilibrium zone, meaning that the buying and selling pressures had equalized.

Conclusion

The EOS market, at press time, appeared to be in a consolidating phase as the price remained restricted within the aforementioned range. As the market moves ahead, consolidation may continue due to a lack of momentum in any specific direction.


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Source: https://ambcrypto.com/eos-price-analysis-06-march

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