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How PH Crypto Exchanges are Handling the XRP Fall Out

The responses of local exchanges fall in either of the three categories – full suspension of XRP trading, partial suspension, and no change in current policy.

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January 19, 2020 — There appears to be different responses among local cryptocurrency exchanges in the Philippines in relation to the current legal issue that Ripple, the company with the majority of XRP token holdings, is facing in the United States. The responses fall in either of the three categories – full suspension of XRP trading, partial suspension, or no change in current policy.

Different responses

Last month, crypto exchange PDAX informed its users via email that XRP-BTC is no longer available on its platform because of limited liquidity, although the XRP-PHP trading pair remains available. 

PDAX did note in the same email that in light of the U.S. SEC’s legal action vs. Ripple and XRP, it will continue to monitor the situation and will advise its clients with any relevant developments.

Bexpress Inc, which operates Bexpro, in a press release sent to BitPinas, said it is suspending all its XRP markets immediately, stating it as “a prudent measure to protect its users while the complaint filed by the U.S. SEC against Ripple Labs Inc. is being litigated in the U.S.” 

Bexpress removed BTC-XRP, ETH-XRP, and PHP-XRP immediately. Users can still access their XRP wallets on Bexpro so that they can withdraw their tokens, but the deposit function is no longer available,

Coins.ph, the largest local virtual currency exchange (which was previously endorsed by Ripple as a preferred exchange for transacting with its xRapid payments service) has not yet made a clear indication of its response. 

Other local exchanges Juan Exchange and Coexstar do not have XRP trading pairs, the latter appears to have paused XRP trading last March, citing pending approval from the BSP. SCI’s Rebit.ph and BuyBitcoin.ph, while now undergoing maintenance, did not have XRP buy and sell options in the past. BloomX and Moneybees primarily deal with Bitcoin to PHP transactions.

U.S. SEC vs Ripple

The U.S. SEC charged Ripple and its executives Brad Garlinghouse and Christian Larsen, for selling, and continuing to sell $1.3 billion worth of XRP tokens, which in its view, is a security. According to U.S. SEC Enforcement Director Stephanie Avakian, “We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system.” 

Non U.S. exchanges’ responses

After the litigation is made public, a number of cryptocurrency exchanges such as Coinbase, Kraken, and Binance U.S. either suspended or delisted XRP or confirmed plans to do so. “In light of the SEC’s recent action against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021 at 10 AM PST,” Coinbase Chief Legal Officer Paul Grewal said in a blog post. That means Coinbase will be suspending XRP trading within hours of this article’s publication.

While most exchanges suspending XRP trading are U.S.-based, a number of non-U.S. exchanges like Hong Kong-based OSL suspended XRP as well. 

Volume in OSL may not be comparable to global exchanges like Bifinex, but the HK platform is highlighted because its customers are mainly institutional investors and high net-worth individuals (HNWs) in Asia. 

The risk is clear, says blockchain attorney

According to Rafael Padilla, blockchain attorney and author of Fintech: First Law and Principles, it’s possible that non-U.S. exchanges suspending XRP is likely because those countries may have restrictions similar to the U.S federal securities law. “Many of these principles are now also considered international standards for securities regulation that have been developed and implemented by the International Organization of Securities Commission (IOSCO),” Atty. Padilla said in a statement to BitPinas.

The blockchain lawyer also said the fact that the Philippine securities law is adopted from the U.S. federal securities legal framework makes the risk clear. 

“For my Philippine-based clients, the risk is clear. Philippine securities law is adopted from the U.S. federal securities legal framework. If the U.S. SEC strongly believes—to the point of taking enforcement action against Ripple—that XRP is a security, it is plausible that the Philippine SEC might take the same view. If the Philippine SEC would also regard XRP as a security, this could then expose Philippine-based exchanges listing XRP from the risk of facilitating the sale, purchase or trading of unregistered security in violation of the Securities Regulation Code,” Atty. Padilla said.

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Green Weekend: Bitcoin Spikes $3,000 Intraday As ETH Soars 8% (Market Watch)

Signs of recovery within the cryptocurrency market as BTC added more than $3,000 in a day, while ETH jumped by 8% to $1,600.

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Following a few days of price slides and choppy price action, bitcoin has bounced off from yesterday’s low and eyes $50,000 once again. The altcoins have also reacted positively, with Ethereum surging by 8% to nearly $1,600, as of writing these lines.

Bitcoin Has $50K In Sight (Once Again)

The BTC bulls didn’t seem to like the price action since Wednesday, when the situation seemed to be going in the cryptocurrency’s way as it reached as high as $52,500 just days after bottoming at $43K. However, the trend quickly reversed at that point, and the asset headed south.

In the following days, BTC dumped by over $7,000 to yesterday’s low at roughly $46,000. Nevertheless, the bulls regained control then and pushed the primary cryptocurrency north.

This drove bitcoin near the coveted $50,000 mark as the asset added more than $3,000 in a day. As of writing these lines, BTC has calmed slightly and currently stands around $49,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Correlation to Wall Street Peaks (Again)

With the latest price increase, bitcoin resembled the major indices on Wall Street again. CryptoPotato reported, the correlation between S&P500 and Bitcoin had reached a 5-month high.

After losing some value similarly to BTC for a few days, the S&P 500 closed the week with 2% gains yesterday’s volatile Friday trading session. The Dow Jones Industrial Average went up by 1.85%, while the Nasdaq Composite ended with an increase of 1.55%.

Altcoins See Green, ETH Nears $1600

The alternative coins also felt the adverse price developments over the past few days. However, they have bounced off since yesterday, similarly to BTC, whereas large and mid-caps had seen even sharper gains.

Ethereum leads the pack with an 8% surge. As a result, the second-largest cryptocurrency is just inches away from reclaiming $1,600.

Cardano (2%), Binance Coin (3%), Polkadot (3%), Ripple (3%), Litecoin (6%), and Chainlink (4%) are well in the green as well.

Uniswap’s governance token has jumped by 2% since yesterday and 20% in a week and now takes the 8th spot in terms of market cap.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bancor is the most impressive gainer from the top 100 with a 23% surge to $8. SwissBorg (20%), Holo (20%), Ontology (17%), NEM (14%), Qtum (13%), and Terra (13%) follow.

In contrast, and in the red zone: Chiliz (-12%, following massive gains during the past week), THETA (-8%), Flow (-7%), Decentraland (-5%), and IOST (-5%) have lost the most since yesterday.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/green-weekend-bitcoin-spikes-3000-intraday-as-eth-soars-8-market-watch/

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Bitcoin Losing the $50K Mark, Entering Bearish March: The Weekly Crypto Recap

This week was marked by high correlation between the traditional stock market and cryptocurrencies. Both experienced losses and Bitcoin slips below $50,000.

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This week was tough across the board, not just in the cryptocurrency market. It was marked by a serious correlation between Bitcoin and the S&P 500, as well as the entire legacy market, in general.

As CryptoPotato reported, the abovementioned correlation reached a 5-month high. While this seems to be bearish in the short term, given that the stock market slumped following government bond yield that gave the market a jolt, there’s also a bullish argument to be made.

Last weekend, the US House of Representatives passed President Biden’s $1.9 trillion COVID-19 Relief Package, which also got a 51-50 approval vote in the senate. Should the legislation become effective, it could be the case that markets will recover. Given the high correlation, this might also play out positively for Bitcoin and the cryptocurrency market as well.

Nevertheless, the week wasn’t favorable for the market as the primary cryptocurrency, as well as the majority of large-cap altcoins, remained indecisive and failed to regain the momentum they previously had. Presently, Bitcoin is trading at around $49,000. Historically, March has been one of the two most bearish months for Bitcoin, on par only with September. After all, we did see Bitcoin drop by 50% in 2 days last March upon the announcement of the coronavirus pandemic.

Elsewhere, major news took place all over. Binance Smart Chain saw its first major rug pull as Meerkat Finance saw its protocol drained of over $30 million in both Binance Coin and BUSD.

We saw developments in regard to the BitMEX – CFTC fiasco. In a recent filing, it was revealed that the former CEO of the derivatives exchange, Arthur Hayes, could surrender to US authorities in Hawaii this April.

On the more positive and funny side, Mark Cuban’s Dallas Mavericks announced that they would start accepting Dogecoin as a means of payment for tickets and merchandise. The billionaire celebrity gave the most earth-shattering explanation for the move, saying they did it “because we can.”

It’s certainly interesting to see how the global macroeconomic outlook will pan out in the coming days. Will the markets start to recover, or is there more pain ahead? Only time will tell.

Market Data

Market Cap: $1,444B | 24H Vol: 130B | BTC Dominance: 60.7%

BTC: $48,959 (+2.94%) | ETH: $1,531 (+0.38%) | XRP: $0.462 (+3.89%)

Bitcoin Correlation With S&P 500 at 5-Month High: Is This Bearish for BTC? Data reveals that the correlation between the S&P 500 and Bitcoin’s price has hit a 5-month high. This was clearly confirmed over the past week as the cryptocurrency is following the traditional stock market very closely.

US House Passes $1.9 Trillion COVID-19 Relief Package, $1,400 Direct Check Provisions Included. The US House of Representatives has passed President Biden’s $1.9 trillion stimulus bill the past weekend. The Senate also voted 51-50 to proceed with the regulation. If successful, this will see another financial injection into the US economy.

First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained. Meerkat Finance might have been the very first major rug pull on the novel Binance Smart Chain. The protocol saw over $30 million drained from it in what appears to be a rug pull. The community was taken ablaze as many people lost a lot of money.

Former BitMEX CEO Arthur Hayes Could Surrender in Hawaii in April. The former CEO of BitMEX and one of the most influential figures in the cryptocurrency industry, Arthur Hayes, could surrender to US authorities in April in Hawai. This became clear after new court documents were filed.

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments. The Dallas Mavericks – an NBA team owned by famous billionaire and Shark Tank star Mark Cuban, will be accepting Dogecoin payments for tickets and merchandise. This became clear after a recent announcement where Cuban gave an astonishing reason for the move – “Because we can!.”

Tim Draper Handpicks Netflix as the Next Company to Purchase Bitcoin. According to one of the most popular venture capitalists in the cryptocurrency field, Tim Draper, the next major company to buy Bitcoin might be the streaming giant Netflix. He believes that the company’s co-CEO is the guy in control, and he thinks he’s an “innovative guy.”

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Cardano – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/107410-2/

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Bitcoin Already Started to Replace Gold, Next Target $100,000: Bloomberg Report

Bitcoin could top $100,000 as institutions and corporations prefer its digital finite supply better than gold, according to a new report by Bloomberg.

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Bitcoin continues to attract more funds previously put in gold, bonds, and stocks, said Bloomberg in its latest crypto-related report. The paper forecasted $100,000 as the next possible price threshold while also outlining that BTC has begun the process of replacing gold as the hedge of choice.

Bitcoin Displaces Gold?

The narrative that bitcoin, also referred to as digital gold by some, will or has already started to replace the precious metal has been widely discussed within the cryptocurrency community in the past year or so. The COVID-19-induced financial crisis and rebalancing of the financial industry poured more fuel into the digital fire.

Bloomberg strategists also reaffirmed this stance in their March Crypto Outlook paper. It reads that “the process of bitcoin replacing gold in portfolios is accelerating, and we see risks tilted toward more of the same.”

The document highlighted 2020 as BTC’s breakout year for institutional investors and corporations, as the cryptocurrency “gained legitimacy with declining volatility versus the opposite in most assets.”

The situation has also intensified in 2021 as “old-guard gold allocators” have focused on “prudent diversification.”

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“Bitcoin inflows are accelerating, along with gold outflows, and we see scant reason to reverse the trend. The ratio of the price of the potential global digital-reserve asset vs. an ounce of the old-guard metal appears on a path toward 100x, after breaching 10x that held resistance since 2017.”

Previously, analysts from the US multinational investment giant JPMorgan indicated that the bullion’s price could suffer in the upcoming years as BTC continues to take substantial chunks of its market share.

$100,000 is Next for Bitcoin?

The paper further explained that the primary cryptocurrency’s current state showcases that it has transitioned out of the realm of speculative risk assets into a “global digital store-of-value.” Moreover, its role will only intensify in the upcoming years, as the entire world is going digital.

Keeping in mind the skyrocketing demand from institutions, while the production of new coins decreases every four years, Bloomberg’s report predicted that the next price target could be the entrance to a six-digital territory – $100,000.

Additionally, the document touched upon Grayscale and its Grayscale Bitcoin Trust (GBTC). The GBTC premium dipped into negative territory in late February compared to net asset value (NAV), which, historically, has marked the bottom of many BTC corrections.

GBTC Price vs. GBTC Premium. Source: Bloomberg
GBTC Price vs. GBTC Premium. Source: Bloomberg

Consequently, the analysts believe that reaching $100,000 by the year’s end is not out of the question. Thus, they joined the Co-Founder of Magnetic, William Quigley, who envisioned even a price tag of $150,000 per coin in the next twelve months.

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Source: https://cryptopotato.com/bitcoin-already-started-to-replace-gold-next-target-100000-bloomberg-report/

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