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Bittrex transfers 6,999,999 XRP to Upbit amid Ripple’s alleged report discrepancies

Namrata Shukla

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Bittrex transfers lump some XRP to Upbit amid Ripple report discrepancies
Source: Pixabay

Most coins in the cryptocurrency market have been undergoing a series of ups and downs, impacting the prices of the cryptocurrencies. However, XRP, the third largest cryptocurrency on CoinMarketCap was the only coin not undergoing any significant price change since the beginning of the year.

However, the crypto-world has been seeing numerous fund movement and these funds are large in number and two such transactions were noted on Whale Alert’s Twitter handle recently.

A sum of 6,999,999 XRP was transferred from Bittrex’s Exchange wallet address [rPVMhWBsfF9iMXYj3aAzJVkPDTFNSyWdKy] to Upbit’s Exchange wallet address [rNzT5xopUaJK8L7mHbThUGKaHoct62dNBC].

According to the details of the transactions, the fund was moved on Saturday, May 18 at 09:25:22 UTC. Other details of the transaction are as given below:

Source: Whale alert

Source: Whale alert

The Bittrex exchange had carried out another transaction on the same day, where it transferred 9,999,999 BTC worth $3,712,226 USD to Upbit. According to transaction details, this transaction took place before the aforementioned transaction on May 18 at 09:24:52 UTC. The details of the transaction are as given below:

Source: Whale Alert

Source: Whale Alert

This could be a mere transfer of token, however, the recent events with Ripple have raised some red flags within the community. According to a recent report from CoinMetrics, there were discrepancies in Ripple’s Q3 report of 2018 and Q1 report of 2019. The report stated:

“Two quarterly markets reports under-reported the number of XRP released from escrow by a total of 200 million XRP ($84 million at current prices).”

However, Ripple’s CTO David Schwartz  denied these claims and said:

“Regarding the chatter about reporting methodology around XRP escrow in @Ripple’s quarterly XRP Markets Reports: this is simply a timeline issue.”





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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

Published

on

Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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