Regulations within the cryptocurrency industry have always been tricky to maneuver around. However, the ecosystem’s uncertainty is forcing some players to take caution and guard against the changing landscape. One such initiative is being undertaken by Gate.io. The exchange announced the delisting of several cryptocurrencies including EOS, Monero [XMR], and Ripple’s XRP, among others.
The official announcement read that some coins (cryptocurrencies) will not be available to U.S. users effective June 30, due to regulatory uncertainty. It further stated,
“Starting from June 30, 2019, USA users can not access to deposit and trading of the following coins: CNYX, EOS, XRP, TRX, XTZ, BTM, NAS, QTUM, NEO, GAS, XMR, BCN, XEM, WAVES, DCR, ONT, ONG, THETA and TFUEL. These coins will no longer display on the Market list to USA users after Jun 30. If you are a USA user, please withdraw them as soon as possible.”
This unforeseen decision made by the exchange will not affect non-USA users, who will continue to have full access to the above-mentioned coins without any changes.
Interesting enough, Bittrex also recently decided to do something similar a few days back. Bittrex announced that it would be delisting the following coins, namely, ADT, CMCT, GO, MFT, QRL, XEL, AMP, DNT, GTO, and 23 other cryptocurrencies, effective June 21. Similar to Gate.io, the said change would only be applicable for uses residing in the U.S.
The exchange had stated,
“After the Change Date, U.S. Customers will not be able to buy or sell the above-listed Tokens/Coins. On the Change Date, our systems will automatically cancel all open (i.e, unexecuted) orders in the affected markets for U.S. Customers.”
A Twitter user, @shirkhan, tweeted in response to the above-mentioned delisting,
“As of now @BittrexExchange will delist a couple of #cryptos ($XRP NOT affected) for US Users and @gate_io will do so as well ( $XRP getting delisted). Let‘s see if any of the big exchanges will follow suit. This only affects US so far. #XRPCommunity”
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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