In order to streamline its internal operations, the newly emerged Digital Exchange KuCoin recently reported that it would delist NEO, USDT and BCH pairs from its platform.
Apart from the above-mentioned pairs, USDT and KCS pairs are also affected by their decision. KuCoin mentioned that they will be delisting 22 pairs of currencies from the platform.
KuCoin announced on their website:
“Dear KuCoin Users,
We are excited to announce our new streamlined exchange. With our rapid growth in the first quarter we added in many new markets to provide a diverse platform for users to trade on. During the 2nd quarter we will be making many changes to the platform based on our user feedback. Several of the markets will be streamlined. KCS, USDT, and NEO will eliminate multiple pairs each, and BCH pairs will be removed.”
The detailed changes are as follows:
- BCH – All trading pairs: FOTA/BCH, KCS/BCH, DENT/BCH, ACT/BCH, UTK/BCH, DAT/BCH, and XAS/BCH
- KCS – DASH/KCS, CAG/KCS, MOD/KCS
- USDT – DBC/USDT, TEL/USDT, FOTA/USDT, OCN/USDT, TNC/USDT, ETC/USDT
- NEO – MOD/NEO, QTUM/NEO, ACAT/NEO, FOTA/NEO, BCH/NEO, DENT/NEO
Based on the report they have published on the KuCoin website, the firm no longer supports these pairs since 26th March 2018. The company has taken this decision because these trading pairs do not generate sufficient trading volume. It has not only influenced the Bitcoin Cash markets negatively, but also the cryptocurrencies such as DENT (Cryptocurrency which creates an open marketplace for buying and selling mobile data) is also impacted as it uses KCS, FOTA and NEO pairs.
Reports say that 30 minutes prior to this announcement, KuCoin refrained from accepting new orders which involved these pairs. Though this was a hasty decision, the KuCoin support team ensured the users that they will not lose any existing token.
The organization made sure that they will get rid off any kind Bitcoin Cash based exchanges completely. Despite the fact that the users would not be able to trade BCH for some of the altcoins, it is confirmed that the trading opportunities for the Bitcoin Cash users will remain almost the same as their primary trading pairs would remain active.
This unexpected announcement by KuCoin has left it’s users unanswered whether they have taken the right action by delisting these pairs. However, according to KuCoin, the decision has a positive impact on the market.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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