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XRP [XRP] and Ethereum Classic [ETC] to be launched with USD on Bittrex

Priya

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XRP [XRP] and Ethereum Classic [ETC] to be launched with USD on Bittrex
Source: Unsplash

On 8th August, Bittrex, one of the leading exchange platforms around the world, has announced that they will be launching USD markets for XRP [XRP] and Ethereum Classic [ETC] on their platform. The launch of the market is set to happen on 20th August 2018.

The exchange platform on Twitter announced:

“Get ready – we’re adding more US dollar (USD) markets on @BittrexExchange. On August 20, we’re launching USD (fiat) markets for ETC & XRP.”

Bittrex states that the reason for adding the XRP/USD and ETC/USD trading pairs on the platform is to enable their customers to buy cryptocurrency with USD directly and provide USD pairing for customers that will only be listed on their exchange platform.

The exchange platform further states that the USD pairings is a step towards the adoption of blockchain technology. This would also decrease the dominance and influence of one particular cryptocurrency on other tokens in the crypto space.

The platform said:

“We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects.”

The news came into the limelight after the exchange platform announced that they will be opening USD market for their customers. Customers can avail either the ‘USD trading only’ or ‘USD trading, withdrawal and deposit’ service provided by the platform.

The service is available for customers with a personal account and corporate accounts. Moreover, only customers who live in California, Washington State, Montana and qualified international customers are eligible to participate in the USD markets. The exchange platform has stated that they will be adding more states to their new market soon.

With the addition of XRP and ETC to the platform’s USD market, Bittrex will have a total of six cryptocurrencies in their USD market. The other cryptocurrencies are Bitcoin [BTC], Ethereum [ETH], Tether [USDT] and TrueUSD [TUSD].

XRP Trump, an XRP and Ripple enthusiast says:

“Good. Now let’s see if BTC and ETH can compete with XRP on a more level playing field. It’s easy to exploit network effects when users don’t have a choice but now it’s a choice between between 3.5s transfer for 0.00001 XRP vs 1 hour transfer for a few bucks!”

Crypto_n_more, a Twitterati says:

“@coinbase they coming for you in all angles, better hurrah up with them … listings with the quickness or you will be forgotten by next year, remember #CRYPTO moves fast…. and @BittrexExchange is making chess moves on you…..”

Shubham, another Twitterati says:

“Bittrex will add USD trading pair with Xrp after 20 August. One step towards decoupling from bitcoin”



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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Altcoins

Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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