On 8th August, the official Twitter handle of a leading cryptocurrency trading platform Zebpay announced that it is de-listing VeChain token. The Twitter announcement read:
“Zebpay regrets to inform all our valued traders that we are delisting VeChain token and discontinuing VeChain trading and transfer transactions.”
The deadline for VeChain deposits is 9th August 2018, 4 PM IST, whereas, for withdrawals, the deadline is 20th August 2018, 4 PM IST. Zebpay, in its official announcement, also mentioned the deadline for VeChain trading, which is 13th August 2018, 4 PM IST. Moreover, the platform will auto-cancel all the pending orders placed post 4 PM.
Alok Sharma, a cryptocurrency space follower, on the news commented:
“They should have provided the reason for sure which they didn’t but I knew they’ll definitely do so bcus ven is no more into existence there’s vet which is it 100th part(I believe) of ven and these guys didn’t support token swap so that’s why they are delisting it.”
Another crypto-enthusiast, Ravi Maheswari also wrote:
“Ohh the main net swap was too much to do for you guys?”
VeChain recently had its MainNet launch where it swapped its VEN tokens to VET [VeChain Thor] tokens. Currently, the cryptocurrency ranks at the 21st position according to its market capitalization on CoinMarketCap. Moreover, the price of the VEN token has dropped to a steep 21.46 in the past 24 hours.
Zebpay is a leading cryptocurrency trading platform based out of India. Currently, the platform has 19 cryptocurrencies listed on it, with trading pairs more than 35. Earlier in the week, Zebpay also announced that it will provide a 50% discount on transaction fees of certain cryptocurrencies.
Zebpay has also faced challenges from the legal authorities of India after not receiving much cooperation from them. The decision of the Supreme Court of India regarding the stay of cryptocurrencies is due in the month of September.
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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