Binance Coin Price Analysis: BNB Records New ATH Following Binance’s Latest IEO Announcement

Binance Coin Price Analysis: BNB Records New ATH Following Binance’s Latest IEO Announcement    


Binance Coin continued its bull run today,

rising by 2.71% to reach a fresh all-time high (ATH) value of $36.91. In the past three months, BNB is up by more than 147%, and the cryptocurrency is up around 500% on the year. Its most recent rally followed the announcement of the latest initial exchange offering (IEO) to be held on Binance Launchpad. The project is called Elrond and the event will take place on July 1. Meanwhile, BNB remains the seventh-largest cryptocurrency by market capitalization, sitting on a market cap of around $5.1 billion.

Looking at the BNB/USD 1-day chart:

  • Since our previous BNB analysis, BNB/USD has continued to climb above the $34 level. The cryptocurrency surged past the $36.22 resistance level to reach an ATH at $36.42. The coin’s price is now back on its way to the $36.22 resistance level.
  • From above: The nearest level of resistance lies at $37. Above $37, further resistance is found at $38 and $38.53 (where the medium-term 1.618 Fib Extension lies). The next level of strong resistance above $39 is at $40. If the bulls push the price above $40, more resistance is at $42 and $42.66.
  • From below: The nearest level of support lies at $36.22. Beneath this, additional support is found at $35, $34.20, $32.41, $31.20, and $30. If the selling continues beneath $30, further support can be expected at $28, $26.60, and $25.18.
  • The trading volume has remained very high during May and June.
  • The RSI recently bounced from the 50 level, indicating that the bulls remain in control of the market momentum. The RSI has more room to go higher before becoming overbought, which suggests that the bull run can continue.

Looking at the BNB/BTC 1-day chart:

  • Against Bitcoin, BNB has also continued to climb above the 100-day EMA at around 0.003680 BTC. Binance Coin recently reached the 0.004 BTC level where it met resistance.
  • From above: The nearest level of resistance lies at 0.004 BTC. Above this, further resistance is found at 0.0042 BTC, 0.0044 BTC, 0.004615 BTC, and 0.0048 BTC. If the bulls continue north, additional resistance lies at 0.004920 BTC, 0.0050 BTC, and 0.0052 BTC.
  • From below: The nearest level of support now lies at 0.003785 BTC. Beneath this, support is found at 0.003680 BTC, 0.003555 BTC, and 0.003420 BTC. If the selling continues, more support stands at 0.0031880 BTC, 0.0031 BTC, and 0.0030 BTC.
  • The Stochastic RSI recently produced a bullish crossover signal in the oversold territory, indicating that the previous round of selling has run its course. Furthermore, the RSI itself is currently battling the 50 level as the bulls attempt to take control of the market momentum.

Article Produced By
Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

Unstoppable Domains Set to Auction 60 Blockchain-based Domains

Unstoppable Domains Set to Auction 60 Blockchain-based Domains

Unstoppable Domains, a software firm that builds blockchain-based domains

which host uncensorable websites, has released a list of 60 .zil domains it plans to auction off on June 27, 2019, according to a press release on June 17, 2019.

The 60 Most Watched Domains

As stated in its press release, the San Francisco-based startup Unstoppable Domains has released a list of the “most wanted” domains it plans to auction off to the highest bidders on June 27, 2019. According to the firm, the 60 most watched .zil domains are: bitcoin, crypto, porn, blockchain, money, insurance, gold, cars, hotels, satoshi, bra, zil, usa, bank, wallet, beer, ethereum, carinsurance, lasvegas, pay, trump, weed, travel, toys, pizza, cannabis, xxx, litecoin, privatejet, music, xrp, fb, z, shop, 366, coffee, coin, cash, vacationrentals, porno, hotel, payme, booking, diamond, insure, game, exchange, 1, ripple, donaldtrump, abc, cardano, auction, shoes, ai, car, we, domain, elonmusk and israel. The firm claims the top bitcoin.zil domain has already attracted 505 potential buyers. Commenting on the matter, Matthew Gould, CEO of Unstoppable Domains, expressed his excitement over the growing enthusiasm people have shown towards its product so far.

He said:

“These domains provide two very essential benefits to users: they enable people to send cryptoto a single human readable name, and they offer a platform to create uncensorable websites. The concepts of free speech and growing the cryptosphere are really resonating with our customer base.”

Specifically, the team has made it clear that the auction will be divided into two broad phases. During phase one, the above listed 60 watchlisted domains will be auctioned for a “buy now” price of $10,000 each. Interested buyers can pay for the domains with either bitcoin (BTC), ether (ETH), litecoin (LTC) and bitcoin cash (BCH).

In phase two, zilliqa (ZIL) will be the only accepted mode of payment and bidding will start between $10 and $1,000 depending on the price of the particular domain in the pre-order phase. Participants cannot bid above $10,000. Each new bid must be at least five percent higher than the previous bid, and if a person is outbid, they will get their funds back immediately. The team says the auction event is open to participants from across the globe and anyone can watch the auctions live. In related news, in September 2018, BTCManager informed that the Ethereum Name Service (ENS) announced that users would be able to claim their unique .xyz domain names on the ENS platform. 

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Ogwu Osaemezu Emmanuel

Tom Lee Has a New Price Target for Bitcoin – USD 40000

Tom Lee Has a New Price Target for Bitcoin – USD 40,000


Bitcoin is just at the beginning of its bull run, and it will easily surpass its all-time-high,

said Fundstrat Global Advisors’ research chief Tom Lee. According to him, what could power the strong rise in Bitcoin’s price is FOMO (fear of missing out). On Monday, in the note to clients Lee wrote that Bitcoin can reach as high as USD 40,000, Bloomberg reported, noting that it might happen "within a few months". However, Lee later tweeted that Fundstrat is "not predicting USD 40k by Dec.", without elaborating. In either case, according to the note, the trigger for FOMO would be a breach of the USD 10,000 level, supported by better market transparency and integrity.

In January 2019, he said that USD 25,000 per Bitcoin forecast is a good value for the cryptocurrency. Now, Bitcoin is trading above the USD 9,000 level for the fourth day in a row. It has been at this level only 4% of its history, Lee stressed in an interview with CNBC. “We’re deep into a bull market, and people are pretty silent about it”, the bitcoin bull said. Facebook has just announced its Libra coin yesterday, but it’s not slowing down Bitcoin, which saw a rise of 146% this year alone. In regards to how it’ll progress from now on, as a guest on CNBC’s “Futures Now” on Tuesday, Lee said that Bitcoin will ultimately become a reserve currency in crypto. Furthermore, “I think bitcoin is easily going to take out its all-time highs” of USD 20,000 from December 2017.

Facebook’s announcement is “a complete validation that mainstream is now focused on cryptocurrencies”, Lee says, and it destroys the argument of believing in blockchain, but not in cryptocurrencies. Still, the main thrust of it revolves around the idea of decentralized finance, he said. “I think it is more targeted at stablecoin and creating a new kind of banking system, and it’s very complementary to bitcoin.” And while current developments are bullish for Bitcoin and bad for stablecoin and anyone who’s been trying to do decentralized finance, as Lee explains, the stablecoins will likely not drop in value. Those that grow are those that are widely used, “that’s why Tether’s done so well, and I think Libra’s ultimately going to be one of the dominant stablecoins”, though convertibility will be an issue, says Lee.

CNBC added that Lee wrote in his latest note to clients that he felt there was a lack of conviction in regards to bitcoin’s recent rally, based on his last week’s attendance at the CryptoCompare Digital Asset Summit in London. He wrote that many in the crypto sphere were hesitant to agree that the crypto winter was indeed over, saying that they are worried about persistent volatility in altcoins, fundraising issues in the digital currency market, general bearishness, and remaining concerns from crypto’s 2018 drop.

Meanwhile, Jehan Chu, co-founder and managing partner at Kenetic Capital, a blockchain investment and advisory firm, recently estimated that bitcoin will reach USD 30,000 by the end of the year. “We could go as low as the 6,000 level,” he said in an interview with, but finds that various developments, increasing number of institutions coming into the crypto space, and the announcements by major companies might potentially cause a massive rally.

Article Produced By
Sead Fadilpaši?

Sead is a staff journalist at who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

Zilliqa Collaborates With Xfers to Bring the Benefits of Blockchain to Southeast Asia

Zilliqa Collaborates With Xfers to Bring the Benefits of Blockchain to Southeast Asia


One cryptocurrency project that has engaged in new initiatives

to improve customer service and boost adoption is Zilliqa. According to recent reports making rounds in the crypto space, the public Blockchain platform, Zilliqa has announced a new partnership with Xfers. The goal of this accord is to bring new innovations through Xfers’ enterprise solutions, such as support for payments, built-in digital wallet, and regulatory compliance to name a few. Zilliqa has revealed that it is partnering with MAS (Monetary Authority of Singapore)-approved WA SVF (Widely Accepted Stored Value Facility), Xfers, to develop more Blockchain uses when it comes to payment solutions powered for more than 500,000 users in the Southeastern part of Asia.

About Xfers

Xfers was founded in 2014. The company has an extensive portfolio of big clients in the fintech industry including Tunaikita and Julo two of the largest Southeast Asian peer-to-peer lending platforms. Another of Xfers client’s is Payfazz. Payfazz is an Indonesian based financial platform.

This service is extremely important for people who are unbanked. Take these stats as an example, the entire South East Asia as a whole is home to a mobile connectivity rate of about 133%. This is because some people own multiple SIM cards or mobile phones. However, only about 27% of this population have bank accounts. Cambodia is another region with extreme mobile connectivity rate of about 173%. However, only 13% of the full population of users have bank accounts. However, with the help been offered by Xfers’ payment infrastructure built on the smart contracts layer of Zilliqa, Xfers’ pool of enterprise solutions can come new innovations that offer support for payments, disbursements, regulatory compliance, and add a built-in digital wallet, to name a few.

The Goal is to Create a Digital Financial System in Southeast Asia

Speaking on the new initiative Tianwei Liu, who serves as the CEO and Co-founder of Xfers, said: “The vision of Xfers has been to create a trusted, digital financial system in Southeast Asia. Home to 600 million people, the Southeast Asian market is still predominantly unbanked. At least 70% of citizens have no access to the basic financial system.”

By partnering with Zilliqa, the goal is to provide cutting-edge solutions that will grant equal opportunities to citizens as well as cost-saving solutions for businesses to run digitally who are looking to come to the region. As we move into the next growth phase for financial innovation, it is only the most robust tech solutions that will allow us to embrace a digital economy fully,” he added. Zilliqa is known as an enterprise-grade open Blockchain platform designed to use sharding as its on-chain solution to help sustain decentralization and allow greater scalability. To date, Zilliqa’s Blockchain can process as many as 2,828 transactions per second.

Singapore Has a Large Base of Xfers Users

Xfers has great value for Singaporeans. Nearly all fiat to crypto bridges in the country use Xfers. Xfers is the preferred payment model on Singapore’s Coinhako exchange. An Xfers account is the sole payment method on the Singapore arm of Binance exchange. Xfers used to be Coinbase’s main payment model in Singapore until its volume became untenable. As of press time, the price of ZIL was trading at $0,024.

Article Produced By
Brian Lubin

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.


Hong Kong protestors buy Bitcoin over fears of mainland control

Hong Kong protestors buy Bitcoin over fears of mainland control


Protests against a controversial extradition law resulted in Bitcoin trading

at a premium in Hong Kong. BTC has been trading between $75 and $160 over the global average on local exchange Tidebit, with many experts believing an even bigger premium will follow.

Protests over controversial law push millions into the streets of Hong Kong

Bitcoin has seen its value skyrocket in Hong Kong, where weeks of political tension have culminated in a city-wide protest. According to the BBC, almost 2 million people took to the streets of Hong Kong in response to a controversial extradition bill. The proposed law would allow Chinese authorities to extradite any Hong Kong citizen to mainland China—a notion many citizens believe would stomp on the freedoms they enjoy through Hong Kong’s autonomous status.

Protestors demanded the resignation of Hong Kong chief executive, Carrie Lam, as well as the complete removal of the proposed legislation. However, despite the government’s decision to suspend the law “indefinitely,” many residents are still worried about the increase in control China could have over the city. Many wealthy Hong Kong residents have already started moving their funds offshore. According to Reuters, the extradition bill would allow Hong Kong courts to freeze and confiscate assets related to crimes committed on the mainland beyond an existing provision covering the proceeds of drug offenses. Financial advisers and lawyers have already started gearing up for a mass migration of funds to other safe havens in Asia, particularly Singapore.

The tycoons turn to Singapore while the citizens turn to Bitcoin

While Hong Kong tycoons were busy with transferring their funds to Singapore banks, Hong Kong residents were also trying to find a way to diversify their assets and keep them away from prying Chinese hands. Since the start of the protests, a noticeable uptick in Bitcoin’s trading price has been noticed in Hong Kong. Local cryptocurrency exchange Tidebit has seen the price of BTC skyrocket, reaching prices almost $160 higher than the global average (roughly a 1.5 percent premium).

Mati Greenspan, the senior analyst at eToro, pointed out that 1 BTC was going for over 73,000 HKD, or around $9,337. While Bitcoin has seen its price grow significantly over the weekend, its price on Tidebit was $159 above its average global rate. There has also been a steady rise in demand for Bitcoin Cash (BCH) on and Paxful, with Hong Kong buyers looking to purchase the Bitcoin offshoot both for cash and other alternative means of payment. Many experts predict an even further increase in premium in Hong Kong, as its residents seem eager to continue the protests.

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Priyeshu Garg

Gitcoin and ConsenSys Labs partner for Beyond Blockchain hackathon

Gitcoin and ConsenSys Labs partner for Beyond Blockchain hackathon


Gitcoin and ConsenSys Labs will host a three-week virtual hackathon called Beyond Blockchain

from June 24–July 10. The event gives participants the chance to win prizes in Ethereum and ERC-20 tokens posted as bounties on Gitcoin. According to the announcement, the event focuses on bringing blockchain tools and technologies to a wider audience.

Funding open-source projects

$10,000 in prizes are up for grabs in categories like media, healthcare, and decentralized finance and more sponsorships and bounties will be announced as the event approaches. Prizes will be offered as bounties on Gitcoin’s platform using a featured hackathon prize explorer. The virtual hackathon continues efforts by Gitcoin and ConsenSys to develop funding for open-source projects. Interested developers, designers, and entrepreneurs can sign up here. Organizations interested in pitching sponsorships related to the event’s theme of increasing the adoption of blockchain tools and technologies can contact Gitcoin has promised to deliver more announcements regarding prizes and bounties in the weeks approaching the hackathon.

Previous events

The announcement comes just over a month after the close of the Ethereal Virtual Hackathon, and Ethereal Summit New York. Held in partnership with Microsoft, the hackathon saw over 600 participants competing for $67,000 in prizes offered by 14 different companies. Gitcoin offers a crowdfunding platform connecting projects with software developers. The project boasts 20,000 developers who have completed over 4,000 projects for a total of more than $1.5 million using the platform. Gitcoin’s hackathons give participants the opportunity to meet and work with important figures in the open source ecosystem. ConsenSys Labs is the venture arm of Consensys, supporting projects in the Ethereum ecosystem through seed and pre-seed investments and their accelerator.

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Seth Goldfarb

Seth is a Seattle-based writer who helps businesses using blockchain tell the stories of their success. His work has been published in CryptoSlate, Hacker Noon, and Coin Review and clients have included Evernym and Aave. Seth also maintains a calendar of Seattle-area blockchain events at

Cryptocurrency: India Deny Existence Of Blanket Ban Bill

Cryptocurrency: India Deny Existence Of Blanket Ban Bill


If you’ve been keeping up to date with the crypto space over the past few weeks

then you will have heard about India’s ‘proposed’ blanket ban over cryptocurrencies in the nation. This blanket ban would make ownership of Bitcoin and altcoins completely illegal and if found guilty of holding such digital assets, you could be facing up to ten years in prison. However, despite this being common knowledge within the crypto community, the Reserve Bank of India (RBI) has denied that this ‘proposed’ bill actually exists.

Amongst this, the RBI has responded to a ‘Right to Information’ request which was published on 4th June by a lawyer that works in blockchain-related matters. The Bank claims that they weren’t in communication with governmental bodies throughout the legislative process as well as them not receiving any copy of the bill. Regulation for Bitcoin and blockchain in India hasn’t had an easy ride with threats of bans being interspersed with different government initiatives, as well as a regulatory sandbox from the RBI. It’s worth noting that just because the Indian Bank doesn’t acknowledge this new bill, it doesn’t necessarily mean that it isn’t a real thing. That being said, the high level of participation from the RBI in previous crypto matters.

India vs Cryptocurrency

As previously mentioned, there is a harsh punishment involved for people who defy this bill. It seems that the nation is taking their approach to crypto with an iron fist as offenders of the bill would be subject to ‘non-bailable’ sentences according to ‘The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill’, sourced by Bloomberg. On top of this, it adds the degree of punishment which would be appropriate to the user’s cryptocurrency portfolio. The harsh nature of the bill goes on as the bill states fines levied by the courts would be three times as much as the profit the individual made from crypto in the first place.

The proposed bill states:

“The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.”

This bill comes as a controversial (and quite hypocritical) time, as the nation is currently in talks to launch its own state-backed cryptocurrency, the digital rupee.

RBI Keeps Clear of Crypto

In looking for more information about the proposed bill, the lawyer Varun Sethi filed an inquiry into the RBI’s involvement in the matter. For those that don’t know, Sethi is an expert in the field of blockchain dealing with several legal matters in the industry. Varun has met with officials stated that the RBI was not in contact with governmental agencies throughout the legislative process and had not received a copy of the bill either. Many of the lawyer’s questions were sent to the Department for Economic Affairs as well as the Ministry of Finance by the Bank.

As reported by CCN:

“The RBI has been at the forefront of much of the current regulation of crypto and blockchain in India. It was through the central bank that institutions which fell under the bank’s regulations were prohibited from processing cryptocurrency purchases in 2018.”

Furthermore, they were also involved in some pro-blockchain regulations when they revealed a regulatory sandbox that would enable the allowance of blockchain related products to be tested, however, virtual currencies are not included in this.

Harsh Outlook

This harsh outlook on cryptocurrencies from India has seen some criticism from industry figures like Tim Draper as well as the CEO of Binance, Changpeng Zhao. In April last year, the rumours of a blanket ban surfaced. At the time, the American venture capital investor and entrepreneur, Tim Draper said that he thought banning Bitcoin and cryptocurrencies would be

a huge mistake.

“If the local authorities are banning crypto, then companies in the space should move elsewhere. The government needs to realize that it is stifling innovation and should instead be creating an environment where these ideas can be tested and promoted. They have the choice to be trendsetters and attract the world’s best engineers and coders, or lose their best and brightest to other regions. Countries such as India, where billions of rupees are wasted on inefficiencies and needless paperwork, will benefit most from the ease and security of blockchain.”

In response to this Indian bill, Zhao said that it would see a big drive for privacy coins like ZCash and Monero. Why the RBI is denying the existence of the blanket ban bill is unknown. One side says they're trying to cover it up whereas the other suggests there might not be a bill in the first place. Only time will tell to see which side is true.

Article Produced By
Mark Nezvisky

Mark Nezvisky

I'm responsible for filming fresh, daily market, blockchain and crypto news for Crypto Daily's YouTube Channel. We cover a variety topics and coins to suit the taste of different investors, traders and crypto enthusiasts. For many years my background was mainly in Recruiting and Marketing. I also enjoy running a musical YouTube channel in my spare time.

3 Major Indicators the Altcoin Season Might Skip a Year

3 Major Indicators the Altcoin Season Might Skip a Year

                             TheMerkle_Spain Limiting Cash usage


It has been a very interesting week for Bitcoin in the price department.

The same can’t always be said about the altcoins, as they need a bullish Bitcoin to note any real gains of their own. This week, it became apparent that some of the bigger exchanges will introduce drastic changes. An interesting turn of events, albeit one that won’t harm the industry all that much.

Binance Exits the US

It was a matter of time until a big crypto trading platform decided to leave the United States behind. Despite being a country where there is plenty of Bitcoin and altcoin activity, it is evident the ongoing geo-political tensions make for an uneasy situation. Binance, currently the biggest trading platform in this industry, will bar US users in the next few months. However, this does not mean the company is abandoning its large US-based community either. A dedicated US-oriented trading platform will be created in the near future. While details are still scarce, it seems to indicate the altcoins will not have too much excitement to push them higher until the dust settles. For now, no major sell-offs are to be expected, albeit one never knows what the coming weeks may bring.

Bittrex Makes More Tokens Inaccessible to US Users

There appears to be a genuine crusade going on against cryptocurrency enthusiasts in the United States. Altcoin traders who frequent the Bittrex platform will see another few dozen tokens become inaccessible to them in less than two weeks from now. This news comes on the heels of 32 other tokens becoming inaccessible more recently. Among the list of newly mentioned tokens are the likes of Civic, Gnosis,, NXT, TenX, and several others. These assets can still be traded on Bittrex International, but the main platform will no longer provide these pairs to customers in the United States. Most of these tokens were sold through Initial Coin Offerings, which may have something to do with this recent decision.

Limited Availability of Tokens

Based on the information currently available, it seems users will need to look beyond Bittrex (except the International version) and Poloniex to get their trading in. Coinbase only provides exposure to so many tokens and assets, which doesn’t make it the ideal choice. It seems that Kraken, eToro, and Huobi may see a small increase in users, although they too lack support for most tokens. All of this goes to show things are changing rapidly behind the scenes of the cryptocurrency industry. Only time will tell if these changes are for better or worse, as the opinions remain rather divided on that front. Once Binance’s US-oriented platform comes online, things may look up again. Until then, it seems likely javascript:void(0)y most of the smaller altcoins will see a lot of price fluctuations, either for better or worse.

Article Produced By
JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers.

New Milestone for Bitcoin: Over One Million Daily Active Addresses

New Milestone for Bitcoin: Over One Million Daily Active Addresses


The number of active addresses on the Bitcoin blockchain

has recently surpassed one million, a figure the flagship cryptocurrency hasn’t seen since late November of 2017, when it was on its way to an all-time high close to $20,000. The number of daily active addresses essentially defines the number of unique “from” or “to” addresses being used in a single day, and doesn’t mean there are one million users transacting BTC per day.How many people use the Bitcoin blockchain per day isn’t clear. While various companies in the cryptocurrency space have revealed they have millions of users, how many of these merely buy and hold coins is unclear. While the number of unique daily active addresses seems to not show much at first, it indicates that most transactions in the cryptocurrency space aren’t just being made by large cryptocurrency exchanges, and that adoption is slowly growing.

Cryptocurrency researchers Kevin Rooke noticed the number of daily active bitcoin addresses surpassed the one million milestone, and noted that the last time it occurred BTC was trading at $9,350, with the median transaction fee being of $3.23, while the median transaction fee is now less than half of that. Curiously, shortly after reaching the one million milestone, bitcoin’s price started rising, from $8,450 to a $9,300 high. At press time, CryptoCompare data shows the cryptocurrency’s price corrected, and is at little over $9,000. As covered one of the factors behind the flagship cryptocurrency’s price rise could be Facebook’s entry into the crypto space. Jeremy Allaire, the CEO of Circle, noted yesterday he sees BTC surpass the $10,000 mark by June 21 because of it.

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Francisco Memoria

Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

3 Reasons why BitMesh’s Removal of XRP Won’t Matter Much

3 Reasons why BitMesh’s Removal of XRP Won’t Matter Much


There are dozens of cryptocurrency exchanges and trading platforms around the world.

Some companies have a better reputation and reach than others, which is only normal in this nascent industry. BitMesh, while not the most popular exchange, will delist various trading pairs. One of them is XRP, which raises a fair few questions.

The Surprising Removal of XRP from BitMesh

In an email sent out to its customers, the BitMesh team explains how several altcoins, tokens, and assets will be removed from the platform over the next few days. While most of these offerings will not cause anyone to lose sleep whatsoever, the removal of XRP is a rather noteworthy development in its own right. It is one of the top markets in this industry, thus one has to wonder what has driven this decision exactly. There are many different reasons which may contribute to such a turn of events. At this time, it is evident XRP is one of the least liquid markets on the Bitmesh trading platform. It is only traded against Bitcoin, which will not exactly get too many people excited right away. This trading pair is also available on virtually all major trading platforms, where volume is not an issue whatsoever.

No Real Impact on Trading Volume

With the low trading volume offered by Bitmesh, it seems this delisting will not cause any major concerns in that regard either. Ripple’s native asset can be traded across roughly 400 trading pairs, which doesn’t even include BitMesh. There are also quite a few other exchanges which don’t node any real trading volume for this asset right now, yet they show no indication of removing this pair anytime soon. It is rather remarkable to see how much trading volume XRP can generate these days. A fair few trading pairs focus on the USDT market or fiat currency pairs, which are a lot more popular than trading the asset against Bitcoin these days. Albeit Bitmesh also provides USDT and USDC trading, it never allowed Ripple’s asset to be a part of that select club, for some unknown reason.

Price Impact Should be Minimal

While it is never good to learn a particular market will be removed from an exchange without much of an explanation, this decision will not disrupt XRP’s overall price trend. The exchange in question is too small to have any notable effect in that regard, although there might be a few panicky Tweets and other social media messages moving forward. For most users, it is best to ignore any panic-spreading attempts or FUD regarding Ripple’s asset. After all, this is a very minor exchange taking a course of action which has seemingly everything to do with liquidity rather than anything else. It is still advised BitMesh users withdraw the to-be-removed assets in the next two weeks, as no further withdrawals will be honored afterward.

Article Produced By
JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers.