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UpBit to Delist all Private and Anonymous Altcoins Soon

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Various cryptocurrency exchanges continue their war against privacy coins. Some governments around the world have taken exception to the currencies providing more anonymity and privacy than Bitcoin ever will. As a result, UpBit has confirmed it will remove all trading pairs which fall under this category. A worrisome development, although it seems unlikely too much will change for these markets. 

Regulation in South Korea

It is not uncommon to see trading platforms delist certain currencies every now and then. It is pertinent for these companies to get the most bang for the buck regarding the resources they provide. Additionally, exchange operators have to adhere to very strict guidelines imposed upon them by their local government. More often than not, those rules force companies to make tough and unpopular decisions. In the case of upBit, there isn’t too much they can do about the current demands. 

For the South Korean exchange, adhering to the FATF is the number one priority. This organization regulates financial service providers regarding anti-money laundering protection. Additionally, a new commissioner was appointed for the FSC, the Financial Services Commission. Combined, they are seen as a joint task force which seeks to regulate all financial aspects of South Korea, either for better or worse. For cryptocurrency exchanges, it forces them to abide by those organizations’ guidelines at all times, even if they don’t necessarily agree with them. 

The Coins to be Removed

Anyone who has kept close tabs on cryptocurrency regulation in Asia may have noticed a peculiar trend. Governments genuinely oppose privacy and anonymity-oriented cryptocurrencies. This trend has become apparent several months ago and is now seemingly spreading to other regions across Asia. In South Korea, it forces exchanges to delist Monero, Dash, ZCash, Haven, BitTube, and PIVX. All of those currencies are considered to be a threat regarding money laundering when using cryptocurrencies. 

While this particular “law” isn’t overly popular in South Korea, it isn’t something that will be changed either. Especially with the new FSC commissioner at the helm, it seems likely to assume a further crackdown on these types of currencies will occur fairly soon. That in itself would be rather interesting to watch, albeit it could also spell trouble for these altcoins. Until recently, getting listed on a South Korean exchange was the main objective for these projects. Now that they are getting removed, a very troublesome shift lies ahead.

No big Volume Loss

Although a delisting of altcoins can be problematic, it seems unlikely that much will change for these particular projects. UpBit has never generated much trading volume for any of the pairs mentioned. ZCash is the one with the most volume over the past few days, although the $450,607 in trades won’t make much of a difference. Haven Protocol and Moner are further down the rankings, further confirming South Koreans using this trading platform never showed much interest in those pairs to begin with.

The bigger problem is how other trading service providers will respond. Stories involving Monero, Dash, and others getting delisted have become fairly common. As such, the Western exchanges may start to rethink their position on these particular assets as well. If that were to happen, the altcoins mentioned above could find themselves in a rather unfavorable position altogether. 

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Altcoins May Consolidate for Six Months or More Before “Altseason” Kicks Off

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Bitcoin has been stuck in a period of consolidation for the past several days and weeks, which has proven to be a positive thing for altcoins, as many have been able to post decent gains over the past few days.

It is important to note that analysts do anticipate altcoins to potentially consolidate for many more months before the prophesized “altseason” kicks off, but there is a possibility that they will see a decent sized uptrend in the short-term.

Altcoins Pop as Bitcoin Consolidates Around $8,300

At the time of writing, Bitcoin is trading up marginally at its current price of $8,320, which marks a slight retrace from its daily highs of $8,400 that were set over night, and it appears that this price is a short-term resistance level for BTC.

Multiple altcoins have been able to surge amidst this bout of sideways trading for BTC, with XRP surging nearly 4% yesterday and quickly climbing back into the $0.30 region, which is significantly higher than its recent lows of $0.24.

Luke Martin, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that XRP is the strongest major altcoin as far as TA is concerned, which could mean further gains are imminent in the near-term.

“$XRP is the strongest major for the 3rd/4th week in a row,” he explained.

Today, Binance Coin (BNB) has led the markets as it has been able to surge nearly 5% to its current price of $18.97, which marks a decent climb from its recent lows of under $16 that were set earlier this week.

Will Major Cryptos Trade Sideways in Near-Term?

Naturally, any major Bitcoin movement will likely provide some guidance to the aggregated crypto market, it is important to note that one analyst believes that altcoins may trade sideways for the coming six months regardless of how Bitcoin trends.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying that most major alts will either incur a “nice” uptrend in the near-future, or will be stuck in an “accumulation” range for the coming six months or so.“A few examples of coins having similar cycles and “W&P Pivots”. $XRP $LTC $ADA $ETH $ZEC $NEO. Ichimoku on the 1W for all suggest the possibility of a nice trend, or a 6 month accumulation. #CryptoIkagi March-April 2020,” he said while pointing to the below charts.

The coming few weeks should provide insight into where most major altcoins will head in the near-future, and any further extension of their recent incurred upwards momentum may mean that an uptrend is imminent.

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Altcoins may face imminent mass consolidation

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  • Industry experts at the Delta Summit see a squeeze in the Altcoin market.
  • Bitcoin is dominating around two-third of digital coins supply.
  • Mass consolidation could also see the evaporation of many projects.

“Extinction Rebellion” is one of the movements fighting climate change – but Altcoins’ attempt to rebel may be futile. FXStreet’s Tomàs Salles is attending the Delta Summit in Malta and reports about a growing notion that the number of cryptocurrencies will significantly fall. 

Andy Cheung, Head of Operations at OKEx, says that projects that have failed to reach a critical mass may reach the end of the road sooner rather than later. His views are shared with several other prominent industry leaders. 

No fewer than 2,940 crypto projects are currently listed on CoinMarketCap. Bitcoin is worth around $146 billion, Ethereum around $18 billion, and Ripple just over $10 billion. Tron, which has enjoyed a surge of late, is worth less than $1 billion and is located in third place. Overall, the total market cap of all the coins and tokens listed on the website stands at around $217. Bitcoin, the granddaddy of cryptos, is worth around 67% of the market. 

Bitcoin dominance October 2019 coinmarketcap

Source: coinmarketcap.com

It is essential to stress that some projects may have a brighter future than others. Ethereum, which powers several ventures, may consolidate its power and emerge stronger. Ripple, whose technology is used for transactions, may morph into a successful blockchain company – but perhaps lose its prominence as a cryptocurrency. 

Other projects down the line may rise or fall on adoption – which may become the key to success. It may replace wild speculation as the prominent driver of prices.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:fxstreet

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Altcoin News Today – September 27, 2019

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  • Major Altcoins Hit 6-MONTH Lows 
  • Ripple, EOS, Litecoin and Others Lead the Decline 

With the recent price movement of altcoins, there have been several price crash of altcoins doing the week, with some little consolidations here and there, still, the price has hit a dead end. Altcoins are still trying to recover from Tuesday’s sudden price crash, the price movement left double-digit losses for altcoins. Unfortunately, Bitcoin took the strongest hit with a massive loss of up to 34% with other altcoins hitting several month lows.

As of yesterday, the trading price of altcoins received some consolidations, sadly today, the trading price is showing a plunge towards the downward trading price. Almost all the top 10 altcoins by market cap have hit a 6-month low, this happened shortly after the massive decline of BTC’s trading price.

Stellar (XLM) the 10th most popular coin narrowly escaped the red zone, the coin is currently trading at $0.058, amassing a 3% profit. As at the time of writing, Litecoin, EOS, and Binance Coin have declined to their lowest trading point of 6-months following Bitcoin’s major sell-off pushed traders to quickly withdraw for the market.

In the last 24 hours, Ether declined by 2.35%, currently trading at $164 per coin, recording a loss of $60 for the past 7 days.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1Bitcoin(BTC)$8,004.26-4.72%

Ripple is not left out of the price decline, currently, XRP is trading at $0.22, which is below 1.58% on the day. XRP is currently is the biggest loser amongst other altcoins by market value. Going by the altcoin price analysis, XRP is way above other altcoins after hitting its lowest trading price in almost 2 years. Bitcoin cash (BCH), Ether (ETH) and Bitcoin SV (BSV) experienced the least effect of the downward price flu after hitting just 4-month lows.

With the downward price movement of altcoins, several analysts are thrown into a state of contention as to which coin will get support first as most of the coin has passed below their 200-day moving average point, indicating a long-term market condition as at July. Going by the overall market cap as of September 24th, 2019, a total of $16 billion has been withdrawn out of the altcoin market excluding Bitcoin.

Other altcoins that declined and are experiencing exit of cash include EOS – 3%, BCH – 4.7%, while ADA and TRX are both experiencing losses close to 3%. Huobi Token (HT) is having is worst out of the altcoins, the coin is down almost at 5%. Currently, the total cryptocurrency market cap is at $213.5 billion, with Bitcoin making overall up to 68.2%.


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