Bitcoin SV [BSV] delisting continues as several exchanges follow Binance to oust coin

The domino effect was in full swing, as Binance’s Bitcoin SV [BSV] delisting buoyed several exchanges to follow suit. The now 14th largest cryptocurrency in the market had a disastrous start to the week, with a slew of de-platforming announcements spelling a bearish wave.
A mere three hours after Binance’s announcement, Shapeshift’s CEO Erik Voorhees announced that BSV would be delisted from their services, followed by a Kraken pool hinting at delisting and pulling the trigger less than a day later. Since then, several cryptocurrency platforms have joined the delisting brigade.
The Hong Kong exchange Bitforex, took the cautionary Kraken approach, putting out a pool to gauge public sentiment before delisting the coin. Bitforex stated that if the majority voted in favor of delisting, the exchange would pull the trigger. After over 50,000 votes, over 55 percent of the respondents were in favor of the delisting, which now looks imminent.
Bitrue, the California-based exchange announced that it will also show the door to the Bitcoin Cash [BCH] hardfork, stating via a tweet:
“To preserve our integrity & community trust, we will delist $BCHSV before it causes trouble and destroys more confidence in the crypto space!
$BCHSV will be delisted within 24hrs. Withdrawals will be kept open @BitrueOfficial .”
The UK-based cryptocurrency trading platform Bittylicious announced on April 16 that Bitcoin SV will be off-loaded from their services as well. Besides the “low volumes” of the coin, the platform pegged the “toxic litigious environment” that its proponents created as the main reason for the delisting.
Other platforms to hint at a possible Bitcoin SV delisting from their services were bitcoinrewards.com and Cryptoradar.
The delisting dilemma has seen the price of Bitcoin SV plummet by over 20 percent after the Binance announcement. The coin fell two spots on the global coin ladder, allowing Monero [XMR] and Dash [DASH] to surge ahead.
On the bright side, if there is one, Satoshi’s Vision did foresee delisting on the horizon, particularly after CZ’s “Anymore of this sh!t, we delist,” tweet, and came up with a back-up. A “Bitcoin SV based exchange” named FloatSV was launched, in partnership with OKEx, based on an April 12 announcement, a day after the aforementioned CZ tweet.
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Source: AMB Crypto

Kraken shows the door to Bitcoin SV [BSV]; joins Binance and Shapeshift to delist coin

Kraken the American cryptocurrency exchange has officially tossed Bitcoin SV out of its platform. Following the likes of Binance and Shapeshift, the San Francisco exchange announced the delisting of BSV on April 17.
Kraken tweeted:
“The people have spoken. Kraken is delisting BitcoinSV”
As the Binance and Shapeshift decision collectively rocked the BSV market, Jesse Powell’s Kraken did not immediately join the delisting brigade. The exchange decided to gauge public opinion of a decision that could send shockwaves through the market.
On April 15, Kraken put out a pool, which saw over 65,000 respondents on the BSV-delisting issue. An overwhelming majority of over 72 percent backed the delisting option, stating that the coin is “toxic” to the community. Only a mere 7 percent did not want the coin to be delisted while the rest didn’t bother too much with the issue.
In a blog, Kraken also explained their motivation behind this move:
“Over the last few months, the team behind Bitcoin SV have engaged in behaviour completely antithetical to everything we at Kraken and the wider crypto community stands for. It started with fraudulent claims, escalating to threats and legal action, with the BSV team suing a number of people speaking out against them.
This aggression will not stand. Alongside other upstanding members of the community, and in consultation with more than 70,000 Kraken users, we have decided to delist Bitcoin SV. Deposits will be disabled April 22. Trading will cease on all trading pairs April 29. Withdrawals will continue until May 31.”
Unlike Binance that jumped the gun, due to the prominent support for the delisting approach, Kraken took a more measured path. It should be noted that Changpeng Zhao, the CEO of Binance did float the possibility of a delisting days before the actual announcement. Several influencers backed delisting, not only from Binance but from a host of exchanges.
The delisting cry comes after the two spearheads of the project Craig Wright and Calvin Ayre have been launching legal notices to those who contest Wright’s claims of being Satoshi Nakamoto and call him a “fraud.” Peter McCormack and Hodlonaut are two prominent crypto-influencers that have been subjected to this legal charge from the BSV camp.
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Source: AMB Crypto

Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting

SBI Virtual Currencies, a licensed cryptocurrency exchange based in Japan has delisted Bitcoin Cash [BCH] in a knee-jerk response to the recent delisting of Bitcoin SV [BSV] by Binance. Speculators suggest the Japanese exchange’s close ties to the BSV camp as the reason behind BCH being booted out.
As confirmed by an SBI press release, translated from Japanese, dated April 16, the exchange stated that the “schedule for the abolition” of Bitcoin Cash is proposed for the end of the month. However, the date of withdrawal for the same is “planned” for June.
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Source: AMB Crypto

Bitcoin SV [BSV] freefalls in excess of 20% as Binance, Shapeshift and possibly Kraken delist coin

Termed as the “right thing” to do, Binance CEO Changpeng Zhao announced the delisting of Bitcoin SV [BSV] from their services, leading to a massive freefall for the once top-10 coin and a bearish trend for the collective market.
Following the tirade of BSV proponents Wright and Ayre handing out legal notices to those who opposing Wright’s claim of being Satoshi Nakamoto, the crypto-community lashed out at the BCH hard fork demanding their delisting.
CZ, on April 11, voiced his discontent with Holdanaut, a popular crypto-Twitter handle being served a legal notice by the BSV duo, stating “Anymore of this sh!t, we delist!” and joining the ‘Wright is not the creator of Bitcoin’ camp. Several crypto-proponents even appealed to other exchanges to follow suit.
Only four days since the initial “threat”, did Binance pull the trigger. With no stoppage to the relentless claims, Zhao announced via an April 15 tweet that the largest exchange in the world will delist Bitcoin SV. Satoshi’s Vision will officially be offloaded by Binance on April 222 at 1000 UTC.
According to the exchange’s website, a host of reasons could result in the coin being shown the door. The main reasons cited are a lack of commitment in the project, poor development activity, and communication, poor smart contract stability, fraudulent conduct, or unhealthy ecosystem.
Binance was not the only exchange to boot out Satoshi’s Vision, with Erik Voorhees’ Shapeshift also delisting BSV. The American cryptocurrency exchange Kraken has also hinted at a delisting via their Twitter page.
Source: Trading View
It comes as no surprise that a delisting by the biggest exchange in the world has resulted in a massive freefall in the BSV price, declining by a whopping 21.22 percent at press time. Following a rise to $95 at the beginning of the month, when BTC ascended above $5,000, the current price is 40 percent lower, trading at a dismal $57.12.
Bearish sentiments set in when the first delisting hint was dropped by CZ on April 11 which resulted in investors panicking and selling off the then twelfth largest coin in the market. The dump began at 0900 UTC on April 14, when the coin was trading over $70 and continued till the coin hit $55. The coin has since increased by $2, providing some respite to the BSV community.
Market cap has also seen a monumental tumble, with the coin dropping under $1 billion, down to a bottom of $966.67 million. This decline has resulted in the coin dropping by two spots on the coin ladder to 14th, allowing Monero [XMR] and Dash [DASH] to rise up.
OKEx takes the top spot in terms of BSV trade volume, accounting for 8.89 percent of the global trade via the trading pair BSV/USDT. Binance still holds a considerable share of the BSV volume, accounting for 7.73 percent and 5.89 percent via the trading pairs BCHSV/USDT and BCHSV/BTC, which will eventually cease on April 22.
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Source: AMB Crypto

Top Gainers: Tezos [XTZ], Bitcoin Cash [BCH] and Litecoin [LTC] surge as collective market turns green

Bitcoin’s [BTC] early-April price rally met its first obstacle last week when a market correction dragged the top coin below $5,200 and the global coin market cap under $180 billion. Now, it seems like the bears have backed off, with the market trading in green with a few coins spearheading the bullish charge.
Source: Trading View
Tezos [XTZ], was the only coin that amassed a double-digit increase, while its competitors edged the US dollar minimally. Closing the previous week on a high, the 16 largest cryptocurrencies had a slew of announcements that contributed to the rise. Tezos’ Athens second round of voting was complete, node management improved, data fetching was updated via Conseil and the Tezos board saw a restructuring.
During the weekend, Tezos saw a massive increase in its price from $0.96 by 16.66 percent to break $1 ceiling and reach $1.12, within nine hours. The same period saw a massive $150 million top-up to the Tezos market capitalization. Given this rapid and massive rise, the coin overtook both Neo [NEO] and Ethereum Classic [ETC] on the coin ladder.
Gate.io takes the top spot in terms of XTZ trade volume, accounting for 17.98 percent of global trade via the trading pair XTZ/USDT. Other notable exchanges on the list are BitMax, Bitfinex, and Kraken.
Source: Trading View
Bitcoin Cash, has been riding a bullish wave isolated from the collective market surge, which has allowed the BTC hard fork to jump two spots ahead, overtaking EOS [EOS], and Litecoin [LTC]. Last week, the Singapore exchange Huobi integrated Bitcoin Cash on the exchange’s derivative market allowing investors to take a short or long position with the crypto. This addition saw BCH join the likes of BTC, Ethereum [ETH], Litecoin, EOS, and XRP, on Huobi DM.
The price of BCH, which is already enjoying quite an upswing was further buoyed by the aforementioned announcement. Beginning at 0500 UTC on April 14, the price began to move from $278 and was rising by 8.63 percent to break the $300 barrier. The market cap of the coin added over $500 million since the rise began, increasing the lead on Litecoin. As things stand, BCH edged up the dollar by 9.5 percent in a 24-hour window.
OEX takes the top spot in terms of BCH trade volume, accounting for 16.17 percent of the global volume via the BCH/USDT trading pair. Other prominent exchanges on the list are OKEx, CoinBene, and Huobi Global.
Source: Trading View
Digital Silver trailed Bitcoin Cash and Tezos by exhibiting a 7.95 percent gain against the dollar. Litecoin saw its highest hash rate achieved on April 8 at 359 terahash and with the imminent August halving in mind, the coin’s price surged. Interestingly, last week also saw a major correction for the coin, dropping by 18 percent, prior to the weekend’s gains.
Litecoin, unlike the other coins, is merely looking to get back to the bullish days of April 11, when the correction struck. Owing to that resurgence, the coin saw a price push of 5.89 percent to reach $83.72 within a five-hour period. The market cap of the coin added over $200 million, but still trails Bitcoin Cash by over $250 million.
Coinall accounts for 8.63 percent of the global LTC trade volume via the trading pair LTC/BTC. Other prominent exchanges on the list are Coineal, Bit-Z, and OKEx.
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Source: AMB Crypto

Bitcoin SV [BSV]: John McAfee sues Calvin Ayre in four different countries; vows to bankrupt him

The Bitcoin SV [BSV] saga has seen a new entrant thrown into the mix, with the controversy pivoted to rise rather than die down. John McAfee, the crypto-proponent and US Presidential candidate, has hit back against Calvin Ayre, reigniting their rivalry.
In a 13th April tweet, McAfee stated that he will sue the BSV proponent for “$800 mil,” taking the premise of the latter’s recent victory over Coin Rivet. McAfee referenced the Twitter debate that the duo had in mid-March, following controversial pictures uploaded by Ayre, which McAfee hit back at.
Calling the situation “unsubstantiable,” McAfee stated that despite lawsuits being “difficult” in Cuba, Ayre had assets in other countries, which he would target. The Presidential hopeful added that he would trace those assets and eventually “bankrupt” Ayre.
John McAfee’s tweet in full read:
“CoinRivet sued by Calvin Ayre. I’m suing Calvin for $800 mil. Calvin stated that I committed murder. Completely unsubstantiable. Cuba is a Civil Law country – making lawsuits difficult. However, I traced his assets to other countries. I will bankrupt him.”
The former software engineer attached the Coin Rivet article, apologizing to Calvin Ayre for their earlier reportage. On 16 March, Coin Rivet published an article titled “You’re heading down a dark alley, John McAfee warns Calvin Ayre,” in which they reported that Ayre had been “referred to Interpol, to the police and child abuse charities,” following pictures posted of the BSV man with “young” women.
Coin Rivet implied that Ayre was “guilty of child abuse offenses.” The publication later attested that the claims were “untrue,” and all articles that reference the same, both on their website and social media, have been “removed”.
Additionally, the publication has also agreed to pay Ayre libel for “substantial damages caused” as well as issuing a “statement to the English High Court in settlement of Mr Ayre’s complaint.”
McAfee, in reply to his tweet above, stated that he has already sued Ayre in “four different countries.” This would lead to Ayre having to retain legal teams in the aforementioned countries at least to hold off the claims. Furthermore, McAfee added that he has lawyers on retainer in 17 countries, hence, more lawsuits can be expected.
His tweet read:
“Will do. Lawsuits go on for years, but I will alert everyone when milestones are reached. I’ve sued him in four different countries. He will, at the very least, have to retain four different teams of lawyers. I, on the other hand, have lawyers already on retainer in 17 countries.”
McAfee concluded by stating that Calvin Ayre must “legally ‘substantiate’ the claims I am challenging.”
Using the above legal paradigm as a premise, McAfee vowed to sue Calvin Ayre for the latter attesting that McAfee is “wanted in Belize for murdering his neighbour.” In the midst of their Twitter warfare, McAfee imparted some “unsolicited advice” to Ayre, cautioning the BSV proponent to “pause for a moment and look at your reality.”
Ayre responded by stating:
“I am not saying McAfee is a murderer, I am saying the guy who confessed to killing his neighbour in Belize is saying John paid him so is a murderer:”
Later, Ayre told McAfee to “fuck off,” and called the presidential candidate, “a piece of Shite.”
The collective cryptocurrency community is likely to take McAfee’s side given the wave of opposition the BSV camp is facing at the moment. Craig S Wright, the Chief Scientist at nChain has vehemently conferred himself to be Satoshi Nakamoto, the creator of Bitcoin [BTC], so much so that the BSV camp is mounting a legal challenge to prove Wright’s identity. Ayre has already served “legal notices” to Pierre Rochard, Peter McCormack, Conner Brown among others for stating that Wright’s claim to be Satoshi amounted to “fraud”.
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Source: AMB Crypto

Grayscale Bitcoin Trust’s [GBTC] rise sharper than Bitcoin’s [BTC] price; institutional investors on an upswing?

The massive Bitcoin [BTC] price rally that began earlier this month, not only reaffirmed faith in virtual currencies, but also oversaw a wave of institutional growth. Grayscale Investment Group, the crypto-centric asset management firm, saw its Bitcoin Trust [GBTC] grow, relative to the price of the king coin.
Alex Krüger, an economist and trader, drew the difference in valuation surges between Bitcoin and the GBTC, citing “new money” that is being injected into the digital assets realm. He stated that Bitcoin saw a 28 percent rise against its price since April 2, while GBTC had risen by a whopping 47 percent, over the same time period.
His tweet read,
“$GBTC 10% today, outperforming $BTC.
– GBTC +47% since Apr/2 breakout
– BTC +28% since Apr/2 breakout
Another symptom of new money coming into crypto”
GBTC has seen massive growth since the beginning of February. The market price per share, as recorded on 5 February, stood at $3.60, and by the close of the first week of March, it stood at just under $5, a 38.88 percent pump. Over this period, Bitcoin saw a mere $300 increase in its price.
Prior to the April 1 price rally, the market price remained under $5. At its peak, on April 11, the price per share had risen by 47.19 percent to reach $7.36. However, this past week’s market correction not only dropped the collective market’s capitalization to under $180 billion, but also the price of GBTC to under $6.50.
Source: Trading View
GBTC as a metric of Bitcoin and its institutional effects is noteworthy as it is the maiden “publicly quoted security solely invested in and deriving value from the price of Bitcoin.” At press time, one GBTC share was valued at 0.00098409 the price of Bitcoin, or $5 when based on the price of the top cryptocurrency.
With respect to the above ratio, investors are paying a 37 percent premium on top of a 2 percent annual fee.
GBTC is one of the few products to allow investors to partake in the risk and reward of investing in the virtual currency market, without the hassle of private key storage. Brokerage accounts are also eligible for GBTC.
Hence, the growth of GBTC, especially relative to the price of the underlying digital assets, overstates the influx of institutional investors. Given the institutional target infrastructure, Krüger opined that this increase is due to large scale financial players.
Fundstrat’s Tom Lee commented on the GBTC’s rise in early February, stating that institutional increase is firmly behind this rise.
However, some crypto-proponents do not see this investment vehicle as a net gain for the industry in the long term. They dispute GBTC as an investment rather than a store of value or a medium of payment. If Bitcoin wants to eventually replace fiat currency, it needs to be seen not as a get-rich-quick scheme and more of a method of payment.
Additionally, in a recent Diar report, it was noted that institutional products have been on a rise, when compared to the rest of the digital asset market. Since dropping to 10 percent of the total volume in December 2018, their share has jumped to 19 percent by the beginning of April. Given the success of GBTC, the 25 percent mark looks breakable.
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Source: AMB Crypto

Bitcoin SV [BSV]: CZ drops hint of BSV delisting as opposition to Craig Wright and Calvin Ayre grows

Craig Wright and Calvin Ayre, the two spearheads behind Bitcoin SV [BSV], were met with firm opposition following Wright’s Satoshi Nakamoto claims. The opposition to “Faketoshi” is heating up to a point where BSV might be delisted from major exchanges.
Several notable crypto-proponents hit back at Wright’s “unverified” claims of being the creator of Bitcoin [BTC] and Ayre’s relentless support of the same. Ayre stated that he would be serving legal notices to anyone who disputed the claims made by the BSV camp.
Surprisingly, Binance’s CEO Changpeng Zhao, known for his measured and calm approach on Twitter, hit back at Wright’s claims. He tweeted that the nChain chief scientist is “not Satoshi,” and threatened to “delist” BSV. However, it should be noted that CZ did not explicitly state that BSV was the coin that would be delisted.

His tweet read,
“Craig Wright is not Satoshi.
Anymore of this sh!t, we delist!”
Further, CZ responded by saying “it won’t be the first time,” to a James McDowell tweet suggesting that he would be the subject of a Calvin Ayre lawsuit. The Binance CEO added that legal costs were not of concern to him, stating “we can deal with it.”
Not known for engaging in mindless Twitter-debates, CZ took rare exception, commenting, “this is going too far.” He blamed the emergence of BSV in November 2018 which, in his words, “caused BTC to drop below $6K.” This “caused pain to many in the industry, ” he added.
Just a day ago, Hodlonaut was one among many served a “legal notice” by Ayre and his team for labeling Wright a “fraud.” Since the notice was dished out, the crypto-community came to the pseudonym’s aid via a crowdfunding website, WeAreAllHodlonaut.com, which has seen over $10,000 raised by over 530 users.
Anthony Pompliano, Managing Partner at Morgan Creek Digital, stated that other exchanges should delist BSV as well. He added that this should be implemented on May 1, as “a sign of solidarity behind the only Bitcoin that ever mattered.” He ended with a hashtag that is now making rounds on Twitter,
“Every exchange should delist BSV simultaneously on May 1st in a sign of solidarity behind the only Bitcoin that ever mattered.
This community is the responsibility of the people. Sometimes we must do the hard thing, not because it is easy, but because it is right.
#DelistBSV”
Misha Lederman, Co-founder of IAmDecentralised, replied to Pomp’s tweet, stressing on the significance of a May 1 delisting,
“There is only one Bitcoin
May 1 is known as Labor Day, a protest day for working people worldwide
Proof of Work drives Bitcoin
May 1 should become Bitcoin Restoration Day
#DelistBSV from all legitimate exchanges on May 1”
CryptosBatman backed the overwhelming claim to delist BSV,
“I agree. What Craig Wright did is disgusting. Let’s hope they all delist $BSV once and for all!”
On the other hand, Kurt Wucker Jr, Creator of CryptoTraders Pro, provided a more level-headed response to Pompliano, stating,
“Mob rule hurts everyone, Pomp. CSW is in court over his fraud accusations, & he’s only looking to issue a cease/desist order for defamation by Hodlonaut.
We have a right to not be publicly defamed as a cornerstone of Western law. Subverting justice for political reasons is evil.”
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Source: AMB Crypto

Bitcoin [BTC] will drop to $4,000; market is “overbought,” suggests Weiss Ratings

Bitcoin [BTC] is presently riding a major bull wave, with the resistance level, the 200-MA level, and even the $5,000 mark crossed all in one week. However, some are questioning the longevity of this wave. Weiss Ratings, the crypto-specific ratings company, is in the news after it pessimistically pointed out that a pullback is imminent.
According to their April 12 tweet, Weiss predicted that Bitcoin will drop down to $4,000, a price it was last trading at on March 26. Crediting their “model,” while providing no supporting metrics or parameters, the crypto-community turned on Weiss and did not respond positively to their bearish claims.
Weiss’ prediction would mean a 21.87 percent drop in the price of the coin, much higher than their daily gain of 17 percent on April 1, which set-off the aforementioned price rally. Given Bitcoin’s hold on the collective market, a drop of this proportion could spell doom for the entire coin market.
Following the coin’s rapid price ascendance and the fever of a possible bull run, BTC purchases are currently through the roof. Citing support at $5,000, Weiss added that the market was “short term overbought.”
Weiss Ratings’ full tweet read,
“#BTC dips below $5K, but back up. Support is holding at $5K and its pulling other #cryptos up as well. The market is short term overbought, and our model has been pointing to a pullback to the 4,000’s. #crypto.”
The crypto-rating agency’s claim comes on the back of the first correction since the April rally began. After reaching a high of over $5,420, the king coin dropped by a massive 8.51 percent, and plummeted below the $5,000 mark on April 12.
Despite the $5,000 drop being brief, it triggered a host of analysts stating that this correction was the first of many. Several predicted that the bottom would be re-visited given the rapid nature of the Bitcoin price push.
A drop of this proportion would certainly drag down the hopes of the collective cryptospace and would add to opposing claims that the cryptocurrency market is rife with volatility. Furthermore, with the SEC stating that volatility is the prime reason behind the stalling of a decision on the publicly traded Bitcoin product, the Bitcoin ETF proposal scheduled for May 2019 would be delayed once again.
The community might not take Weiss at its word though, given the past comments they’ve made with reference to market prediction. Immediately after the price rally ensconced the market, Weiss stated that they had informed their “premium subscribers” that the bear market was “officially over,” crediting their “model” yet again.
Even then, Weiss did not provide any proof of intimation of the stated information or market study data with indicators to back their claims. Additionally, users hit back, calling Weiss’ bluff, stating that the point of the prediction was to make it before-the-fact, and not after it.
Two coins that Weiss pegged as being reliable both on a long-term and short-term basis were EOS and XRP. However, market results beg to differ. XRP has held firm with several adoption cases, while EOS has seen its market cap and position on the coin ladder fall.
EOS, took the top spot for risk-return and finished second, behind XRP, on the technology and adoption metric, in the Weiss Ratings’ chart. Since then, EOS has seen Litecoin [LTC] and Bitcoin Cash [BCH] overtake it. At press time, the crypto pegged to be a “competitor to Ethereum,” is languishing in the sixth spot, behind BCH by over $170 million.
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Source: AMB Crypto

Token Taxonomy Act makes comeback; proposes removal of cryptocurrencies from umbrella of securities

Cryptocurrencies being characterized as securities may soon fade away, courtesy of the reintroduction of the Token Taxonomy Act in the United States House of Representatives. Proponents of the decentralized currency realm have long contested decentralized currencies being labeled with the securities tag.
Proposed by Representative Warren Davidson (R), the Token Taxonomy Act will amend the infamous Securities Act of 1933 and the Securities Act of 1934, thereby removing cryptocurrencies from under the umbrella of securities. The act was also attested by Darren Soto (D), Josh Gottheimer (D), Ted Budd (R), and Presidential candidate, Tulsi Gabbard (D), who is a known crypto-investor.
The importance of the act was spelled out by Davidson, who stated that sans the act, the United States would cede the digital economy to emerging markets of the east. He stated,
“Without it, the U.S. is surrendering its innovative origins and ownership of the digital economy to Europe and Asia. Passing this legislation, Congress would send a powerful message to innovators and investors around the world that the U.S. is the best destination for blockchain technology.”
In December 2018, during the close of the legislative season, the Token Taxonomy Act was first introduced. However, it didn’t make much headway then. The recent version will clarify the powers of regulatory bodies like the Commodity Futures Trading Commission [CFTC] and the Federal Trade Commission [FTC].
However, all is not bright. The Act also looks to supersede pre-existing state laws regarding the domestic cryptocurrency industry within its borders. In legal terms, the Token Taxonomy Act will add to the National Securities Markets Improvement Act, which will increase the federal government’s power over the decentralized currency field.
This will be an unprecedented withdrawal of state power in light of the center’s overreach, many legal and crypto-analysts commented. States would cede digital assets regulation to the Federal government, in what will be a blow to not just decentralized currency, but also decentralized governance.
Several analysts have pointed out the semantic confusion that will exist when legislation for a “digital token,” or a “virtual currency” will take place. This will lead to a legal vacuum, leading to the emergence of more problems.
On the bright side, the act will allow the token seller to undercut regulatory supervision, if they can justifiably prove that they weren’t selling securities.
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Source: AMB Crypto

Bitcoin [BTC] trading volume sees continued growth on institutional front: Diar Report

Bitcoin [BTC] has seen a massive spike in not just its price, but also in institutional momentum. As an April 8 report by Diar stated, the institutional BTC products have continued rising against their US exchange equivalent for the fourth month in a row.
Diar charted the month-on-month institutional BTC products as a percentage of the total Bitcoin trading volume and saw a notable trend. After plummeting to 10 percent in December 2018, the share has been on a rise in the new year.
Increasing by 5 percent in January alone, the month of April saw the percentage share standing at 19 percent of the total volume, well above even October 2018. The highest level of the institutional products share was witnessed in July 2018, when the aforementioned market was almost one-fourth of the global volume.
Source: Diar
Bitcoin Futures have also seen a variance in their share with the Chicago Mercantile Exchange [CME] now leading the charge as the Chicago Board of Options Exchange [CBOE] decided to delist their future contracts last month. Grayscale Bitcoin Investment Trust [GBTC], which also trades on the OTC market, has seen a decline as well.
GBTC began the previous year by holding 50 percent of the market share among the three players. By August, 2018, its share fell under 20 percent and despite rising above 30 percent towards the start of the current year, it now stands at 24 percent. CBOE holds 12 percent, while CME, seemingly unrivaled, climbed to over 60 percent of the total market share.
Source: Diar
The large-cap digital assets fund fronted by Grayscale has seen a significant reshuffle in its composition for this quarter. Released last week, the crypto-asset management firm stated that they reduced the share of Ethereum [ETH] and XRP while increasing Litecoin [LTC] and Bitcoin Cash [BCH].
Diar also looked at the demand in terms of cryptocurrency market volume categorized between virtual currency exchanges and their institutional counterparts. As was expected, the decline in prices has not resulted in an increase in volume.
However, the only silver lining from the crypto-winter is that the volume distribution has been fairly consistent. For example, the BTC trade volume via institutional products as a percentage to that of the exchanges was 15.11 percent in January 2018, and a year later, it edged up marginally to 17.74 percent.
Overall, BTC trading volume took a massive hit in 2018, dropping from $30 billion at the beginning of the year to well under $5 billion by October 2018.
Source: Diar
It should be noted that exchange-reported trading volume may not concur with the verified figure. As Bitwise Asset Management pointed out in their March report to the SEC, 95 percent of volume data reported by exchanges is fake or non-economic in nature; the same was mentioned by Diar in their recent report.
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Source: AMB Crypto

Bitcoin [BTC] will skyrocket as buying pressure consolidates post $5,350, says eToro’s Mati Greenspan

Bitcoin [BTC] has been riding a bull wave over the past week, breaching major resistances and the $5,000 mark for the first time in four months. Mati Greenspan, senior market analyst at eToro, is in the news after he suggested that the resistance at $5,350 had to be shattered to see buying pressure move.
Greenspan further added that if this level is broken, it will be a “confirmation” of the market pushing higher and buying pressure rising. His tweet stated,
“All eyes on Bitcoin and the new resistance level of $5,350.
A break of this would likely serve as confirmation that we’re pushing higher and lead to further buying pressure.
(Past performance is not an indication of future results. This is not trading advice.)”
Given Greenspan’s prediction that the buying pressure will skyrocket once the $5,350 level is breached, the coin’s RSI is worth noting. At press time, the RSI stood at 80.71, well over the ‘overbought’ level. Since the close of March, the RSI has shot up by over 65 percent, reaching a high of 88.11 on 8 April, before beginning to descend.
A day prior to the April Fools’ Day rally, Greenspan had stated that the resistance level of $4,200 and the 200 day EMA, then at $4,620, needed to be broken for Bitcoin to consolidate at a high price. Within hours of the price surge, the top crypto not only broke the aforementioned level, but also climbed above $5,000.
Source: Trading View
While market correction brought down the prices of top coins like Litecoin [LTC], Cardano [ADA], and Bitcoin Cash [BCH], Bitcoin wasn’t pulled down. The king coin even managed to add $200 by the end of the previous week and was trading under $5,200, at press time.
The eToro analyst also stated that Bitcoin will reach its first “wall” when the coin reaches $7,000. Using the Fibonacci retracement tool drawn from BTC’s December 2017 high to its December 2018 low, the first Fib level was placed at around $7,000. Greenspan added, “we can see that this leg could easily take us up to $7,000.”
Further, Greenspan opined about the origin of the BTC pump. In an 1 April tweet, he suggested that the pump found its source in the East Asian markets of Japan or South Korea. Given the trade timings of the west and the east, traders in New York were “asleep,” and those in Europe were “just opening their eyes.”
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Source: AMB Crypto

Kraken: Former Trading Desk manager sues exchange for $1 million alleging flawed New York operations

Kraken, one of the most notable US-based cryptocurrency exchanges has found itself in legal trouble with a former employee. Jonathan Silverman, who served as a manager in the exchange’s New York office has alleged that Kraken had not paid him for his work and that the exchange tabled misinformation about their operations in the state.
Bloomberg reported that Silverman was hired in April 2017 to handle the institutional sales and trading desk for the exchange in the state of New York. It is the exchange’s operations within the state that are called into question, in addition to the failure of commission disbursement to the ex-employee.
Silverman is demanding a compensation of almost $1 million as per his suit filed on April 4, in a New York court. He alleges that in only three months of 2017, the exchange earned over $19 million in profits, from which he did not receive any commission or stock options. As per his hiring agreement with Jesse Powell, the CEO of Kraken, he was to be paid a $150,000 as salary and a 10 percent commission on annual trading desk profit.
In light of this allegation, Christina Vee, a spokeswoman for the exchange, hit back stating that Silverman was “both lying and in breach of his confidentiality agreement”.
The New York operations are of concern to regulators, especially with reference to Powell’s comments on the same. The Kraken CEO admitted that because the exchange has not operated in New York for years, the state’s stringent regulations mean nothing.
Over a year ago, the Kraken CEO lauded the decision to “get the hell out of New York”. In a 2015 post titled “Farewell, New York”, Kraken announced the halting of services in the state, mentioning the infamous BitLicense requirements, which has muddled the operations of many cryptocurrency players over the years.
The post, quite scathingly, read:
“Regrettably, the abominable BitLicense has awakened. It is a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth.”
Silverman’s allegations fly right in the face of Kraken and Powell’s statement regarding the period and the reasons surrounding the New York departure. The ex-employees lawsuit stated:
“[Kraken had been] misrepresenting to the public and government regulators that it was not operating in New York; when in reality, Kraken’s OTC practice, and OTC trading occurred almost exclusively in New York.”
Post Silverman’s exodus from Kraken, an agreement between the two parties was reached. He alleged that Kraken failed to meet the requirements of this agreement, which would see him receiving $907,631 as a lump-sum settlement. However, the lawsuit indicated that the same had been “refused” by Kraken.
David Silver, an attorney representing Silverman, stated:
“Just because some people in the cryptocurrency space don’t believe the rules apply to them doesn’t mean that’s the way things actually work.”
Kraken’s New York trading office had employed only one other person, in addition to Silverman, but no other lawsuit has emerged alleging that the exchange performed the same discrepancies as mentioned above.
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Source: AMB Crypto

Tron’s Justin Sun looks to collaborate with Ethereum; Buterin-Sun feud looks to subside

The tale between two of the most important stalwarts in the cryptocurrency industry has veered from foes to friends. Justin Sun, the CEO of the Tron Foundation, and Vitalik Buterin, the co-founder of Ethereum have, seem to have buried the hatchet for now and are on course to construct a mutually beneficial partnership.
In a recent podcast with The Crypto Chick, Sun spoke about a range of topics from the USDT integration to the competitors Tron faces in the industry. Sun acknowledged the DApps competition with Ethereum and added that “competition produces better products”.
The Ethereum and Tron collaboration should be seen as something that is beneficial for the larger DAapp developer community rather than a to-and-fro rat-race between the networks. In the spirit of “true love” and “brotherhood”, he stated:
“I think in the future we will even collaborate with lots of Ethereum developers and also the enterprises built on Ethereum before to make the industry better.”
Sun spoke about the recent collaboration with Loom Network, a layer 2 scaling solution for Ethereum. In light of April Fools Day, the Loom Network joked about the launch of Loom Records debuting their maiden Justin Sun album titled “Enter the Sun”.
The Loom collaboration now seems to be a precursor as Sun dropped a major hint of an ‘official collaboration’ with Ethereum in 2019 itself. He added that this would “do something good for the industry.” Given the slew of developments coming out of the cryptocurrency industry, Sun remained “optimistic” for the year.
Justin Sun further shed light on the layer 2 scaling solution, titled the Sun Network, which would be released in the second quarter of 2019. He stated that the solution would increase transaction speeds by 100 times and the fees would also see a further decline.
Rivalries are a rampant occurrence in  the cryptocurrency space, but the Buterin-Sun clash has attracted a lot of eyes because of the severity of their respective networks. The intricacies of their cross-jibes revolve less around name calling and more on network performances, a rarity in the cryptocurrency industry.
In April 2018, Sun published an infographic via Twitter, comparing the Tron and Ethereum networks. The graphic delved into TPS, Transaction Fees, Coin Burn, Language Support and Extensibility, lauding the Tron network. Buterin replied, in a concise manner, adding a point to the comparison stating that Tron’s network is a copy of the Ethereum whitepaper which Buterin penned himself.
However, at times, their insults veered away from TPS and more towards the number of followers. Earlier this year, Sun stated that he boasts Twitter followers on par with his Ethereum peer, despite commencing operations six years before the top altcoin.
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Source: AMB Crypto

Ripple: Interledger comes together with Coil via the Puma Browser; IoV hopes heat up

Capping off on what has been a very successful week for XRP, Ripple, the company behind the second largest altcoin in the market, has seen yet another integration announcement. The San Francisco giant’s Interledger system will now be linked with Coil via the upcoming Puma Browser.
In an April 7 tweet, Coil spelled out the announcement, stating that Puma Browser was the iOS supported browser that integrated both Coil and Interledger on its system.
The tweet read:
“ You can now take Coil for a spin on iPhones & iPads!
to @PumaBrowser for building the first iOS browser to support us & @Interledger. Upvote them on @ProductHunt + sign up for their Early Preview today.
https://www.pumabrowser.com/ “
Puma Technologies, another San Francisco-based technology company is behind the Puma Browser. Curating the browser as a privacy-prioritizing platform, the company aims to compete with the likes of Brave Browser which enable the distribution of Basic Attention Token [BAT] when certain websites are viewed.
With the imminent launch of the browser anticipated highly by proponents of both the Interledger camp and the Coil camp, Puma Browser has been sending quite a buzz in the crypto-payment community. Additionally, it allows its users to pay for content and services while being free from advertisements.
The browser will nuzzle well between the two ledger protocols, with Ripple’s Interledger protocol acting as a gateway into other virtual-currency based trading and payment platforms. Interledger will allow the protocol of both XRP and ETH to work together.
XRP proponents are hoping that this recent coming-together of Interledger and Coil via the Puma Browser will provide significant impetus to their highly touted goal of achieving an Internet of Value [IoV]. Research Centre’s tweet pointed out the same:
“Interledger ecosystem keeps growing!
@html5cat announced a new privacy-focused web browser called Puma (@PumaBrowser).
The browser integrates both @Interleder and @Coil to monetize content via streaming payments.
One step closer to the Internet of Value.
#IoV”
In the midst of these positive announcements, XRP has been riding a bullish wave. As the first week of April began, the altcoin, riding on the coattails of BTC, added over $2.3 billion to its market cap in a matter of a few days. During the close of the week, the Nordic Growth Market, a Borse Stuttgart exchange subsidiary introduced Exchange Traded Products [ETPs] tethered to the price of XRP, which further led a 7 percent price pump for XRP.
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Source: AMB Crypto