XRP Is about to Become the Worst Performing Coin among Top-10 Cryptocurrencies in 2019

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XRP Is about to Become the Worst Performing Coin among Top-10 Cryptocurrencies in 2019
Despite the fact that XRP is actively used by Ripple in many of its solutions that are gaining popularity, it may become the worst-performing major crypto in 2019.
XRP Is about to Become the Worst Performing Coin among Top-10 Cryptocurrencies in 2019

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Source: CoinSpeaker

Australian Users of Crypto Exchange Can Now Make Instant Deposits with Ripple ODL

Australian users of the crypto exchange Bitstamp will now be able to deposit US dollars to their account instantly using a Ripple-powered money transfer service called Flash FX. Transfers to the long-running trading venue would previously take days.
Flash FX uses Ripple Labs’s instant global settlement service, On-Demand Liquidity. The service makes the digital asset XRP a bridging currency between the customer’s Australian dollars and the US dollars supported by Bitstamp.
Buy Bitcoin Instantly at Bitstamp Thanks to Ripple’s Crypto XRP
Australian users of the crypto asset trading venue Bitstamp will now be able to fund their accounts with US dollars much faster thanks to Ripple-powered global payments startup Flash FX. The company uses Ripple’s On-Demand Liquidity service to facilitate the near-instant payments. The news comes via a post to Flash FX’s website.
Traditionally, Australian Bitstamp users would have been forced to transact via SWIFT through their bank or another payments firm. A now antiquated system, SWIFT transfers take days and incur significant fees.
Using Flash FX, traders no longer need to wait for funds to arrive in their Bitstamp accounts. The service uses the Ripple-associated digital currency XRP to allow the near-instant settlement. Once customers have loaded their Flash FX account with Australian dollars, they can send them to the exchange via RippleNet and take up exposure to any of the crypto assets supported by Bitstamp. Currently, these are Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ether (ETH), and XRP itself.
The Flash FX service makes use of Australia’s new payments platform (NPP), as well as the On-Demand Liquidity service from Ripple. NPP is a national platform designed to simplify and speed up payments between participating financial institutions in Australia.

FlashFX: Fund Your Bitstamp USD Account in Minutes
Our users can now fund their Bitstamp account with USD in minutes. Experience the power of Ripple using the new FlashFX product offering.#Ripple #OnDemandLiquidity #Payments
https://t.co/XkRUFgZwvm pic.twitter.com/oIxUJLLBIV
— Flash FX (@fxflash) December 2, 2019

Ripple’s On-Demand Liquidity service allows RippleNet participants to send payments in one currency and for them to be received in a different currency in seconds. It works by exchanging funds to XRP to make the transfer, before converting them into the receiving currency.
NewsBTC reported last month on Ripple completing its investment in the US money transfer firm, MoneyGram. The $50 million total investment will reportedly help to support MoneyGram’s use of the On-Demand Liquidity service.
Despite news of apparent growing XRP adoption amongst companies early to use the On-Demand Liquidity service, the price of the digital asset has not experienced any noticeable uptrend versus the wider crypto market. The dollar value of the third largest digital asset by market capitalisation has spent much of 2019 in decline to its current price of $0.219.
 
Related Reading: Under 6.8m Bitcoin Changed Hands in the Past Year: Does it Indicate Positive Sentiment?
Featured Image from Shutterstock.

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Source: New feedNewsBTC.com

Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap

Coinspeaker
Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap
SBI Holdings and Fukushima Bank formed a partnership that will see the reduction of operational costs and contribution to “regional revitalization.”
Japan’s SBI Holdings Forms Alliance with Fukushima to Use Ripple’s MoneyTap

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Source: CoinSpeaker

BitMEX Reveals Some Users’ Email IDs Making Amateurish Mistake

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BitMEX Reveals Some Users’ Email IDs Making Amateurish Mistake
Cryptocurrency derivatives exchange BitMEX today sent a mass email to its users with their email addresses in the “To” field, affecting their privacy.”
BitMEX Reveals Some Users’ Email IDs Making Amateurish Mistake

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Source: CoinSpeaker

Ethereum whale linked to flash crash on Bitstamp resurfaces with a massive buy order

An Ethereum whale is speculated to have caused a market crash on July 14, with a sell order of approximately 15,000 ETH pulling the price of Ethereum down from $290 to $190. This crash is understood to have bled over to Bitcoin, contributing to the king coin’s price slumping from $10,800 to $9,100, a massive […]
The post Ethereum whale linked to flash crash on Bitstamp resurfaces with a massive buy order appeared first on AMBCrypto.
Source: AMB Crypto

KuCoin Derivatives Platform KuMex Kicks Off with a 20x Leverage on Bitcoin Perpetual Contract

Coinspeaker
KuCoin Derivatives Platform KuMex Kicks Off with a 20x Leverage on Bitcoin Perpetual Contract
The IDG-backed cryptocurrency trading platform KuCoin recently launched its affiliate derivatives platform – KuMex initiating a ceaseless Bitcoin contract leveraging to the tune of 20x.
KuCoin Derivatives Platform KuMex Kicks Off with a 20x Leverage on Bitcoin Perpetual Contract

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Source: CoinSpeaker

CME Group Altering Its Reference Rate for Ether Meaning They Might Be Getting Ready for Futures

Coinspeaker
CME Group Altering Its Reference Rate for Ether Meaning They Might Be Getting Ready for Futures
CME Group allegedly decided to make changes to its reference rate and index tied to Ethereum. Their sources say it could mean a future tied to the crypto is coming to its marketplace.
CME Group Altering Its Reference Rate for Ether Meaning They Might Be Getting Ready for Futures

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Source: CoinSpeaker

Bitcoin’s [BTC] fall on 17 May was engineered via ‘sustained selling on Bitstamp,’ suggests Coinmetrics

2019 has been a good year for cryptocurrencies, with the market surviving the long crypto-winter. The market collectively surged over the past two months, with Bitcoin [BTC] being one of the most prominent performers. Volatility has been a consistent feature of these past two months.
A major decline was observed was on the 17 May, 2019 when the entire market collectively witnessed de-valuation and Bitcoin’s price dropped from $7,700 to $6,600 over an hour.
However, CoinMetrics has suggested that the abrupt movement in prices was enforced to “trigger” a long squeeze, through forced liquidations for long Bitcoin futures positions. According to the research conducted by them, the market was conditioned for a long squeeze.
They stated,
“Focused selling was observed on Bitstamp’s BTC-US Dollar market resulting in a sharp divergence in Bitstamp’s price relative to other major exchanges. Bitstamp was likely targeted because, at the time, it was one of two constituent markets used in the calculation of Bitmex’s bitcoin index.”
Source: Coinmetrics
At around 03:00 UTC, part of the sale was witnessed on Bitfinex and it was followed by heavy “sustained” selling on Bitstamp. It was speculated that the selling on Bitstamp was timely executed to maximize price impact, and following the sale, a $300 discount was evident on Bitstamp, in comparison to other exchanges. Price corrections followed after, as a short and volatile period was recorded.
The data released was very conclusive that in the short-term, some price movements were orchestrated to trigger squeezes in the market. The factors laid down by the website were,
1. The ability to easily access leverage and the outsized impact of futures markets [particularly Bitmex] incentivize traders to engineer price movements.
2. The fragmented, 24/7 nature of crypto markets results in an easier ability to have a market impact when buying or selling large positions.
Long-term crypto prices are usually dictated by relevant market cycles and fundamentals, but the aforementioned data suggested that for a short period, market manipulation was recorded in order to improve market positions.
The post Bitcoin’s [BTC] fall on 17 May was engineered via ‘sustained selling on Bitstamp,’ suggests Coinmetrics appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Price Hits 5-Month High, Next Target at $6,000?

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Bitcoin Price Hits 5-Month High, Next Target at $6,000?
Bitcoin price has spiked and pulled the entire crypto market up with it prompting analysts and proponents to suggest that it will test the $6,000 level in the next few weeks.
Bitcoin Price Hits 5-Month High, Next Target at $6,000?

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Source: CoinSpeaker

Disney is Reportedly Set to Put Out $13,2B for South Korea’s Largest Game Developer Nexon

Coinspeaker
Disney is Reportedly Set to Put Out $13,2B for South Korea’s Largest Game Developer Nexon
Global entertainment leader Disney is apparently in talks with NXC, which owns the largest video game publisher in South Korea, as well as two major cryptocurrency exchanges: Bitstamp and Korbit.
Disney is Reportedly Set to Put Out $13,2B for South Korea’s Largest Game Developer Nexon

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Source: CoinSpeaker

This Week in Cryptos: Facebook, Coinbase, Bitstamp and Pewdiepie Among Major Newsmaker

Key highlights

Facebook is looking for $1 Billion in Funding for Crypto Project
Bitstamp Cryptocurrency Exchange Obtains BitLicense in New York
Bakkt hires former Paypal and Google executive to strengthen its team
Coinbase enters the Crypto- Powered Debit Card Space
Pewdiepie Moves to Blockchain-Based Streaming Platform, DLive
Lawmakers Reintroduce ‘Token Taxonomy Act’ With Upgraded Version
China tightens screws on Crypto mining

Facebook is looking for $1 Billion in Funding for Crypto Project
Well, Facebook and cryptos have again appeared in the same news article and the world seems to have gone crazy over it. This time its Nathaniel Popper, the New York Times’ resident crypto and blockchain reporter who tweeted saying that Facebook is possibility looking big money for its crypto project. The figure happens to USD 1 billion and it is believed Facebook is knocking doors of private equities for its stablecoin project. The money is believed to be used as collateral to back the Facebook stablecoin. But again nothing officially announced by Facebook
Bitstamp Cryptocurrency Exchange Obtains BitLicense in New York
This week, The three year wait for Bitstamp finally came to an end. The Luxemburg based Cryptocurrency Exchange, Bitstamp has obtained a bitlicense from the New York Department of Financial Services (NYDFS). Bitstamp is also one of ten Cryptocurrency Exchange which was cleared of the ‘fake reported volume’ fiasco being identified as one of the authentic Exchanges in the world. The move is driven to increase its presence in the US, and the NYDFS BitLisence is expected to attract the Institutional Investors around the world as well.
Bakkt hires former Paypal and Google executive to strengthen its team
Another flow of talent from the main street to crypto street. This time its Bakkt, a yet-to-launch, a multi-faceted crypto platform backed by the Intercontinental Exchange which also owns the NYSE. According to the latest announcement  Bakkt has hired Mike Blandina, a former employee at PayPal and Google, as its new Chief Product Officer. In an announcement, Bakkt’s Kelly Loeffler also put forward that Bakkt is still working with regulators to ensure the launch of its physical Bitcoin futures contract pans out well.
Coinbase enters the Crypto- Powered Debit Card Space
Coinbase, the flagship crypto exchange of the United States has further diversified and this time it’s into Crypto-powered debit cards, an industry that has remained under questions due to regulatory stringencies. Not many companies have really been successful with this product and Coinbase seems to be here to change the game.  The launch is expected to be in the United Kingdom and this new offering will allow British Coinbase clients to spend their Bitcoin, Ethereum, Litecoin, and many other digital assets in millions of stores and on thousands of online outlets for whatever they may please… within reason.
Pewdiepie Moves to Blockchain-Based Streaming Platform, DLive
Felix ‘PewDiePie’ Kjellberg (Pronounced: ‘PuDeePi’), who hosts the most subscribed channel on Youtube in the world since 2013 will stream live weekly on Blockchain based streaming platform, DLive from April 14, 2019. Felix signed an exclusive deal with DLive, he said in the press release: “I’m excited to start live-streaming again regularly,” said PewDiePie. “DLive is great for me because I’m treated like a real partner.”
Lawmakers Reintroduce ‘Token Taxonomy Act’ With Upgraded Version
Token Taxonomy Act, the bill which was introduced in the year 2018 for the first time to remove crypto from US securities laws- has again reintroduced with upgraded version and better clarity on Tuesday – aiming Congress to approve and signed into law.
China tightens screws on Crypto mining
This week saw the Chinese regulator, the National Development and Reform Commission (NDRC) revealing that it is not really happy with the Bitcoin and cryptocurrency mining industry operating in the country, especially due to the industry’s energy consumption for what they see as little economic. While this news was to give jitters to the crypto community as China is a hub for mining, people who understand it well claim that the regulation (if approved) won’t go into full effect for years, and may not even be all-encompassing.
The post This Week in Cryptos: Facebook, Coinbase, Bitstamp and Pewdiepie Among Major Newsmaker appeared first on Coingape.
Source: CoinGape

XRP worth $7.5 million [25,000,000 XRP] transferred from third richest XRP wallet

A sum of 25 million XRP worth $7.5 million was transferred recently from the third richest XRP wallet to another wallet. XRP, a cryptocurrency coin closely connected with payments company, Ripple and enterprise blockchain software company, R3 is third on the list of the world’s largest cryptocurrencies, at press time.
The transaction of 25 million XRP cost a mere 500 drops [0.0005 XRP] which is approximately worth $0.0001514. The transaction took place on February 14, 2019, at 5:21 PM UTC.
XRPL monitor tweeted:
“Transaction Type: Payment
Amount: 25,000,000 XRP
Fee: 500 drops (0.0005 XRP)
Sender: Ripple
Sender Balance: 2,496,635,065.5766
Receiver: rPfSrrKY97EihgZeAwqgR7g1tYzDDJoAys
Receiver Balance: 25,022,278.99987”
The current balance in the new wallet [rPfSrrKY97EihgZeAwqgR7g1tYzDDJoAys] is the same as the amount received, which suggests that it is a fairly new wallet. A total of 15 transactions have been recorded for the aforementioned wallet, the first transaction being on November 16, 2018.
The peculiar thing about this transaction is the identity of the sender [rKveEyR1SrkWbJX214xcfH43ZsoGMb3PEv]. According to data obtained by Bithomp XRP explorer, the sender was Ripple itself.
The wallet address, as per Bithomp belonged to Bitstamp and has a total balance of 2.497 billion XRP, which is worth a total of $752 million and 210,167 BTC.
The sender has had a total of 13 transactions and some people suggest that this wallet could be linked to escrow wallets. The Ripple wallet, however, was activated on December 01, 2017 at 22:54. The Ripple-owned wallet is the third richest wallet on the XRPL.
The first four richest wallets belong to Ripple, the richest wallet [rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US] had a total of 4.68 billion XRP. The second richest wallet has 3.73 billion XRP, the third is aforementioned and the fourth richest wallet has 1.95 billion XRP. The fifth wallet, however, belongs to Bitstamp and it has a total of 1.1 billion XRP.
Moreover, the wallet that received the above-mentioned amount of XRP has now achieved the rank of 128th richest cryptocurrency wallet.
@xrpgiles, a Twitter user speculated as to where this transaction was going, commenting,
“Boom ! JP Morgan have realised after three hours that superior tech exists ha ha ! @digitalassetbuy”
@smcmass1, another Twitter user came to the same conclusion as he commented,
“This transfer must be for JP Morgan to transfer internationally to other big players that don’t want their coin. JP Morgan needs this :)”
@cathy02755674 replying to smcmass1 said,
“What JP Morgan needs is for Warren Buffet to stop pulling their strings. They only wish they could have partnered with Ripple!”
The post XRP worth $7.5 million [25,000,000 XRP] transferred from third richest XRP wallet appeared first on AMBCrypto.
Source: AMB Crypto

Bitmain Crypto Index Launches For Crypto Investors

CoinSpeaker

Bitmain Crypto Index Launches For Crypto Investors

Mining giant Bitmain has just launched a new cryptocurrency index. The index is for investors who are interested in having a benchmark for their investments.

Bitmain Crypto Index Launches For Crypto Investors

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Source: CoinSpeaker

Bitstamp Goes Through Tech Upgrade to Detect Suspicious Activity and Market Manipulation

CoinSpeaker

Bitstamp Goes Through Tech Upgrade to Detect Suspicious Activity and Market Manipulation

Number one crypto-exchange in Europe, Bitstamp takes security issues by heart deploying an advanced protection system against market tampering.

Bitstamp Goes Through Tech Upgrade to Detect Suspicious Activity and Market Manipulation

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Source: CoinSpeaker

NXC Makes “Strategic, Long-Term Investment” in Crypto, Acquires Bitstamp

Popular cryptocurrency exchange Bitstamp has been acquired by South Korean NXC Corporation for an undisclosed sum in what the company is calling a “strategic, long-term investment” into the cryptocurrency space.
Bitstamp Acquired by Nexon Parent Company
Luxembourg-based cryptocurrency exchange Bitstamp confirmed today that it has been acquired by Belgium-based investment firm NXMH in a deal that was signed into effect on October 25.
Neither party has disclosed the price tag related to the acquisition; however, reports suggest that the deal sees NXMH receiving an 80% stake in Bitstamp, while Nejc Kodrič, co-founder and CEO of the exchange, will retain a 10% stake. The Dan Morehead-led crypto investment company Pantera Capital also sold a portion of their ownership in Bitstamp to NXMH, but retained a 6% stake.
Investment company NXMH is a subsidiary of South Korean conglomerate NXC Corporation, which is also the parent company of video game giant Nexon Co., Ltd. Rumors first circulated back in April that Nexon was interested in potentially acquiring Bitstamp, but Nexon said at the time the company did “not have any plans to link cryptocurrencies with our game business.”
In July, some business filings were discovered that appeared to link the NXC-owned NXMH to Bitstamp, after the company registered Bitstamp Holdings N.V. earlier this year. Despite signs pointing to discussions between the two companies dating back as far as April 2018, Kodrič said the “sale wasn’t planned,” and that “Bitstamp started to get approached by buyers in the middle of last year.”

“There was no active effort to go around and solicit buyers,” Kodrič said, reports Reuters.

According to Kodrič, the firm had four different potential buyers, but decided to stick with NXMH because the exchange will be allowed to operate under its current roadmap, with little oversight or intervention from any NXC-owned subsidiaries.
Kodrič says that “NXMH shares our vision for the future of digital currencies,” and the acquisition supports Bitstamp’s “strategic growth initiatives.”

“We are now entering a new era in our company’s history, which has come a long way since it began seven years ago in a garage with two laptops and EUR 1000,” Kodrič added.

NXC also owns another South Korean cryptocurrency exchange, Korbit, which it acquired last year for $80 million. NXC aims to keep the two exchanges operating separately; however, plans on “generating synergies in a number of areas, including technology, research and development.”
On NXC’s website, it says it invests in “valuable digital ideas and technologies”. The firm clearly sees Bitstamp as such, calling it a “strategic, long-term investment”. Founded in 2011, cryptocurrency exchange Bitstamp was created to become an alternative to the infamous and now defunct Mt. Gox.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com