Bittrex’ coin posting and delisting approach has for quite some time been a puzzle to untouchables, who have attempted to comprehend it. That secret extended for the current week after the trade declared that it was removing Mysterium, a coin it just included a year ago which still had respectable exchange volume. Endless supply of the delisting, Mysterium and Apex – the other coin booked for expulsion – plunged sharply.
Here Today, Gone Tomorrow
There was once a time when Bittrex was the site that all new coins aspired to be listed on, the event guaranteeing an instant jump in price. It is no coincidence that exchanges such as Binance, Gate.io, and Kucoin have prospered since Bittrex fell quiet. Traders, who once urged their followers to sign up at the US exchange, now urge their audience to take their custom elsewhere, to pastures where the coins are fresher and the growth is higher.
The quantity of coins accessible on Bittrex has been consistently dropping since a year, week by week and month to month delistings – ordinarily of coins with a low exchanging volume – have not been replaced by new participants. On Saturday, the trade posted notice that Apex (APX), Bitcoindark (BTCD), and Mysterium (MYST) would be expelled on January 26. There were couple of complains at the misfortune BTCD; the security coin advertise is getting swarmed and it is generally expected that Bittrex will list Bitcoin Private when it forks from Zclassic in the coming weeks.
The removal of Mysterium is quite literally a mystery though, so much so that the token’s developers were prompted to email the exchange to find out why. The response was less than convincing, with Bittrex proffering:
We encourage you to request relisting when you have completed and fully implemented the basic application for which you intend YOUR token to be used and both the application and token can be used by the general public.
To this, the group behind the VPN token clarified in a blog post: “according to Bittrex listing policy, they claim all authority to delist a coin if its item isn’t yet actualized, which is the situation for Mysterium.” They included: “Everyone understands that it requires investment to build a decentralized VPN with payments (where the token could be utilized). This is the reason we’re still in negotiations with Bittrex however connecting with different trades as well.”
Bittrex, why you Delist?
It appears to be odd for Bittrex to have singled out Mysterium, a token that was just included June 2017, for evacuation. There are many different coins that likewise meet the criteria of having a place with a venture that isn’t completely working. Illustrations incorporate Enigma and Power Ledger, both of which were included November 2017. Year ago’s ICO tokens are additionally no place close having a MVP prepared, which means their exclusive utilize is speculative instrument.
The evacuation of Apex is additionally another head-scratcher; the coin surged to a record high of $30 on January 13, just for terrible news from Bittrex to sent it toppling the distance down to the $11 stamp. It has been estimated that the expulsion of MYST, APX, and furthermore Bitshares, half a month sooner, may have been an endeavor to abstain from falling foul of securities law. US exchanges are paranoid about running into trouble with the SEC. Bitfinex has ceased its US operations altogether, while Bittrex’ token removal policy suggests it is also closely scrutinizing the law.
With 95% of the Mysterium trading volume and 92% of Apex occurring on Bittrex, both tokens have been hit hard by the news. The projects’ developers are learning something that users of exchanges such as Bittrex have known for a while: excess of centralization is a bad thing.
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
Crypto trading volumes are dropping
Volumes in crypto market are dropping, indicating an alarming situation. Crypto market started this year on a good note but later on crashed to low levels, apart from Ethereum, all other major crypto currencies are down for 2018, but one of the most alarming situations in this matter is that trading volumes on different exchanges are dropping to lowest levels in recent months.
For example, on Bitfinex current trading volume of Bitcoin is at around 25000 which at one point of time was as high as 160000 , which means this volume is not even 20% of its peak volume. Similarly in the case of Ripple, current trading volume is 8 Million which at one point of time was 50 million, so there is an alarming situation in that regards because not only price is dropping but crypto trading volume is also dropping dramatically.
Lack of interest?
One of the key questions that analysts are asking these days is that, is it lack of interest from investors that volumes are so low? may be they have found new investment opportunity in the form of S&P 500 and Gold. Most of the analyst think that this low activity is due to the reason that market speculators are currently out of the market and in wait and watch situation to make an entry point.
Calm before the storm?
Such low volumes and price movement in a tight range suggest that this is the calm before the storm, many regulatory authorities around the world are trying to stop crypto trading by either putting complete ban or by introducing tight laws, so speculators and institutional investors are just waiting for a clear picture so that they can make their bet on it, but one thing is for sure that sooner or later market is due for heavy movement in either direction, so day traders need to watch out.
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