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since a year, week by week and month to month delistings – ordinarily of coins with a low exchanging volume – have not been replaced by new participants.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.
6K support loosing strength
$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top
Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.
Take a Look at the one week chart of Bitcoin at Bitfinex
According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.
Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin to rebound or reach All-Time-High levels in near future.
$6000 support history
$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.
Crypto Market cap reached $275 billion
Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.
Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.
$7000 is a key level for Bitcoin
$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.
Switzerland merging Cryptocurrencies with conventional banking
Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .
Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.
Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.
He said: “We hope to clarify relationships by the end of the year at the latest.
“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
Blockchain becoming the global phenomenon
The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.
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