Many new coins have come to market, whereas some have almost disappeared into obscurity. The following currencies have noted the biggest gains in terms of overall market cap position over the past six months, as reported by Bitgur
Projects Gaining the Most Market Cap Positions — Q3 2018
Ripple has been growing in the market as a company that offers services for financial companies and banking institutions. Furthermore, the intention is to integrate Ripple with the XRP digital currency to process cross-border payments. Ripple has recently published a blog post in which the company informed that the RippleNet surpassed more than 200 institutions. However, there are some individuals that are sceptical about these announcements made by Ripple and the real usage of XRP. The YouTube user Crypto Reckoning has recently published a video in the popular social network in which he suggests that XRP is not being used by some companies that seem to have partnered with Ripple. The video is titled “Factchecking Ripple Part 1: Are financial institutions really using XRP?” and there is a part 2 that could be uploaded in the near future. The user behind the video decided to make an investigation related to XRP and its usage by companies in the crypto space. Indeed, he decided to contact companies that apparently were using xRapid and XRP for cross-border transactions. These firms are Cuallix, Mercurey.fx and Catalyst. Marjan Delatinne, the global head of banking at Ripple, said that regulatory frameworks around the world are making it difficult to expand and promote xRapid and XRP. Crypto Reckoning decided to start contacting these companies to see whether they were using Ripple’s technologies. In the video, he reached different support employees that work for these companies and were able to provide the necessary information about remittances. However, none of them knew anything about Ripple or XRP. Crypto Reckoning mentioned on the matter: “It’s hard not to wonder whether Ripple’s executives are selling a false reality, dramatically overstating he scope and significance of these partnerships in order to temporarily pump the price of XRP, which they then sell vast quantities for personal profit.” Nevertheless, the video is not proof that XRP or xRapid are not being used by these three firms. Indeed, there is one firm that he could not reach. One of the employees did not know about cryptocurrencies while the other didn’t show a clear knowledge on this issue. Thus, this video remains inconclusive, even when the user says that he would be presenting more proofs. At the time of writing, XRP is the second largest digital currency in the market. It has a market capitalization of $13.35 billion and each coin can be purchased for $0.325.
The Walter Mitty School of Reporting: Wrong Doings or Poor Fact Collection as BitMEX Denies Reported Closure of Accounts
BitMEX has, in the past, been involved in a number of controversies, but none of which have been perpetuated and wrongly reported on by a major news outlet. The cryptocurrency exchange reported this week that a recent news report made about that featured a number of significant inaccuracies. For example, the outlet in question reported that the exchange had stated that it would be residential accounts of customers from areas such as the United States as well as the city of Quebec. The report went on to further stipulate that the aforementioned closures were on account of a new wave of regulatory crackdowns. The news outlet responsible for making these allegations was, in fact, Cointelegraph Japan, reported on this unusual, Walter Mitty-style story on Wednesday, 16th of January. While the news in question site isn't solely to blame, due to the fact that the story was published after a number of comments made by a representative member of the BitMEX team. With regards to Cointelegraph Japan, BitMEX continued on to state that as many as six other inconsistent allegations were made about the exchange within its report, which was also published by the South China Morning Post (SCMP), a news outlet based in Hong Kong. The South China Morning Post posted in its story that BitMEX was taking steps in line with new regulatory guidelines to prevent traders that were active in the area of Quebec, which is both a City and a province of Canada, from trading on the platform. SCMP further alleged that this was because of a local regulatory body to the region, issuing the exchange with a letter in early-2018, which threatened legal action due to the lack of legal registration that it had within the region. The organization in question was alleged to have been the Autoritié des marchés financiers (the AMF). According to the article, AMF had disclosed to the SCMP that resident traders on the BitMEX platform had had their accounts suspended and subsequently closed, The South China Morning Post continued on to state that the same regulatory crackdown was coming into effect for resident traders active within the United States. Allegedly, this was in tandem with the growing prevalence of enforcement from the countries securities regulatory authority, the Securities and Exchange Commission (SEC). Citing an otherwise undisclosed range of ‘insider' sources, the report goes on to specify that, while Asia is responsible for the majority of trading activity for BitMEX in terms of transactions and trading volume overall. A close second and major market in its own right would be the United States, making any regulatory clampdown disastrous for the exchange… Were it true. SCMP continues on to cite another range of unsubstantiated and otherwise unnamed sources throughout the article. Going on to estimate that the pool of users operating within the United States made up a total of one-seventh of the total user base of the cryptocurrency coin exchange. The Post goes onto attaching an implicit correlation to the recently mandated account closures and subsequent declines in the overall trading volume on the BitMEX trading platform over the last month. This reportedly resulted in a decline of as much as 50 percent for it. When approached for a comment regarding this report, BitMEX resolutely refuted the claims, informing news reported that the platform had officially ‘banned all US Traders' for a total of nearly four years now. BitMEX spokesman went on to stated that it operated proactively. back in 2015 to close accounts under the guidance from a range of US regulatory agencies, more specifically from the Commodities and Futures Trading Commission (CFTC). The company went on to stress: “BitMEX has always retained the right to close [accounts] where any BitMEX trading participant has given false representations as to their location or place of residence. This has been a normal part of our process.” BitMEX had added that, by the end of 2018, is intended to inform new and existing users of this change in its protocol through adding a range of banners and popups to its platform, so as not to catch and consumers unaware. The coin exchange further added that there was no correlation that existed with regards to the one manifested by the SCMP regarding the increase in closure of American accounts and the subsequent slump in trading volumes, arguing that that the decline in question was down to a range of factors of the time, specifically attributes such as the ongoing market slump in the cryptocurrency space, the resultant volatility in crypto prices, as well as an overall decline in trading volumes across the exchange. When further questioned by Cointelegraph Japan, regarding the AMF's submitted letter and actions against the exchange, regarding the closure of account holders in Quebec, the representative speaking on behalf of BitMEX gave the following response: “Unfortunately, the SCMP article sensationalized what went on with the Authority des Marches Financiers (AMF). The AMF reached out to BitMEX with a request to assist Quebec regulators in identifying and closing accounts from Quebec. Throughout the execution, we kept the AMF updated on progress. And upon completion, the AMF informed us that they were satisfied with the expeditious completion of the request.” The exchange further stated to news outlets, including CT Japan, that within the exchanges terms of service, which has always been concrete in its wording since it was established, based on lists from the US Department of the Treasury, and based off the OFAC (Office of Foreign Asset Control): “Residents of the United States of America or Québec (Canada) are prohibited from holding positions or entering into contracts at BitMEX. Residents of Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Sudan, or any other jurisdiction where the services offered by BitMEX are restricted are also prohibited.” BitMEX stressed the point that it is in a state of legal incorporation within the region of Seychelles, and has been for a number of years and not Hong Kong as was alleged by SCMP. The South China Morning Post went so far as to refer to BitMEX as a ‘Hong Kong-based coin exchange' on several occasions. The only way that Hong Kong and BitMEX have been within the same phrase was when it reportedly struck up a partnership with a company that was listed on the Hong Kong Stock Exchange in order to acquire and become a majority stakeholder in the licensed but since native, Japan-based cryptocurrency exchange.
XTZ/USD Medium-term Trend: Ranging Distribution territories: $0.46, $0.48, $0.5 Accumulation territories: $0.38, $0.36, $0.34 XTZ/USD market worth has been featuring different amount of price range movements within $0.44 and $0.4 marks since the trading sessions start today. Prior to the January 10 major decline in most of the crypto-markets, the pair was found ranging a bit above the 50-day SMA. Presently, the crypto has been hovering below the 50-day SMA at around $0.44 price territory. The 50-day SMA is located over the Bollinger Bands with a short space between them. The Stochastic Oscillators have headed northward to touch range 80. There is an indication that this crypto-market may soon be witnessing a series of lower lows and lower highs below the 50-day SMA. Whilst that assumption plays out, bulls may possibly try to muster a momentum between the accumulation territories stated above. XTZ/USD Short-term Trend: Bullish There has been an increase in the market worth of XTZ/USD in the short-term run today. The crypto-market was formerly keeping a seat at around $0.4 mark before the gradual upsurge of the market movement. Around $0.38 mark has still been the lowest point of the market lately. Price has been trading around the Bollinger Upper Band below $0.44 territory currently. Both the 50-day SMA and the Bollinger Band are found conjoined at around $0.41 mark. The Stochastic Oscillators have closed hairs at range 80 probably to start a consolidation move around it. In the case of sustaining the current swing uptrend in the short-term run, bull will still need to push the market further northward to test the $0.46 high mark. The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.