Cardano Tumbles After Crypto Exchange Announces Its Removal Over Regulatory Concerns

The price of Cardano (ADA) has tumbled after a large crypto exchange announced it will be delisting the coin for US customers by the end of the year.

According to a statement from eToro, both ADA and Tron (TRX) will be removed over regulatory concerns.

“US users will not be able to open new ADA or TRX positions starting on December 26, 2021. Additionally, staking for those assets will end on December 31, 2021. These changes are due to business-related considerations in the evolving regulatory environment.”

The announcement fueled a drop in ADA’s price from $1.80 to $1.61, a 10.5% decrease. The native asset of the smart contract platform has since stabilized and is exchanging hands at $1.73 as of writing.

Popular crypto analyst Michaël van de Poppe believes the token will likely dip further in the short-term, along with the majority of the market.

“I’m still expecting ADA to drop a bit more before we’re going for a new run. Technically, with most of the crypto at this point.”

ADA co-creator and Input Output Honk Kong CEO Charles Hoskinson took to Twitter to make it clear that Cardano wasn’t fully delisted from eToro, it is only not available to customers in the United States.

“We didn’t even get delisted. ADA is still on eToro and non-US customers can freely trade [it].”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ethereum Looking Stronger Than Bitcoin As ETH Holds Crucial Support: Crypto Analyst

A closely followed crypto analyst is keeping an eye on the top two digital assets by market cap as well as a pair of Layer-1 scaling solution altcoins.

In the latest TechnicalRoundup newsletter, pseudonymous analyst Cred says that Bitcoin closed the week without a clear signal about where BTC’s price is headed.

“Bitcoin/dollar offered a relatively ambiguous close following the all-important retest of weekly structure at $55,800-$60,000. Price closed above the range low but below the range high. That is neutral at best, and not exactly what we wanted to see at this inflection point.

We’re essentially forced to write ‘up or down’ because the weekly close didn’t offer much signal. 

One of the better outcomes to this consolidation would be Bitcoin/dollar chop into altcoin moon. It likely wouldn’t be long-lived, but the opportunities that arise in those circumstances are very attractive.”

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Source: TechnicalRoundup/TradingView

Cred sees much more promising signs from second-ranked crypto Ethereum after ETH managed to hold on to an important price level.

“Ethereum looks stronger than Bitcoin. The USD pair held the $4,000 range high on a closing basis and Ethereum/Bitcoin is moving towards its multi-month range high. Last week we argued that daily trend was broken and that it would likely land the market at the $4,000 area.

Now that $4,000 is holding, the only obstacle that remains is to reclaim daily trend. For us, this is best defined by the pre-breakout cluster (currently resistance) at $4,480-$4,610.”

Image
Source: TechnicalRoundup/TradingView

Cred offers a word of caution to investors eager to take advantage of BTC’s price cooling off relative to the rest of the crypto market.

“The elephant in the room is that historically, Ethereum and altcoins showing significant strength while Bitcoin/dollar is on the precipice of a nuke, happens close to cycle tops.”

At time of writing, BTC is trading at $57,389, while ETH is priced at $4,275.

The analyst next looks closely at two leading smart contract platforms, Solana (SOL) and Avalanche (AVAX), as part of what he calls “L1 season,” as opposed to the general “alt season” that crypto investors are familiar with.

“The most compelling altcoin narrative has been ‘[Layer-1] season,’ which is embodied by Solana and Avalanche. As argued previously, the best environment for altcoins would take the form of Bitcoin/dollar chop in the weekly range ($55,800-$60,000).

Ethereum would likely continue to outperform as long as Bitcoin/dollar doesn’t accelerate to the downside, and Ethereum strength is to the benefit of the aforementioned L1s.”

Cred thinks SOL, which is currently trading for $205.49, is “above trend support.”

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Source: TechnicalRoundup/TradingView

The analyst notes that Avalanche looks strong due to the lack of “high time frame pullbacks.”

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Source: TechnicalRoundup/TradingView

AVAX is priced at $115.59 at time of writing.

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Cardano and Tron Will Soon Be Removed From eToro

Key Takeaways

  • Trading platform eToro has announced that it will delist Cardano (ADA) and Tron (TRX) for American users.
  • The company did not explain why those assets were targeted or which regulations influenced its decision.
  • The new policy will take effect in late December.




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Trading app eToro has announced that it will remove Cardano (ADA) and Tron (TRX) from its listings before the end of the year.

Policy Will Hit eToro Users in December

The new policy means that eToro users will not be able to open positions in those cryptocurrencies beginning on Dec. 26.

Additionally, users will not be able to receive staking rewards for the two cryptocurrencies beginning on Dec. 31.

These restrictions will only apply to users in the United States, according to the policy update posted by eToro on Tuesday.



The company cited “business-related considerations in the evolving regulatory environment” as the reason for the delistings, but did not say which regulations influenced its decision.

Neither TRX nor ADA has been targeted by regulatory action. It is possible that new reporting requirements for crypto brokerages in the U.S. have played a part in eToro’s decision, but this does not explain why TRX and ADA were specifically targeted.

Crypto Market Is Largely Unaffected

Though early reports suggested that each token had seen losses, both had recovered by the time of writing. As of 3:30 PST on Nov. 25, Both ADA and TRX saw gains of roughly 0.5% over 24 hours.

Given that Cardano ranks among the top six tokens, it seems unlikely that other exchanges will follow eToro’s lead and delist it. TRX ranks somewhat lower as the 32nd largest cryptocurrency, but it does not seem to be a target for delistings, either.


In fact, both coins have recently gained new listings elsewhere. Cardano’s ADA token was listed on Bitstamp on Wednesday, while Tron saw a TRX ETN listed on Deutsche Börse in September.

Furthermore, eToro is primarily a stock trading app with crypto features, meaning that its regulatory concerns may not reflect those of dedicated crypto exchanges.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.



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Spanish Regulator Tells off Soccer Star Andres Iniesta for Promoting Binance

Andrés Iniesta – a legendary soccer player who helped Spain win the 2010 World Cup – recently advertised the cryptocurrency exchange – Binance – on some social platforms.

However, the National Securities Market Commission (CNMV) warned him that promoting such investments is not wise since digital assets are “unregulated products” that carry some “significant risks.”

Iniesta’s Binance Affair

On Wednesday, Andrés Iniesta – a soccer star playing for the Japanese Vissel Kobe and former midfielder of FC Barcelona – uploaded a picture of him on Twitter and Instagram, where he is sitting in front of a laptop showing the Binance logo on the screen.


The post gained massive popularity, and nearly 300,000 people liked it on Instagram in a single day.

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A few hours later, the Spanish market regulator – CNMV – responded under Iniesta’s publication urging the soccer player to get informed about bitcoin and the altcoins before investing in them or recommending others to do so. The watchdog asserted that those assets are not regulated, and as such, they could pose enhanced risks to investors.

According to Reuters, there was no indication whether the soccer star had received any financial stimulus to promote Binance to his nearly 38 million followers.

The 37-year-old Andrés Iniesta is considered one of the greatest midfielders of all time. In the 2010 FIFA World Cup Final, he scored the winning goal against the Netherlands, and thus Spain stepped on the soccer throne for the first time in its history. Nevertheless, he created his legacy mainly while playing for FC Barcelona between 2002 and 2018, where he became an idol for the local supporters.

Andres Iniesta
Andrés Iniesta, Source: The Independent

Barça’s Crypto Endeavors

Earlier this month, the Spanish club shook hands with the NFT marketplace Ownix to release a non-fungible token collection. The digital collectibles were meant to depict iconic events from the team’s history, such as displaying the record 75 trophies it has won in Spain and the 5 UEFA Champions League titles.

However, a few days later, FC Barcelona canceled the partnership after Moshe Hogeg – an Israeli crypto mogul related to the NFT marketplace – was accused of falsifying corporate documentation and sexual assault. A statement from the soccer club read:

“In light of information received today that goes against the Club’s values, FC Barcelona hereby communicates the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect.”

Featured Image Courtesy of Marca

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Cardano and Tron Will Soon Be Removed From eToro

Key Takeaways

  • Trading platform eToro has announced that it will delist Cardano (ADA) and Tron (TRX) for American users.
  • The company did not explain why those assets were targeted or which regulations influenced its decision.
  • The new policy will take effect in late December.




Share this article


Trading app eToro has announced that it will remove Cardano (ADA) and Tron (TRX) from its listings before the end of the year.

Policy Will Hit eToro Users in December

The new policy means that eToro users will not be able to open positions in those cryptocurrencies beginning on Dec. 26.

Additionally, users will not be able to receive staking rewards for the two cryptocurrencies beginning on Dec. 31.

These restrictions will only apply to users in the United States, according to the policy update posted by eToro on Tuesday.



The company cited “business-related considerations in the evolving regulatory environment” as the reason for the delistings, but did not say which regulations influenced its decision.

Neither TRX nor ADA has been targeted by regulatory action. It is possible that new reporting requirements for crypto brokerages in the U.S. have played a part in eToro’s decision, but this does not explain why TRX and ADA were specifically targeted.

Crypto Market Is Largely Unaffected

Though early reports suggested that each token had seen losses, both had recovered by the time of writing. As of 3:30 PST on Nov. 25, Both ADA and TRX saw gains of roughly 0.5% over 24 hours.

Given that Cardano ranks among the top six tokens, it seems unlikely that other exchanges will follow eToro’s lead and delist it. TRX ranks somewhat lower as the 32nd largest cryptocurrency, but it does not seem to be a target for delistings, either.


In fact, both coins have recently gained new listings elsewhere. Cardano’s ADA token was listed on Bitstamp on Wednesday, while Tron saw a TRX ETN listed on Deutsche Börse in September.

Furthermore, eToro is primarily a stock trading app with crypto features, meaning that its regulatory concerns may not reflect those of dedicated crypto exchanges.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.



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Over 1 Billlion ETH Has Been Burned Since Ethereum EIP-1559

The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place.

ETH Burned Clocks 1 Billion

The amount of ETH burned has risen along with fees on the network. Increased network usage had caused transactions costs on Ethereum to skyrocket and since EIP-1559 was implemented to burn a third of all fees, a higher volume of ETH has been constantly taken out of circulation. The number had quickly hit 1 million ETH, then 10 million, and by 100 million, the community had turned its eyes towards the billion mark.

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Ethereum hit this number on Wednesday when the total number of ETH burned on the network had crossed 1 billion. It only took a little over three months to hit this number and as burning ramps up on the network, it may take even less time to hit the 2 billion mark.

At the current ETH price, the total amount of ETH burned comes out to over $4.2 billion. Prior to EIP-1559, all this volume would have gone into circulation, increasing the amount of circulating ETH, contributing to the inflationary nature of ETH. However, with the burn, Ethereum is headed towards a truly deflationary future.

Impact Of Ethereum Burn

Although Ethereum is not fully deflationary, the impact of the ETH burn has shone through the network in recent times. Some interesting stats show that ETH being put into circulation per mined block has reduced significantly. Since the hard fork, the net reduction has reached as high as 67.16%.

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Related Reading | Why This Crypto Billionaire Abandoned Ethereum

Additionally, net issuance has also dropped in line with net reduction. Net issuance on the Ethereum network is currently sitting at 490,400 at the time of this writing. There have been 1,493,739 ETH rewards issued, translating to a little over $6.3 billion. While tips on the network have done significantly well, with over 200,000 ETH tipped so far, totaling $846 million.

How Price Has Done In Contrast

Ethereum’s price has done tremendously well since the burn began. Since August, the digital asset has hit multiple new highs and come close to testing the $5,000 resistance point. The asset has since taken a beating down along with the rest of the crypto market but it has held up above $4,000 despite bears trying to pull the price down.

Ethereum price chart from TradingView.com

ETH recovers after dip | Source: ETHUSD on TradingView.com

Indicators have remained bullish even when the market has not fared so well. Analysts have put the digital asset at $5,000 by year-end, propelled by the growth of DeFi. As more investors flock to the blockchain to take advantage of this new industry, Ethereum shows great promise of hitting this price before 2021 runs out.

Featured image from Genesis Block, chart from TradingView.com

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Adidas Partners With Coinbase, Obtains Sandbox Land

Key Takeaways

  • On Wednesday, Adidas announced that it would partner with the major cryptocurrency exchange Coinbase.
  • It has also announced its involvement with the Ethereum VR game The Sandbox, where it appears to own a parcel of land.
  • It is still unclear how Adidas’ two blockchain-related efforts are connected, if they are indeed connected at all.




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Footwear and clothing company Adidas has announced two new crypto endeavors with Coinbase and The Sandbox.

Adidas Announces Two Crypto Efforts

On Wednesday, Adidas stated that it is partnering with the crypto exchange Coinbase. It revealed little about the nature of the partnership, ending the tweet with: “Probably nothing.”

Coinbase confirmed the partnership, as it replied “[Good morning]…Welcome to the party, partner!”



One day earlier, Adidas took note of the Ethereum-based VR game The Sandbox and suggested that it would build something in the game’s virtual parcels of lands, calling the concept “AdiVerse.”

It appears that Adidas already owns property on The Sandbox, as its name can be seen on a parcel of land at these coordinates. It is unclear whether it purchased this land, or whether the land was granted or allocated by The Sandbox.

Are Both Efforts Connected?

It is still unknown whether Adidas’ partnership with Coinbase is related to its activity in The Sandbox. It is plausible that the company plans to spend cryptocurrency in The Sandbox; if so, Coinbase could help it make the required investment.


There are other possibilities. Adidas launched an NFT on POAP last week. It is possible that Coinbase is related to that effort, especially if Adidas plans to release a larger line of non-fungible tokens. Coinbase plans to launch an NFT marketplace, and Adidas could conceivably use that marketplace to distribute future NFTs.

The company could also use Coinbase to accept cryptocurrency as a form of payment, similar to what many other companies have done in the past through Coinbase Commerce.

However, all of these possibilities are ultimately speculative.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.

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Ethereum Whales Loading Up on 10 Altcoins, Including New Shiba Inu and Dogecoin Challenger

New on-chain data shows Ethereum whales are accumulating 10 altcoins, including an emerging competitor to Shiba Inu (SHIB) and Dogecoin (DOGE).

The Ethereum whale wallet tracker WhaleStats has compiled a list of the top 10 altcoins purchased by the 1,000 largest Ethereum wallets in the last 24 hours.

The numbers show the whales are first and foremost stockpiling ETH itself, the native crypto asset of the Ethereum blockchain.

After that, the whales are accumulating a trio of stablecoins – namely USD Coin (USDC), Tether (USDT) and Binance USD (BUSD).

Next up, the whales are accumulating the metaverse altcoin Decentraland (MANA), the Bitcoin-pegged asset Wrapped Bitcoin (WBTC) and Crypto.com’s native exchange token CRO.

Next on the list is the native token of the automated market maker Curve (CRV) and the gaming altcoin The Sandbox (SAND).

Although Ethereum whales have purchased large amounts of Shiba Inu (SHIB) in recent weeks and months, the whales are now turning their attention to the new dog-themed competitor Dogelon Mars (ELON).

ELON holds the number 10 slot on the list of the most purchased Ethereum-based altcoins in the last 24-hours.

The project is a dog-themed meme coin inspired by Dogecoin and Shiba Inu as well as Elon Musk’s ambitions to bring humans to Mars.

Source: WhaleStats

ELON cracked the $1,000,000,000 market cap barrier early this month.

It is now the 149th largest crypto asset, with a market cap of $826,955,756 and a price of $0.000002 per token at time of publishing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Axie Infinity Land Plot Sells For Record $2.48 Million

An “extremely rare” piece of virtual land in the crypto game Axie Infinity sold yesterday for 550 Ethereum yesterday, or more than $2.48 million at today’s prices.

The “Genesis” plot is one of the rarest in the game, with just 220 in existence.

Digital land on Axie Infinity
The plot of “Genesis” land. Source: Axie Marketplace.

Axie Infinity is a play-to-earn game in which players collect and breed small Pokémon-like creatures, called Axies, pitting them into battle with each other to earn the Smooth Love Potion (SLP) cryptocurrency. 

In-game items, including plots of land and the Axies themselves, are represented by NFTs, or non-fungible tokens; cryptographically unique assets that can be used to prove ownership of digital content.

The game has shot to prominence over the past year, becoming the most-traded NFT collection ever in Q3 2021, with over $2.5 billion in trading volume. Its popularity is partly due to the game’s play-to-earn mechanic, which has seen gamers in countries such as the Philippines earning a living by playing the game. Speaking at a recent conference, Axie Infinity co-founder Aleksander Leonard Larsen noted that the game now has about two million daily active players, about half of whom have never used any crypto application before.

The $1 trillion metaverse

NFT-powered games like Axie Infinity are widely regarded as pioneers of the metaverse—a persistent digital environment where users move between virtual worlds, interacting with others through customizable avatars. NFTs are seen as a crucial building block in the metaverse, as they allow users to take ownership of virtual items such as plots of land, avatars and artifacts, and will eventually enable them to move those items between different virtual worlds.

In a report released on Wednesday, Grayscale analysts outlined the opportunities presented by the metaverse, or what the report calls, “Web 3.0 Virtual Cloud Economies.”

“The Web 2.0 mobile internet changed how, where, when, and why we used the internet,” Grayscale writes. “In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.” 

Table showing differences between different iterations of the Internet
Source: Grayscale.

What’s more, Grayscale has gone as far as to price this distinction at a whopping $1 trillion, citing Facebook’s recent pivot to the Metaverse “as a catalyst.”

The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today,” they write.

Certainly, the appetite for all things metaverse appears to be growing, with various metaverse-centric cryptocurrencies hitting all-time highs in recent days. And with Grayscale claiming that the Metaverse is still “in its early innings,” the industry is likely to see more multi-million dollar sales of precious virtual real estate.

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Elon Musk Acts on Behalf of Dogecoin Holders, Grabs the Attention of Binance CEO Changpeng Zhao

Elon Musk has grabbed Binance CEO Changpeng Zhao’s attention on Twitter as Dogecoin (DOGE) holders face withdrawal issues on the world’s largest exchange.

Binance suspended the withdrawal of DOGE on its platform on November 11th due to an issue caused by an upgrade. The exchange says it is suspending withdrawal transactions for up to 14 days as it continues to resolve the problem.

“The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.

Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so. It’s a long and complex process, but the team is working hard.”

In a series of tweets, Musk gave Zhao his take on Binance’s DOGE withdrawal suspension, calling the situation “shady.” Zhao apologized for the inconvenience while pointing to the technical nature of the issue. Zhao then took the opportunity to cast some shade himself.

Binance also says that it is working to fix the problem and clarifies that the issue is “not shady.”

The company acknowledges that users are upset they cannot withdraw their DOGE coins, but assures Musk that it is working to resolve the issue and will provide round-the-clock customer support to affected users.

The Tesla CEO says that he is not a Binance user and is just voicing concern on behalf of other Dogecoin holders.

“I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other Doge holders.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin (BTC) $ 27,397.34 0.83%
Ethereum (ETH) $ 1,639.27 1.69%
Litecoin (LTC) $ 64.18 3.25%
Bitcoin Cash (BCH) $ 230.02 5.25%