Crypto Exchange Bitstamp to Suspend Trading AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL

Bitstamp, one of the world’s oldest cryptocurrency exchanges, has announced a suspension of trading for seven cryptocurrencies in the United States, effective from August 29, 2023. The affected cryptocurrencies include AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL.

In an official statement released on Bitstamp’s blog, the company explained that the decision was made “considering recent developments” and in alignment with their “comprehensive framework” to evaluate cryptocurrencies in light of the dynamic regulatory environment. The statement further clarified that as of the mentioned date, new orders involving these assets would be disabled, and all existing orders across the affected trading pairs would be canceled.

Customers in the U.S. will still be able to hold these assets within their Bitstamp accounts and withdraw them at any time. The company has urged users to execute any desired buy or sell orders involving the affected assets before the deadline.

The New York State agency of Financial Services has issued Bitstamp USA, Inc. a license allowing it to participate in Virtual Currency Business Activity. This same agency has also issued Bitstamp USA, Inc. a license allowing it to act as a Money Transmitter.

This move comes at a time when Bitstamp is actively seeking to raise funds for expansion. The delisting coincides with the company’s efforts to comply with the dynamic regulatory environment, as stated in their official announcement, though no direct connection to investor pressure has been publicly disclosed

According to a Bloomberg report, Bitstamp initiated the fundraising process in late June 2023, with Galaxy Digital Holdings acting as an adviser. The funds are planned to be used for launching derivatives trading in Europe next year, expanding into Asian markets, and enhancing operations in the U.K.

Bitstamp’s global chief executive officer, Jean-Baptiste Graftieaux, emphasized that the company is not for sale and that the priority is to “accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Founded in 2011 and headquartered in Luxembourg, Bitstamp was once a primary venue for Bitcoin trading. It is now the world’s seventh-largest exchange, with about $126 million in trading volume in a recent 24-hour period. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean conglomerate NXC.

The suspension of trading for the seven cryptocurrencies is a significant indicator in Bitstamp’s operations, reflecting the ongoing challenges and complexities of regulations.

Image source: Shutterstock


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SEC Lawsuits Target Multiple Tokens: DCG Founder Points Out Absence of PoW Cryptos

In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.

Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.

The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.

This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.


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Three Metaverse Reference Rates From CME Group

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Derivatives marketplace CME Group is planning to develop reference rates in addition to real-time indexes for a total of three distinct crypto assets that are part of the metaverse. This would make it possible for investors to monitor price data in a more precise manner by using a method that is often used in traditional finance.

The company made the news on January 5 that CME Group and CF Benchmarks will begin offering reference prices for Axie Infinity Shards (AXS), Chiliz (CHZ), and Decentraland’s MANA commencing on January 30.

The reference rates and indexes are not products that can be traded, but investors can use them to “price sector-specific portfolios, develop structured products, and manage price risk around various Metaverse-based projects,” as explained by Giovanni Vicioso, head of cryptocurrency products at CME Group. The CME Group was kind enough to provide us with this information.

Calculations for the real-time indexes and reference rates for AXS, CHZ, and MANA will make use of price data from a minimum of two different cryptocurrency exchanges. In addition to LMAX Digital and itBit, the following exchanges are included here: Bitstamp, Coinbase, Kraken, and itBit.

Every day at 16:00 local time, the reference rates for the assets will be published with prices in United States dollars. These prices will be published (00:00 GMT). Each and every real-time index will be made accessible for use by the general public each and every second of each and every day.

CoinMarketCap estimates that Chiliz, the most successful of the aforementioned metaverse enterprises, now has a market worth of 742.1 million dollars. This information was obtained from the Chiliz website.

AXS is now valued at roughly $686.5 million, whereas MANA is currently at approximately $597.2 million according to the market.

The CME Group has been fairly active in the cryptocurrency sector, offering micro-sized options for Bitcoin and Ether at the end of the previous year.

The popularity of metaverse tokens increased during the most recent bull market in cryptocurrencies as dozens of projects promised to build digital replicas of the real world.


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Altcoin Watch: Top 3 Tokens with Poor Performance over the Past Week

Many things reshaped the dynamics of the digital currency ecosystem over the past week, with the most significant being the resignation of Liz Truss, the Prime Minister of the United Kingdom.


While the stock market in the UK showed positive growth over the news, the crypto market was left in a state of uncertainty, and this showed in the performance of some altcoins in the week-to-date period.

In this week’s Altcoin Watch edition, we present three of the worst-performing tokens, giving investors a compass to guide their observation of trends in the crypto ecosystem this week.

Axie Infinity (AXS)

Axie Infinity is a top digital token in the Play-2-Earn (P2E) ecosystem, and its partially owned and operated by its players. The coin has seen its worst days this year and is currently changing hands at $8.92, down from its 52-week high of $165.37 per data from CoinMarketCap.

Axie Infinity is among the worst-performing tokens of the top 100 coins, and while the industry considers gaming as the future of the ecosystem, the chances AXS will recoup and retest its best price remains bleak in short to mid-term.

Ethereum Name Service (ENS)

Ethereum Name Service is a distributed, open, and extensible naming system based on the Ethereum blockchain. The protocol has continued to carve a niche for itself in the broader ecosystem as one of the industry’s most popular name service providers.

However, investors have not favoured the digital currency over the past week, with its price of $16.70, trading down by 15.51% over the past week. With a mild rejuvenation sweeping through the market, ENS can pare off some of these losses, but traders will need to exercise caution per its freefall.

Waves (WAVES)

Waves is a multi-purpose blockchain platform that supports various use cases, including decentralized applications (DApps) and smart contracts. While Waves is known as one of the highest-performing coins over the past few months in relative terms, it was trading down 9.66% at $3.19 during the intrday.

The coin has high volatility and a good propensity to recover its gains, but like other profiled altcoins, caution should be exercised when dealing with the coin.

Image source: Shutterstock


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Metaverse Token From Axie Infinity (AXS) Ecosystem Suddenly Erupts 150% in Less Than a Week

One play-to-earn (P2E) altcoin is seeing major gains after news spread that its future supply would be cut drastically.

In a new blog post, hit blockchain-based game Axie Infinity (AXS) announced a major rule change for its 20th season where players will no longer earn Smooth Love Potion (SLP) for completing “daily quests” in an effort to stabilize the token’s value.

“As a first measure to stabilize the economy, we have removed all SLP rewards from adventure mode [which] was originally conceived as a way for the community to learn how to use their Axies. It has outlived its purpose.”

‘Axies’ are non-fungible tokens (NFTs) that also serve as creatures within the game that users can battle and breed.

The gaming company says that the rule change will reduce new SLP issuance by approximately 45 million tokens each day.

A previous blog post stressed how critical the move is toward ensuring the survival of the game itself.

“Inflation of SLP has been very high, with around 4x more SLP being created (supplied) per day than burned (demanded) through breeding [Axies].

We know that this is painful medicine. The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse. That would be far more painful.”

The price of Smooth Love Potion has been ripping higher and higher all week. Last Wednesday SLP was trading for under a penny but began to surge upward in successive waves starting on Monday.

Today the altcoin is up another 39%, and remains up 176% in the last seven days, priced at $0.026

Axie Infinity’s native token AXS is also in a winning mood, having risen nearly 30% over the same time period and currently up 4.81% to $66.69 at time of writing.

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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.

Featured Image: Shutterstock/Natalia Siiatovskaia/KDdesignphoto


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Ethereum Whales Load Up on One Gaming Token, Making It Top Traded Altcoin Among ETH Investors

Ethereum (ETH) whales loaded up on one popular gaming token over the weekend.

Data from whale-surveilling platform WhaleStats indicates Axie Infinity (AXS) was the most traded token among the 1,000 biggest ETH wallets over a 24-hour period this past weekend.

WhaleStats also shows that a couple of large Ethereum whales gobbled millions of dollars worth of AXS.

The third-largest Ethereum whale purchased 40,000 AXS worth more than $2.46 million in a single transaction, according to WhaleStats.

The 18th-largest ETH whale bought 40,000 AXS worth nearly $2.25 million on Saturday. The same whale purchased 174,000 AXS worth more than $11.23 million on Sunday.

Axie Infinity is a trading and battling game based on the blockchain. Players, who are stakeholders, are allowed to collect, breed, raise, battle and trade digital collectibles.

The project’s native token, AXS, is trading at $67.84 at time of writing. The 36th-ranked crypto asset by market cap is up nearly 26.5% in the past seven days.

A popular pseudonymous crypto analyst known as Altcoin Sherpa predicts AXS’s price will surge even further.

“AXS: This looks pretty good. I think this goes to like $80 and then pulls back.”

Source: Altcoin Sherpa/Twitter

MATIC, the native token for blockchain scaling solution Polygon, has dethroned AXS and is now the most traded asset among the top 1,000 ETH wallets at time of writing, according to WhaleStats.

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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.

Featured Image: Shutterstock/prodigital art/Nikelser Kate


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Axie Infinity token AXS gains 40% after taking steps to avoid ‘permanent economic collapse’

The price of the Axie Infinity (AXS) token has surged by nearly 40% in three days. AXS rallied to over $65, its best level in more than two weeks, as Axie Infinity revealed a revamped reward structure for its player-vs-player (PVP) competition round.

In detail, the play-to-earn startup expanded its number of leaderboard slots to 300,000 and boosted the amount of AXS rewards to 117,676 from the earlier 3,000 for the next season.

“This will supercharge the competitive Axie scene and create more demand for quality Axie teams in the ecosystem,” Axie Infinity explained, adding that their move would create a $6 million worth of prize pool for Season 20.

AXS/USD daily price chart. Source: TradingView

Economic revamp boosts AXS demand

AXS serves as a governance token for the Axie Infinity protocol. Additionally, it acts as a legal tender to purchase in-game nonfungible tokens (NFTs) — more or less unique digital pets called “Axies” — from the Axie marketplace. Finally, players also use AXS to breed new Axies using the existing ones.

But Axie Infinity uses a dual-token structure. The other crypto, Smooth Love Potions (SLP), was awarded to players for completing daily quests and clearing levels in the adventure mode. Additionally, players received SLP rewards through area combating in the Axie Infinity game.

Axie Infinity also eliminated the daily quest and the adventure mode, meaning gamers would now earn SLP tokens only through area combat. The decision expects to reduce the SLP token daily supply by 56%.

That is vital as players burn SLPs to enable old Axies to breed new ones. Of late, the Axie Infinity team created more SLP to reward players than burned through breeding. Unfortunately, that led to a higher SLP inflation, prompting its per token rate to crash from its summer 2021 highs of $0.40 to $0.008 on Feb. 3.

SLP mints and burns. Source: Axie Infinity

As a result, Axie Infinity removed avenues that were generating more SLPs. The team noted that the daily quest, in principle, encouraged people to play every day but also added a 45 million SLP supply burden onto the Axie Infinity economy. It acknowledged:

“The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse.”

Simply put, the Season 20 update would make SLP scarcer, thus potentially making Axies more valuable. Therefore, in a “perfect” scenario, it could have Axie Infinity gain traction among gamers and crypto supporters alike, theoretically raising demand for its AXS token.

That somewhat explains why the AXS price rallied by over 40% after Axie Infinity’s Feb. 3 announcement.

AXS price technicals

The latest period of buying in the AXS market has prompted its price to reclaim a critical short-term resistance level as support.

Notably, AXS price crossed above its 200-4H exponential moving average (200-4H EMA; the blue wave in the chart below) on Sunday. The recent retests of the same level coincided with an increase in selling sentiment. Therefore, reclaiming it as support raised AXS’s potential to extend its rally.

AXS/USD four-hour (4H) price chart. Source: TradingView

The $68 level would be the next upside target, according to the Fibonacci retracement graph drawn from AXS’s swing high near $140 to its swing low around $45. Meanwhile, a decisive move above the said level could have AXS aim for $80 next. 

Related: Axie Infinity devs release governance token for Ronin Blockchain to mixed player response

Conversely, a pullback from $68 may leave the AXS price at risk of testing its 20-4H EMA (the green wave) near $56 as its next downside target.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.