* Coinbase suspends trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
* The decision was based on “recent reviews” to ensure the assets meet Coinbase’s listing standards.
* Users can still access and withdraw their funds in the suspended assets.
Coinbase, one of the world’s largest cryptocurrency exchanges, announced the suspension of trading for six cryptocurrencies: BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX). The suspension took effect on September 6, 2023, at approximately 9 AM PT, according to a statement released by the company.
Regulatory Compliance and Listing Standards
Coinbase stated that the decision was made after “regularly monitor[ing] the assets on our exchange to ensure they meet our listing standards.” The company did not elaborate on the specific reasons for the suspensions but emphasized that it was part of their ongoing compliance efforts. The announcement received 8,862 views, 8 reposts, 4 quotes, 25 likes, and 1 bookmark within hours of being posted.
User Impact and Next Steps
For users holding any of the six affected cryptocurrencies, Coinbase assured that “your funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.” The company directed users with further questions to their help center at help.coinbase.com.
Market Response
The delisting of these coins are announced on 24 August. Typically, the delisting of a coin from a major cryptocurrency exchange triggers a downtrend for that asset. For instance, Multichain (MULTI) experienced a significant surge on September 4, spiking over 115% to reach a high of $2.447. However, before its suspension from Coinbase, the coin has retraced to $1.286.
Similarly, Ooki (OOKI) saw a 2.5% increase with a price amplitude of 19%, reaching $0.002282 on September 4. Before the delisting, it has declined to $0.00189.
Given these market responses, it’s crucial for investors to monitor coins that are slated for delisting and consider selling off their holdings when prices pump prior to the suspension.
Implications for the Cryptocurrency Industry
The suspension of these six assets highlights the ongoing challenges that cryptocurrency exchanges face in balancing regulatory compliance with a diverse asset offering. It also raises questions about the criteria used by exchanges like Coinbase to evaluate the cryptocurrencies they list.
Conclusion
Coinbase’s decision to suspend trading for six cryptocurrencies underscores the exchange’s focus on regulatory compliance. While the immediate market impact remains to be seen, the move serves as a reminder of the evolving landscape of cryptocurrency regulations and the importance of due diligence for both exchanges and investors.
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.
We’ve argued many times in the past that the correlation between Bitcoin’s price and the market capitalization of hundreds of altcoins makes very little sense.
Whether you buy into the idea that Bitcoin is digital gold, or a payment mechanism, or both, it doesn’t have a whole lot in common with Ethereum, Shiba Inu, or FTX’s native exchange token.
Well, whether we like it or not, big moves in the price of Bitcoin define crypto markets.
Before Bitcoin slid from the latest all-time high above $68,000 back to the region of $55,000 last week, dragging most altcoins down with it, the crypto market had seen six straight weeks of virtually uninterrupted growth.
But as soon as the market turns red, as it did last week, many traders tend to succumb to three old enemies: Fear, uncertainty, and doubt (FUD).
Which is why we say: FUD that. Experienced crypto traders know that periods of correction can also present profit opportunities. And Cointelegraph Markets Pro’s own VORTECS™ Score found six of the ten best-performing altcoins last week, even as the market took a dive.
Unparalleled bull runs, lookalike corrections?
The VORTECS™ Score is a machine learning-powered trading algorithm that compares historic and current market conditions in digital asset markets to aid crypto traders’ decision-making.
The model takes in a host of quantitative indicators — including price movement, social sentiment, and trading activity — to arrive at a score that assesses whether the present conditions are historically bullish, neutral, or bearish for over 200 cryptocurrencies.
A VORTECS™ Score of 80 or above is considered confidently bullish for the next 12-72 hours. Assets that achieve such scores exhibit arrangements of key trading and social variables that in the past came before significant price increases.
The table below shows ten altcoins that delivered significant return on investment between Nov. 11 and 18 — the week that saw Bitcoin plunge from $68,000 to $58,000.
In bold are those tokens that hit a VORTECS™ Score of 80 or higher before reaching their peak price of the week.
Source: Cointelegraph Markets Pro
Six of the best crypto trading opportunities
Six out of ten of the week’s top performing assets exhibited patterns of trading and social behavior that closely resembled historically bullish combinations before they rallied.
The Sandbox (SAND)
Crypto.com coin (CRO)
Voyager (VGX)
Koinos Network (KOIN)
TomoChain (TOMO)
AirSwap (AST)
Six out of ten is significant, given that the overall number of tokens that yielded any gains has been very modest.
What does it say about the nature of the crypto market? When things are bullish, altcoins can rally for an infinite number of reasons, oftentimes simply due to a favorable macro context and exuberance taking over the market.
But when much of the market is going south, analysis suggests that tokens supported by robust trading activity and high social sentiment are most likely to buck the trend.
These are also the times when traders need reliable data analytics to inform their strategies the most. When the floor is lava, it helps to have an extra pair of algorithmic eyes sifting through millions of data points to identify potential safe havens.
This is exactly what the VORTECS™ Score is trained to do.
Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.
Another Ethereum-based exchange altcoin is now available across crypto giant Coinbase’s full retail platform.
Coinbase’s customers can now buy, sell and store Voyager Token (VGX), the native token of centralized exchange Voyager, on Coinbase.com and the exchange’s mobile apps, according to a new announcement from the company.
Coinbase Pro listed VGX on Wednesday. The crypto asset is up 41% in the past seven days but down nearly 10% in the past 24 hours. It’s trading at $3.83 at time of writing, down from a weekly high of $4.29, which it hit earlier in the day on Friday.
Voyager says that VGX is a liquid token that provides utility across its platform. Participants can earn interest by staking VGX or using the token to enable instant transactions, receive fee discounts and earn rewards for trading.
Voyager itself is a mobile broker that supports the trading of more than 60 crypto assets.
Coinbase added support for VGX amid a flurry of new altcoin listings on Coinbase Pro. The exchange’s chief executive, Brian Armstrong, noted in July that they plan to list as many altcoins as possible.
“Reminder about how Coinbase lists assets: our goal is to list *every* asset where it is legal to do so.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
Popular US-based crypto trading platform Coinbase Pro is adding another altcoin amid a flurry of new inclusions this week.
According to a Coinbase announcement, Voyager Token (VGX), the Ethereum-based coin of centralized exchange Voyager, has been added to Coinbase Pro. VGX is not yet available on the Coinbase retail platform or mobile app.
According to Voyager, VGX is a liquid token that provides utility across its platform. Participants can earn interest by staking the coin or using the token to enable instant transactions, receive fee discounts, and earn rewards for trading.
The announcement of the Coinbase Pro listing nearly sent Voyager to the moon. VGX saw an approximately 52% price jump from $2.76 on Tuesday to a local high of $4.21 on Wednesday. The crypto asset has since corrected, trading at $3.61 at time of writing.
The announcement comes after Coinbase launched support for five other altcoins this week, including Alchemix (ALCX), Ethereum Name Service (ENS), Gala Games (GALA), Power Ledger (POWR), and GYEN, a stablecoin pegged to the Japanese yen.
Though many crypto trading platforms such as Voyager have begun launching their own blockchains and cryptocurrencies, Coinbase recently said they decided against doing so due to a preference for decentralization.
As Coinbase CEO Brian Armstrong says,
“I’m kind of glad we didn’t [launch our own chain] because I don’t like the idea of there being a Coinbase Chain.
I like the idea of chains being much more decentralized than that.”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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.
In crypto trading we often see entire sectors move in tandem. DeFi coins may all curve upwards together, while metaverse tokens soared on news that Facebook’s getting a Facelift.
But this week’s group of top crypto performers have very little in common… except one trading indicator that lit up in pulsating green neon letters before their prices trended upward.
We’re looking today at:
Polygon (MATIC) — a layer-2 scaling solution for Ethereum
Aave (imaginatively, AAVE) — a decentralized finance (DeFi) asset
Voyager (VGX) — a crypto trading platform
Koinos (KOIN) — a feeless foundational blockchain built for scalability
Linear (LINA) — a cross-chain asset protocol
All have delivered major gains over the last month, and despite their differences they have one thing in common.
Each one achieved a VORTECS™ Score in excess of 90 before reaching their peak price levels.
In fact, all these tokens exhibited patterns of trading and social behavior that were strikingly similar to conditions in the past that preceded rallies. And once these tremendously robust trading conditions were detected, most of these cryptos entered virtuous cycles wherein their price dynamics generated increased trading and tweet volumes, which, in turn, powered the next phase of a rally.
Was there a chance for traders to hop on these moon-bound shuttles early?
A sign of extreme confidence
The indicator that screamed of the extremely bullish conditions is called the VORTECS™ Score, a tool available via Cointelegraph’s subscription-based data intelligence platform, Markets Pro.
Its job is to compare the current trading and sentiment conditions to historically-similar situations, and to alert traders when bullish patterns are detected. Live testing of the VORTECS algorithm has been ongoing for over ten months.
A VORTECS™ Score above 80 is considered confidently bullish. On average, there are from 30 to 50 weekly instances of assets crossing the 80-score threshold.
Scores of 90 or above, however, are rare. In an average week, there are usually no more than 4-5 instances of such scores, and sometimes a full week can pass without a single 90.
These ultra-high scores signify the algorithm’s strong confidence that the observed conditions are similar to those that preceded an asset’s stellar price performance in the past. As previously reported, scores above 90 sometimes precede price appreciation that can last for several days.
Here is how it worked with some of the highest-VORTECS™ assets this past month.
KOIN: +100% after peak score
KOIN, an asset whose first VORTECS™ Score had been calculated on Nov. 5, was off to a formidable start right out of the gate. The asset’s score touched the 90 mark several hours after its debut at the price of 22 cents.
Within a day, it reached a high of $0.44, a 100% increase. The pump was accompanied by additional 432% of trading volume and 221% of the usual level of tweets.
VORTECS™ Score (green) vs. KOIN price, Oct. 31 – Nov. 6. Source: Cointelegraph Markets Pro
It’s possible that the particularly striking results of the Koinos price appreciation event are partly attributable to its low market capitalization, which stood at just $20 million before the dramatic price rise.
MATIC: +35% after peak VORTECS Score
MATIC’s stellar run this month has been powered by a surge in the number of active Polygon addresses, as well as project launches on the Polygon network. The asset’s peak VORTECS™ Score of 94.2 came on Oct. 16 (red circle in the chart), when the asset was trading at $1.56.
VORTECS™ Score (green) vs. MATIC price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro
Following the peak score, MATIC’s price did not skyrocket immediately, as the favorable conditions did not fully materialize until almost two weeks later. However, the maximum price increase registered after the record Score amounted to 35%, with an attendant 6.68% spike in trading volume and a 11.08% increase in tweets mentioning the asset.
AAVE: +11% after peak score
AAVE’s high-water mark came on Oct. 18 when it flashed a VORTECS™ Score of 90.8. At that moment, the DeFi token had been changing hands for $304.
VORTECS™ Score (green) vs. AAVE price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro
AAVE’s ultra-high score anticipated a rally that lasted for another 11 days, culminating at the price of $338 registered on Oct. 29. The gains in trading and tweet volume were even more impressive: 488% and 118%, respectively.
LINA: +13.4% after peak score
LINA had its most bullish historical outlook registered on Oct. 11 when its VORTECS™ Score reached 90.2 against the price of $0.052.
VORTECS™ Score (green) vs. LINA price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro
The next phase of its price action saw the price rise to $0.059 over a seven-day period, accompanied by a staggering 439% increase in trading volume and 200% rise in tweets.
VGX: +3.7% after peak score
Voyager Token (VGX) flashed its highest VORTECS™ Score of the month (91.9) rather late into its tremendous hike from $2.11 to $3.05.
VORTECS™ Score (green) vs. VGX price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro
The asset’s price continued to hover above $3 for the next four days, powered by a 42.89% increase in trading volume and a 10.19% more intense Twitter conversation in the aftermath of the historically bullish outlook. VGX’s momentum has somewhat faded in early November, yet the robust fundamentals could point to an impending resurgence.
We may conclude from previous analysis that looking at tokens that hit the VORTECS™ Score of 80 proved to be an efficient strategy for traders seeking to identify a range of assets with a good chance of performing well within the next few days.
Focusing on those few that score beyond 90 may better serve Markets Pro members who prefer to operate on higher confidence levels and longer timeframes.
Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.
Crypto asset trading firm Voyager Digital has announced financial results for the first quarter of 2021, and they are impressive.
The retail crypto trading and yield platform reported another record quarter, with momentum continuing into the current quarter. Total revenue for the period came in at $60.4 million, more than a 16x increase from $3.6 million over the previous quarter.
The company ended the quarter with an operating profit of $30 million and an adjusted working capital of $197 million. It was the firm’s first-ever quarter of operating profit, Voyager said in an announcement.
Trading volumes have also surged in 2021, leading to a massive revenue boost for the firm. Q1 saw $5 billion of principal volume traded compared to $350 million of principal value traded in the previous quarter.
Newly funded accounts in May have already surpassed the whole month of April, with currently 1.6 million verified users according to Nasdaq.
Voyager’s CEO and co-founder, Steve Ehrlich, stated that the platform’s leading altcoins and interest-yielding asset offerings have gained significant market share.
“Our focus on a wide range of coins has contributed to a long-term economic model with fiscal third-quarter operating margins increasing to 50%. Given our success to date, we anticipate that our operating margin should continue to scale in future periods.”
The Voyager app currently supports the trading of over 50 crypto assets. Ehrlich added that the platform saw exponential adoption of cryptocurrencies as a recognized and investable asset class in March, which translated into significant growth for Voyager.
During the first three months of 2021, Voyager continued to make significant upgrades to its systems infrastructure, and staff with a focus on platform security, scalability, and customer support.
Earlier this year, Voyager’s native token, VGX, saw explosive growth following a number of mergers and acquisitions for the Canadian company. At the time of writing, Voyager Token was trading flat on the day at $2.54 but had lost 23.4% over the past seven days in the market slump.
