Robinhood Markets Inc. is moving forward with its acquisition of Bitstamp Ltd., a global cryptocurrency exchange. As part of this process, Robinhood Crypto LLC has submitted a change of control application to the New York Department of Financial Services (NYDFS), which announced it received the application on July 3, 2024. This is one of several […]
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German Police Transfers Additional $95 Million in Bitcoin to Bitstamp, Coinbase, and Kraken
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Bitcoin Price Decline Continues, Dipping to $64,050 on Bitstamp
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Bitcoin News
Bitstamp Delists AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for US Customers
Trading will soon be halted for several popular cryptocurrencies on the Bitstamp exchange for users in the United States. Starting August 29, 2023, the exchange will suspend trading for AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL for U.S. customers, canceling all existing orders for those assets. After this deadline, U.S.-based Bitstamp users will no longer be able to trade these crypto assets on the platform.
Bitstamp Suspends Trading of 7 Cryptocurrencies for U.S. Customers Amid Regulatory Climate
Bitstamp says the decision comes as part of a continuous evaluation of its crypto offerings, taking into account the changing regulatory environment in the United States. New orders for the seven cryptocurrencies will be disabled on August 29, and existing orders will be canceled, according to the exchange. However, U.S. customers will still be able to hold the assets in their Bitstamp accounts and withdraw them at any time.
The exchange recommended users execute any desired buy or sell orders for the affected assets before the August 29 deadline to ensure a smooth transition during the trading halt. After that date, trading related to AXS, CHZ, MANA, MATIC, NEAR, SAND and SOL will be permanently disabled for U.S. customers on Bitstamp.
Despite delisting those assets for U.S. customers, Bitstamp noted it will continue offering up to 30 available cryptocurrencies to trade on its platform. The exchange said it remains committed to providing a comprehensive range of trading options even with the halt for U.S. users.
Bitstamp is not the first major cryptocurrency platform to delist assets due to the regulatory environment in the United States. Earlier this year, trading platforms like Etoro, Robinhood, and Bakkt also removed support for certain cryptocurrencies. The harsh regulatory climate has led many exchanges to limit their offerings in order to comply with American rules and avoid potential legal issues.
What do you think about Bitstamp delisting seven different crypto assets? Share your thoughts and opinions about this subject in the comments section below.
Bitstamp Makes Highly Anticipated XRP Announcement, But Does It Live Up To The Hype?
On Wednesday, August, 2, crypto exchange Bitstamp made a cryptic tweet teasing a new announcement and development for XRP. The exchange kept its promise and made the announcement. However, did it live up to the expectations and hype?
The Big Announcement
Popular digital asset exchange platform Bitstamp has recently unveiled its highly anticipated XRP announcement. The new feature allows users to stake their XRP holdings and earn long-term 2% APY in rewards. This offering is part of the platform’s creative Bitstamp Earn Lending Program, which offers users a reliable and secure means to lend their XRP holdings and earn rewards in return.
Bistamp’s lending service stands out because of its numerous benefits that provide participants with confidence in the whole lending procedure. Bitstamp will also not convert or lend users’ assets without explicit consent and instructions. To partake in XRP staking, users of the platform can easily navigate to the Earn Lending column on Bitstamp. While on the section, they will be offered an option to stake their XRP and earn the mouth-watering 2% APY rewards.
To bolster trust and entrench transparency, Bitstamp has partnered with Tesseract, a renowned firm that is specialized in exclusive lending to trusted borrowers. Tesseract will conduct thorough credit and risk evaluations on all prospective borrowers, thereby augmenting the general safety and reliability of the lending service.
Bitstamp will also render monthly performance reports to enhance transparency. The reports will cover key metrics, such as the risk profile of borrowers, portfolio concentration, and collateral levels.
Members of XRP React
The recent announcement has sparked a wave of expectations and reactions within the XRP community. The announcement of the 2% APY on XRP lending has been met with disappointment as community members expected a more groundbreaking revelation.
Community members had previously speculated on the nature of the announcement, with some XRP proponents speculating that Bitstamp may consider a full integration with the XRP Ledger (XRPL) decentralized exchange (DEX).
Popular XRP community members like Dig Perspective emphasized that while the 2% APY looks good, the community expected something more remarkable.
No offense @Bitstamp. 2% is great but we were looking for a bit more,if you have it to share? https://t.co/0iinJWFYi6
— Digital PerspectivesPermaBull (@DigPerspectives) August 3, 2023
Whichever way it goes, it remains to be seen if Bitstamp will live up to its promises.
XRP’s price is currently trading at .66, representing a 0.65% and 7.17% decline on the daily and weekly charts, respectively.
Bitstamp Teases Major XRP Announcement, But The Market Hesitates
In a cryptic move that has the XRP army speculating, Europe’s leading cryptocurrency exchange, Bitstamp, has teased a significant announcement related to the token. The Luxembourg-based exchange made this known via a tweet that simply read, “tomorrow,” accompanied by the XRP-themed hashtags #XRP, #XRPL and #XRPLedger and a suggestive video.
The video, a brief animation showing an XRP rocket ascending, indicates that the forthcoming announcement could potentially result in significant news for the XRP Ledger, eventually boosting the price. However, Bitstamp stopped short of offering any explicit hints about what this announcement might entail, leaving the community buzzing with anticipation.
Tomorrow.#XRP #XRPL #XRPLedger pic.twitter.com/aZrKAjXK5j
— Bitstamp (@Bitstamp) August 2, 2023
What Might Be Bitstamp’s Announcement?
XRP’s followers were quick to respond, sharing their theories on what Bitstamp’s forthcoming announcement might involve. Panos, the founder of Digital Generation Finance, expressed his belief that Bitstamp could be set to announce a full integration with the XRP Ledger (XRPL). “The announcement could reveal that DEX has been connected to Bitstamp’s order book, focusing on fiat ramps for payments,” Panos conjectured.
This notion was seconded by prominent XRP community member @XRPcryptowolf, who also postulated that Bitstamp could be planning an XRPL integration.
Meanwhile, another XRP fan named @wEeZiE posited that Bitstamp’s announcement might have something to do with Ripple’s recent minority stake acquisition in the exchange. Back in May, Ripple acquired a stake in Bitstamp in a bid to expand its international operations and diversify its offerings beyond payments.
A transcript of the Galaxy shareholder conference revealed at the time that Ripple had acquired the shares from Pantera Capital, another crypto investment firm based in the US. Pantera was one of Bitstamp’s largest shareholders until 2018, when the exchange was acquired by Belgian investment firm NXMH. However, it is unclear how much Ripple paid for the acquisition or how the deal was structured.
“wEeZiE” stated, “Recall Ripple president Monica Long’s comment about Ripple’s recent stake acquisition in Bitstamp. She mentioned that the move would strengthen Ripple’s international presence and diversify its offerings beyond payments. Perhaps Bitstamp’s tease pertains to this?”
Remarkably, Bitstamp has been a major Ripple gateway for years, granting clients access to RippleNet and serving as a key partner for Ripple’s On-Demand Liquidity (ODL).
XRP Investors Don’t Buy The News
At press time, the market has not reacted to the announcement of the announcement. On the contrary, XRP has lost key support at .6760 and marked a new 3-week low following the summary judgment in the US Securities and Exchange Commission (SEC) case.
For now, the price has found support at the 200 EMA (Exponential Moving Average) at .6543. If this support breaks as well, a plunge towards .60 could be on the cards. On a bullish note, if Bitstamp’s announcement tomorrow can excite XRP investors, the .6760 level would be the first resistance. In case of a breakout, a spike up to .7249 is likely.
Cardano (ADA) Set To Begin Trading On Bitstamp On Wednesday
Cardano (ADA) is set to debut on top cryptocurrency exchange Bitstamp. The altcoin has not had a good run of it lately but things seem to be looking up for the project. After smart contract capability had been deployed on the network, expectations had swelled for the possible growth of the digital asset. Now, while the technology has lived up to expectations, ADA has not.
The token had suffered greatly in the market after hitting a new all-time high. It has proved resistant to strides being made in its underlying technology and has not seen much in the way of positive movement since then. This new listing may be able to give the digital asset a much-needed push towards a recovery trend.
Related Reading | eToro Announces Cardano (ADA) And Tron (TRX) Delisting, Points To Regulatory Concerns
Cardano Lists On Bitstamp
Top cryptocurrency exchange Bitstamp announced that it is listing Cardano on its exchange. The listing took place in four parts. First was the transfer-only mode. This mode was released on Tuesday and would allow users to deposit and withdraw ADA using their Bitstamp wallets but will still be unable to trade the digital asset.
Wednesday marks the complete listing of the token on the exchange. However, this will be split into three parts that will go into effect at different times of the day.
ADA drops to .6 | Source: ADAUSD on TradingView.com
The second phase of the listing is the post-only mode. In this mode, users of Bistamp will be able to place and cancel limit orders using the digital asset but none of these orders will be matched. This means that no Cardano limit orders will be completed on the exchange during this time. This will go into effect at 11:00 AM UTC.
Next is the limit-only mode which goes live at 3:00 PM UTC. This time around, all of the limit orders placed using ADA on the crypto exchange will be executed. But users will still be limited to trading through limit orders.
The final phase of the listing is full trading. This is to give the order books enough time to gather sufficient liquidity and once it does so, all orders will be executed normally and Bitstamp will enable card purchases for the newly released trading pairs.
ADA Struggling In The Market
Compared to its peers in the market, Cardano (ADA) has fared considerably worse than others in recent weeks. This, however, does not take away from the fact that the digital asset has done very well year-over-year. ADA which had been trading at less than .20 at the beginning of the year had risen to an ATH above this year, posting massive gains for its investors.
Related Reading | Cardano Founder Reiterates Long-Term Purpose Amid Sell-Off Panic
The asset price has since fallen back below but listing on Bitstamp could lead to some upward momentum for ADA, especially following eToro announcing that it would be officially delisting Cardano (ADA) from its exchange next month.
Featured image from Investing.com, chart from TradingView.com
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