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Mighty Hong Kong exchange Bit-Z welcomes Ripple’s XRP paired to USD

Published

5 years ago

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XRP

A popular crypto exchange based in Hong Kong, Bit-Z, has listed Ripple’s XRP today. We often report on things that happen with crypto exchanges that don’t keep too big a profile in the cryptosphere. Not today. Today it’s about one of the big boys.

Bit-Z is a cryptocurrency exchange based in Hong Kong since 2016. It has a physical presence in 10 different countries, mainly in Asia (South Korea, Japan, Singapore). Tokeninsight (a professional assessment agency) considers it to be the world’s fourth most important. The company is a lot more than a simple cryptocurrency exchange. It also works in social networking, games, finance and electronic commerce. Lots of fingers in lots of pies.

Bit-Z, who has listed Ripple’s XRP just today, used to do business in very much the same way as most of the world’s crypto exchanges. By that, we mean that you could get a single trading account which is essentially useful to buy or sell Bitcoin. You have to verify your account through your mobile phone, and they could ask you to send some kind of ID to verify at a higher level.

While several digital assets are available at Bit-Z, before a few weeks ago you couldn’t use it to buy any directly, the way to go was to transfer Bitcoins from your wallet to your account on the website. Then you would trade Bitcoins for any of the other coins available.

If you’ve been involved in crypto as a retail investor, you’ll know that this is the way in which most exchanges work. The number of platforms that will allow you to buy any cryptocurrency using your debit or credit card is somewhat limited and, very frequently, you can only buy Bitcoin at the start.

Even before listing Ripple’s XRP, Bit-Z was already ahead of the curve because it offered something called “OTC Trade” in which you can use USD or Chinese yuan to buy ETH, BTC or LTC.

These purchases are done off the exchange service, but once you have them, you can transfer them to your Bit-Z account. And they take a wide variety of payment methods such as wire, cash deposit, AlyOPay, Moneygram, Neteller, WeChat, PayPal, and Western Union.

The information presented so far should suffice to show that this company has been innovative in opening the crypto horizons to all kinds of users who are not experts in blockchain technology or digital assets. And now, it’s taken another step beyond most competitors.

So, the announcement says that starting today, Bit-Z will be supporting Ripple’s XRP for trade and exchange. Not only that, it won’t be paired with Bitcoin or other cryptocurrencies only (which is the most common scenario, to the frustration of many) but also paired with a fiat currency, namely, the United States Dollar.

This can be a game changer, at least in the short term for Bit-Z because very few exchanges are offering the opportunity to buy XRP directly (instead of exchanging it for Bitcoin) and XRP is quickly becoming one of the world’s most important currencies.

XRP has been the coin that’s held its own during the last week’s market debacle; it’s dethroned Ethereum for the world’s second spot concerning market capitalization despite the mess we’ve attested over the last few days. And let’s not forget it was last year’s most profitable asset.

This is excellent news for XRP, Bit-Z, and lots of users – so we congratulate both entities on the new stride that will consolidate them both as some of the market’s leading players.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

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Bitcoin

Bitcoin Price Outlook Ahead of Powell’s Speech

Published

22 hours ago

on

September 27, 2023

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Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.

Economic Concerns

Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.

The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.

Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…

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Crypto

Ethereum Price Faces Rejection at $1,620 in the Wake of Market Challenges

Published

3 days ago

on

September 25, 2023

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Ethereum price has been struggling in recent weeks on the back of its unstable on-chain performance and global economic uncertainty. The general market performance has not helped much either, as most altcoins have failed to hold an upside momentum. Ethereum, one of the most valuable assets in the cryptocurrency market, has dipped by nearly 3% in the past week and more than 5% in the month to date.

Fundamental Analysis

Ethereum price has been on a consistent bearish trajectory over the past few weeks against the backdrop of a dull crypto market and a stronger dollar. The dollar index, which measures the performance of the greenback against six major currencies, has been hovering around its highest level since December 2022 since Thursday. At press time, the dollar index was trading higher at 105.720. A stronger dollar tends to be bearish for risk assets, particularly cryptocurrencies.

Investors have been assessing the economic outlook, considering what could be next for interest rates and the economy, ahead of a string of key economic data due later this week. Investors will be looking at the data from the housing sector, as well as the CB Consumer Confidence data slated for Tuesday. Additionally, the quarterly GDP data for Q2 is expected to be published later Thursday, concurrently with the initial jobless claims.

The Fed’s favorite inflation gauge, the personal consumption expenditure index (PCE), is also expected to be published on Friday. Various…

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Altcoins

Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

Published

6 days ago

on

September 22, 2023

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Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.

Fundamentals

Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.

The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.

Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…

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