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Korbit Removes Five Coins Including Monero (XMR) and STEEM

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Korbit, the largest South Korean Bitcoin exchange platform, has announced on May 21 that it will soon delist five cryptos. The purchase of the coins will stop on May 28, and the sale is to be terminated on June 21. All coin holders are advised to get their affairs regarding these currencies in order until then.

Korbit turns its back on five cryptos

Korbit has issued quite an announcement yesterday, stating that it plans to terminate all purchases and sales of five cryptocurrencies within a month. The cryptos in question are Monero (XMR), Dash (DASH), Augur (REP), ZCash (ZEC) and Steem (STEEM). All of the mentioned coins are listed as “Other Digital Assets” on Korbit, while cryptos outside of this category will continue trading as usual.

This exchange is the oldest and largest one in South Korea, and it has stated that the trades involving these coins might return at a later date. Unfortunately, the date has yet to be established. All users are advised to “protect their interest”, as the exchange put it, before the trade is officially terminated. According to the statement, the purchase of the five coins will continue until May 28, while the sale will be possible until June 21. After these dates, the token holders won’t be able to trade in these cryptos any longer.

So far, Korbit has not issued an official explanation regarding why it is removing these coins. However, it is believed that there might be several reasons to do so, with the most probable one being that it simply follows Coincheck’s decision to remove the same coins.

After the Coincheck hack in January, the exchange was being thoroughly examined by the Financial Services Authority of Japan. The goal of this was to determine whether the exchange is capable of continuing business after such a big incident. The examination has concluded that Coincheck should not deal in cryptos that are seen as concerning, which includes four cryptos – Monero (XMR), Dash (DASH), Augur (REP), and ZCash (ZEC).

Only a week has passed since Coincheck removed these coins when Korbit decided to do the same, with the addition of Steem (STEEM).

Why did Korbit remove these cryptos?

So far, speculators were able to think of three most likely reasons for this decision. The first one might be that these coins simply did not receive the expected trading volume.

The second reason includes the exchange’s potential plans to expand to Japan, which some have been expecting for a while now. If this is true, then it is not surprising that Korbit removed the same coins that Coincheck had to delist. Its very entrance to Japan’s market might have depended on it, and the exchange simply decided to follow the same rules that Coincheck received.

The third and last potential reason is that it is simply following Coincheck’s lead on this. It is possible that Korbit relied on Coincheck’s liquidity regarding the crypto markets, and it simply had to follow along when the liquidity dried up.

Whatever the case may be, the decision has been made, and it has already affected the coins’ value. All of the five coins have experienced a significant drop in their prices. This even includes ZCash, despite the fact that it was recently added to the Gemini, the most regulated exchange in the US.

The future of privacy coins like these is still unknown, but others like Ethereum (ETH) and Bitcoin (BTC) seem to be thriving when privacy coins are losing the battle.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or 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.

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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