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BitBay Also Delists Monero, Citing Money Laundering Concerns 101
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Poland-headquartered, Central and Eastern Europe-focused cryptocurrency exchange BitBay said it will delist Monero (XMR) early next year.

The exchange announced on Monday that, come February 19 2020, it will end its trading support with this privacy-focused digital currency. When that moment comes, XMR buy / sell orders requested before the end of the transaction will be canceled, the announcement states.

BitBay is one of the largest exchanges in Europe, as per the website, with more than 800,000 active users. It has 36 digital assets listed, and a daily trade volume of over USD 21.7 million, at the time of writing (according to Coinpaprika). There are five XMR pairs available with Bitcoin (BTC), EUR, GBP, USD and PLN, while the total XMR trading volume reached almost USD 23,000 in the past 24 hours.

As for the reason behind this decision, BitBay, cited its concerns over the coin’s anonymous nature, regulations, and money laundering. It is due to XMR’s ability to “selectively utilize anonymity features among projects,” that the exchange has reached a decision to end the support and thus “block the possibility of money laundering and inflow from external networks.” Furthermore, as a licensed exchange, BitBay says, it has to follow and be compliant with the market standards and regulations. BitBay states that this is also why Monero and similar cryptocurrencies have already been delisted on other fiat-crypto exchanges. However, the company did not mention another privacy-focused coin, Zcash (ZEC), which is also listed on the exchange.

BitBay also provided a timeline, according to which already on November 29, it will stop accepting deposits in XMR. As said, the end of trading XMR support and orders cancellation is planned for February, and the deadline for all Monero holders to make their withdrawals is May 20 next year.

At the time of writing (15:04 UTC), XMR, the 14th coin by total market capitalization is trading at c. USD 51. Like most of the market, XMR is in red for the last 24 hours, dropping 0.5%, but also in the the past week, falling 13%.

There seems to have been an increasing pressure on the exchanges to delist privacy-focused cryptocurrencies, such as XMR, ZEC and Dash (DASH), particularly in the two large crypto exchange markets, South Korea and Japan, while the U.S.-based exchanges have been reluctant to list them as well. Much of that pressure has been coming from the Financial Action Task Force (FATF), but also the Group of Seven (G7) largest advanced economies.

Already in May 2018, South Korean exchange Korbit discontinued sales in the mentioned three “anonymous” currencies. It came a week after Japan’s Coincheck delisted them in order to comply with the Financial Services Agency (FSA). Then, in September this year, UpBit announced that it delisted and ceased trading support for the trio, as well as Haven (XHV), BitTube (TUBE) and PIVX, for the same reasons as given by BitBay. Starting with October 10, OKEx Korea delisted XMR, ZEC, DASH, Horizen (ZEN) and Super Bitcoin (SBTC), following the announcements by Upbit, Bithumb, Coinone, and Korbit of new delisting protocols in late August.
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Learn more: Are Privacy Coins Being Driven to Extinction? Good Luck, Governments!

Sead Fadilpašić , 2019-11-26 17:12:00 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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