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Huobi Global Announces De-listing of 7 Privacy Coins

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Huobi Shuts Down Its Crypto Unit - Thai Sec Revoked The License
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  • After September 12th, users will no longer be able to add funds to their coin’s wallet.
  • Tornado Cash, an Ethereum-based mixing service, was recently sanctioned.

On September 6, the cryptocurrency exchange Huobi said it will no longer trade Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), or Horizen (ZEN). After September 12th, users will no longer be able to add funds to their coin’s wallet, but withdrawals will continue as usual.

On September 19, all of these tokens will be removed from exchanges and circulation forever. According to Huobi, this move is an attempt to adhere “with the latest financial regulations,” as well as the company’s own worldwide token management guidelines.

The firm stated:

“Huobi Global strictly complies with the compliance policies of every country and region and always endeavors to safeguard our users’ assets.” 

Rising Restrictions Due to Sanctions

All open orders for each currency have been requested to be closed by Huobi. In the event that they don’t, orders placed before the delisting will be automatically cancelled, and users will be credited with the corresponding assets.

Due to the lack of complete transparency in their public ledgers, coins like Monero make it very hard, if not impossible, for third parties to keep track of individual transactions. The increased anonymity that these currencies provide is attractive to hackers, but it has also raised concerns among authorities who worry that they may be used to promote illegal activity.

This has, in turn, made exchanges hesitant to deal with the assets, which may slow down their widespread acceptance. For instance, despite Monero’s status as one of the 30 largest cryptocurrencies by market capitalization, exchanges including Bittrex, Binance.US, and Coinbase do not facilitate its trade.

Tornado Cash, an Ethereum-based mixing service, was recently sanctioned by the Office of Foreign Assets Control (OFAC), and one of its developers was promptly arrested.

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Uniswap Could Slide Below Support Zone

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Uniswap
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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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