There is no time left for the market to recover after the announcement of the world’s leading cryptocurrency exchange Coinbase is adding new listings, as the platform once again pushed off the ground of the crypto-community.
This time Coinbase has an eye for few more digital coins that some say are soon to become a part of the platform’s wide offering. The other day Coinspeaker a bullish market trend rolling out towards Cardano, Zcash, and Stellar, which reportedly are going to join the list of Coinbase trading coins.
The upward tendency dubbed as “Coinbase effect” explains a short-term surge of the coins’ price that for a moment made investors recall once flourishing cryptocurrency market. In the wake of Coinbase listings, both Cardano, Zcash and Stellar were traded on positive momentum with slight but evident increase in their value.
Today almost everyone of them have returned to their starting point whereas the enthusiasm of investors is gradually fading. Nonetheless, Coinbase has the foresight to reserve some surprises to maintain their interest.
Coinspeaker devised the list of potential Coinbase addings that have all the chances to enhance the exchange soon.
Stellar (XLM)
The first in a row to the Coinbase offering stands . Being developed by Ripple creator Jed McCaleb, the Stellar ecosystem underpins an alternative payment network that connects individuals with various financial institutions. Stellar native token, in turn, contributes to the ability to move money around the world and to conduct transactions between different currencies quickly and securely.
Currently Stellar (XLM) is trading for as much as $0,26 per unite EOS among top-5 cryptocurrencies in terms of market capitalization. Notably that the news of Coinbase listing was determined as a key factor for such stunning success.
Carnado (ADA)
The second to go for Coinbase is . The decentralised cryptocurrency project empowered by Carnado (ADA) is developing a smart contract platform, which seeks to deliver more advanced features than any protocol previously developed.
The bearish trend for Carnado (ADA) seems to be halted as Coinbase announced it amidst their expectants to join the platform. Today the price of digital coin remains close to $0,75 benchmark while the amount of trading volume saves Carnado (ADA) the 8th position in the list of available cryptocurrencies.
Binance Coin (BNB)
The digital coin named after popular crypto-exchange also has good chances to be listed at Coinbase in the near future. As it comes from the name, established supply of 200 million is mainly used to underlie transactions made by the exchange users.
At the moment, Binance Coin (BNB) is traded for $9.28 with about 130 million of BNB in circulation. Relatively stable price level together with Binance support makes Binance Coin (BNB) the 14th cryptocurrency asset available for investment.
EOS (EOS)
Notorious is the next possible listing for Coinbase, though the suspicion of false decentralization has weakened public support for this promising coin.
Being called as the Ethereum strongest adversary, EOS (EOS) lost its shine following made by independent testing agency. As the result, the claimed tremendous capacity of newly launched EOS network was questioned, while the network itself allegedly lacks decentralization.
Obviously, such fuss negatively affected the price of EOS (EOS) that ultimately gave up the positions to Stellar (XLM).
Today the coin’s price established at the level of $5.17 serving it the 6th place in the crypto-rank.
Ripple (XPR)
The last but not the least coin waiting to be added to the Coinbase offering is . It might seem strange why so prominent digital coin has so far failed to be listed at Coinbase. Conceived as a blockchain-based alternative for SWIFT, Ripple is known for a broad-scope incorporation into the interbanking settlement systems and remittance corridors.
Yet the company behind the robust technology has numerously stated the dual nature of the Ripple enterprise and the altcoin itself. This statement now is to be carefully examine as the company are facing regarding the regulatory nature of the cryptocurrency.
Once Ripple (XPR) fully clears its reputation out of a security stain, the coin is likely to join a bandwagon of Coinbase-trading cryptocurrencies. Now Ripple (XPR) is trading to $0.5056 rigidly remaining the third largest cryptocurrency in terms of market capitalization.
In recent regulatory news, we report on an authorized mining company in China that has had its operations temporarily halted for tax inspection and implementation of real-name registration processes. We also look at the Michigan Secretary of State’s ban on crypto-based political donations, as well as the recent certification of X8’s stablecoin for Shariah compliance. In addition, we focus on the operator of a fraudulent cryptocurrency scheme who has been punished for misappropriating $601,000 in BTC and LTC from his employer.
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Chinese Mining Farms Suspended
According to a published by an unidentified cryptocurrency mining company, Chinese state agencies have ordered the suspension of its mining farms in southwestern Guizhou Province and the Xinjiang Uyghur Autonomous Region for tax inspections and to implement real-name registration processes.
“According to the needs of the public security department’s network information security work, in the future, our company will implement higher standards for the company’s business real-name system according to the work needs of the public security department,” the anonymous company said. “For customers with the latest standard real-name systems, the data center will have to suspend reloading, restarting, moving in and out, etc.”
Michigan Secretary of State Says ‘No’ to Crypto
In a addressed to William Baker, a recent candidate for the Michigan state legislature, the office of the Michigan Secretary of State has formally barred cryptocurrency donations to political campaigns.
Baker, who lost his bid in the state’s Nov. 6 election, had previously sought clarification on how the value of donations in the form of cryptocurrencies should be recorded. He also asked whether virtual currency exchanges would qualify as valid secondary depositories for the storage of crypto assets.
Baker asserted that “it is self-evident that digital currency is a valid way to receive political contributions.” However, the state secretary’s office responded by stating that “the law does not authorize such a vehicle, and the department has never determined that digital currencies are a valid way to receive political contributions.”
The letter also highlighted concerns pertaining to the price volatility of cryptocurrencies. “As with stocks and commodities, bitcoin’s worth fluctuates daily,” the office said. “There is no way to ascertain the precise monetary value of one bitcoin on any particular day.”
The Michigan Secretary of State raised additional objections to the use of cryptocurrencies as donations. In the letter, the office added that state legislation also “requires that committees deposit funds in an account in a financial institution, which is not an option for cryptocurrency.”
X8 Stablecoin Certified as Shariah Compliant
X8C, the stablecoin issued by Swiss fintech company X8 AG, has obtained a showing that its stablecoin is compliant with Shariah law. It received the certification from the Shariyah Review Bureau, an Islamic advisory firm licensed by the Central Bank of Bahrain.
Francesca Greco, director and co-founder of X8, announced that the company will soon establish a regional office in the Middle East. Greco also indicated that X8 plans to launch a Shariah-compliant virtual currency exchange, adding that the company has already met with representatives of exchanges based in Abu Dhabi, Dubai and Bahrain.
“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” Greco said.
CFTC Fines Crypto Scheme Operator Over $1.14M
The U.S. Commodity Futures Trading Commission (CFTC) has Joseph Kim, a resident of Phoenix, to pay more than $1.14 million for operating a fraudulent cryptocurrency scheme. Kim was also sentenced to 15 months in prison on “related criminal charges” filed in the U.S. District Court for the Northern District of Illinois. According to the court order, Kim pleaded guilty to “orchestrating a fraudulent bitcoin and Litecoin scheme that led to more than $1 million in losses.”
Kim was found to have misappropriated $601,000 worth of BTC and LTC from his employer — described as “a Chicago-based proprietary trading firm” — before attempting to fabricate security-related issues to obfuscate the misappropriation of funds. Despite this, the company fired Kim in November 2017 after the theft of the cryptocurrency was discovered.
Between December 2017 and March 2018, Kim then sought to repay his former employer through profits that he had generated through the operation of a cryptocurrency trading scheme. According to the CFTC, he “falsely told customers that he would invest their funds in a low-risk virtual currency arbitrage strategy, when, in fact, Kim made high-risk, directional bets on the movement of virtual currencies that resulted in Kim losing all $545,000 of his customers’ funds.”
Do you think Chinese miners will report the temporary suspension of their operations for tax inspection and real-name registration? Share your thoughts in the comments section below!
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