Bittrex follows Coinbase’s example: Ripple’s XRP denied due to SEC lawsuit

More and more large exchanges are distancing themselves from XRP. Ripple tries to limit the damage and wants to fight back.

The cryptocurrency exchange Bittrex announced on December 29th that it would take all XRP markets off the platform starting January 15, 2021. The pairs affected are BTC / XRP, ETH / XRP, USDT / XRP, and USD / XRP.

Just a few days earlier, the exchange had announced to Coinbase that it would suspend trading in XRP from January 19th

It’s not going well for XRP right now since the SEC publicly announced last week that it was going to sue Ripple .

The lawsuit said Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen raised more than $ 1.3 billion from an unregistered, ongoing sale of XRP securities.

Ripple responded , claiming the SEC’s „attack“ on Ripple was an attempt to bring down the entire US crypto industry.

The company denies that XRP is a security, as the SEC claims. It also stated that the majority of XRP customers are based outside of the US and that it would continue to sell its products in the rest of the world.

That did little to reassure investors, however, as the XRP price has fallen another 10 percent to $ 0.20 in the past 24 hours

XRP was soaring ahead of the SEC lawsuit announcement, hitting an annual high of $ 0.67 in late November.

It has fallen 70 percent since then, and analysts are wondering whether this litigation could mean the end of the XRP .

Binance launches European bitcoin options

Crypto exchange Binance has announced plans to offer European bitcoin options.

Crypto exchange Binance will expand its cryptocurrency trading offering with the launch of a European-style bitcoin (BTC) options contract.

The launch was announced on December 28 and follows a successful testnet trial in November. The press release also stated that the new options contract would be settled in Tether (USDT).

As part of the announcement, Binance cited growing demand for BTC options as the reason for launching the new product. In early December, Bitcoin Future options surpassed $1 billion for the first time. Total open interest rose to nearly $6 billion.

Commenting on the launch, Binance CEO Changpeng Zhao said Bitcoin, which recently reached US$28,000, underscored the rising level of investment in the crypto space. He added:

„The growth of the crypto industry is largely due to a combination of factors. Among them, for example, increased public education and institutional interest, innovations in DeFi protocols and smart contracts, and the development of a robust derivatives market.“

In April, Binance joined a growing number of other exchanges in introducing U.S.-style bitcoin options trading. The main difference between the American and European formats is that traders can only exercise the latter when the contract expires.

Binance previous bitcoin options were also criticized for being one-sided, as users could not „write“ options and claim the premium for themselves. As a result, Binance options were generally more expensive due to the inability to arbitrage.

European BTC options are just one of many Binance announcements in December. As Cointelegraph reported, the exchange recently began offering Segregated Witness (SegWit) support for bitcoin deposits.

Crypto exchange OKCoin suspends XRP trading and deposits

The crypto exchange said it will take some time to find a solution to the situation between Ripple and the SEC.

Crypto exchange OKCoin announced it will suspend XRP trading and deposits following news that the US Securities and Exchange Commission (SEC) will take legal action against Ripple.

In a blog post today, OKCoin stated the „best course of action“ in response to the recent SEC action would be to suspend XRP trading and deposits. The exchange wrote that the suspension would take place over two days. Users who borrowed the XRP/USD pair through OKCoin are required to return the borrowed value before Jan. 3. The following day, the exchange will suspend spot trading, margin trading and deposits for XRP.

„It is likely that it will take some time to reach a resolution to this situation,“ OKCoin said in the blog post. „We will inform our customers when we have arguments that could change our mind.“

On Dec. 22, the SEC had announced plans to sue Ripple, as well as CEO Brad Garlinghouse and co-founder Chris Larsen. The commission alleges that the company and its executives engaged in an „unregistered, continuous securities offering of digital assets“ to investors by selling XRP tokens since 2013. Garlinghouse responded by saying the SEC „chose to attack crypto“ and it is doing exactly „the opposite of ‚promoting innovation'“ in the United States.

Since the SEC charges became public, the XRP price has fallen more than 36 percent. Some exchanges have announced they are halting trading in the token, including the likes of OSL, Beaxy and CrossTower. Digital currency exchange Bitstamp also plans to suspend XRP trading, but only for users based in the United States. However, the suspension of XRP on the OKCoin exchange, which ranks 29th according to CoinMarketCap, could become a model for major exchanges.

IOTA announces separation from founder David Sønstebø

The IOTA Foundation and co-founder David Sønstebø are going their separate ways. Strongly differing interests between Sønstebø and the supervisory board are the reasons.

It was a unanimous decision of the board of directors to part ways with co-founder David Sønstebø. As the IOTA Foundation announced on its homepage on 10 December, „significantly different interests“ had led to the supervisory board’s decision. Sønstebø’s profile on the foundation’s website had already been deleted. It is unclear whether Sønstebø will continue to be involved in the project in any way.

IOTA thanks Sønstebø
The IOTA Foundation statement goes on to say:

‚It was a difficult decision, but one that has to be done. There were some instances where David’s actions were not in line with what our foundation stands for and wants to stand for.

IOTA omitted details in the statement out of „respect for David’s privacy“ while acknowledging his contributions to the foundation.

We are grateful to David for founding the project. He has shown true leadership, entrepreneurial spirit and perseverance in pursuing his vision. He will forever be remembered as IOTA’s co-founder and we Bitcoin News Trader greatly appreciate what he has done for our organisation.

Sønstebø a thorn in the community’s side
Sønstebø founded IOTA in 2015, an „Internet of Things“ project with the goal of secure data and value exchange as its communication protocol. At the IOTA Foundation, he was co-founder and assessor from 2017.

However, the founder’s „improper behaviour“ was not only displeasing to the foundation’s management. There was also repeated criticism of Sønstebø’s behaviour within the IOTA community, for example on Twitter.

On Reddit, a large part of the community welcomes the dismissal of the founder. For example, user „4745454B“ wrote under IOTA’s post on the social media platform: „This is good news, some founders obviously can’t grow with the project.“

IOTA is gearing up for the future and getting involved in more and more projects. For example, it recently announced that it will participate in a project in Chile that will be used to improve data efficiency and use in the field of climate sustainability.

New DeFi project shoots up by 500 percent despite the crypto crash

The Bitcoin crash is also tearing down the decentralized finance (DeFi) sector. Nevertheless, there were some exciting developments this week and a DeFi token could even increase by more than 500 percent in the last 14 days.

Many DeFi tokens had to bleed these weeks. The crash of the Krypo market had dramatic consequences and the „ETF – Token“ DeFi Pulse Index (DPI), according to token sets, fell by more than 16 percent. The DPI token is often used in Decentralized Finance as an indicator of the performance of the entire DeFi sector.

Still, there is more than $ 14 billion in totalin decentralized finance protocols. The so-called Total-Value-Locked-Indicator (TVL) therefore suggests that DeFi investors were hardly disturbed by the price crash. Compared to the previous week the TVL indicator recorded only a slight decrease.

Polkadot DeFi Project changes to Cardano

The decentralized e-commerce platform Bondly is the first DeFi project on Cardano. Bondly is slated to be rolled out on the ADA blockchain at the same time as the Goguen update. Goguen enables the programming of smart contracts on Cardano. The development team behind Cardano (IOHK) commented on the new cooperation on Twitter:

Once the Goguen upgrade is complete, Bondly will switch his project from Polkadot to Cardano.

With Ethereum (ETH), normal ETH transactions are prioritized as opposed to ERC-20 transactions. In contrast, with ADA, after the Goguen update, all Cardano transactions are weighted equally. This means that all tokens that use the Cardano blockchain are treated equally, making the platform more attractive for developers.

In addition, the IOHK Foundation has announced this week that another DeFi project called Liqwid as a potential customer for the ADA project Catalyst out of the question . If the project wins, the Liqwid team will receive $ 250,000 in ADA.

Cover Protocol: Token price explodes by more than 500 percent

In the last 14 days alone, the Cover Protocol (COVER) increased by 521 percent. But what can the new project do and why did such price increases despite the DeFi crash?

COVER is a peer-to-peer marketplace for DeFi insurance. DeFi users can use Cover to protect themselves against the risk of a lack of smart contracts and other problems in the emerging Ethereum sector. Cover Protocol is therefore trying to solve an extremely important problem, because COVER wants to bring more stability to the turbulent DeFi sector. By creating trust and confidence between DeFi protocols and users, Cover aims to advance the legitimacy of decentralized finance. By filling this gap in the market, the project will benefit the entire DeFi sector and will probably inspire many investors as a result.

Since November 18, the total capital managed by COVER has increased from just under 100,000 US dollars to currently 46.24 million US dollars.