Phemex, an exchange that suspended XRP trading after the SEC lawsuit on December 31st, 2020, has now relisted XRP.
Phemex, which was founded in 2019 in Singapore, suspended XRP trading on December 31st, 2020. According to the exchange’s announcement at the time:
“Following the news of the SEC’s lawsuit against Ripple Labs, Inc. and the resulting actions by a number of other exchanges, we have decided to suspend XRP from next week.”
Under the impression created by the Securities and Exchange Commission that exchanges or companies using XRP were violating the US securities law, dozens of exchanges in the US and across the Globe delisted XRP.
On April 28th, Phemex through its official Twitter handle announced that XRP would be relisted on its platform, due to popular demand
“We are happy to announce that Phemex is offering spot and contract trading for 8 new coins! Additionally, due to popular demand, we are also bringing $XRP back onto the platform!”
When the SEC lawsuit was first filed, exchanges and other companies across the world may have acted hastily to protect their best interests. With more details on the SEC lawsuit coming out, exchanges may and should re-evaluate their stance toward XRP.
While the SEC’s mission is to protect investors, XRP holders that have sold at a loss due to the SEC’s actions have watched the asset rise by more than 300 percent since the lawsuit was filed.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Dogecoin (DOGE) Rides Bitcoin Surge, Gains Over 10% in 24 Hours
The cryptocurrency market is witnessing a resurgence of risk appetite as more investors jump on unconventional choices such as Dogecoin (DOGE), Shibacoin, Memeland, etc.
In the past 24 hours alone, DOGE has surged by over 10% to $0.10 a coin for the first time since April following Bitcoin’s climb from $38,000 to $44,000.
This surge, coupled with the rising price, validates the upward trajectory of DOGE, signaling growing investor interest.
Funding rates on various exchanges have also experienced a substantial surge, hitting an annualized 50% or more.
These rates, reflecting a steep premium in perpetual futures relative to spot prices, indicate a prevalent bullish sentiment among investors.
It underscores their collective optimism, suggesting a belief that prices are poised for further upward momentum.
Joke cryptocurrencies like DOGE have historically exhibited high-beta characteristics, closely mirroring Bitcoin’s movements but often with greater intensity.
Investors are advised to exercise caution and monitor DOGE’s potential for extreme bullish action relative to Bitcoin, serving as a potential indicator of speculative exuberance typically observed in the latter stages of a widespread bullish trend.
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