On January 23rd, leading Bitcoin derivatives exchange BitMEX revealed its intent to launch a new financial product for XRP. In a blog post, the company said that this product would be a “Ripple USD quanto swap,” which will allow traders to leverage trade the cryptocurrency with leverage of up to 50x.
According to a recent Twitter update from the cryptocurrency exchange, the XRP swap contract is on track to launch at 04:00 UTC on February 5th, 2020 — just a day away.
We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.
— BitMEX (@BitMEXdotcom) February 4, 2020
With BitMEX being one of the most influential trading platforms in the crypto spaces — its Bitcoin swap has processed some $2 trillion worth of volume over its existence — many have been speculating as to the effects of this new market for XRP, the third-largest cryptocurrency by market capitalization.
Analysis from NewsBTC suggests that the launch of this product may present a bear case for the altcoin.
Launch of BitMEX’s XRP Swap Could Hurt Prices
On August 2nd of 2018, BitMEX released a product for Ethereum similar to the upcoming XRP one, allowing traders to bet against ETH’s performance against the U.S. dollar with high leverage.
As can be easily seen below in the chart from NewsBTC, the product launch saw the performance of ETH rapidly deviate from Bitcoin, which was then flatlining in the low-$6,000s as it attempted to stave off a further bear market.
After a month of the product being live, Ethereum was down around 27% and Bitcoin was down 10%. Not to mention, Ethereum posted a -80% performance from the date of the BitMEX ETH swap to the bottom, while BTC posted a relatively good -60% performance in the same time frame.
On Aug 2, 2018, BitMEX launched a $ETH/USD swap. As you can see below, Ethereum immediately deviated from Bitcoin, plunging as BTC flatlined.
In a day or two, BitMEX is slated to release a swap for $XRP/USD. I wonder if something similar will happen this time around. pic.twitter.com/qbEL17aoae
— Nick Chong (@_Nick_Chong) February 4, 2020
This writer suggested that something similar could play out again, where BitMEX’s launch of a swap product for XRP may cause the asset to gain beta against Bitcoin, meaning more volatility and likely, lower prices as can be seen in the case of Ethereum.
Yes, there were other factors pushing ETH down at the time, including the collapse of the ICO bubble and simple market cycles, yet many agree that this new vehicle from BitMEX may pose a threat to the bullish XRP narrative.
In response to BitMEX CEO Arthur Hayes’ joke-filled tweet about the new product, top industry analysts made comments like: “Ripple, sending thoughts and prayers”; “XRP army missing in action”; “remember XRP, lol”; “send it to negative price rapidly”; and much more, seemingly implying that they all think the launch of this swap could be the end of the asset.
Some Beg to Differ, Say Launch Will Boost Crypto’s Price Higher
Some have begged to differ though.
Cryptocurrency analyst Sean Nance noted that with “XRP still being around its lows,” it makes sense for the third-largest cryptocurrency to “pump when BitMEX lists the perpetual contract than dump.”
Trader Mitoshi Kaku echoed this, posting to his Twitter that he finds it funny “how people are taking [the launch] as a bearish signal,” adding that on the same day of BitMEX’s planned swap launch, he has a “bullish signal,” a bullish signal in terms of “‘pivots or breakouts’ for the XRP price’s cycle.”
Related Reading: This Bizarre Factor Could Lead XRP to See an Insane Rally
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
CryptoNinjas » Crypto wallet app DotWallet integrates Changelly API for new swap feature
DotWallet, a non-custodial light wallet built on the Bitcoin SV protocol, recently announced that its web app has been upgraded with a new swap feature, powered by cryptocurrency exchanger, Changelly.
BitMEX is introducing a new perpetual swap contract for XRP. Meanwhile, the price of this cryptocurrency could be about to retrace based on multiple technical indicators. XRP swap contracts on BitMEX In a recent tweet, one of the largest cryptocurrency derivatives exchanges in the world, BitMEX, announced that it is set to roll out a […]
The post BitMEX introduces a new perpetual swap for XRP; here’s why this is important appeared first on CryptoSlate.
Популярная криптодеривативная биржа BitMEX анонсировала запуск бессрочных свопов на базе токена XRP от калифорнийского стартапа Ripple. We at BitMEX are proud to announce that trading of a new perpetual swap on the XRP token (XRPUSD) will begin at 0400 UTC on 5 February 2020.
February 5 should have been an exciting day for Ripple as behemoth derivatives exchange BitMEX adds a new perpetual swap contract for its XRP token. But while BitMEX is “proud” to announce the new trading pair, CEO Arthur Hayes calls XRP “dogsh*t” on socials.
BitMEX is rolling on XRP-US dollar swap to serve the growing derivatives market. The new Ripple USD quanto swap is a cross-currency which involves a counterparty paying the other person with an international interest rate.
BitMEX, the popular cryptocurrency derivatives exchange, today announced the launch of a new Ripple USD (XRPUSD) quanto swap, set to be listed on Wednesday, February, 5th 2020. More details on this contract will be available on testnet by Friday, January, 24th, 2020.
Modum, a Zurich-based supply chain monitoring company that leverages collected data to build automated digital ecosystems, powered by IoT sensing, AI and blockchain, announced today that its Board of Directors has decided to make a new offer for its previously planned token-equity swap.
A teenage hacker tapped into 75 mobile phones in a massive identity theft spree which allegedly netted him a million dollars’ worth of crypto assets. Crypto Targeted in Phone Jacking Spree According to reports Brooklyn, New York-based Yousef Selassie stole the identities of 75 people via their smartphones in an effort to steal $1 million in cryptocurrency.
Online payments service Skrill has introduced a new feature allowing users to directly exchange cryptocurrencies. The crypto-to-crypto option gives you the opportunity to use bitcoin core (BTC) stored in your wallet to buy and sell eight other supported cryptocurrencies, including bitcoin cash (BCH).
The token issuance market is currently dominated by ERC-20 standard tokens issued on the basis of the Ethereum protocol. Credits is a new infrastructure provider acting as a public blockchain platform for tokenization.
iGaming platform DAOBet’s BET Token swap is currently live, allowing everyone access to fast, fair, and transparent blockchain gaming! DAOBet has successfully created its very own native tokens alongside a new mainnet.
Changelly introduces fixed fee crypto exchange on new mobile app - CryptoNinjas
Changelly, a leading instant cryptocurrency swap platform, has announced the release of its renovated mobile application which features fixed-rate exchanges.
Ethereum Devcon presents a perfect showcase for ArcBlock’s team to demonstrate ArcBlock blockchain & dApps platform and recent updates including Blocklets to help developers build dApps quickly while ensuring perfect interoperability with Ethereum.
Special thanks to Justin Drake, Karl Floersch, Hsiao-wei Wang, Barry Whitehat, Dankrad Feist, Kobi Gurkan and Zac Williamson for review
Very recently, Ariel Gabizon, Zac Williamson and Oana Ciobotaru announced a new general-purpose zero-knowledge proof scheme called PLONK, standing for the unwieldy quasi-backronym “Permutations over Lagrange-bases for Oecumenical Noninteractive arguments of Knowledge”.
Coinspeaker CFTC Taps Coinbase’s VP to Lead Division Responsible for Bitcoin Futures OversightAt CFTC, Coinbase's Dorothy D. DeWitt will be responsible for the supervision of derivatives platforms, including bitcoin futures, swap data repositories, as well as for the evaluation of the new platform-traded products.
Totle crypto swaps now available on Coinomi wallet - CryptoNinjas
Totle, a solution for accessing the crypto decentralized exchange (DEX) market, has announced a new integration with Coinomi, a multi-asset cryptocurrency wallet for both mobile and desktop.
On August 27, Credits Blockchain Platform announced the start date for the partial swap. A partial swap involves the migration of tokens from the Ethereum protocol to the Credits protocol, which will allow the company’s token holders to launch the Credits platform software and become full-scale participants of the network.
Special thanks to the Plasma Group team for review and feedback
Current approaches to layer 2 scaling - basically, Plasma and state channels - are increasingly moving from theory to practice, but at the same time it is becoming easier to see the inherent challenges in treating these techniques as a fully fledged scaling solution for Ethereum.
According to an official announcement on their website, popular cryptocurrency exchange OKEx is launching new a futures product with daily settlement, as well as adjusting perpetual swap settlement and funding time.
Seed CX, a Bitcoin (BTC) derivatives firm, has recently decided to start the tests with its new margin swap products. According to the company’s press release, the matching platform os swapping products can already be tested by the clients via the Seed SEF platform.
Researchers from BitDefender have uncovered a concerning security vulnerability present in all modern Intel processors. If executed, the flaw could permit an adversary to access the computer’s kernel memory, which could potentially result in them gaining access to sensitive information, like passwords, tokens, and private conversations.
DueDEX, a new crypto derivatives trading exchange, is making heads turn in the world of a cryptocurrency over the past several days, since the official launch of its Perpetual Swap contracts on August 5th, 2019.
O3 Labs launches version 3 of cryptocurrency wallet » CryptoNinjas
O3, an open-source project featuring a cryptocurrency light wallet ecosystem built for the NEO and Ontology blockchains, has now rolled out version 3 of its cryptocurrency wallet with new and refined upgrades.
Bitcoin exchange OKEx provides insurance boost to its perpetual swap market » CryptoNinjas
OKEx, the popular bitcoin and crypto exchange company, today announced it has donated $4. 5 million worth of bitcoin to its perpetual swap market insurance fund.
Totle’s decentralized crypto exchange liquidity API launches V2 update » CryptoNinjas
Totle, a decentralized cryptocurrency exchange aggregation solution, today announced the launch of Totle V2 for its API.
Orion Protocol and Wanchain partner for atomic swap technology » CryptoNinjas
Orion Protocol, a liquidity aggregator connected to multiple exchanges, and Wanchain, an EVM-based cross-blockchain solution, have announced a new strategic partnership to use Wanchain’s public blockchain as an atomic swap solution, a process which is essential for Orion decentralized trading.
Crypto exchanges from ShapeShift now accessible in Pillar Wallet » CryptoNinjas
Pillar, an open-source mobile cryptocurrency wallet, has announced that crypto exchange ShapeShift is now integrated within the app.
July 2019, London. DADI has rebranded its business to EDGE, with the new name reflecting its focus on building an edge computing network. There will be no token swap nor any impact on holders of the ERC-20 DADI tokens and over the course of the next few weeks the token ticker name will change to […]
The post DADI Cryptocurrency Rebrands to EDGE appeared first on NullTX.
The global cryptocurrency trading platform Liquid has announced the release of its new BCH/USDC trading pairs allowing anyone to swap bitcoin cash for the popular stablecoin USDC. Moreover, Liquid users will soon be able to connect their accounts to Bitcoin.
Shapeshift, the company that allows traders worldwide to exchange hundreds of cryptocurrency pairs launched its new crypto platform that now offers an integrated suite of digital asset management in a noncustodial fashion.
Shapeshift, the company that allows traders worldwide to exchange hundreds of cryptocurrency pairs launched its new crypto platform that now offers an integrated suite of digital asset management in a noncustodial fashion.
Swticheo Network, the first decentralized cryptocurrency exchange on the NEO blockchain which now allows trading of EOS, Ethereum and NEO tokens, today announced that it is introducing new Wrapped Bitcoin (WBTC) markets on the Switcheo Exchange.
An industry pioneer in cutting edge Bitcoin and blockchain technology, Blockstream, has announced a new tool which allows users to execute atomic swaps on the Liquid Network for any issued crypto asset.
Apple has seeded the beta version of tvOS to its public beta testing group. The first beta of tvOS 13 corresponds to the second tvOS 13 update made available to developers last week. While there aren’t any major changes to the operating system, there is a redesigned Home screen, multi-user support, and personalized recommendations for each user who’s logged into the Apple TV.
Foremost blockchain platform Arax Wallet Announced its effective partnership with Singapore based Cryptocurrency exchanges COSS. The partnership will be directed towards creating a one-stop solution, with the token swap expected to take place on June 25, 2019.
About two months ago, Lightning Labs released Lightning Loop, a service that allows users to fill or empty Lightning channels without closing them, thus reducing on-chain fees.
You’ve probably seen it all over your social media timelines and stories this week — friends using Snapchat’s new gender-bending filter to create uncanny and slightly creepy versions of themselves as men, women, and babies.
HTC, the Taiwan-based smartphone maker, has announced that its latest smartphone Exodus 1 comes with the latest blockchain technology. With the phone’s help, users can swap 60+ ERC 20 tokens, including Kyber Network (KNW), Basic Attention Token [BAT] and the stablecoin DAI, on their phones directly.
After Keybase announced integration of Stellar on its platform, Gab has threatened to fork the open-source chat software and swap its XLM wallet for a Bitcoin Lightning Wallet. The famously anti-censorship social network previously forked the Brave browser.
NEO announced its roadmap for the 3. 0 version of its blockchain, which will introduce improved scalability, performance, and stability for the network. These features are not backward compatible and NEO will launch its 3.
Algorithmic digital asset trading company GSR announced the launch of a new cryptocurrency derivative, called a Bitcoin Variance Swap, which allows investors to hedge their cryptoasset portfolio against the volatility of bitcoin.
Atlas Protocol (ATP), an application layer protocol for blockchain interactive advertising & marketing, has launched a brand-new innovative product, Atlas Coin++, which aims to bring incremental growth to the blockchain ecosystem from a new dimension.
The GSR has announced that they have launched a new product, the Bitcoin Variance Swap, one that has been designed to allow hedging against the Bitcoin volatility. The GSR has been established as an algorithmic digital asset trading together with a market-making firm.
The cryptocurrency market is on edge as the US Securities and Exchange Commission (SEC) prepares for a crucial closed-door meeting today, February 13, 2025. While the session falls under the Sunshine Act, meaning discussions remain private, speculation is rife about its potential implications for Ripple and the wider digital asset sector. With XRP’s price movements […]
The U. S. Securities and Exchange Commission is expected to acknowledge Grayscale Investments’ application to convert its XRP Trust into a spot exchange-traded fund as early as Thursday, Feb. 13.
The XRP price has suffered a harsh reversal this month, moving into a bear market after falling by almost 30% from its highest level in January. Ripple (XRP) token crashed to a low of $2.4335 on Wednesday as its daily…
XRP has maintained bullish momentum, surpassing a key demand zone and approaching a crucial supply resistance. The cryptocurrency, currently trading around $2. 60, has seen increased buying interest, but traders are closely monitoring whether the rally has enough strength to break past upcoming barriers.
Аналитик Bloomberg Джеймс Сейффарт заявил, что Litecoin имеет наибольшие шансы на одобрение ETF со стороны SEC. Для начала отметим, что SEC не считает Litecoin ценной бумагой, в отличие от XRP или Solana.
Prices for Litecoin, Dogecoin, Solana, and XRP are in the green after analysts James Seyffart and Eric Balchunas released their ETF approval odds. Litecoin, which was given a 90% chance of SEC approval, is leading the gains with a 12%…
Renowned crypto analyst EGRAG CRYPTO speculates that Ripple (XRP) may see a rise in market capitalization to roughly $300 billion; hence, its price would be between $5 and $6. Should XRP exhibit past price trends, its market capitalization may rise to $1.