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Poloniex

Apr 19 2017

Is Delisting of an Altcoin a Kiss of Death?

Altcoins of DoomBreaking news from last night on Poloniex might have some highly negative implications for some altcoins. Specifically, this announcement, which caused more than a shock on the Poloniex exchange:

On May 2, 2017, the following will be delisted: BBR, BITS, C2, CURE, HZ, IOC, MYR, NOBL, NSR, QBK, QORA, QTL, RBY, SDC, UNITY, VOX, XMG.

Whoa! That’s quite the list.

Pretty much all of the coins on that list went down big time; this is to be expected, since Polo is the largest exchange and traders could very easily assume that these delistings were a vote of “no confidence.”

QED: QORA

This chart will show you how one particular altcoin, the thinly traded QORA, was impacted.

QORA DropDisclosure: we owned small amounts of QORA and – crazy enough – we were able to liquidate quickly and still have a (TINY) profit on the overall trade. (Because we accumulated QORA during drops over the past couple months.)

But, TBH, this news does not bode well AT ALL for QORA, and here’s why: it’s only listed on one other exchange. CCEDK is a Danish exchange that we have just learned about…this morning, when researching where else QORA can be traded. (We checked yesterday on Bittrex and Bitfinex and, well, nada.)

If you use Twitter as a judge, the lack of tweets from QORA also doesn’t do them any favors. And a whopping 10 BILLION coins outstanding means that the coin, which trades as of this writing (08:00 in the US Midwest) at 3 Satoshi, has a market cap of ~$378,000 US.

Will other coins fare any better?

Oddly enough, we were working on a different blog post yesterday afternoon, using VOX as an example. Here’s a screenshot that we took in the middle of the day, before everything went south.

Fibonacci In Action

At the time of this screener, we held VOX and it was trading at around 3100 Satoshi. It has now dropped to 960 or so. It likely won’t come back; though the Voxelus platform looks interesting, it’s tough to find anywhere else you can trade the coin.

As Always: Buyer Beware

The reason for the delisting is likely that these aren’t very liquid coins. Hint: if you’re rarely cracking the top 20 or so coins, you’re not on anyone’s radar, and you’re not part of even an occasional pump-and-dump, well, that doesn’t bode well for your long-term trading prognosis.

And if you’re not widely used, either, that’s a pretty bad sign. QORA’s market cap puts it barely in the top 200, but not significant enough to register with the masses.

If you were buying these coins hoping for a pop, that’s okay. But, if the long-term fundamentals weren’t there in the first place, delisting amounts to ripping off the band-aid on a gigantic flesh wound.

Written by David Van de Walle · Categorized: Trading · Tagged: delisting, Poloniex, qora, trading tips, voxels

Mar 15 2017

5 Things to Watch During the Tournament

To celebrate the launch of this site, we’ve decided to combine Bitcoin, cryptocurrencies, altcoins, and the whole blockchain thing with something we know you love, too: basketball.

You’ll be multi-tasking and so will we. So here are 5 things to watch during the tournament.

Bitcoin

1. When will people stop talking about the Bitcoin ETF?

Here’s an answer to that question: not for a long time. Especially when you have the Twin Towers, er Winkelvoss brothers, front-and-center in the question about the ETF.

For a primer on the ETF we’re talking about, and what happened with the SEC, here’s a great piece from the New York Times.

Our gut tells us that discussion won’t stop until there actually is an ETF.

Maybe a better question: what shape or form will an eventual Bitcoin ETF take? For instance, will it just be Bitcoin, or will in include some of the other cryptocurrencies – especially ones with the support of the banking community, like Ethereum?

2. What’s going on – really – with Dash?

We took a screenshot on the morning of March 15; this is while watching everyone on the Poloniex “trollbox” tell us to “beware the ides of March.” Dash was thisclose to hitting $100 (USD) when we took the screener, and it ended up surpassing that level, getting into the fever territory of 101 or so, and staying right around the double/triple-digit line most of the a.m.

Dash 100 a coin
Dash was fire.

Was it more of a psychological barrier, that $100-per-coin level, than anything? (This would make sense – think about how the bulk of trades are placed on the various platforms, and realize that the US Dollar is often not in the equation at all.) Can the volume continue apace, or is it more likely to fall back lower in the top five?

And what about the fundamentals? Are there really any fundamentals for a coin that, a few months ago, could be had for roughly one-EIGHTH of its current price?

Also of note: each time Poloniex chatter said “short squeeze coming” or “watch out for the bear trap,” up the price seemed to go.

3. Speaking of Dash…when will it, or any other altcoins, get added to Coinbase?

If you go by the “buy the rumor, sell the news” theory, then maybe that’s why a lot of folks bought Dash and ran the price up. Of course, you could ask that about a whole host of other coins, too: why do we hear rumors that Coinbase will add more but, as of this writing, they’re still stuck on just two. (Bitcoin and Ethereum. And hey, here’s a great time to say “join Coinbase, buy some Bitcoin using this link, and maybe we both get a benefit?”) (THAT’S AN AFFILIATE LINK. Just so we’re painfully obvious.)

Coinbase is great in that it’s a wallet and integrates with your traditional bank accounts. But it’s still limited. So we’re waiting for more.

4. About that Ethereum you mentioned…

That doesn’t sound like a question, more like a comment. Did you mean to ask about the fact that it crossed over a threshold of its own, the $2B (US) market cap one? (CNBC talks about it on their site.)

Or are you asking why it’s not getting the love in this article – because, after all, it TOO rose to new heights today?

These are good questions – thanks for asking – and yeah, it does seem like Ethereum is on a roll, and it is ignored a little bit. Really, it shouldn’t be: when you talk about market cap, it still exceeds that of Dash by a 4-to-1 margin. So you might want to watch its price while you’re chowing on wings.

5. What sleeper altcoins should I be looking at?

Right, because during the tournament, everyone wants that sleeper pick – but not everyone wants the same sleeper pick, because then everyone bets on it and it doesn’t become a sleeper.

We’ll let you do your own research, but here are a couple places to look:

First of all, in addition to Coindesk, we recommend Coin Telegraph for news on Bitcoin, altcoins, and the world of the blockchain.

Or, if you want to get in really early on ICOs – “Initial Coin Offerings” – visit the Smith and Crown site and do some further investigating.

If you liked this, stay tuned for more content. Or if you’re feeling really crazy, send us some Bitcoin. Our address follows:

1G8Ayc15sqoyGzN4DFUeheRkgFeS9t6oSW

 

Written by David Van de Walle · Categorized: Coin News · Tagged: altcoins, Bitcoin, Dash, Ethereum, Poloniex

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