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Crypto Unicorn Circle Ditches Poloniex Exchange Less Than Two Years After Acquisition

  • Alex Dovbnya
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    US residents will not be able to trade on the Poloniex exchange anymore

Crypto Unicorn Circle Ditches Poloniex Exchange Less Than Two Years After Acquisition
Cover image via u.today

In a "bittersweet" Medium blog post, Poloniex has informed its followers that it is spinning out of its parent company Circle. From now on, the exchange will operate as an independent company called Polo Digital Assets that will be backed by an unnamed Asian investment group. 

Because of this move, Poloniex will be able to focus on its international expansion, which couldn't be achieved under the Circle leadership.  

This spin-out will finally give Poloniex the freedom and capital to compete in the international market, and the leadership team of Poloniex will be equipped to scale and grow beyond the scope of what Circle can provide.

This is bad news for the exchange's remaining US customers who won't be barred from trading on the exchange starting from Nov. 1. They are allowed to withdraw their funds until Dec. 15. 

Circle purchased Poloniex for a cool $400 mln back in February 2018, which was the first eight-figure buyout of a crypto exchange.   

The spinout came after the crypto unicorn made an announcement about moving Poloniex to Bermuda due to the anti-crypto sentiment in the US. 

Anthony Pompliano of Morgan Creek Digital predicts that more companies will start leaving the US if there is no regulatory progress.   

Circle CEO Jeremy Allaire has called for more regulatory clarity on multiple occasions, singling it out as one of the main impediments to the industry's growth.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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