Cryptocurrencies Market News: Reddit’s own coin – Monero delisted from major echanges and much more

  • Most of the crypto majors are trading lower on Friday apart from Ethereum Classic which trades 5.36% higher.
  • Reddit look set to launch their own cryptocurrency.
  • Monero is delisted from another exchange following a scandal.
  • OmiseGo (OMG) Jumps over 40% as Coinbase announce news.

Most of the crypto majors are trading lower on Friday apart from Ethereum Classic which trades 5.36% higher.

The general sentiment in the crypto world is negative on Friday as the market retraces gains seen earlier in the week. Bitcoin (-2.94%) has pulled away from the 9943.93 high seen post halving yesterday. Later in the session, the market will receive the latest commitment of traders (CoT) report from the CME and this will tell us lots about the futures positioning into the halving event. The only real major gainer over the session is Ethereum Classic (5.36%) as once again the psychological 6.00 level was used as support and the market moved to the upside. The chart below shows that on the 4-hour chart the 200 simple moving average has been used to great effect as a support zone. 

Reddit look set to launch their own cryptocurrency.

Reddit can sometimes be described as controversial and this latest development certainly falls into that category. Even despite the backlash Telegram and Facebook have received the company are looking to launch their own actual cryptocurrency running on the Ethereum network.

In the plans, it has been said that Reddit users can get their hands on the coins by posting on the site. The most popular posts will be rewarded with tokens (unconfirmed). It has been said that currency can be used to buy exclusive badges, to use animated emojis and to reply to Reddit comments using gifs. Full Story.

Monero is delisted from another exchange following scandal.

Bithumb one of South Korea’s largest crypto exchanges is looking to dump Monero after reports emerged that some Telegram users are using the cryptocurrency to buy illicit pornographic material. The reason the exchange seems to be taking such a hard stance is the fact that some of the material might have involved children. Huobi Korea has already delisted Monero and this was said to have piled on some more pressure to Bithumb to do the same. The other exchanges including OKEx and Upbit delisted the darkcoin in 2019, with its anonymity features being the major reason.

OmiseGo (OMG) Jumps over 40% as Coinbase announce news.

Coinbase has revealed that its Coinbase Pro users can now start making inbound transfers via OMG tokens. As soon as the announcement hit the markets the price shot up over 25%. 

The press release said that Coinbase Pro clients (who are more experienced traders) can transfer in with OmiseGo tokens. The transfer has some conditions and the main one will be if there is enough tokens on the exchange. The customers will be allowed to buy and sell the aforementioned token using Bitcoin and the US dollar.

There is said to be a plan for the users to by the OMG tokens using euros (EUR) as well as the pound (GBP) in the future with some expecting this to happen as soon as May 19th.

Get the 5 most predictable currency pairs