Kraken on Bitcoin SV (BSV): It’s ‘High Risk’ & Doesn’t Meet Listing Requirements

Kraken bitcoin cash bitcoin sv warning
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As the dust begins to settle from last week’s Bitcoin Cash hard fork, crypto exchanges are now signaling which version will receive the “BCH” ticker symbol, as well as to what extent and on what terms they will support the other blockchain.

US crypto exchange Kraken, like the majority of other BCH trading platforms, has elected to list Bitcoin ABC’s BCH implementation under the “bitcoin cash” label while also opening trading markets for Bitcoin SV (BSV) — the chain launched by Craig Wright and Calvin Ayre through their respective crypto companies, nChain and CoinGeek.

However, Kraken included a lengthy disclaimer in the announcement, stating that BSV is “extremely high risk” and does not meet the exchange’s usual listing requirements.

“WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of,” the post read, before listing a litany of reasons why investors should only purchase BSV with eyes wide open:

  • No known wallets supporting replay protection (be careful!)
  • No support in major block explorers
  • Miners apparently subsidized or operating at a loss
  • Representatives threatening and openly hostile toward other chains
  • Chain’s survival may be mutually exclusive with other chains
  • Supply is temporarily constrained because of limited wallet support
  • Some large holders have indicated they’d be dumping everything ASAP
  • Kraken has done only very minimal code review

Further still, the San Francisco-based crypto exchange noted that BSV partisans have threatened to attack BSV holders who use or otherwise provide support for the other chain. If that happens, the post warned, the exchange would “socialize” losses among all BSV holder on Kraken, which is particularly noteworthy since users cannot currently withdraw BSV into user-controlled wallets.

“Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.”

As of the time of writing, bitcoin cash (whether listed under BCH or an “IOU” symbol such as BCHABC) was trading at a 165 percent premium to BSV, while the latter’s markets had been more heavily traded.

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Markets Update: Traders Expecting Major BCH Action When Exchanges Open

Markets Update: Traders Expecting Major BCH Action When Exchanges Open

Market Updates

It’s been a pretty hectic week for cryptocurrency enthusiasts as the infamous Bitcoin Cash hash war has unfolded. Overall, the cryptocurrency economy has lost billions since our last markets update, with the entire market worth roughly $188 billion on Sunday, Nov. 18.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Riding Out the Lows

Most digital asset markets are seeing their lowest values in a year, leaving traders curious to see what happens next. The last week was filled with all kinds of craziness due to the Bitcoin Cash (BCH) split that took place on Nov. 15. Many digital asset enthusiasts believe the BCH fork possibly moved all the markets due to the economic activities used to fight the battle. Right now bitcoin core (BTC) is trading for $5,593 per BTC and has an overall market valuation of $97 billion. One thing many people didn’t notice during the hash war was that ripple (XRP) displaced ethereum (ETH) and took second place. The second largest market capitalization held by XRP is worth $20 billion and each ripple is being swapped for $0.50 today. Ethereum (ETH) prices are trading for $175 per coin and the market valuation is currently $18 billion. Lastly, the fifth position held by stellar (XLM) has a capitalization of around $4.8 billion and one XLM is trading for $0.25.

Markets Update: Traders Expecting Major BCH Action When Exchanges OpenTop 10 cryptocurrency markets Nov. 18, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) still holds the fourth position this weekend but the fork has depleted all the pre-fork money that went into the market in the weeks prior. BCH is trading for $381 right now which is a big improvement from its low of $269 on Nov. 15. Although it should be noted that a lot of large exchanges paused BCH trading over the last few days, but markets like Bittrex have recently opened. Because of the lack of trading vessels, BCH market pairs are quite interesting. Today ethereum (ETH) is dominating BCH pairs by 56% over the last 24 hours. This is followed by USDT (15%), BTC (14%), KRW (8.1%), and JPY (3.5%). Both the Korean won and Japanese yen have jumped considerably when it comes to BCH currency pairs.

Markets Update: Traders Expecting Major BCH Action When Exchanges OpenBCH/USD 7-day on Nov. 18, 2018.

BCH/USD Technical Indicators

Looking at charts from exchanges that are currently allowing trades like Bittrex and Voltaire shows BCH has been steadily climbing back up after being dragged down to the $269 low. The two Simple Moving Averages (SMA) are very close but the short term 100 SMA is still above the long-term 200 SMA trendline. This indicates the path toward the least resistance is the upside and when more exchanges open this will likely hold true for a little while but not for too long. At a price of $381, the 4-hour BCH Relative Strength Index (RSI) is still indicating oversold conditions at -23. Order books show a similar readout as the course toward $500 shows very little waves but there may be bumps after $450. On the backside, there are lots of foundations between the current vantage point and $300 with lots of pit stops.

Markets Update: Traders Expecting Major BCH Action When Exchanges OpenBCH/USD 4-hour. 11/18/18

The Verdict: Traders Patiently Waiting to Trade BCH Expect a Bunch of Market Action

Traders are waiting for more exchanges to open BCH markets up and when they do some believe the price could move wildly in any direction. Cryptocurrency proponents are also curious to what will happen to markets with the introduction of the new coin BSV, as most BCH supporters are confident exchanges will list the ABC chain as BCH. For instance, Kraken support has explained that the ABC chain will be given the BCH ticker, and Huobi Global emailed customers today stating: 

BCH ABC, the longer chain, will be retained for the designation of BCH. And, we will be designating the SV version of BCH as BSV.

News.Bitcoin.com also spoke with the CEO of the Colombian cryptocurrency trading platform, Panda Exchange, who told our newsdesk Panda will be listing the ABC chain as Bitcoin Cash (BCH).

“Panda believes the large chain is the only one that will survive, and we believe Bitcoin ABC still has the same soul  For that, we know BCH-ABC is BCH  And Panda will support the ABC chain and it will still have ticker ‘BCH,’” explained the Panda Exchange CEO. “Also all subproducts of Panda Group like Xeler ATM and ccoins.io will follow the same route.”

According to exchanges like Poloniex, which are trading BSV tokens at the moment, the price per BSV is around $99 USDC but is down 15% over the last 24 hours. 

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.


Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed

More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed

Regulation

A growing number of companies are entering the cryptocurrency space in Thailand. However, they have not applied for approval from the Thai Securities and Exchange Commission (SEC), prompting the regulator to issue several warnings against unapproved operators.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Companies Entering Thai Crypto Space

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSince Thailand enacted its cryptocurrency regulations in May, a growing number of companies have been launching crypto exchanges and issuing tokens in the country.

Q Exchange, a joint venture between Thai and South Korean companies, has been promoting its services in Thailand with a plan to open the first “cryptocurrency bank” in the country, Channel 3 News reported. The company aims for its Thai operation to be the crypto exchange hub of Asean countries, the media outlet detailed, and quoted the company’s general manager explaining:

The goal is to open exchange branches nationwide of more than 30 branches in 2018 and increase to 70 branches in 2019.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSouth Korea-based cryptocurrency exchange Coin25 announced on Tuesday that it has set up a subsidiary in Bangkok and “is operating more than 60 branches in Thailand and Laos,” Business Korea reported. However, this exchange only offers the trading of its own token.

Mrc Biz Ltd. has also been promoting an initial coin offering (ICO) in Thailand, the Thai SEC revealed on Friday. Another company, Corexfly, announced that it was launching an exchange in Thailand back in August. “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,” the company’s website states.

Furthermore, South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, have also unveiled their plans to open exchanges in Thailand.

SEC Issues More Warnings

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededAccording to Thailand’s cryptocurrency regulations, companies wanting to conduct crypto business in the country must gain approval from the SEC, the main regulator of the country’s crypto industry. So far, only six crypto exchanges and one dealer have been temporarily approved while their applications are being reviewed.

The six exchanges are Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). Currently, Coins Th. is the only company that has been temporarily approved to operate as a cryptocurrency dealer. No approvals have been granted to new exchanges or token issuers.

The SEC has issued several warnings against unauthorized crypto businesses and tokens. Recently, it warned investors about Db Holdings Plc. and nine unauthorized tokens.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededRapee Sucharitakul.

Q Exchange Ltd. also received a warning, the Thai SEC announced on Tuesday. The commission explained that while the company has not been granted approval, it has been advertising and soliciting customers to buy and sell cryptocurrencies. The SEC has notified the exchange to stop advertising and selling investments in the country.

On Friday, the commission issued a warning against Mrc Biz Ltd. which has been promoting its ICO in Thailand without approval. The company has not submitted any applications to the SEC and has neither been approved to conduct crypto business nor issue tokens, the commission emphasized.

Rapee Sucharitakul, secretary-general of the Thai SEC, was quoted by Bangkok Biz News on Thursday saying that the commission expects the finance ministry to approve the applications of some companies to operate crypto businesses such as ICO portals, exchanges or dealers in December.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of all these companies trying to enter the crypto space in Thailand? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, and Khaosod.


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