Cardano (ADA), Stellar (XLM) and EOS Recovering From Market Sell-off with Nice Gains
South Korea’s recent announcement of a possible crypto-trading ban sent shivers through the entire market but Cardano (ADA), Stellar (XLM) and EOS are showing nice gains today from the recent lows. As prices stabilize, news starts to have more effect on prices with positive news from each overnight leading to a market recovery.
Cardano Announces Wallet Fix for Bittrex
Bittrex is one of the most popular and in demand exchanges due to its ease of use and generally stable market. It had received so many new account requests that new account registration was recently suspended. This has created an underground market of sellers marketing accounts to willing buyers for the right price. Bittrex is the second largest market per CoinMarketCap for Cardano.
Two weeks ago the ADA wallet was suspended on Bittrex and left ADA holders without an option to withdraw or deposit ADA on the market. Same issues are affecting Binance, the largest market for Cardano. Today we got an update from Cardano who announced via their official page that a wallet fix had been submitted to the exchange in hopes of opening up transfers. The recent price run is partially related to a recovery in the market but also due to the limited coins on the market from suspended send.
IOHK update to the Cardano community: for the withdrawal of Ada from Binance, we have produced a fix that is currently being tested. We hope to pass it soon to Binance for implementation. #Ada #Cardano $Ada
— Cardano Foundation (@CardanoStiftung) January 11, 2018
Hopefully the fix is implemented soon although opening up deposits could also lead to a temporary decrease in price as frustrated owners and those looking to cash out can again move ADA to the exchange to sell. More to come from the team in the coming days.
Stellar to launch on Pundi-X in Indonesia
Pundi-X is launching a crypto coin point-of-sale device allowing retail users to accept crypto coins for purchases. December saw the announced integration with Stellar (XLM) into the device with reps meeting at Stellar HQ January 9th. This was lost in the recent market madness news from Korea which you can read about here. Pundi-X has not partnered with primary competitor Ripple (XRP) but does accept many other crypto coins on the device.
Yesterday saw a much bigger story with the unplanned announcement of reducing the required XLM base fee for establishing an account from 20 XLM to 0.5. With the recent appreciation in XLM tokens the reduction is much appreciated around Stellar’s supporters and users. Refunds of the excess fee should be hitting wallets currently.
Quick Update | Validators on the @StellarOrg network just voted to lower the base reserve to 0.5 #XLM which makes the cost of creating accounts and orders inexpensive again: https://t.co/2KqKu61aAY #blockchain #cryptocurrency
— Stellar (@StellarOrg) January 12, 2018
There were no rumors or discussion prior to the announcement leaving many surprised. No doubt it is good news and allows more people access to the network and allows for further appreciation of XLM without causing a burden on new accounts.
Big EOS News January 13th from Seoul, South Korea
Today we get this tweet from the EOS team via the official Twitter page with precious little details.
Tune in tomorrow 6:30 PM (GMT +09:00) for EOS.IO Special Announcements from Seoul https://t.co/5cNLswjNqR
— EOS (@EOS_io) January 12, 2018
Nothing plays in the cryptoverse like rumors and news. The EOS reddit thread and other chat forums have few details and much speculation about exchange listings, airdrops, etc so we will spare passing along any rumors we cannot confirm. The announcement is coming at the first official meet-up in Seoul later today with 866 of 900 slots already registered. For those in Seoul, details can be found here at the meet-up page with locations, times and list of attendees who have registered. Meanwhile Reddit user Keats_in_rome has taken a more light-hearted approach to the speculation in trying to figure out the announcement. Of course nothing is official from the EOS reddit page but after the announcement certainly details can be found over there.
Volume is picking up on the exchanges in anticipation of the news. With the announcement expected to be good now is just speculation with how big the news will be. Stay tuned.