PayBito Exchange Halts XRP Trading

PayBito, a US-based major crypto exchange is another addition to the long list of exchanges and other crypto businesses that have suspended the trading of XRP in their platform. The said move was related to the lawsuit filed by US SEC against Ripple Labs.

In a press release, PayBito stated:

“PayBito’s decision to support the trading suspension is entirely subjected to regulatory approval and the commencement of XRP trading activities is under wraps for the moment. Being temporarily suspended, PayBito’s plans regarding the withdrawal of XRP trading halt strictly happens to be based on specific jurisdictions at this time.”

In line with this, Raj Chowdhury, Managing Director of PayBito commented:

PayBito remains committed when it comes to being the most reliable trading platform for cryptocurrencies. We aim to offer our users wide access to a broad assortment of assets, thereby following the mission of building an open financial system for users across geographies. Our decision for suspending XRP trading will certainly not affect our users’ access to factors like security and compliance, thereby allowing them to transfer XRP’s from their wallets to other exchanges.”

In its statement, the exchange has taken a similar position with Kraken whether it’s going to resume XRP trading in its platform in the future.

“ PayBito is likely to monitor legal developments associated with XRP and update users accordingly as more information unwraps.”

The effect of the recent suspension on XRP price is yet to be seen. According to data by Crypto.co, the XRP price is now at $ 0.562521. It is currently up by 5.64% in a 24-hr chart.

Bitcoin, ETH, and Binance Coin Records New All-Time Highs

The top two dominant cryptocurrencies BTC (Bitcoin) and ETH (Ether) have recorded their newest all-time highs. On Feb. 17, the BTC (Bitcoin) price surged to $52,622 a day after breaching the $50K mark.

In recent data by Crypto.co, ETH (Ether) price surpassed the $1,900 mark and recorded its newest all-time high at $1,951. On Feb. 9, ETH (Ether) recorded an all-time high after its price soared to $1,824. ETH (Ether) price remained bullish from then on.

BNB (Binance Coin) is another winner after trading at $195 on Thursday. Today, it surpassed the $200 mark and recorded another all-time high. In recent data by Crypto.co, the BNB coin is now at $ 278.00 and has increased by 41.80% in a 24-hr chart.

Ebang Plans to Venture in Bitcoin Mining

Ebang plans to venture on bitcoin mining

Ebang International (EBON), a leading manufacturer of high-performance Bitcoin mining machines, plans to venture into bitcoin mining. The announcement was made public through a press release on Feb. 17.

In a board resolution, Ebang (EBON) plans to operate its Bitcoin mining business by adopting a combination of deploying self-manufactured mining machines and mining machines purchased from other manufacturers as well as leasing computing powers from other mining farms.

Ebang Chairman and CEO, Mr. Dong Hu stated:

“With the development of the Bitcoin mining business, the Company will not only just continue to position itself as a Bitcoin mining machine producer. This move will increase our revenue in the cryptocurrency business and optimize our product offering structure. We believe it will help the Company’s transformation from a hardware manufacturer to a blockchain company with comprehensive involvements in its industry chain.”

Before the end of December 2020, the company has also announced its plans to launch its cryptocurrency exchange by April 2021.

Currently, there is a large number of bitcoin mining companies that operate worldwide with most of them located in China. Bitcoin miners in China account for more than 60% of the global hash power. Bitcoin mining remains to be a lucrative market but there has been a growing concern about the carbon footprint emitted by these mining farms worldwide.

Robinhood to Support Crypto Deposit and Withdrawals

Robinhood, the controversial trading platform, has recently announced that it will start offering crypto deposits and withdrawals.

In a recent tweet, Robinhood stated that customers can deposit and withdraw cryptocurrencies including Dogecoin.

Robinhood tweet on launching services for crypto deposit and withdrawals

But the Dogecoin community was not too happy about it as replied by a Twitter user.

reply from a twitter user on Robinhood's tweet

Another user even replied that “$Doge isn’t your play thing”

another Twitter user reply to Robinhood's tweet

On Jan. 29, the trading platform earned the ire of its users after suspending instant fiat deposits. It has cited the “market volatility” as the reason behind its action.

Whether Robinhood’s action will help regain the trust of its customers remains to be seen. But the recent announcement was received with so much skepticism. Jason Lau, OKCoin COO, in his recent tweet said:

“Congrats on announcing (but not implementing) something that exchanges like ourselves have offered since 2013.”