- Bittrex announced it will reduce the number of coins accessible to US customers
- Binance is another exchange that took a similar decision
The recognized cryptocurrency exchange Bittrex announced that there will be some changes for U.S. customers effective on June 28. There are going to be certain markets that will be no longer available to U.S. Customers. The information was released by the exchange in a recent blog post.
Bittrex Announces Token Changes For U.S. Customers
Starting on June 28, certain markets on the platform will no longer be available to U.S. Customers. This change is not going to be affecting users on Bittrex International for customers from other countries. Some of the markets that will not be available anymore include ADX, CVC, INCNT, PMA, DCM, POWR, BLT, GUP, PART, PAY and WINGS, among others. There are 42 markets that are going to be discontinued for U.S customers.
According to Bittrex, US customers will receive an email with communication from Bittrex that will provide guidance on what they can and cannot do with their tokens. After the change date, customers in the United States will not be able to buy or sell the aforementioned tokens. The exchange is going to automatically cancel all the open orders in these affected markets for U.S. Customers.
Update: Market availability changes for U.S. customers. Learn more: https://t.co/Z1yNCPXjNG
— BittrexUS (@BittrexUS) June 15, 2019
The altcoin analyst and trader DonAlt said on Twitter that this is an altcoin exodus. He explained that if we assume that these coins will also not be on Binance US either, they will lose the entire US market. Indeed, Binance announced that they are working in order to enter the US market through a company located in the country. However, they informed that they will have to delist some few tokens from the platform.
Although these coins are not necessarily going to be falling straight down to zero, they are clearly going to be harmed by the current change in the regulatory landscape in the United States. Both Bittrex and Binance, platforms with a large number of tokens, are going to be affected by these issues.
This is an altcoin exodus.
If we assume these coins will all not be on Binance US either (Regulation for Bittrex and Binance is the same) they'll lose the entirety of the US market.
These alts might not capitulate into nothingness, they might just get delisted into it. https://t.co/lac3p5XFt7
— DonAlt (@CryptoDonAlt) June 15, 2019
According to CoinMarketCap, Bitcoin is the largest winner among the top 15 virtual currencies. This shows that there is a transfer of funds from altcoins to Bitcoin. This is also a tendency that started at the beginning of April when Bitcoin surged and started moving towards its highest point in over 8 months.
Bitcoin has a price of $8672 and a market cap of $154 billion. In the last 24 hours, Bitcoin grew 5% compared to other coins Waltonchain or Nano that are falling over 6% in USD terms.
At the same time, Alex Krüger, a recognized cryptoanalyst, shared a picture in which it is possible to see that many tokens on Binance were losing over 15% of their value against Bitcoin. Whether the current negative sentiment in the market is over or not, remains to be seen in the coming days and what will other platforms such as Poloniex do and how it will affect altcoins with low liquidity or heavily dependant on the US market.