Sparkster (SPRK) Debuts at 10% of ICO Price, Bittrex Geofences 32 Cryptoassets

Today's top news from the cryptocurrency and blockchain space:

  • Top crypto-regulation advocate predicts impact of Facebook’s cryptocurrency.
  • Sparkster’s SPRK token goes live on exchanges at only 10% of its ICO price.
  • Bittrex to disable support for 32 cryptocurrencies for U.S. customers.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,954.79 (2.35%) and $242.21 (1.84%), respectively. The MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,861.18 (+4.47%).

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Top Crypto Spokeswoman’s Facebook GlobalCoin Prediciton

Caitlin Long, a former Wall Street executive actively pushing for cryptocurrency- and blockchain-oriented regulations, shared six predictions about the ramifications surrounding Facebook’s forthcoming GlobalCoin stablecoin.

Among the predictions shared by Long – who has been a driving force behind the U.S. state of Wyoming’s establishment of a crypto-friendly regulatory environment – was that developing economies will be significant beneficiaries of Facebook’s GlobalCoin.

In terms of how the social media giant’s stablecoin launch will impact bitcoin (BTC), Long was optimistic; tweeting her belief that Facebook “will pull more users into #BTC (sic) whether it intends to or not.”

Sparkster’s SPRK Debuts at 90% Loss

Sparkster, a blockchain project that completed a $30 million initial coin offering (ICO) in July 2018, unlocked its SPRK tokens yesterday. After selling for $0.17 (USD) per token during the ICO, SPRK debuted on multiple cryptocurrency exchanges for roughly one-tenth of its price; a 90 percent loss for those who invested almost twelve months ago.

Bittrex Latest to De-List Cryptocurrencies for U.S. Traders

Major cryptocurrency exchange operator, Bittrex, announced it will disable support for thirty-two listed coins for customers based in the U.S. Effective on June 21, the U.S.-based exchange stated in a blog post that:

U.S. Customers will be sent an email communication from Bittrex that provides guidance on what they can and cannot do with their affected Tokens/Coins in connection with this change before an affected market is no longer available.

Among the cryptocurrencies set to be disabled on Bittrex – and transitioned to Bittrex International – are Storj (STORJ), Gifto (GTO), and Enigma (ENG).

Bittrex’s decision comes only a few weeks after fellow U.S.-based exchange, Poloniex, stopped offering nine cryptocurrencies to domestic customers due to regulatory uncertainty.

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OKEx Enters India's Cryptocurrency Market Through Partnership With Local Exchange

Popular cryptocurrency exchange OKEx has partnered with the Mumbai-based CoinDCX crypto exchange to help it develop a derivatives trading platform, DCXfutures, in return for a foothold in the subcontinent’s crypto market.

According to a press release, Indian investors will be able to use CoinDCX’s derivatives trading platform to trade futures, using leverage of up to 15x provided by OKEx. Indian investors will be able to trade a total of nine cryptocurrencies, including BTC, ETH, XRP, and LTC.

The platform will also offer both institutional and retail investors perpetual futures contracts for both bitcoin and ether. OKEx will be provided with liquidity, connectivity, and insight into the Indian cryptocurrency market, which has been recovering from a blanket ban imposed by the country’s central bank, the Reserve Bank of India (RBI).

During the 2017 cryptocurrency boom, an estimated five million Indians were trading crypto, but the ban was imposed in 2018. It ordered financial institutions to stop dealing with businesses involved with cryptocurrency trading.

As a result some local cryptocurrency exchanges, including Koinex, shut down. The country’s Supreme Court ended up asking the RBI to justify its position on cryptocurrency businesses, and is now set to rule on whether it acted outside its justification with the ban.

Addressing the partnership Zaz Zou, head of OKEx India, said:

India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem.

Zou added OKEx believes having a variety of options to transact cryptocurrencies will “bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.” Credit rating and audit firm Crebaco Global calculated that the Indian crypto scene, if properly regulated, could have an immediate size of $12.9 billion.

CoinDCX’s CEO and co-founder Sumit Gupta noted in the document that the firm has been witnessing a “rapidly growing demand for futures trading among Indian cryptocurrency market.” Its futures platform isn’t yet available to the general public, but will be launched sometime in Q2 2020.

Featured image via Pixabay.