Unfortunately, the grass isn’t greener over here today. In fact, it is very, very red. The crypto market has flip-flopped back into the red, with many of the major coins falling fast, including Ripple (XRP) and Litecoin (LTC). It’s not all doom and gloom, though – EOS, along with a few other coins, has managed to stay above the waves.
What’s causing the crypto plunge? Well, news broke that Japan’s Financial Services Agency (FSA) may tell Binance, one of the largest cryptocurrency exchanges, that it will not be allowed to continue operating in the country without a license.
The FSA has been cracking down on crypto exchanges. Just recently, the Japanese crypto exchange Coincheck, along with six other Japanese exchanges, was issued a business improvement report. This may be what caused Coincheck to drop the anonymity-based cryptos Monero (XMR), Dash, and Zcash (ZEC).
Could the fears of Binance being forced out of Japan be what’s causing the crypto sell off right now? One thing’s for sure: panic selling should never be your first option.
Whatever the cause, EOS holders appear not to be panicking like much of the market.
EOS is currently selling for $6.78, putting the coin up 7.88% in the past 24 hours.
EOS’s climb may have to do with the fact that the German fintech company FinLab AG and the blockchain software developer of EOS, called Block.one, announced a $100 million joint venture. The goal of the joint venture is to develop projects that will use EOS’s software.
This is good news for EOS. It means development for the platform, so this may explain why EOS holders are continuing to HODL.
Ripple, on the other hand, is dropping.
XRP is currently selling for $0.652371, putting the coin down 5.30% in the past 24 hours.
Ripple is falling despite the news that Chinese regulators, banks, and payment providers may soon start testing Ripple’s xCurrent program, as reported by Finance Magnates.
Ripple is planning to expand into China by the end of the year. This expansion may help Ripple in the future, but it doesn’t seem to be doing much for XRP right now.
Litecoin is currently selling for $163.59, putting the coin down 3.48% in the past 24 hours.
Litecoin is another coin that may be set to take off in the near future, thanks in part to Litepay, but as of right now, LTC is struggling with the majority of the crypto market.
What will happen to crypto next?
Featured image: Earth Porm