While a quick look at the code repository shows that the team is working diligently on avalanche and other needed development work, with the 100 day contest finished there was not a lot of news to report on. This week in eCash saw the price of XEC fall below earlier lows while the eCash community focused mainly on the ongoing issues with exchange Kucoin who still have not completed the rebranding and on top of that after 6 months are still refusing to allow BCHA holders to withdraw their coins. But there was more: CashTab wallet has again added more functionality. Custom eToken icons support and support for 3 more fiat currencies. And last but not least a new listing for eCash (XEC) that allows people to trade against USDT and VNDC on the Onus application. Let's look at the news from day to day in a bit more detail.
StealthEX AMA Recap Published & Winners Announced
On Monday November 22 swap exchange StealthEX announced the recap of the AMA (Ask Me Anything) with eCash’s lead developer Amaury Séchet that they hosted the week before. The successful event saw a multitude of questions from different people. As part of the event there was a prize for the 3 best questions. In a tweet the exchange announced the winners being twitter users @cainBCHA, @aalfiann and @RAlasild who were rewarded with XEC for their questions.
eCash Holders Put Spotlight on Kucoin Misbehaving
On Tuesday November 23 a Reddit post by well known community member Cain managed to bring a lot of attention to ongoing frustration and concern about the (in)actions of cryptocurrency exchange Kucoin. Those that have taken a look at sites like Coingecko.com and Coinmarket.com may have noticed that there is still one larger exchange that has not completed the rebranding from BCHA to eCash XEC. Despite announcing support for the rebranding on August 20, Kucoin has not done so and as a result is the last sizable exchange to continue trading the old BCHA unit.
Although strange and inconvenient there unfortunately is a bigger issue that is causing stress and concern amongst some eCash holders: The exchange has not allowed withdrawals since before the rebranding. It suspended deposits and withdrawals in May of this year and has since that time been stating the wallet/node is in maintenance mode making it impossible for coin owners to withdraw their coins. The ongoing situation has caused the coin to be traded well below market value on Kucoin while liquidity has disappeared almost entirely. This could mean traders using Kucoin are signaling they have lost faith in the exchange solving the situation in the near future.
The outcry by Cain titled “If You Support Crypto, Please Read ” was posted in the very popular subreddit r/cryptocurrency. Although many users of the crypto platform do not hold eCash, the post struck a nerve with the community which resulted in 1.7K comments and 5.4K upvotes. In the post Cain details how he has 50,000 USD worth of XEC (still branded and denominated as BCHA) that he, like others, is not allowed to withdraw. He calls for the wider community to help put pressure on the exchange to release the coins and to help warn others for the actions of this exchange as while it now is eCash (XEC) holders that are affected, it could very easily extend to other currencies also.
NewsBTC Reports On Kucoin Concerns
A day after Cain’s reddit post had gained a lot of traction, Bitcoin and Cryptocurrency News site NEWSBTC.com picked up on the commotion on Wednesday November 24. In a detailed article the news service described how an open letter to Kucoin CEO written a few days before, had resulted in a low effort response by CEO Johnny Lyu which only confirmed the lack of interest in quickly solving the issue that has been dragging on for 6 months. The article continues to detail the specific problems and the more general problems and issues with Kucoin and other centralised exchanges.
CashTab Adds Custom eToken Icon Support
On Thursday November 25 the eCash Twitter account announced the popular eCash Web Wallet CashTab.com now allows eToken creators to upload a custom icon or logo for their token. Recipients and holders of the token will see this icon in their wallet which makes it easy to distinguish between different eTokens in a portfolio. Being able to add visual branding to a token is an important improvement for projects considering releasing a token on the eCash blockchain. This is another step in creating a very welcoming environment to projects looking for a good blockchain to build their project on.
More Fiat Currencies Supported by CashTab
Seeing the value of eCash (XEC) in your local currency is an important feature as people want to understand the value of a coin expressed in the currency they are most familiar with. eCash holders from 3 more countries can now choose their local currency as countervalue when setting up their CashTab wallet. Starting with announcing support for the Philippine Peso on Thursday, Friday saw the addition of the Chilean Peso and the Israeli Shekel. The list of supported currencies continues to grow.
Onus Adds eCash (XEC) Listing
On Saturday November 27 a platform named Onus announced listing eCash (XEC) on their application. A complete application for buying, selling, and managing your crypto portfolio Onus now is Allowing users to trade XEC against USDT and the lesser known Vietnamese Dong stable coin VNDC. Asking around we only found one user familiar with the platform so it's fair to say it is not one of the better known applications so it is important for potential users to research well. However, with an ever expanding crypto currency ecosystem it is always a good sign to see the addition of places where people can buy and sell eCash (XEC).
This Weeks Market Action
After a sizable loss last week, this week saw both crypto and more general news push the price further down. In the middle of the week saw panic sell offs on the crypto markets located in India as government communications created a lot of uncertainty amongst traders that feared a ban would have very negative global effects on their ability to hold and trade crypto currencies. With often little understanding of which currencies would be affected by what looks to be the planned ban of privacy coins, many Indien traders decided to sell off their crypto on more local platforms at far lower prices than elsewhere in the world.
Other news that is thought to affect the overall global crypto markets negatively is again rising Covid 19 infections in areas thought to be safe due to high vaccination rates and the discovery of the new Omicron Covid 19 variant that seems highly contagious and looks to be spreading fast to other parts of the globe. The uncertainty of what the effect of this will be on global economies is thought to also cause declining crypto prices.
For eCash XEC it is the absence of news about avalanche and staking that is likely causing traders to now look for other opportunities. Cryptomarkets move fast and every week there are new hot and upcoming projects that catch the attention of traders, sometimes resulting in attractive profits for skilled and informed traders. While many traders and investors were excited about the prospect of being able to stake XEC in the near future when they learned about the plans during the rebranding, there now is very little known about when this will become available and what the staking rewards will be for holders willing to participate in the avalanche proof of stake layer. This may result in some investors for now choosing to trade to other coins that they can stake while they wait and watch for how things will develop for eCash.
eCash XEC started the week at a price of $0.00017621 USD/XEC. With low 24 hour volumes the price declined to a 7 day low of $0.00014781 USD/XEC on Friday. At that point volumes increased and price went up to close the week at $0.00015547 USD/XEC. A loss of 11.8%. Starting the week ranking around #59 on Coingecko.com, the weakening support led to the coin slipping 9 places to #68.
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