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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
crypto circle poloniex

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Today, Circle, a US-based finance firm, has revealed that it is “spinning out” crypto trading platform Poloniex into its own independent company, in “an effort to create a competitive internationally-focused cryptocurrency exchange.”

Circle first acquired the crypto exchange back in February 2018, around peak interest in the crypto market. Does the company switching gears signal that interest has left the crypto market? Or are there additional implications for the US-based company around the regulation potentially coming to the space?

Poloniex to ‘Spin-Out’ Into Own Independent International Crypto Brand

Back in February 2018, before the bear market and dreaded crypto winter got fully underway, Goldman Sachs-backed finance firm Circle, acquired cryptocurrency exchange Poloniex for $400 million. Even major finance brands were FOMOing into the emerging market.

Circle failed to elevate the status of the crypto platform, and it fell far behind Coinbase, Binance, and other industry leaders, prompting Circle to “spin out” the crypto platform into its own independent firm, called Polo Digital Assets, Ltd.

1/5: We are spinning Poloniex out from Circle into a new company with backing by an investment group that plans to spend more than $100M developing the exchange to offer new features, services and assets to global customers.

— Poloniex Exchange (@Poloniex) October 18, 2019

Circle says that they faced “challenges as a US company growing a competitive international exchange,” but didn’t disclose what those challenges may be, however, the exchange taking a stance similar to Binance by barring US-based investors could be evidence of something more going on behind the scenes.

Backed by an “Asian investment group,” the new Poloniex will close trading to US crypto investors as of November 1st, potentially signaling that pressure from financial regulators in the United States may have prompted Circle to dump Poloniex.

Related Reading | Steven Mnuchin Hints at New Crypto Assets Regulations in the United States 

The United States has recently taken an opposing stance against Bitcoin and cryptocurrencies, and it’s a shockwave that’s been felt across the industry.

Poloniex says the investment group plans to spend more than $100 million to “develop and expand” the platform – and says that the “cryptocurrency revolution has just begun,” and that they are in it for the “long haul.”

Circle Doubling Down on USDC Stablecoin, Sets Sights on Tether

As for Circle, a lack of interest in the crypto market compared to when the firm first picked up Poloniex may be to blame for the exchange’s spin-out.

So Circle bought #Poloniex at the top and is now selling at the bottom.

Welcome to crypto, hope you enjoyed your stay😅

— Birch (@BitcoinBirch) October 18, 2019

But Circle isn’t exiting the crypto space entirely. The firm plans to “double down” and shift its focus entirely on building a “more open, global and accessible financial system,” through its USDC stablecoin.

Related Reading | New “Trustworthy” Stablecoin Could Be the Tether Killer

Recently, the arms race to become the top stablecoin has heated up after the announcement of Facebook’s Libra. USDC is growing in market share, making it the 24th largest crypto asset by market cap, valued at just under half a billion. However, Tether is currently the dominant stablecoin, and its $4 billion market cap demonstrates why companies would seek a piece of the young market. 

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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