{"id":401787,"date":"2019-10-18T17:36:17","date_gmt":"2019-10-18T17:36:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=401787"},"modified":"2024-06-11T12:14:49","modified_gmt":"2024-06-11T12:14:49","slug":"buy-high-and-sell-low-circle-dumps-poloniex-crypto-exchange","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/buy-high-and-sell-low-circle-dumps-poloniex-crypto-exchange\/","title":{"rendered":"Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Today, <a href=\"\/tag\/circle\" rel=\"nofollow\">Circle<\/a>, a US-based finance firm, has revealed that it is \u201cspinning out\u201d crypto trading platform Poloniex into its own independent company, in \u201can effort to create a competitive internationally-focused cryptocurrency exchange.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Circle first acquired the crypto exchange <a href=\"https:\/\/uniquehot.com\/2018\/02\/26\/goldman-sachs-backed-circle-acquires-poloniex-crypto-exchange\/\">back in February 2018<\/a>, 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?<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Poloniex to \u2018Spin-Out\u2019 Into Own Independent International Crypto Brand<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Back in February 2018, before the bear market and dreaded crypto winter got fully underway, Goldman Sachs-backed finance firm Circle, <a href=\"https:\/\/uniquehot.com\/2018\/02\/26\/goldman-sachs-backed-circle-acquires-poloniex-crypto-exchange\/\">acquired cryptocurrency exchange Poloniex<\/a> for $400 million. Even major finance brands were FOMOing into the emerging market.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Circle failed to elevate the status of the crypto platform, and it fell far behind Coinbase, Binance, and other industry leaders, prompting Circle to \u201cspin out\u201d the crypto platform into its own independent firm, called Polo Digital Assets, Ltd.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>&mdash; Poloniex Exchange (@Poloniex) <a href=\"https:\/\/twitter.com\/Poloniex\/status\/11602437?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/blog.circle.com\/2019\/10\/18\/poloniex-to-spin-out-of-circle\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Circle says<\/a> that they faced \u201cchallenges as a US company growing a competitive international exchange,\u201d but didn\u2019t 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Backed by an \u201cAsian investment group,\u201d 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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/07\/24\/steven-mnuchin-hints-at-new-crypto-assets-regulations-in-the-united-states\/\">Steven Mnuchin Hints at New Crypto Assets Regulations in the United States\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The United States has recently taken an opposing stance against Bitcoin and cryptocurrencies, and it&#8217;s a shockwave that\u2019s been felt across the industry.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Poloniex says the investment group plans to spend more than $100 million to \u201cdevelop and expand\u201d the platform \u2013 and says that the \u201ccryptocurrency revolution has just begun,\u201d and that they are in it for the \u201clong haul.\u201d<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Circle Doubling Down on USDC Stablecoin, Sets Sights on Tether<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">As for Circle, a lack of interest in the crypto market compared to when the firm <a href=\"https:\/\/uniquehot.com\/2018\/02\/26\/goldman-sachs-backed-circle-acquires-poloniex-crypto-exchange\/\">first picked up Poloniex<\/a> may be to blame for the exchange\u2019s spin-out.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">So Circle bought <a href=\"https:\/\/twitter.com\/hashtag\/Poloniex?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Poloniex<\/a> at the top and is now selling at the bottom. <\/p>\n<p>Welcome to crypto, hope you enjoyed your stay\ud83d\ude05<\/p>\n<p>&mdash; Birch (@BitcoinBirch) <a href=\"https:\/\/twitter.com\/BitcoinBirch\/status\/44318976?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">But Circle isn\u2019t exiting the crypto space entirely. The firm plans to \u201cdouble down\u201d and shift its focus entirely on building a \u201cmore open, global and accessible financial system,\u201d through its <a href=\"https:\/\/uniquehot.com\/2018\/11\/22\/circles-stablecoin-usdc-passes-independent-audit-fully-backed-by-usd\/\">USDC stablecoin<\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2018\/09\/26\/circle-launches-new-trustworthy-stablecoin-could-this-be-the-tether-killer\/\">New \u201cTrustworthy\u201d Stablecoin Could Be the Tether Killer<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Recently, the arms race to become the top stablecoin has heated up after the announcement of Facebook\u2019s 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, <a href=\"https:\/\/uniquehot.com\/2018\/11\/16\/stablecoin-supremacy-battle-heats-up-binance-lists-usdc-tether-below-a-buck\/\">Tether is currently the dominant stablecoin<\/a>, and its $4 billion market cap demonstrates why companies would seek a piece of the young market.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, Circle, a US-based finance firm, has revealed that it is \u201cspinning out\u201d crypto trading platform Poloniex into its own independent company, in \u201can effort to create a competitive internationally-focused cryptocurrency exchange.\u201d 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 \u2018Spin-Out\u2019 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 \u201cspin out\u201d 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. &mdash; Poloniex Exchange (@Poloniex) October 18, 2019 Circle says that they faced \u201cchallenges as a US company growing a competitive international exchange,\u201d but didn\u2019t 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 \u201cAsian investment group,\u201d 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\u00a0 The United States has recently taken an opposing stance against Bitcoin and cryptocurrencies, and it&#8217;s a shockwave that\u2019s been felt across the industry. Poloniex says the investment group plans to spend more than $100 million to \u201cdevelop and expand\u201d the platform \u2013 and says that the \u201ccryptocurrency revolution has just begun,\u201d and that they are in it for the \u201clong haul.\u201d 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\u2019s spin-out. So Circle bought #Poloniex at the top and is now selling at the bottom. Welcome to crypto, hope you enjoyed your stay\ud83d\ude05 &mdash; Birch (@BitcoinBirch) October 18, 2019 But Circle isn\u2019t exiting the crypto space entirely. The firm plans to \u201cdouble down\u201d and shift its focus entirely on building a \u201cmore open, global and accessible financial system,\u201d through its USDC stablecoin. Related Reading | New \u201cTrustworthy\u201d Stablecoin Could Be the Tether Killer Recently, the arms race to become the top stablecoin has heated up after the announcement of Facebook\u2019s 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.\u00a0<\/p>\n","protected":false},"author":517,"featured_media":401788,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[1336,6664,8877,3631,4287,16680],"class_list":["post-401787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-circle","tag-crypto","tag-poloniex","tag-regulation","tag-united-states","tag-usdc"],"acf":[],"yoast_head":"\n<title>Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes<\/title>\n<meta name=\"description\" content=\"Today, Circle, a US-based finance firm, has revealed that it is \u201cspinning out\u201d crypto trading platform Poloniex into its own independent company, in \u201can\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/buy-high-and-sell-low-circle-dumps-poloniex-crypto-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buy High and Sell Low? 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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\u2019s 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. 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Circle Dumps Poloniex As Crypto Market Interest Wanes","description":"Today, Circle, a US-based finance firm, has revealed that it is \u201cspinning out\u201d crypto trading platform Poloniex into its own independent company, in \u201can","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/buy-high-and-sell-low-circle-dumps-poloniex-crypto-exchange\/","og_locale":"en_US","og_type":"article","og_title":"Buy High and Sell Low? 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