The recent losses were the aftermath of the US commodities and Futures Trading Commission [CFTC] coming down hard of BitMEX along with the expiry of futures contracts in the stock market. While Bitcoin was the only major currency to face the brunt of the news directly, altcoins soon followed given the correlation factor. However, as...Read More
The United Kingdom Financial Conduct Authority plans to ban cryptocurrency derivatives and exchange-traded notes (ETNs) to retail customers from January 6th, 2021. The FCA statement described such products as “ill-suited for retail customers due to the harm they pose.” The regulator outlined that retail customers are unable to determine a reliable value because of several...Read More
The world’s first cryptocurrency, Bitcoin, could have a $100,000 price tag 5 years from now, Bloomberg senior commodity strategist, Mike McGlone said. BTC has an illustrious history of adding more zeros to its value since 2011. This trend could continue well into the future. Also, the first cryptocurrency could attain a $14,000 price by the...Read More
The United States watchdog, Securities Exchange Commissions charged cybersecurity software developer John McAfee for allegedly making over $23 million in the process of shilling seven initial coin offerings. The ICOs reportedly raised $41 million in the process with half of those proceeds pocketed by McAfee. The SEC indictment read: From at least November 2017 through...Read More
The U.S. Securities and Exchange Commission (SEC), and the U.S Office of the Comptroller of the Currency (OCC) have yet again provided clarity on the cryptocurrency and blockchain regulations in a webinar. In the webinar, SEC Chairman, Jay Clayton, said that SEC’s “door was wide open” for entities to understand how to “tokenize the ETF...Read More
A total of $29.85 billion has been erased from Bitcoin’s market capitalization since the last peak on August 18, 2020. This decline has led to speculation if the ongoing market is bullish and wild price swings have come from BitMEX or other top exchanges, or is it bearish. Bitcoin’s price is in the $10.3-$10.6k range...Read More
Bitcoin has many rivals. But the one it really wants to displace is gold. Gold has been an investing ‘safe-haven’ for centuries, but digital gold is challenging its claim. The cryptocurrency claims to have more real-world transact-able value than gold. And what’s more, it can be easily stored, sent across the globe, and used as...Read More
Bitcoin active supply with a 1-day Moving Average has hit a 22-month low. The last time when BTC supply dropped to this level, the price was in the $3.5 to $3.7k range. Since the last week of September 2020, miners started HODLing and this has changed the dynamics of supply. At $409 million, BTC inflow...Read More
Cryptocurrency investors have withdrawn approximately 45,000 bitcoins from the derivatives exchange BitMEX following the recent charges brought by the US CFTC. A sizeable portion of the massive amount has ended up on two rival exchanges – Gemini and Binance. CFTC Charges Against BitMEX Owners As CryptoPotato reported last week, the US Commodities and Futures Trading...Read More
October 15th is approaching, and that’s the latest deadline for submitting a rehabilitation plan for reimbursing the Mt. Gox creditors. With them claiming over 150,000 bitcoins, which is about 15% of the total value owed to creditors, the community speculates on the potential market impact. October 15th: What You Need to Know The Mt. Gox...Read More
Creditors to Get back their bitcoin holdings In a massive update for the Mt Gox exchange victims who lost their bitcoin holdings in a hack in 2013, the rehabilitation plan is scheduled to take place on 15 October 2020. On this day, nearly 150,000 BTC could be possibly distributed among the creditors of which holders...Read More
September was an eventful month for the crypto-market, to say the least, with the month seeing a major crypto-exchange hack among a host of other developments. However, despite the quarter ending as it did, Bitcoin did witness its second-best Q3 close in history. $150M drained from KuCoin: BTC down 1% BitMEX charged by DOJ, CTO...Read More
Bitcoin’s price responded to the CFTC’s charges against BitMEX by losing $300 of its value in a single day. While the anticipated corrections did take many by surprise, Bitcoin’s price soon steadied itself, with the cryptocurrency trading around the $10.5k range, at press time. That’s not all, however, as Open Interest hit new lows on...Read More
BitMEX was in the eye of the storm this past week after U.S regulators took its case. The charges brought by the CFTC against BitMEX argue that the exchange facilitated cryptocurrency derivatives transactions with an aggregate notional value of trillions of dollars and failed to implement the most basic of compliance procedures required of financial...Read More
Trump may not like crypto, but the crypto-verse sure doesn’t miss a chance to mess with him. As proof that anything can be tokenized – no matter how trivial or influential – a derivative has just appeared on Uniswap to track the President’s health: Please welcome the Trump Health Index (THI). Little is known about...Read More
What’s the point of a safe-haven asset? Well, for starters, it’s to keep one’s portfolio safe. Gold has long been seen as the traditional safe-haven asset among traditional investment avenues. Despite Bitcoin being a year into the financial world, it still hasn’t managed to budge the yellow metal. But, is gold doing its job? Let’s...Read More
Disclaimer: The findings of the following article are the sole opinion of the writer and should not be considered investment advice After CFTC brought charges against BitMEX for allegedly violating the Bank Secrecy Act, Bitcoin tumbled down the charts and fell by 4%. However, BitMEX took a much harder hit as its OI has since...Read More
Despite numerous reports indicating that Bitcoin HODLers are on the rise, a recent survey revealed the opposite. About 70% of participants that own digital assets answered that they had used them to make purchases such as food, clothing, and even education. Crypto Users Actually Spend Their Holdings BlockCard partnered with Bitcoin Market Journal to survey...Read More
Every quarter of the year 2020 has posed a new problem for the cryptocurrency market. With the last quarter now underway, it would seem that the problem in question has surfaced sooner than usual. This, after American regulators entered the game once again and caused panic to seep into the market. After charges against BitMEX...Read More
After losing more than $250 million worth of cryptocurrencies in a security incident on September 26, KuCoin may have found new evidence to identify those responsible for the hack. It’s been exactly one week since Singapore-based cryptocurrency exchange KuCoin suffered what would be the third-largest hack in the history of crypto. And now, the exchange...Read More
According to a recent poll by the creator of the popular Bitcoin stock-to-flow model, the majority of participants believe that BTC’s price will either hit $55,000 or stay below it by the end of 2021. Backstory: Bitcoin Stock-To-Flow Model(s) A cryptocurrency analyst going by the Twitter handle PlanB revealed the first version of the BTC...Read More
Let’s be honest – 2020 is not going the way you thought it would. If you had taken a look at the calendar before the start of the year, what would you have reckoned would be the monthly volatility of Bitcoin? How do you think the largest cryptocurrency in the world would’ve navigated what was...Read More
A recent study compiled with government authorities and regulators concluded that they still view the cryptocurrency industry as a significant risk source. Those establishments raised concerns regarding the field’s self-regulation and the number of illegal activities funded by digital assets. Unsurprising: Regulators Worried About Crypto Regulations The UK’s oldest defense and security think tank, the...Read More
Bitcoin worth roughly $500,000 was moved to one of Bitfinex’s hot wallets a couple of days back. This might seem like nothing but an ordinary transaction if it wasn’t for the fact that the BTC in question was mined back in May 2010, and it hasn’t been touched since. At the time, Satoshi Nakamoto, Bitcoin’s...Read More
Markets today experienced a day of persisting September selling pressure, after going through a short breather of some bullish sentiment yesterday. Following Bitcoin’s 24 -hour price dump from $10,900 levels to almost $ 10,400; Litecoin, Cosmos, and Dash also appeared to be highly bearish, with all three alts trading in red zones at press time....Read More
Romania’s National Agency for the Management of Seized Assets (ANABI) announced today that it would begin auctioning off bitcoin and ether, that were confiscated as part of an undisclosed fraud case. The starting price for 0.97 ETH is 1670 Romanian Lei ($ 401) and for 0.6 BTC – 30,535 lei ($ 7347). A local news...Read More
To say that a lot has happened over the past seven days would be an understatement. Starting off with Bitcoin’s price, it’s currently trading at around $10,500, down $150 over the week. Everything was going relatively well for BTC. It peaked above $10,900, giving many people hopes that we will finally see a breach above...Read More
Bitcoin mining is a fairly simple activity from a first-principles economics pov. All other activity in the network is complementary and based on this principle and if Bitcoin had no one but its community of miners, it’d still survive. However, mining is misinterpreted by most. Hashrate influences price or hash follows price. Neither of these...Read More
Bitcoin futures open interest on CME has dropped following the drop in spot prices across exchanges. However, the drop started on September 15, with a recovery last week, and it has continued. Though open interest and trading volume on derivatives exchanges doesn’t have a direct impact on the price, it has an impact on institutional...Read More
The Bitcoin market witnessed a strong blow as the BitMEX’s co-founders were charged with money laundering violations among other charges by the Commodity Futures Trading Commission [CFTC]. While in a separate indictment, the U.S. Attorney filed a criminal action against its owners Arthur Hayes, Ben Delo, and Samuel Reed. Although the owners maintained their stance...Read More
