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October 2005

US Regulator Launches Investigation into Client Trades

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BitMEX

BitMEX

The month of July has not been a particularly good one for cryptocurrencies, and if recent reports regarding BitMEX are to be believed, then the upcoming weekend might not be a great one either.

Report Details

In a sensational report from Bloomberg, it has been revealed that popular crypto exchange BitMEX is apparently being investigated by the Commodity Futures Trading Commission for allegedly allowing US residents to trade on the platform. Although US residents can trade in cryptocurrencies, the situation with BitMEX is a bit different. US residents are categorically excluded from using the platform since it is registered in Seychelles.

It is the same with any other crypto platform registered in that country. It has now emerged that some user might have used tools like VPN to get around those regulations and traded anyway. In such a situation, it is the responsibility of the platform in question to bar such users from the platform. It should be noted that no official confirmation has yet been made about the investigation by either BitMEX or the CFTC. The development came to light on social media through Bloomberg reporter Tim Culpan, who seems to have been briefed about the events.

>> Litecoin (LTC) Eyes Fresh Gains Above $100: All Eyes on Halving Event

Once the news broke on social media, selling pressure was experienced in many cryptocurrencies, including Bitcoin. The news brought immense pressure on Bitcoin, and soon enough, the token gave up as much as $500, bringing it close to $10,000. The recent report has also brought into focus the relentless attacks that both BitMEX and its Chief Executive Officer Arthur Hayes received from noted economist Nouriel Roubini over the course of the month so far. After a debate between the two in Taipei, the economist has been relentless in his attack, and on Wednesday he had even published an essay in which he stated that he has evidence that criminal activities are going on in the BitMEX platform.

What do you think of the whole debacle?

Featured image: DepositPhotos © AlphaBaby

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Bitcoin Set For Breakout Amid Escalating Iran Tensions

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Bitcoin

Bitcoin

Bitcoin could be set for a major breakout as escalating tensions between the US and Iran drive investors to safe-haven assets, with cryptocurrency and gold values surging.

Tensions in the Middle East reached a critical point on Thursday after US President Donald Trump ordered a drone strike on a vehicle convoy near Baghdad International Airport, which killed the commander of Iran’s Islamic Revolutionary Guards Corps (IRGC) Quds Force Qasem Soleimani. Widely regarded as the second most powerful figure in Iran, his death has prompted a dramatic escalation of tensions between the US, Iran, and its allies. As a result, investors are flocking to safe-haven assets such as gold and oil, as well as Bitcoin, which has seen a short-term breakout.

The potential of impending war in the region led to a 3% pop in oil prices, 2% in gold, and, most interesting of all, a 5% rise in the value of Bitcoin (BTC). As Forbes reported, referencing a chart of the recent upward movement of the world’s largest cryptocurrency, “This is a very interesting chart because it shows the global professionals reacting to the news much faster than the private traders and it might be suggested this hike is the result of Middle Eastern retail piling into BTC as a flight to safety rather than the relatively non-existent institutional money.”

Forbes also said that Bitcoin has the potential to drive back towards previous all-time highs based purely off investors seeking out haven capital in territories where capital is intensely controlled, particularly in China and Iran. Bitcoin is a relative newcomer to the world of safe-haven assets and has an extra benefit over oil and precious minerals in that it is considerably more limited in its availability than other assets, and will condense even more following the halving, which is expected sometime around May.

>> Tether (USDT) Dominance Persists Amidst Mainstream Adoption

While Bitcoin enjoyed a significant bull-run in the first half of 2019, jumping from around $4,000 a year ago to nearly $13,000 in July, the latter six months of the year saw some sizeable losses as it closed at just over $7,000 on New Year’s Eve. The situation in Iran has ensured that Bitcoin is beginning 2020 in the green and is currently trading for just over $7,500.

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Libra Lacks Strategic Plan for 2020 Launch, Says Board Member

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Libra

Libra

Ever since Facebook announced earlier this year that it was going to launch its own cryptocurrency, Libra, the token has been met with a lot of skepticism. Leading regulators at some of the world’s central banks, as well as United States President Donald Trump, have criticized different aspects of Libra.

Major Details

In a new development, one of the board members of the Libra Association, Patrick Ellis, has stated that there is still no plan with regards to the launch of the token. He added that the association is not sure how or when the token is going to be launched.

Ellis revealed this new piece of information about Libra’s launch (or lack thereof) during the course of a telephone interview from his location in Singapore. He said, “At this stage, there is no strategy set in stone for the markets or the product, or how it will actually get rolled out.”

Considering the fact that the latest update has come from someone from inside the association, it is another setback for the entire project. The token is supposed to be a form of stablecoin, and regulators have raised concerns about Libra since it could undermine regulated fiat currencies.

On the other hand, the sheer scope of Libra has been well documented due to the sheer number of users that Facebook can leverage once it is launched. The social media platform boasts of a user base of 2.4 billion globally, and that gives the Libra token a potentially huge customer base.

>> Tezos (XTZ) Surges After Kraken and Coinbase Add XTZ Staking

However, some experts also raised questions about the privacy of users who buy and use the Libra token in light of the slew of privacy issues that have plagued Facebook over the past few years. While Ellis said that he was not sure about its launch, he did categorically state that Libra is going to be eventually launched. He is just not sure about the timeline.

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Bitcoin Price | What the Technical Chart Indicates About BTC’s Movement

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Bitcoin

Bitcoin

The month of July has been a very volatile one for Bitcoin investors due to the range of factors that brought the six-month-long bull run from the start of the year to an abrupt end. BTC had risen to $14,000 at one point last month but now the token is struggling to hold on to the $10,000 level.

Price Analysis

In a new development, Bitcoin price easily went below the psychologically important level of $10,000 yesterday, despite a rally that had taken the price to as much as $10,200. Traders rejected that price, and eventually, the price of Bitcoin fell to as low as $9,100 on Monday.

In this regard, it is important to add that Bitcoin traders have continued to buy the dips over the last few months and this is the first time that the world’s largest cryptocurrency is experiencing genuine selling pressure from bears. It remains to be seen how the market reacts over the course of the next few days before a definite pattern emerges. That being said, based on the technical chart, the new resistance level for Bitcoin is now $10,200, and the token would need to go beyond that price in order to go on another bull run.

>> Bitcoin Rewards: Safeway Partners with Lolli to Give BTC to Customers

Moreover, if $10,200 and $10,750 are broken, then the token can go up to $11,600 first, and if that is breached, then $12,500 is the next target. Once those two resistance levels are breached, bulls can once again attempt to regain the $14,000 level (BTC’s 52-week high) and send the coin on another bull run.

On the other hand, it is necessary to note that the downside thresholds have also been lowered following the latest setback. $9,050 is the first level, followed by $8,450; if those levels are breached, then the next thresholds are at $7,650 and then onto $6,950. It is shaping up to be a very interesting time for Bitcoin traders.

At the time of writing, Bitcoin is trading at $9,574, down by 0.50%.

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