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November 2011

Bitcoin Remains Stable | Crypto Market Capitalization Hits New High

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Bitcoin

Bitcoin

Over the last month, the cryptocurrency market was on a hot streak, rising about 38% as investors piled into crypto assets such as Bitcoin and other popular alternatives like Litecoin, Ripple’s XRP, Ethereum, Bitcoin Cash, and EOS.

Crypto Market Capitalization Hits New All-Time High

At the beginning of the month, Bitcoin (BTC) price surged, taking analysts and traders by surprise as to what might have caused the sudden increase in price. However, analysts are unsure whether the cryptocurrencies will hold their recent gains. But considering Bitcoin has managed to maintain the price above $5,000, it shows signs of strength that the growth will continue.

This week the crypto market capitalization of Bitcoin and another 2,000 cryptocurrencies hit $186 billion, an all-time high for this year. Apparently, Bitcoin makes up almost half of the crypto market capitalization, with over a $90 billion market cap. Crypto analysts have labeled the sudden rally as the ‘Altseason’ because of the double-digit gain made by the smaller cryptocurrencies.

Bitcoin will Exceed $20,000 Price in a Few Years

The recent rally has been seen by industry players as good news, and it is a result of various developments in the crypto industry. This week the price of cryptocurrencies continued to grow following the launch of the Coinbase crypto card in the UK. Also, most of the major cryptos maintained their strong positions because of bullish comments from analysts and industry watchers, which caused a surge in sentiments allowing the coins to maintain the high prices.

>> Coinbase Executive Leaves: 3 Major Departures in 6 Months

Brian Kelly of BKCM investment management firm stated that the price of Bitcoin will, in the next few years, exceed the 2017 all-time high of $20,000. He added that the growth of crypto networks and institutional adoption of cryptocurrencies will continue to push the price of cryptocurrencies higher in the coming years.

eToro market analyst, Mato Greenspan indicated that there was a step down in the crypto market after a breakout week. He added that failure to go up demonstrates the present appetite, but it does not mean that growth will decline.

Featured image: DepositPhotos @ Varavin88

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Binance Enters South Korea, Gets Approval for OkCoin

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Binance

Binance

The growth in the cryptocurrency industry has been made possible by the presence of crypto exchanges, and in that regard, Binance has been one of the most influential. In a new development that should come as a major boost to the crypto sphere, the crypto exchange announced that it is all set to launch its operations in South Korea.

Major Details

Binance acquired the Fintech company BxB Inc and is now going to turn it into a global exchange for South Korean customers by way of a cloud platform. This is a significant development for the company as well as for the crypto trading community in South Korea.

The exchange will be crypto to crypto in nature and will provide South Korean customers with the functionalities of Binance that have made it one of the most popular crypto exchanges in the world. The announcement was made by the Chief Executive Officer of the exchange, Changpeng Zhao, through a tweet. He said, “Hello South Korea.” Fiat deposits are going to be restricted at this point, but customers can use a stablecoin developed on Binance Chain to start their trading activities.

Removes 15 Trading Pairs

On March 27, the exchange made another important announcement that could have far-reaching effects on the crypto sphere. The company announced that it is going to remove 15 trading pairs from the platform in order to further improve liquidity and enhance the trading experience for users.

>> TRON Partners with Metal Pay to Enable Instant Purchase of TRX

Binance previously removed 10 trading pairs earlier in March. Exchanges are known to remove certain trading pairs when those pairs prove to be non-liquid. These non-liquid pairs generally involve altcoins that are not as frequently traded.

Are you excited for Binance’s move into the South Korean crypto market?

Featured image: DepositPhotos © Grey82

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Veritaseum CEO in Pretrial Settlement Talks with SEC

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Veritaseum

Veritaseum

Veritaseum founder and CEO Reg Middleton is in talks with the US Securities and Exchange Commission to reach a settlement on claims that the VERI initial coin offering (ICO) misled investors with regard to the token’s potential value.

Veritaseum “Knowingly Misled” Investors

Back in August, the SEC filed an emergency lawsuit against Veritaseum and its founder in order to prevent him from spending $8 million USD raised by the company in an ICO. The SEC alleges that Middleton “knowingly misled” investors about prior business success in order to increase investor demand for VERI tokens and that Veritaseum made manipulative trades to increase the value of VERI tokens. The company raised approximately $14.8 million USD in an ICO held between April 25 and May 27, 2017.

“The parties have been engaged in settlement discussions. In order to permit the parties to devote their resources to settlement, the parties jointly request that the Court set the scheduling conference for no earlier than November 11, 2019. This is the first request for an extension of the scheduling conference,” the SEC said today. Middleton has argued that Veritaseum’s coin is not a security, but rather a form of “pre-paid fee” or “software” in an attempt to circumvent the commission’s regulations.

>> Libra to Be at the Center of the EU’s New Crypto Regulations

Post ICO Manipulation

Middleton had previously falsely claimed that Veritaseum had products ready to go in order to drive interest in the ICO, as well as placing a series of highly suspicious secret trades after the offering, which artificially bumped VERI’s price by 300% in just one day, placing it in the world’s top ten cryptocurrencies at one point. He also allegedly misappropriated $520,000 USD of investors money for personal use.

In 2017, Veritaseum claimed to have lost 36,000, or $8 million USD worth of, VERI tokens in a hack. The tokens were dumped within a few hours, and the funds, the source of the hack, remain a mystery over two years later. The case will go to a pretrial conference on November 11 if no settlement is reached.

Featured Image: DepositPhotos © belchonock

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Bitcoin Price Experiences Second Largest 24-Hour Drop of 2019

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Bitcoin price

Bitcoin price

Bitcoin price has suffered its second-largest drop in a 24-hour period in 2019. Currently, the price is approximately $9,632 USD per coin, but across the day, its movement has been constant.

The world’s largest cryptocurrency by market value closed yesterday at $9,412.81 on Bitstamp; down 13.25% from its opening price of $10,848. This is the second-largest single-day drop for the coin in 2019. The first was a 13.67% drop that occurred on June 27th.

Bitcoin Price Drop

Speculation for why the drop has occurred is rife. Many are citing the growing calls for regulation of Facebook’s cryptocurrency Libra project along with cryptocurrencies in general as the biggest catalyst.

It’s been noted that Bitcoin has moved in tandem with news regarding Facebook’s Libra. For instance, after the tech giant unveiled its currency on June 18, Bitcoin price rallied from $9,000 to $13,880 USD in the week following.

It stands to reason, then, that the shift in sentiment is directly linked to a US hearing yesterday that attacked Facebook’s project. The hearing pulled no punches; senators called the company “delusional and untrustworthy” and questioned the social media giant on how it was planning to prevent money laundering.

Last week, President Donald Trump also attacked Libra when he took to Twitter to call for banking regulation for Bitcoin and Facebook’s coin. The following day, Bitcoin price began to decline, very possibly in reaction to the US President’s rant on Twitter.

>> DASH Losing Ground as Short Term Momentum Turns Bearish

Regulation

Because of Facebook’s global presence, the impact its Libra-currency might have on economies everywhere has caused concern. The project has amassed a mix of praise and scrutiny from leaders and financial institutions, amongst others.

But the Libra cryptocurrency has brought to the fore the issue or need for regulation and now, investors are worried that the project will end up fast-tracking regulations for the entire crypto market.

What are your thoughts on this? Do you expect Bitcoin price to decline further?

Featured Image: Deposit Photos © aa-w

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