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March 2012

Bitcoin SV Delisted from Binance Amid Craig Wright Controversy

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Bitcoin SV

Bitcoin SV

One of the largest crypto exchanges in the world, Binance, has delisted Bitcoin SV (BSV), it announced earlier today. The move comes after a week of controversy surrounding the cryptocurrency’s founder Craig Wright.

Bitcoin SV

Earlier today, the world’s largest crypto exchange by market volume announced it will be delisting all BSV trading pairs on April 22nd. It will continue to support BSV withdrawals, however, until July 22nd.

Binance CEO, Changpeng Zhao (CZ), first threatened the move last week. It came after Wright attacked several Twitter users who said he is not the person behind the pseudonym Satoshi Nakamoto.

Nakamoto

Wright has claimed for many years that he is Nakamoto; however, his claim has been challenged many times over and is widely disputed.

For those who don’t know, Satoshi Nakamoto is considered the creator of Bitcoin. However, exactly who this person or persons is/are remains a mystery. Over the years, several prominent names have been suggested including Elon Musk—who denied the claim.

Twitter Attacks

In recent weeks, Wright has been attacking Twitter users. Amongst these is hodlonaut—the creator of the Lightning Network ‘Torch’. Specifically, Wright placed a bounty on hodlonaut’s identity after he claimed that Wright is not Satoshi.

Binance’s announcement earlier today said that the exchange “periodically review[s] each digital asset we list to ensure that it continues to meet the high level of standard we expect.”

Standards include a team committed to the project, developmental activity, network and smart contract stability, and public communication, among other things.

>> Bitcoin Remains Stable: Crypto Market Capitalization Hits New High

While the exchange alludes that delisting Bitcoin SV is a responsive decision for not meeting Binance’s standards, it is believed that this is only partially the reason. Many assume the coin is being delisted mainly due to Wright’s Twitter attacks.

Following the news, CZ has cemented the latter belief with a series of Tweets in which he refers to Wright as “a fraud.”

Hodlonaut has not been the only victim of Wright’s wrath. The latter has sent legal cease-and-desist letters to other individuals such as Peter McCormack for saying that he is not Satoshi.

Bitcoin SV: Price Plunges

The news has rocked BSV price, which has plunged only hours after the announcement was made. The coin has already shed almost $100 million from its market, with the price below $65 now, down from over $70 earlier today.

Whoever said the cryptocurrency sphere wasn’t a drama-fest?

Featured Image: DepositPhotos © maloha13

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Bakkt is All Set to Launch Options on Bitcoin Futures in December

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Bitcoin futures

Bitcoin futures

Over the past few years, the crypto sphere has come a long way to emerge as one of the most exciting investment options for investors, and the introduction of Bitcoin futures was one of the bigger developments in this regard. In a new development, the highly influential International Exchange (IE) has stated that it is now going to introduce options in Bitcoin.

Key Details

The service is going to be launched on Bakkt, one of its subsidiaries, and among the most popular destinations for high-level trades in the crypto space. The announcement was made by Bakkt late Thursday, and it goes without saying that it has created buzz in the market.

In the announcement, Bakkt stated that this is the first time that regulated options are being provided on Bitcoin futures. It is a significant development for investors who are interested in the crypto space.

Moreover, it is also important to note that Bakkt also serves institutional customers and is well known for its merchant services. The availability of both futures and options will make it more palatable to professional traders.

>> Telegram Investors Stick With TON Plans Despite SEC Injunction

The Chief Executive Officer of Bakkt Kelly Loeffler wrote about the development in a post on Medium. She said, “The Bakkt Bitcoin Options contract will be based on the benchmark Bakkt Monthly Bitcoin Futures contract and represents another important step in developing this asset class for institutional investors, their customers, and investors.” One of the more important features of the whole project is that customers who buy these options will also be able to settle their positions in cash if they so wish. Considering the fact that the company launched its Bitcoin futures only a month ago, it must be said that it has been quick to introduce Bitcoin options, and the introduction of the new product will ensure that more traders participate in the platform in the months to come.

Featured image: DepositPhotos © grejak

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What Factors Can Make a Cryptocurrency Crash?

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cryptocurrency

cryptocurrency

Cryptocurrencies are notorious for being volatile, and the fact that their prices fluctuate wildly is really quite normal. However, what is not so normal is when the price suddenly plummets and wipes out a huge amount of value.

That is what is known as a crash, and it is one of the things that people fear most. Over the years, there have been several cryptocurrency crashes, and the most notable was in 2018 when the value of cryptocurrencies fell over 60% in about a month.

As unpredictable as these crashes are, they are not without cause. In fact, there are several factors that contribute to a cryptocurrency crashing, and if you know what they are, then you can take steps to be safe.

Significant Profit-Taking

The initial cause behind a cryptocurrency crash is often profit-taking. Profit-taking is simply the practice of selling after a cryptocurrency has gone through an increase in price, and on its own, it is a perfectly normal occurrence.

However, when there is too much profit-taking, it can create selling pressure—and that can lead to the start of a crash.

Knock-On Effect and Panic

If selling pressure starts to build up, it can drive other investors into selling their cryptocurrency too—and create a knock-on effect. When the effect is large enough, it can make many people panic, and result in a cascading sell-off.

Nowadays, panic can spread very quickly, and in a short period of time, a cryptocurrency could lose a huge chunk of its value. Once the knock-on effect starts, it is difficult to stop, unless investor confidence is restored quickly.

Break of Support

Another factor that contributes to a large-scale crash is when a cryptocurrency breaks past a particular level that was “supporting” it. For example, the cryptocurrency’s price may hover around the $1,000 mark for some time—but once it breaks past that and gets lower, it is likely to drop quickly.

Typically, when a cryptocurrency breaks through a support level, it does so with force and triggers a big crash in its value. The 2018 crash happened when Bitcoin broke through the $6,000 support level, and its value immediately dropped like a rock.

Bitcoin Reliance

For better or for worse, Bitcoin is the face of cryptocurrencies. As such, the value of all other cryptocurrencies relies on BTC to some degree and is influenced by its price when it is doing well and when it is doing badly.

When Bitcoin is trending normally, that reliance is not a big deal. However, if BTC does crash for any reason, it tends to drag down cryptocurrencies across the board, and most of them crash too.

Project Closure

In many cases, the crash of a cryptocurrency may not be due to market forces, but instead simply because the project itself is winding up and about to close. The majority of cryptocurrencies are essentially startups, and many do not survive more than a year or two.

Needless to say, when it is clear that the startup is going to shut down, the value of the cryptocurrency itself will plummet.

Knowing the factors that can make a cryptocurrency crash is useful regardless of whether you trade Bitcoin or some other token. Aside from taking steps to mitigate your risk, you may be able to identify the early warning signs of a possible crash—and quickly take steps to prevent too much damage.

Make no mistake, it is not possible to completely avoid the exposure from a cryptocurrency market crash. However, it is possible to limit your losses.

Featured image: DepositPhotos © KostyaKlimenko

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