Shorting Bitcoin 5 ways you can short bitcoin

                                

Shorting bitcoin is an investment strategy that allows traders to gain from price drops.

This concept works well for investors who are skeptical about Bitcoin’s future. When shorting, an investor borrows Bitcoin and sells it at the current market price. Later, you buy it back. This is done with the hope that by the time you are repurchasing the Bitcoin, the value will have plunged. And this means that if the value decreases it, you could purchase it back at a lower value and now have more of it. One factor you have to take into consideration is leverage. Leverage refers to the amount that you will borrow in order to execute your trading position. Leverage is calculated as a proportion of your total trade.

However, it is essential to note that shorting is a risky and challenging strategy. The trader needs to have experience of the market, be a skeptic, and have the skills to utilize some of the complicated procedures. Shorting needs knowledge and patience. Considering that the crypto market is volatile, traders need to understand all the available options for shorting BTC. In this guide, we look at different ways you can short Bitcoin.

Margin Trading

This is the ideal way of shorting BTC or other crypto assets. Margin trading entails borrowing funds from a cryptocurrency exchange to purchase a digital asset. To short Bitcoin, you will need to use FIAT currency and buy the asset. You will the short sell it, and purchase back after the market crashes. Typically there’s some interest or leverage attached to the loan. As the cryptocurrency market grows, more exchanges are enabling margin trading. You can enjoy this feature on platforms like BitMex, Ava Trade, Bitfinex, among others. Margin trading is also risky. In the event your plan is shuttled, the trading platform will close your trade sooner than you expected simply because margin trading magnifies both gains and loses.

Futures Market

It works when a buyer and a seller come to an agreement to trade their Bitcoin or other assets at a specific set price in the future. The two are bound by a contract that spells out the terms of the trade. Typically, when you get a Bitcoin futures contracts, there is a likelihood that the price of the asset will rise. At least that’s what the crypto community see it. In reality, nothing’s for sure. On the other side, when you sell a Bitcoin Futures contract, it translates to a bearish mindest, and the asset might drop in value.  In this type of trading, you’re predicting with the hope that the price of Bitcoin will go up. That way, when your contract expires you can buy Bitcoin below the market price.  However, Bitcoin futures markets are a bit difficult to find. Note that margin trading patterns exist in the professional trading world. However, platforms like OrderBook.net and Exante offer these services.

CFDs Bitcoin Shorting

Using online CFD brokers enables you to short Bitcoin. This works for retail investors who do not have an account with a broker that supports CME/CBOE bitcoin futures contracts. Platforms like eToro, AvaTrade or Plus500 offers Bitcoin shorting on CFDs on retail brokerages. CFDs (contracts for difference) work in a similar manner like futures contracts but are tailored towards retail investors. In this case, traders can bet on a price increase or decrease of Bitcoin without having to own it physically. Note that CFDs are leveraged products and they allow traders to go long or short Bitcoin using margin. Therefore, traders only have to put down a percentage of the total amount of the trade-in order to open a position. In the end, traders are able to magnify their returns if their bet pays off but also carries increased risk as losses are also magnified if the price plunges.

Bitcoin Shorting via Binary Options

Traders can also short Bitcoin through the options trading. This model involves put and call options.  Here, traders with a put option contract, have the right to sell a specified amount of Bitcoin, which you set, at a certain price at a certain period. This approach is known as the strike price. With time, the put option gains value as Bitcoin loses value compared to the strike price. Note that you are not obligated to sell the option if you don’t want to. On the other hand, a call option contract offers you the right to buy shares in the same way. This contract gives you an option to buy a certain amount of Bitcoin at a specific price until the expiration date.

Prediction Markets

You can short Bitcoin through prediction markets that work in a similar manner like gambling. In this case, you predict its price, and when you are correct, you earn a certain profit. Prediction markets are exchange-traded markets created to trade the outcome of future events. This new market feature allows traders to predict that bitcoin would decline by a certain margin, and if anyone takes you up on the bet, you will stand to profit if it comes to pass. Augur is the pioneer prediction markets on the blockchain. Other platforms to use prediction markets include Gnosis and Stox.

Risks Associated with Bitcoin Shorting

As seen above, shorting Bitcoin can be risky. The entire cryptocurrency market is extremely volatile. Based on this volatility, when you short Bitcoin, you can make profit or losses. Based on its value when short selling, your losses can extend far beyond your initial investment. Shorting Bitcoin should be done when you are confident that the prices will drop. Always monitor cryptocurrency prices and lower your losses if it starts to rise quickly. With the volatility of the cryptocurrency markets, it’s essential to understand all your options, especially if one involves hedging your future if the markets crash. Another risk of shorting is that your losses are unlimited. If you dont have a strong strategy – you might end up with your entire balance liquidated. Therefore, we recommend you to try with a few testing funds.

Conclusion

We hope that this article helped you understand a bit about shorting. Through the act of borrowing Bitcoins, selling them when the price is high and then repurchasing them when the price is low, you can earn money even when markets are on the decline. Usually shorting is not recommended for traders who are just starting because of the high risk it involves. If you decide to do it, make sure you only invest money you can afford to lose. Also, make sure to stay up to date with current related events so you can anticipate any change in the price direction. We hope this review helped you understand more about shorting bitcoin and made things a little bit more clear.

Article Produced By
Amisi Paul

https://zerocrypted.com/shorting-bitcoin-5-ways-you-can-short-bitcoin/

Thomas ClaimCo.in

Could Bitcoin Hit the Six-Figure Mark in Two Years?

Could Bitcoin Hit the Six-Figure Mark in Two Years?
                                  

Will bitcoin hit its biggest marks in 2021?

Bitcoin Is Set to Explode in the Next Two Years

That’s what some analysts are saying. According to bitcoin experts like “Plan B,” bitcoin could strike the $100,000 mark by the end of 2021… Around Christmas of that year to be exact. Bitcoin has been undergoing some very strange behavior, lately. The currency fell to the low $8,000 range from $9,500 in late September after Bakkt debuted to rather disappointing reception. While things picked up from there, bitcoin’s fall wasn’t quite over. Mark Zuckerberg’s upcoming testimony before Congress did a lot of damage to the currency’s reputation as well, bringing it down to the mid-$7,400 range – a position it hadn’t seen since the summer. However, it has since managed to recuperate somewhat and add about $2,000 to its overall price. At press time, it is trading for just under $9,450. Not bad considering it’s only been a few days…

Alex Mashinsky – CEO of the Celsius Network – states:

I do think Mark Zuckerberg’s testimony got a lot of people worried of a bigger retaliation from regulators, but after most of the questioning had nothing to do with cryptocurrency or Libra and with reports of China premier Xi describing blockchain as a ‘rule of law network,’ spirits have risen and the bull is back.

Bitcoin has proven itself to be quite resilient over the years, and analysts believe this strength is about to take it to its greatest position yet. Within two years, some claim, BTC will strike the $100,000 mark and become a “six-figure currency.”

Plan B comments:

Somewhere between a year and a year-and-a-half after the [May 2020] halving, so say before Christmas 2021, bitcoin should be, or should have been about $100,000. If that’s not the case, then all bets are off and [the model] probably breaks down. I don’t expect that to happen.

The holiday season is always a magical time… Especially for bitcoin. Remember in December of 2017 when the currency spiked to roughly $20,000? Christmas two years ago marked bitcoin’s highest position up to this point, though to be fair, the holiday season of 2018 brought record-breaking crashes to the currency.

After an Election Year, Lots of Action Takes Place

At the same time, 2021 makes sense when looking for years that would be “solid” for bitcoin. 2017 followed a U.S. presidential election. 2021 will be the same. The next election is set to take place in 2020, so as Plan B suggests, we may start to see bitcoin begin to expand during this time. The following year, when things calm down a bit politically, we’ll likely see bitcoin rise as it did in 2017. It’s the exact same pattern. Other persons to predict BTC’s rise to $100,000 in 2021 include Anthony Pompliano, the co-founder of Morgan Creek Digital.

Article Produced By
Nick Marinoff

https://www.livebitcoinnews.com/56366-2/

Thomas ClaimCo.in

Ted Leonsis: the Economy is Shadowy Thanks to BTC

Ted Leonsis: the Economy is “Shadowy” Thanks to BTC

Billionaire Ted Leonsis has made a real name for himself when it comes to sports and gambling.

Recently, the mogul took a case to the Supreme Court that resulted in the U.S. relaxing some of its gambling laws. This led to less money flowing into illegal operations and more into legitimate gambling platforms.

Leonsis: Confused About Crypto?

No doubt Leonsis has done wonders for the gambling sector, but he seems to suffer from a viewpoint that many in his position are unable to shake. As we all know, bitcoin and cryptocurrency has opened up several doors to new kinds of online gambling, and while this been very good for the industry in a lot of ways, Leonsis is choosing primarily to associate crypto with the dark web, and unfortunately, he’s not the only one. The dark web paves the way for criminal activity in the crypto community. Those looking to buy drugs, guns and other illegal paraphernalia typically seek to use crypto make such purchases given that they are allegedly more anonymous than fiat or plastic credit cards. In a recent interview,

Leonsis explains:

Let’s take this shadowy economy which is going to explode even more with bitcoin and the dark web and bring it into the light, and if we can do that it will generate more jobs and it will generate tax revenues.

In this sense, Leonsis is potentially missing out on an entirely new side of crypto. For one thing, many people in his position – the Winklevoss Twins, for example – have learned to embrace the technology behind cryptocurrency as a means of steadying whatever infrastructure it’s looking to support, whether it be finance or warehouse supply chains.

Both Cameron and Tyler Winklevoss were potentially among the world’s first bitcoin billionaires in early 2018 following the currency’s explosion to nearly $20,000 in December of 2017. As some of the first investors in the currency, the sudden surge brought their net worth up and placed them on par with people like Leonsis, thereby allowing them to enjoy similar wealth but through digital means. In addition, the Winklevoss Twins have consistently showed a willingness to remain compliant with present rules and regulations. Their company the Gemini Exchange was among the first to obtain a BitLicense so that it could operate legally in New York.

Blockchain Can Help the Gambling World

Thus, blockchain and bitcoin don’t necessarily have to serve as the underlying supporters of dark web activity. It’s simply a matter of utilizing them properly. Perhaps if Leonsis were more open to the notion of blockchain appropriately serving the gambling industry, he might realize just how legitimate blockchain-based betting could be. Imagine ensuring all bets are valid by having them recorded permanently on a digital ledger. Now that’s legitimacy for you.

Article Produced By
Nick Marinoff

https://www.livebitcoinnews.com/56396-2/

Thomas ClaimCo.in

Xi’s Accelerated Blockchain Adoption Pumps Chinese Shares

Xi’s Accelerated Blockchain Adoption Pumps Chinese Shares

China president Xi Jinping’s announcement of blockchain development

has caused a huge stir in the blockchain industry. All the blockchain-related share prices have increased and have received a huge boost as per Monday, October 28, 2019 analysis. On the Shanghai and Shenzhen stock exchanges, over 60 tech stocks surged by 10%. Shares of Pantronics Holding rose by 67% on Monday in HongKong. The Shenzhen Information Technology Index also closed with a 5.3% surge. This surge is the highest recorded in 2019. Meitu shares surged as much as 30%. Other companies such as Hundsun Technologies, Easysight Supply Chain Management Co, YGSOFT Inc, rose by 10% limit. Hong Kong’s benchmark Hang Seng Index finished 0.8 % higher on Monday.  Chinese blockchain platform NEO also experienced quite a rise in the share price following China president’s statement. the platform’s NEO cryptocurrency pumped 40% to a high of $13.75.

The speech that created the stir:

“Xi Jinping: Blockchain is vital for China’s future”

President Xi Jinping gave a speech on Thursday, October 24th. He emphasized that blockchain will elevate China’s growth and add substantial volume to the Chinese industry. He urged the blockchain adoption in the country to happen soon as the world is going digital. “It is essential for blockchain technology to play a bigger role in building China’s strength in cyberspace, developing the digital economy and advancing economic and social development,” Mr. Xi added. 

Other Developments following the speech:

The Thursday speech of Xi Jinping was just a statement until it affected Bitcoin and other altcoin prices. Friday, October 25th saw a sudden price hike in Bitcoin as well as XRP price. Bitcoin price had crossed the $10k mark for a few minutes. The Bitcoin market is still in uptrend and analysts claim that the price will reach above $12k if the same growth remains constant. China is all set to release its own national digital currency proposed in August 2019. The People’s Bank of China (PBOC) hs termed its currency as DCEP (Digital Currency Electronic Payment System ). The currency is in the final testing stage and will be released in November.

Article Produced By
Qadir AK

Qadir Ak – Co-founder of Coinpedia Blog – His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia

https://coinpedia.org/news/xis-accelerated-blockchain-adoption-pumps-chinese-shares/

Thomas ClaimCo.in

Is South Korea Following China on Blockchain Adoption?

Is South Korea Following China on Blockchain Adoption?

China recently announced its endorsement of Blockchain Adoption in the country.

Following this, the crypto industry got very excited and as a result, Chinese Stock prices increased. Following the lead, the South Korean Government has pledged its own Blockchain adoption. On October 28, 2019; The government announced it’s interested in Blockchain. The South Korean Government will carry out support projects to develop the blockchain industry. The Korea Internet & Security Agency (KISA) will invest 10 billion won ($9.0 million) funds in blockchain-related projects in 2020. Moreover, KISA will focus on promoting the blockchain project to generate institutional interests in space-related education. Some USD 3.4 million in funding will be given by the government-run National IT Industry Promotion Agency (NIPA). NIPA will further introduce blockchain-related courses to cater to the country’s young developers, entrepreneurs, and technology enthusiasts.

KISA “We will find more blockchain businesses this year”

Min Kyung-Sik, head of KISA said “We are going to discover a lot of ‘blockchain things’ when we say that it is a characteristic of the next year’s blockchain business. We continue to communicate with the public demand agencies to find a lot of projects to discover these projects. ” KISA till now do not have plans to invest in crypto-related projects.

NIPA “Support technology verification to discover blockchain company”

NIPA wants to focus more on technology verification business, regulatory improvement research group operation, consulting support business, and human resource development business. Yong-Joo Bang, head of the team, said, “This year, it will be conducted in the form of identifying and supporting the areas that companies need. The budget will be about 400 million won per project. I look forward to taking the lead. ” About 10 projects will be chosen for next year while one or two of them will receive funding over a number of years. Both public sector and private sector projects will be eligible to apply and application will be taken through Nov. 11

How the ICON will be affected?

ICON (ICX) is the biggest South Korea based coin. It allows information to easily be exchanged between government, banks, financial firms, healthcare providers, educational institutions, and private companies. Earlier, a crypto trader had predicted ICON prices will increase if South Korea is to accept blockchain. However, the technical indicators as of now do not show potential growth for ICON. This Blockchain Adoption news from South Korea could cause cryptocurrencies based on the country to increase, the current price position and its technical indicators provide a bearish outlook.

Article Produced By
Qadir AK

Qadir Ak – Co-founder of Coinpedia Blog – His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

https://coinpedia.org/news/south-korea-to-adopt-blockchain-in-2020/

 

Thomas ClaimCo.in

HOLD is Launching a Zero-Fee Crypto Exchange with Debit Card

HOLD is Launching a Zero-Fee Crypto Exchange with Debit Card

                                  

HOLD.io has announced that its forthcoming crypto and cash exchange app with free Visa Debit card are set for release on 30th September 2019.

Bitcoin Press Release: This follows the conclusion of its successful beta program with a number of early supporters last month. 30th September 2019, London, United Kingdom: The HOLD mobile app for iOS and Android will be available in 36 countries across Europe upon launch. The Euro cash accounts can simply be topped up with a customer’s bank account located in the SEPA-region.

The app will initially support Bitcoin, Ethereum and Litecoin; and all of these currencies can be accessed from this all-in-one mobile app. Using the HOLD app, customers are able to instantly buy, sell, and exchange crypto and cash anywhere at great rates and with zero fees. Providing a user-friendly and secure experience, the HOLD mobile app offers the perfect experience for anyone from cryptocurrency newcomers to seasoned enthusiasts. The HOLD Visa Debit Card has been made possible through a partnership with Contis, meaning users can sell crypto, and use the Visa network to spend cash at over 46 million merchants around the globe.

Crypto funds can be exchanged into cash immediately with zero fees and without the need for any bank transfers because they can spend the cash using their HOLD Visa Debit card. Users also have complete control overwhen they exchange their crypto for cash instead of this occurring automatically at the point of purchase. The card will be available to order throughout the European Economic Area, with just three exceptions: Austria, Ireland and Spain. Ordering a HOLD card in these countries will be added as soon as possible.

Guilherme Almeida, CTO at HOLD said the following about the release:

“HOLD is backed by an incredibly strong team and after months of hard work, we are very excited about our public launch. We are aiming high to provide our customers with the best app experience in the market allowing them to buy, sell and exchange crypto and spend cash using their HOLD Visa Debit card whenever and wherever they want. We like to call it their ‘all-in-one exchange in their pocket!’ ”

Security is of the utmost importance to HOLD, and as such: the HOLD mobile app has been built from the ground up to be a secure way for storing your cryptocurrency. BitGo, the world’s leading cryptocurrency custodian, is used to store your crypto and keep it safe. HOLD is authorised to conduct its services in accordance with Article 62 of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) (the “Act”) and shall be applying for its VFA Class 3 Licence from the Malta Financial Services Authority in November 2019 in accordance with the law. HOLD remains bound to provide its services in accordance with the terms and principles established in the Act and applicable law.

Whilst also being PCI DSS compliant which means keeping card details secure at all times, HOLD also employs identity verification technology from Onfido, along with state-of-the-art fraud and money laundering prevention systems including Chainalysis for blockchain AML checks. The HOLD app received a significant overhaul with regards to functional and aesthetic design earlier this month. These significant improvements, along with revealing the much-coveted design of the HOLD Visa Debit card, represents the first in a long series of scheduled preparatory activities in the run-up to launching a full marketing campaign.

Availability

HOLD mobile app will be available in the following countries upon launch:

  • Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and Vatican City.

HOLD Visa Debit Card can be ordered to the following countries upon launch:

  • Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, and the United Kingdom.

About HOLD

HOLD is a cryptocurrency FinTech startup that makes crypto accessible by enabling users to seamlessly sell, buy and exchange crypto and cash. The company’s vision is driven by #ZeroFeeCrypto, an initiative to remove unnecessary fees from crypto. The company also offers a HOLD Visa Debit card. Having started in early 2018, HOLD has a team of approximately 20 people based in London, Porto, Barcelona and Malta. The target market for HOLD includes experienced, novice and new cryptocurrency users.

Our Culture

Being a startup, especially in the crypto space, means HOLD is working in a very exciting area of FinTech. We work hard, play hard and are flexible with how each team member contributes. “Get things done” accurately describes our work culture and attitude to accountability, but naturally within a supportive, super-collaborative environment.

Article Produced By
Chara Oikonomidou

https://bitcoinprbuzz.com/hold-is-launching-a-zero-fee-crypto-exchange-with-visa-debit-card/

Thomas ClaimCo.in

Bithumb Global Announces Next-Generation Digital Asset Exchange

Bithumb Global Announces “Next-Generation” Digital Asset Exchange

                             

2nd Oct 2019, HONG KONG – Bithumb Global, South Korea’s top digital asset exchange,

has announced new upcoming features and initiatives on their recently launched “Bithumb Global” 1.0 version. To develop a better designed and user-friendlier digital assets ecosystem, Bithumb Global is launching new tools to help create inclusive community resources and a new “Unleash” program which strives to bring awareness to their vision.

Founded in 2014, Bithumb Korea is the earliest and most influential digital currency exchange in South Korea. With 8 million registered users, 1 million mobile app users and a current cumulative transaction volume of 1 trillion US dollars, Bithumb is one of the market leaders in digital asset trading. Bithumb also facilitates 59.19% of the entire Korean Bitcoin transaction volume and accounts for approximately 15% of the global market. The highest daily transaction volume for the Korean exchange has reached over 7 billion USD. Bithumb has mainly been focused on the South Korea region with over 80% of its platform users originating from there. As a result, Bithumb launched its spinout, Bithumb Global, earlier this year to connect liquidity and market potential to the rest of the world.

With Bithumb Global operating as an independent entity equipped with internal resources, the spinout can provide a better crypto trading experience and create the new standard which the community will come to expect. With improved technology such as advanced order matching engines, coin staking features, and many unrevealed product offerings, Bithumb Global is the next-generation digital asset exchange that serves the global audience. Javier Sim, Co-Founder and Managing Director of Bithumb Global had these words to say about the progress and

growth of Bithumb:

“Since Bithumb Global’s beta launch in May of 2019, it has on-boarded more than one million users worldwide, and have had their daily trading volume exceeded over $381 million. It has become the only exchange established in 2019 that was ranked among the top trading platforms in the world.”

One of the most unique features of Bithumb Global is its “BG Staging” initiative. With BG Staging, pre-selected projects can reach Bithumb Global’s community and drive attention. Unlike IEOs (Initial Exchange Offering) and other exchange fundraising activities, BG Staging does not require users to invest fiat or currency in a fundraising round, rather they stake their digital assets to show their interest and receive back their stake plus potentially a voucher for the featured project’s tokens after a lock-up period. Bithumb Global has also implemented tighter security measures, a low latency order matching engine with proprietary technology and advanced algorithms, and a friendlier user interface. For those interested in joining the BG Community, please find more information at Bithumb Global.

Article Produced By
Bithumb Global

Bithumb Global is a decentralized digital asset trading platform providing world-class cryptocurrency trading services to users worldwide. Derived from Bithumb, one of the most popular cryptocurrency trading platforms in South Korea, BG enables each global user to trade, participate or contribute to the digital assets ecosystem.

https://bitcoinprbuzz.com/bithumb-global-announces-next-generation-digital-asset-exchange/

Thomas ClaimCo.in

Libra Will Not Hit the Market Without US Approval Says Zuckerberg

Libra Will Not Hit the Market Without US Approval, Says Zuckerberg

                                 

The crypto sphere is known for being a disruptive force,

but even this sector got a disruptive jolt of its own when Facebook (NASDAQ:FB) announced it would be launching its own cryptocurrency, Libra, in 2020. However, ever since the company announced the launch of its own stablecoin, it has come under fire from regulators from all over the world.

Major Setback?

As a matter of fact, even the United States President slammed the project and asked the company to instead apply for a banking license. It has now emerged that Mark Zuckerberg is going to tell the US Congress that the company is going to delay the eventual launch of the cryptocurrency.The project has come under intense pressure from lawmakers, regulators, and even other companies that had initially agreed to participate in the project. Recently, some of the big names like PayPal (NASDAQ:PYPL) have decided to exit the project altogether, and the whole thing is looking quite grim for Facebook. Mark Zuckerberg seems to have conceded that the backlash against Libra is currently too strong, and hence, it would be better if the company delayed the launch altogether. In the statement, the Facebook founder wrote, “I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now.”

Ripple Boosts Regulatory Focus With Opening of DC Office

The company had announced its very own cryptocurrency at the height of the crypto rally this year in 2019 and had scheduled the launch at some point in 2020. After the regulatory issues were raised by officials in the different parts of the world, the company stated that it was willing to wait until all issues are solved and launch the stablecoin afterward. While it is true that the company may have explored the idea of a delayed launch in the past, the Libra project seems to now have reached an impasse from which Facebook is struggling to recover.

Article Produced By
Ankit Singhania

Based in India, Ankit is a financial content writer and stock market analyst. He has worked for almost a decade on several financial projects related to the stock market news, fundamental research and technical analysis for several websites. He obtained his Masters Degree In finance (MS – finance) from ICFAI. Currently, he serves as a financial consultant and technical analyst at Tradersinsights.com.

https://cryptocurrencynews.com/libra-regulatory-delays-zuckerberg/

Thomas ClaimCo.in

Bitcoin Sinks to Five-Month Low Following Zuckerberg Testimony

Bitcoin Sinks to Five-Month Low Following Zuckerberg Testimony

                                 

Bitcoin has dropped to a five-month low of $7,435 USD

following Facebook CEO Mark Zuckerberg’s testimony before Congress in defense of the planned stablecoin Libra. The world’s largest cryptocurrency fell as much as 9% to its lowest levels since June, as Zuckerberg was grilled by congressional representatives before a sitting of the House Financial Services Committee. Bitcoin has been caught in a range of $8,500 to $7,850 since the end of September; however, analysts were expecting a bullish end to today’s decline as technical charts showed signs of seller exhaustion. This did not come to fruition, however, as a large, long squeeze led to long holders loosening their position. Today’s drop in value for Bitcoin comes at a time when regulatory scrutiny drags down crypto values across the board. Jeff Dorman, Chief Investment Officer at Arca, described the sell-off as “a continuation of the themes that have been plaguing crypto for the past few months — increased regulatory scrutiny.” He added that the losses were further compounded by “a lack of positive catalysts” along with low trading volumes.

However, Zuckerberg’s appearance in Congress may not be the only factor hurting Bitcoin today. Brian Kelly, CEO of BCKM, believes that hedge funds were buying up BTC as a hedge to Brexit, which was due to take place on October 31, but it now appears that a delay until the new year is the likely outcome. As a result, those funds are now offloading BTC, which is having negative price implications, according to Kelly.

Libra Will Not Hit the Market Without US Approval, Says Zuckerberg

Facebook’s move into cryptocurrencies has put digital coins in the spotlight of regulators across the globe. Former Latvian Prime Minister and incumbent Vice President of the European Commission Valdis Dombrovskis said the EU must take a common approach to regulate cryptocurrencies, an approach that will have Libra and Bitcoin at its forefront. He said that it is vital that these regulations address issues such as unfair competition, security, and threats to the economic stability and sovereignty of the EU’s member states.

Article Produced By
Caileam Raleigh

Caileam is a financial content writer from Dundalk, Ireland who is currently working in Vancouver. Having graduated with a BA in Journalism with French from the Technological University of Dublin in 2019, he is currently a full-time contributor for PotStockNews, MicroSmallCap, CryptoCurrencyNews, and StreetSignals. Caileam cites music and football as his two great passions in life and is a fan of Liverpool FC, his beloved hometown Dundalk FC, and the sounds of Mr David Bowie.

https://cryptocurrencynews.com/bitcoin-five-month-low-zuckerberg-testimony/

Thomas ClaimCo.in

This week in crypto: All the important developments in crypto space

This week in crypto: All the important developments in crypto space
                                 

The Bitcoin ecosystem continues to advance at a steady pace

as it becomes more mature and integrated into everyday life. This past week has seen a flurry of activity, just like every week before it, and every step is leading to a time when cryptocurrency is fully accepted as an alternative to fiat. While there is still a lot of controversy, such as that centered on Facebook and Binance, the overall progress looks promising.

Social media platform Kik was on its last breath, having to face a lawsuit by the U.S. Securities and Exchange Commission (SEC). Ready to throw in the towel on the platform so it could fight to save its Kin token, Kik has now found a new home and is going to be relaunched by MediaLab. Coming soon, according to the new owner, is a bigger and better messaging platform that could, eventually, offer some sort of monetizing feature. Satoshi Nakamoto has said it all along and regulators are now reinforcing his assertion. Cryptocurrency must be seen as a solution that operates within the framework of financial regulations. Satoshi designed Bitcoin to work in tandem with fiat and its guidelines, not above or around them, and the U.S. Financial Crimes Enforcement Network (FinCEN) agrees. It has said that all companies in the crypto space are prohibited from allowing complete anonymity and that they must comply with financial laws regarding anti-money-laundering policies. If they don’t, they could be held legally accountable.

New York is considering making changes to its BitLicense program. The state’s Department of Financial Services introduced the program several years ago as a way to ensure crypto companies operating in New York are legitimate and somewhat regulated, but the agency is looking to update its framework. The DFS is calling on crypto companies, as well as others in the industry, to provide input on how the process is working and what needs to be improved. The OKCoin crypto exchange is making strides in Europe. It has announced updates to its platform across the European Union and now includes a new payment channel for the Single Euro Payments Area (SEPA). This allows those in the EU to make more efficient deposits and withdrawals in euros and, to celebrate the move, OKCoin dropped all fees for qualifying transactions for a six-month period. In addition, corporate users have been authorized to make larger deposits and withdrawals through the SEPA channel. For all users, the new service means cheaper transactions.

The president of Crypto Capital, Ivan Manuel Molina, was arrested Thursday on charges of money laundering. The former banking partner to the Bitfinex exchange has been under fire after it allegedly “lost” around $850 million of the exchange’s money and the arrest could shed light on exactly what has transpired. It also means that Bitfinex, Bittrex, Kraken and BitMEX need to watch their backs. Investors of the Telegram Open Network and the Gram token introduced by Telegram are standing by their investments. When Telegram came under fire by the SEC, they had the ability to try to reclaim their investments, but have decided to let everything play out and see if Telegram can convince the commission that its Gram is not a security. There’s also the issue with Facebook’s Libra stablecoin. However, this saga is so big and changes so often that it needs its own space.

Article Produced By
Noah Bradley

https://coingeek.com/this-week-in-crypto-all-the-important-developments-in-crypto-space/

Thomas ClaimCo.in

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