Month: July 2019

The grey market flow of cheap Chinese goods into the Russian market has established a real-world use case for Tether. Millions of dollars worth of USDT are being used every day to sidestep strict capital controls for remittances back to China. The Flow Of Rubles Into Tether OTC trading desks in Moscow are doing a roaring trade selling crypto, most of which finds its way back to China. But only 20% of sales are in Bitcoin, the rest are in stable coin, Tether (USDT). The trade comes from a constant flow…

Bitcoin proponents discarded fresh criticism from gold bug Peter Schiff this week after he suggested the cryptocurrency was losing popularity despite its price rise. Schiff: Bitcoin Volume ‘Much Lower’ Than 2017 As a Twitter discussion which began July 29 revealed, Schiff, who is well known as a cryptocurrency skeptic, claimed Bitcoin’s 2019 bull run produced lower volumes than the previous one in December 2017.  “If Bitcoin really is gaining in popularity, why was volume on the most recent rally so much lower than during the 2017 rally?” he wrote.  “If…

Popular YouTube securities and crypto analyst, Alessio Rastani has predicted that Bitcoin will drop far below the 21-day EMA before rallying to a new all-time high in 2020. Bulls could be Walking into a Massive Trap Alessio Rastani, a popular securities trader and crypto analyst, believes that confirmation bias is misleading crypto-investors to the extent that the majority of traders will in absolute disbelief when Bitcoin drops below $6,000. The digital asset is slowly creeping toward the 21-EMA near $8,000 which could serve as a strong support or even a…

Since its inception, Facebook’s foray into crypto has been under fire from all sides. The reaction to Libra was unsurprising really given the social media giant’s poor track record when it comes to data protection and security. Now Facebook are finally admitting that the cryptocurrency project may not even get off the ground. Facebook Acknowledges Crypto Concern In its latest quarterly report, Facebook has reminded investors that Libra may not go ahead despite its planned launch in 2020. According to CNBC the company said it recognized the significance of the…

Bitcoin takes a lot of criticism over its ‘unsuitability’ as a payments mechanism but when it comes to low fee transfers the digital-asset is king when compared to the fees charged by traditional remittance houses. Owner 26 Transfers $468.5 Million for How Much? On Monday, Whale Alert, a cryptocurrency transaction tracking bot, tweeted that a Bitcoin whale known as ‘Unknown Owner 26’ moved $468.5 million worth of Bitcoin (49,756) for just $374.98.  While transfers of this size are a regular occurrence in the crypto-world, it’s worth pointing out that the…

New York Supreme Court Judge Joel M. Cohen has postponed issuing a decision on whether the Office of the New York Attorney General’s case against Bitfinex and Tether will stand. Judge Cohen Requests More Time As previously reported by Bitcoinist, Bitfinex and the New York Attorney General’s office has been enmeshed in a lengthy legal dispute over allegations that Bitfinex illegally conducted business activities in the state of New York. The matter was meant to move another step closer to resolution as both parties met before the New York Supreme…

An otherwise active social media personality, BitMEX CEO and co-founder Arthur Hayes has gone silent on Twitter for more than two weeks. Is it due to the ongoing CFTC investigation?  His disappearance coincides with a probe launched by the Commodities Futures Trading Commission (CFTC) against BitMEX. The US futures regulator is investigating whether or not BitMEX offered its crypto derivatives services to American citizens. Bloomberg reported on July 19 that the probe is underway. Meanwhile, Hayes is offline since July 11. The story is the same for BitMEX’s official social…