Droppers of btc

2021-04-29 20:00:43 ​​Task Force to Tell Washington: Ramp Up Crypto Exchange Regulation

An advisory body will reportedly tell the American government to increase the level of its policing of crypto exchanges – with a new spate of anti-money laundering (AML) measures possibly incoming at trading platforms operating in the country.

Per a report from Reuters, the Ransomware Task Force, a public-private body made up of secret service officials and industry experts and charged with mitigating malware, cybercrime and other cyber-risks, is set to advise Washington that it needs to step up its regulatory game in the crypto industry.

The news agency wrote that the task force will recommend policy changes, and will likely advise extending know-your-customer (KYC) “regulations to currency exchanges,” as well as “imposing tougher licensing requirements for those processing cryptocurrency.”

The task force also wants the government to create “a special team of experts within the Justice Department” that would allow prosecutors to seize crypto holdings more effectively, as the experts concluded that the current processes for crypto confiscation are “currently fraught with logistical and legal challenges.”

The task force’s membership comprises FBI officials, as well as individuals from the United States Secret Service, alongside representatives from “major tech and security companies.”

Enforcement Network also asking Washington to create a system of disclosure rules for crypto transactions worth over USD 10,000.

Any legal requirements of this nature would be subject to parliamentary approval, but Reuters also quoted Philip Reiner, the chief executive of the Institute for Security and Technology, and the task force’s chair as stating,

“There’s a lot more that can be done to constrain the abuse of these pretty amazing technologies.”

An unnamed Homeland Security “official” was also quoted as stating that the recommended legal changes “would be huge," adding,

“Crypto is a world that was created exactly to be anonymous, but at some point, you have to give up something to make sure everyone is safe.” Open / Comment

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2021-04-26 20:00:51 ​​Turkey Prepares Crypto Regulations Amid 'Disturbing' Money Outflows

Turkish crypto investors were given a respite of sorts on Friday, with the new Governor of the country’s central bank stating that he would not seek to carry out a total crypto ban – although far-reaching crypto regulations might be unveiled by early May.

The Governor, Şahap Kavcıoğlu, was appointed after the abrupt dismissal of his predecessor last month, and made waves in the crypto world by banning the use of crypto as a form of payment in a move earlier this month. After a decidedly rocky month for crypto in Turkey, investors had been bracing for the worst.

In an interview with a television network, the transcribed highlights of which were published by the newspaper Sözcü, Kavcıoğlu called crypto a “sensitive subject” with “no infrastructure, regulation and control mechanism.”

However, he added that the government “cannot fix” crypto “by just banning it.”


He added,

“We are working on the regulations … with the Ministry of Treasury and Finance. … I believe that the efforts will come to a head in two weeks.”

He added that the financial regulators, the Capital Markets Board and the Banking Regulation and Supervision Authority, had been “making their own regulations,” as had related ministries.

But it appears the governor now wants to pursue a streamlined approach with the consent of all parties. He added that the issue was a thorny one as it was unclear whether crypto should be classified as an “asset or a property,” and that there were precious few international examples to follow when it comes to crypto.

However, he claimed that there was “very serious crypto traffic,” with funds flowing “to Europe and the United States, adding, “We don't know for sure where these cryptocurrencies are going.”

He called the “outflows” of money in crypto from Turkey “disturbing.”

The news comes after a torrid month for Turkey’s crypto community, with two large crypto exchange platforms folding in the space of a week, with at least one CEO reportedly placed in police custody.

Per Bloomberg, which quoted the Demiroren News Agency, the Vebitcoin trading platform has ceased operating due to “deteriorating financial conditions,” with its CEO, Ilker Bas, detained along with three other exchange employees.

The country’s Financial Crimes Investigation Board has placed a block on Vebitcoin’s bank accounts and launched an official investigation.

The trading platform is one of the country’s largest, with average daily transaction volumes of around USD 60m.

Earlier last week, the rival Thodex ground to halt after its own CEO, Faruk Fatih Ozer, reportedly vanished from the country.

Bloomberg quoted the Haberturk newspaper as reporting that a legal team representing investors stated the platform had around 390,000 active customers and had incurred losses of up to USD 2 billion.

In a notice posted on its website, Thodex angrily dismissed allegations of wrongdoing as “unfounded” and part of a “smear campaign” against it. The CEO wrote that he had traveled abroad on April 19 not to flee the authorities, but to conduct meetings with foreign investors.”

It claimed that only 30,000 accounts had been affected, and that its total usership was around 700,000.

However, the company conceded that it was “temporarily” closed to investigate “abnormal fluctuations” on company accounts – although it assured users that their funds were safe. Open / Comment

2021-04-23 20:00:52 ​​Keep Calm, Bulls Are Here, Say Analysts, As USD 19B Liquidated In One Week

Options expiring, US tax speculations, China blackout, and the combination of these are blamed for the crypto market turning bloody today, to say the least - yet numerous insiders see this as just a necessary correction and expect that the bull market will continue, with bitcoin (BTC) possibly recovering above USD 60,000 again.

At 12:22 PM UTC, BTC is trading at USD 49,991 and is down by 9% in a day, ethereum (ETH) dropped by almost 12%, to USD 2,287.

Also, nearly the entire top 100 by market capitalization list is red, and the top 10 list is red completely (down by 9% - 16%). However, the market is now seemingly trying to recover, leaving almost USD 4bn worth of trading positions (more than 620,000 traders) in the crypto derivatives market liquidated in the past 24 hours. Over USD 1.5bn of these were in BTC, per bybt data. This comes after USD 10bn was liquidated this past Sunday.

In total, almost USD 19bn worth of trading positions were liquidated in the past seven days.

As is always the case during similar market corrections, there are those who see the market bears everywhere and those, who claim that the bulls are still here.

"Don't listen to BTC bulls. It's the first time we've closed below the 50 moving average since USD 10500," said 'TurnipShortLife', but posts like these tend to provoke arguments over what 'closing' means in a 24/7 market.

And while levels of USD 46,000 and as low as USD 40,000 are being mentioned, comparing this bull run with the one in 2017, some find that larger drawbacks may be yet to come.

However, it seems that the general consensus is that the bull market is still here.

Meanwhile, among the reasons behind the drop, are the USD 1.55bn worth of options expiring today, and US President Joe Biden's reportedly proposed tax plan, insiders say.

According to the global payment network Mercuryo Co-founder and CEO, Petr Kozyakov, "the market appears to be reacting irrationally to the news with sell-offs" and "the dip may continue but bitcoin will form strong support at USD 45,000 while looking forward to recovery to its previous all-time high."

BTC hit its all-time high of USD 64,805 on April 14, per Coingecko.

"The deep correction has shaken the confidence of the cryptocurrency market," said analysts at crypto exchange OKEx, adding that the price of BTC has finally hit an area of presumed buying interest. While traders eager to long "would be attempting to catch a knife," many experienced traders won't be too eager to short at this stage.

This is "just another day in crypto," added OKEx CEO Jay Hao, urging people to stay calm, trade responsibly, and build a position over time.

"The Coinbase listing was a crescendo and drove tremendous institutional and retail interest. Since then, there has been a lack of continual buyers. Therefore, one could argue that a healthy correction was necessary," Alex Zhao, CEO of Standard Hashrate Group, said in an emailed comment, adding that BTC will continue to attract institutional interest.

Many more commenters, developers, and analysts seem to believe that the market is in a "resting" period.

For trader Michaël van de Poppe, this is an expected stage of "calm" for BTC after running from USD 10,000 to USD 60,000 without breaks. He said this a "great" time to buy the dip, or remain calm if you're holding positions. Open / Comment

2021-04-20 20:00:29 ​​Obsessed Amateur Crypto Traders Are 'Disproportionately Liquidated'

Inexperienced and small crypto derivatives traders are outperformed by more savvy players and their positions are "disproportionately liquidated," according to a recent study by researchers from the Carnegie Mellon University CyLab.

They analyzed publicly available trading data from major crypto derivatives exchange BitMEX and collected price and volume data for all 265 instruments and 212 indexes traded on the platform since its establishment in 2014. They also sourced price data for bitcoin (BTC) markets on major exchanges such as Coinbase, Kraken, and Bistamp, among others.

Per the study, on average, the traded volume in crypto derivatives markets exceeds the regular crypto spot markets by a factor of five.

“Our data show really small positions in these markets—likely held by people with not a ton of experience—being disproportionately liquidated” as “really sophisticated people show up and have a significant edge over amateurs,” according to Kyle Soska, a Ph.D. student in electrical and computer engineering and the study’s lead author.

Moreover, while smaller traders disproportionately account for liquidations, "chatbox evidence suggests that many users are obsessively trading 24/7.”

"Korean traders seem to be active at all hours of the day, indicating that trading may be an all-consuming activity for many of them," the researchers said.

They added that “derivatives instruments attract a culture of long-biased highly leveraged speculators” which makes BitMEX “home to many professional outfits that control thousands of bitcoins and manage dozens of accounts.”

In “addition to retail speculators, BitMEX is utilized by highly sophisticated traders which echoes the claims made by a professional market marker about the usefulness of derivatives in cryptocurrency,” the paper says.

“An example of a large cluster would be the one rooted from Bitcoin address 1KiJkugknjgW6AHXNgVQgNuo3b5DqsVFmk which owns 86 BitMEX accounts. This address has sent approximately 13,900 USD 764.7m bitcoins to BitMEX but has extracted over 72,100 bitcoins from it.“

This said, the available market data shows that BitMEX accounts for a relatively minor share of total liquidations. Of the roughly USD 1.34bn worth of liquidations carried out in the past 24 hours (09:15 UTC), only USD 24.5m took place on the derivatives exchange, representing about 1.8% of the total.

"All of this raises concerns about the impact that derivatives have on BitMEX’s customers and on the cryptocurrency ecosystem as a whole. The flip side of the coin is that these phenomena, and possible responses to interventions, are far easier to measure in the context of cryptocurrencies, than they are in more traditional markets," the authors of the study concluded.

As reported on multiple occasions, long liquidations have become more numerous this year. With bitcoin (and other coins) breaking all-time highs nearly every passing week, some traders may feel unable to gain significant exposure without margin trading. However, a growing number of traders can’t afford to maintain their leveraged positions in the event of dips. Hence, the growing frequency of big liquidations.

Leveraged trading refers to borrowing funds so that you can take a larger position than you would be able to with your existing funds so that you can potentially generate a higher profit. However, while margin trading enables traders to amplify their returns, it can also lead to increased losses and liquidations, which is why experienced traders tend to advise newcomers to stay away from leveraged trading. Open / Comment

2021-04-18 12:01:09 100x Gains Incoming? DFY is about to list on HotBit.

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DeFi and NFTs have been the hottest things in crypto in 2021 and for good reason. Both sectors have the potential to create massive real-world change, allowing millions of underbanked to receive access to loans, and changing the way we verify ownership on the blockchain.

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2021-04-17 20:00:47 ​​Turkey Bans Crypto Payments (UPDATED)

Turkey’s central bank has banned the use of cryptoassets in payments, claiming that tokens entail significant risks due to volatile market values, irrevocable transactions and can be used to fund illicit behavior. (Updated at 07:41 UTC: updates throughout the entire text. Updated at 10:03 UTC: updates throughout the entire text. Updated at 12:39 PM UTC with a comment from Elbruz Yilmaz and new reactions.)

The bank said that cryptoassets were “neither subject to any regulation and supervision mechanisms nor a central regulatory authority.” In an official statement, the bank claimed it had issued what it called a “Regulation on the Disuse of Cryptoassets in Payments.”

At 10:01 UTC, bitcoin (BTC) trades at USD 60,719 and is down by 3% in a day, ethereum (ETH) dropped by 2.6%, to USD 2,387.

The move follows months of economic turmoil that culminated last month in President Recep Erdogan replacing the central bank governor and appointing a close supporter, Şahap Kavcıoğlu.

"Today’s announcement by the Central Bank of Turkey was not a surprise, as there were recent statements by the Central Bank and other authorities about the need for a regulation of the crypto industry in Turkey," Elbruz Yilmaz, MENA Managing Director at Bitpanda Turkey, stressing that this ban does not affect crypto trading.

According to him, users in Turkey are able to utilize bank wires for their deposit and withdrawal processes with crypto exchanges and brokers, while Bitpanda "continues its operations as usual."

"When it comes to Fintech, we would be appreciative if the government would go more into the direction of ‘smart regulation’, ready to be changed at any point and allowing innovation and personal freedom," Yilmaz said, adding that today’s digitalization speed compared to the legislation speed makes a law outdated as soon as it is implemented.

"Our expectation and correspondence with local authorities indicate that they are working on a comprehensive set of regulations which will support the development of the crypto industry in Turkey," he added.

Meanwhile, Turkey’s central bank banned the use of cryptoassets to purchase goods and services, a week after Turkish authorities demanded user information from trading platforms, Reuters added.

Kemal Kilicdaroglu, leader of Turkey’s main opposition party CHP, criticized the government in a tweet for failing to discuss the ban with all cryptocurrency participants before announcing the ban, Bloomberg reported.

The regulation should have been “communicated in a better way given the level of disinformation,” Ozgur Guneri, CEO of BtcTurk, one of Turkey’s largest crypto platforms in terms of number of clients, told Bloomberg. “Users won’t have a hard time making investments in digital currencies, business will go as usual,” he said. “This mainly targets electronic payment systems.”

The central bank has struggled to control the descent of the lira in recent months, and in a statement yesterday, it announced that it had decided to keep interest rates at a sky-high 19%.

Ahval reported that Erdogan’s decision to appoint a new governor of the bank last month has “raised concerns among investors that Turkey will keep monetary policy too loose in the face of accelerating inflation and a weak lira.”

Other countries have previously moved to ban the use of crypto in payments, including Russia this year and China back in 2017.

On Twitter, many reacted with shock, but others, including prominent crypto investor Anthony Pompliano, were resolute. The latter wrote that BTC was “winning in the free market, so governments and central banks try to rig the game.”

“It doesn’t matter,” he concluded, “Adoption continues on unabated in these countries.”

Some speculated that crypto crackdowns have been more frequent in countries with “weaker” currencies, and opined that the measure was an act of desperation as the lira continues its downward slide. Open / Comment

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2021-04-14 20:00:34 ​​Coinbase Goes For Direct Testing Of Crypto Narratives Today

Today, April 14, US-based major crypto exchange Coinbase goes public on the Nasdaq stock exchange via a direct listing of its shares under the symbol 'COIN', with a great number of narratives surrounding the event.

The company will let current shareholders directly sell their shares on the stock exchange. Nearly 115m Coinbase shares will be put on the market to start.

In light of this event, let's look into the main narratives surrounding Coinbase going public, and the effects industry insiders find it may have - all of which are firmly intertwined, with one effect leading to or fuelling another. Importantly, most insiders can't say without a doubt that the listing will be a massive success or that all predictions would come true, but they see the event as largely positive for the exchange and the industry as a whole.

The Coinbase listing - which the New York Times described as "crypto's coming-out party" - sends crypto on a fast track into the mainstream, and it could serve as a massive test for the industry's legitimacy.

Eric Kapfhammer, COO and Head of Polyient Capital at Polyient, said in an emailed commentary that the listing will be seen as an element that lends credibility to the space, and as many crypto supporters and investors are invested in its success, the listing effects will be felt across the sector.

"Will it be a success? In a sense, merely getting to this stage - a public listing stock - is an incredible achievement in itself," argued Kapfhammer.

Jun Li, Founder of public blockchain Ontology (ONT), went a step further and said that this listing "will reset the entire blockchain market." Investors will be able to "point to Coinbase as a properly vetted, and publicly-traded company as a starting point when reaching out to new market entrants whether those are limited partners, new investors, or other firms. This is a very exciting time.”

Following the listing, Jun Li argued, there will be a "welcomed increased pressure" on states to bring policy and regulation to the blockchain and crypto industries and without regulation the industry will not be officially recognized.

Investors who may be wary of buying crypto directly, now gain the ability to own stock in business approved by the US Securities and Exchange Commission (SEC) that facilitates the transactions.

Over the recent months, even years, there were constant whispers of potential bans. However, Coinbase listing in the US is a big deal for many investors because "it somehow sends a signal that the US lawmakers aren’t going to ban bitcoin (BTC), and the crypto king is here to stay now," argued Naeem Aslam, chief market analyst at AvaTrade, as reported by MarketWatch.

Furthermore, any industry that can launch a listing of this size "is without a doubt a real thing, and it's proven by the market," Bradley Tusk, a venture capital investor whose firm Tusk Venture Partners backed Coinbase, told the NYT.

This is another major narrative surrounding the listing, which also fuels a number of bullish statements. Manuel Rensink, Strategy Director at Securrency, described the listing as "a huge shot in the arm for the credibility of digital assets," and especially those listed on Coinbase, including stablecoins, decentralized finance (DeFi) coins, and utility coins, but not yet digital securities. A next step will certainly be listing COIN on Coinbase, said Rensink. (Meanwhile, a competing major exchange, Binance, already said it will list Coinbase Stock Token (COIN) today.) Open / Comment