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XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

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XRP Price Brought Down 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

A number of XRP traders are complaining about massive liquidations on Bitmex as the price of XRP spiked and was brought down by 56% in a single candle. After the incident, well known traders with leveraged positions took to Twitter to complain about the upset as some investors were completely liquidated.

Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

Traders Complain About XRP’s 56% Drop in One Candle

XRP traders got extremely upset on Thursday when the price of XRP went from a high of $0.32 to a low of $0.14 in one trading candle on Bitmex exchange. This means the price swing or “flash crash” took place in the blink of an eye and movements like that catch lots of traders off-guard. One trader Marc de Koning took to Twitter and said “WTF — This is really not okay — My stop didn’t trigger and my entire Bitmex account is […] gone.” The blockchain analytics organization Fiatleak even complained about the XRP action and people noticed glitches on the website.

“The site is wobbling and staggering under the combined weight of many, many thousands of XRP fanatics watching a technical breakout,” the website’s official Twitter account noted. “We’re working on it, but keep trying … you can’t break the site any more than you already are.”

XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash
A screenshot of the 56% drop in one candle shared by Marc de Koning who tweeted he was unhappy with the experience and his “entire Bitmex account is gone.”

Popular analyst Jacob Canfield discussed the odd price movements with his 48,000 Twitter followers. “XRP traded from $.34 to $.14 in one candle on Bitmex,” Canfield tweeted. “My mama told me that’s the devils coin and I’m starting to believe her.” The Twitter account Cryptogainz talked about the subject as well as the XRP liquidations started trending on the social media platform. “If you longed XRP/USD on Bitmex, you’re an idiot,” Cryptogainz said. “You just paid exorbitant funding and got hit with a wick that either stopped you out or liquidated you — You could have paid less in funding and not been liq’d on bybit. This […] is why all my [Bitmex] refs have low longevity.” Cryptocurrency trader and “bubble chaser” Benjamin Blunts called the candle drop “disgraceful.” “That XRP scamwick on Bitmex is disgraceful, I don’t think I’ll ever trade XRP perps on Bitmex after seeing that,” Blunts stressed. The trader added:

Hope [Arthur Hayes] digs into the insurance fund to compensate the people who’s stops didn’t go off otherwise, that’s a dog act.

‘Cripple the Shorts’

Many people blamed the XRP coin itself for lack of real liquidity and also noted that Bitmex is known for liquidations. “XRP is well known for been a crypto that always [screws] its holders and Bitmex well known for making those moves to liquidate accounts, so…,” tweeted Silvia Gutierrez. This is not the first time XRP traders have seen a flash crash and massive liquidations in a short period of time.

XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash

Crypto traders complained two years ago about an alleged flash crash on Bitfinex, a year ago another one purportedly took place on Bitstamp. At the moment, there isn’t any official word from Bitmex, but Arthur Hayes’ tweet the day prior also got people fired up over the flash crash drama. “CRipple the shorts,” said Hayes with a picture of the XRP price against USD. “Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd,” Hayes added.

“The statements you make reflect negatively on Bitmex,” an individual wrote in response to Haye’s tweet. “Very unprofessional/childlike.”

What do you think about the XRP trading candle that took place on Bitmex on Thursday? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Image credits: Shutterstock, Marc de Koning’s tweet/chart, Wiki Commons, Fair Use, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post XRP Plummets 56% in One Candle, Bitmex Traders Outraged Over Flash Crash appeared first on Bitcoin News.

Altcoin Season Trending – LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h

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Altcoin Season Trending - LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h

The last few days have shown bullish price activity across the list of top cryptocurrency markets. There’s been a lot of focus on coins like BTC, ETH, BCH, and EOS, but digital assets like HBAR (120%), STX (52%), XTZ (20%) and LINK (13%) have seen much larger gains this week. The cryptoconomy has surpassed the $300 billion range and a few speculators think an “altcoin season” is upon us.

Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet

Cryptoconomy Jumps Over the $300 Billion Threshold With Smaller Coins Making Significant Gains

During the early morning trading sessions on Wednesday, the overall market valuation for all 5,000+ digital currencies the $300 billion mark. BTC surpassed the $10K zone, ETH is hovering around $250 per coin, and BCH is climbing toward $500 a unit. Aside from the market capitalization giants, a number of smaller crypto contenders have been gathering significant gains. For instance, one asset traders have been eying lately is chainlink (LINK), a decentralized oracle project built on the Ethereum blockchain.

Altcoin Season Trending - LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h
On Wednesday, February 12, 2020, the overall market cap of all 5,000+ digital assets surpassed $300 billion.

Chainlink (LINK)

On February 12, LINK has gained 13.4%, and for the last seven days is up over 47%. Each unit is swapping for $4.19 and there’s $1.4 billion in reported chainlink trade volume today. However, “real volume” statistics from Messari.io shows there’s only $163 million LINK trades on Wednesday. Because chainlink came out recently it has already spiked to an all-time high (ATH) of $4.36 which is only 5% higher than the current spot market price.

Tether (USDT) captures the most LINK trades with 42% of global trade volume which is followed by BTC at 33%. This is followed by USD (15%), ETH (5.4%), KRW (1.7%), and TUSD (0.79%). The Chainlink project recently partnered with the Swipe wallet application and card platform. Gemini Custody also announced that the firm has added support for LINK.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months
Chainlink (LINK) price on Wednesday, February 12, 2020. LINK has gained 871% against USD during the last year.

Tezos (XTZ)

Tezos (XTZ) is another blockchain network linked to a digital token that has jumped considerably in value over the last week. At press time, XTZ is up more than 20% and it’s up 51% for the week. Reported trade volume shows there’s $173 million of XTZ trades today but “real volume” data shows it’s roughly around $125 million. Despite being up over 50% for the last seven days, XTZ is still down 75% from its $11.20 ATH. On Wednesday, the asset is trading for $3.30 per XTZ and the currency is up over 748% during the last 12 months.

Unlike many other coins losing against BTC, XTZ is up 196% against BTC as well. The most traded pair with tezos today is tether (USDT) which captures 35% of all XTZ trades. This is followed by BTC (35%), USD (23%), EUR (2.6%), and KRW (1%). Tezos hasn’t seen any crazy news updates that would justify the surge XTZ markets have seen, but the cryptocurrency’s staking yield is fairly decent with an annualized yield of 6.9%.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months
Tezos (XTZ) price on Wednesday, February 12, 2020. XTZ has gained 747% against USD during the last year.

Blockstack (STX)

Lastly, Blockstack’s SEC approved project and coin has been doing well during the last two weeks. Blockstack (STX or BSTX) is up over 44% on February 12 and it’s trading for $0.22 per unit. According to Messari.io, STX has a reported trade volume of around $15.7 million and “real volume” statistics are exactly the same. Only a few currencies are paired against STX which include BTC (67%), USDT (29%), and BNB (2.8%). STX is a fairly new market with no recorded ATH, and no year-over-year price history yet.

Altcoin Season Close – LINK, XTZ Heat Up With Over 700% in 12 Months
Blockstack (STX) price on Wednesday, February 12, 2020. STX is fairly new and there are no annual percentages for this token yet.

Blockstack has been in the news for announcing that node operators would be rewarded in BTC. However, the project has been scrutinized by publications such as The Block for its alleged key milestone of 1 million verified users. This figure has been questioned by journalists and the topic has been discussed widely on social media. Because the project touched the milestone it unlocked investor funds that can be used to further development.

A few other notable forerunners today include hedera hashgraph (HBAR) which has jumped over 120% in the last 24 hours. Sophiatx (SPHTX) is up 171%, vite (VITE) gained 77% and omnitude (ECOM) climbed 43% this Wednesday. A number of traders and analysts are already stating that crypto markets have turned bullish and some believe we are seeing the infamous “altcoin season.” Meanwhile, while these speculators say this time around is different, other analysts point to the bullish markets that took place in June and followed with a bearish downtrend. It’s going to take a lot more movement to convince these skeptics that an altcoin season is here or that the bulls have gained full control over the cryptoconomy.

What do you think about the cryptoconomy’s current action? What do you think about these three cryptocurrencies and the price movements this week? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded on Feb. 12, 2020, at 11 a.m. ET.

Image credits: Shutterstock, Markets.Bitcoin.com, Trading View, Fair Use, Twitter, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Altcoin Season Trending – LINK, XTZ, BSTX, HBAR Gain Up to 120% in 24h appeared first on Bitcoin News.

Bitcoin’s $10k Value Pushed Down by CME Futures Price Gap

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Bitcoin's $10k Value Pushed Down by CME Futures Price Gap

Just recently BTC prices surpassed the $10,000 zone and held above that region for around 24 hours. Some speculators believe the price of BTC dipped below the $10k range on Monday, after the price aligned with the price gap on CME Group’s global market exchange. During the course of 2019, crypto traders have noticed that BTC spot market prices have seen quick surges and drops that leave a gap unfilled on BTC futures charts.

Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin

After BTC’s Quick Surge Over $10k, Spot Prices Dip Filling the Gap on CME Bitcoin Futures Charts

BTC jumped over the $10,000 price point on Saturday and touched a 2020 high of $10,180 on Sunday. The value dropped to $9,790 per BTC during the early morning trading sessions on Monday. Traders, analysts, and speculators have been noticing a trend that’s happened a few times since early last year and it may be the reason behind this quick price drop.

Bitcoin's $10k Value Pushed Down by CME Futures Price Gap

February 2020’s $10k drop to the $9,800 range follows the unfilled price gap that took place on the Chicago Mercantile Exchange (CME) Bitcoin Futures chart. The gap appeared when CME’s bitcoin futures closed at $9,850 on Friday and when CME’s global markets opened again at $10,000 the negative action, or unfilled gap, brought prices down $300 in the blink of an eye.

This type of market action is called “filling the gap” or “closing the gap” when people analyze charts and price movements. Spot market and futures market prices can be different as derivatives investors are betting on the future value of an asset, while spot market traders are swapping assets in real-time. Cryptocurrency markets are rare because they operate 24 hours a day and seven days a week. The derivatives markets should grow mature with time and many people think that each market can affect each other by placing different types of wagers on each other.

So a gap forms when the price of an asset like BTC surges faster than usual and it leaves a gap on derivatives market charts while trading hours are closed. Because of this cryptocurrency markets can see a “close the gap” scenario because of the underlying cash markets that are running 24/7. Not only is this done with CME Group’s bitcoin futures but unregulated derivatives markets can be used to close the gap as well. For instance, the Twitter account Whale Trades noticed $2 million worth of BTC bought on Bitmex by a whale and wrote: “Wait for the bounce, then short the corn.”

Bitcoin's $10k Value Pushed Down by CME Futures Price Gap
BTC price on February 10, 2020, at 9 a.m. ET.

Not the First Unfilled Gap Scenario

Monday’s action is not the first ‘close the gap’ scenario with BTC and the asset has seen a few unfilled gaps in 2019 as well. During the rally in June 2019, a few gaps were left behind but there were many gaps filled with price corrections following. At the time, traders didn’t know what to expect as gap closures could be bullish or bearish depending on market sentiment.

This time around, unlike the surge in June, traders and analysts believe the $10k BTC price surge is the “real deal.” Onchain analyst and Adaptive Fund partner Willy Woo tweeted about breaking the psychological $10k zone on Sunday. “This breakout is the real deal — Fundamental investment activity is backing this $10k breakout,” Woo tweeted. Besides Woo, a slew of other traders believe this breakout is quite different than the spike last summer as well.

Price gaps usually get filled but that’s not always the case and there can be a few forgotten gaps over a long period of time. There were plenty of gaps in 2017 when BTC’s price rose exponentially as the value jumped $1,000 in a single day and continued to do this for a couple of days in a row. Looking at the long term cycles of an asset, traders typically visualize forgotten unfilled gaps as strong areas of support or resistance. The gaps still exist, they were just never filled. Long periods of time doesn’t mean they can’t be eventually, as bears and crypto traders who love to short always focus on specific bottom targets.

Right now spot markets and futures contracts on CME Group and other crypto derivatives markets charts indicate that prices are near equal. However, CME’s price quotes show that in March, April, and May predictions are in the $10,100 range.

What do you think about the gap closure yesterday and traders leveraging price gaps between derivatives and spot markets? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency prices referenced in this article were recorded at 9 a.m. on February 10, 2020.

Image credits: Shutterstock, Tradingview, Twitter, Markets.Bitcoin.com, Fair Use, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Bitcoin’s $10k Value Pushed Down by CME Futures Price Gap appeared first on Bitcoin News.

Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

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Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

Famous for its favorable business climate that has attracted hundreds of crypto companies, Switzerland is now expanding its financial regulatory framework. Some of the upcoming rules will increase oversight in the blockchain industry in compliance with new international standards regarding operations with digital assets.

Also read: With New Regulations, Europe’s Crypto Companies May Be Running Out of Options

Finma Updates Regulatory Framework

As part of the regulatory update, the Swiss Financial Market Supervisory Authority (Finma) has proposed changing the client identification threshold values established in its Anti-Money Laundering Ordinance. Finma wants to lower the limit for cryptocurrency exchange transactions that requires user verification from the current 5,000 Swiss francs to only 1,000 francs (a little over $1,000). The regulatory body says it’s “acknowledging the heightened money-laundering risks in this area,” but the measure may not be to the liking of many crypto businesses operating in the country and their privacy sensitive customers.

Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions

The amendments come as a result of Switzerland’s new Financial Services Act and Financial Institutions Act. Both bills were passed by the Swiss parliament in June 2018. During a meeting in November 2019, the Federal Council, which holds the executive power, decided that they would enter into force on Jan. 1, 2020 along with ordinances regarding financial services, financial institutions and supervisory organizations.

The two laws oblige Finma to adopt various implementing provisions that will be “mainly technical in nature,” the regulator announced Friday. Finma has already created a new Financial Institutions Ordinance that “regulates the details of professional indemnity insurance for portfolio managers, trustees and managers of collective assets, details on calculating the de minimis threshold for gaining authorization as a portfolio manager, and on risk management and internal control system for managers of collective assets.”

According to the press release, the financial watchdog has prepared amendments to other ordinances and circulars as well. The authority will also abolish three circulars that will become redundant following the adoption of the new regulations. The changes will be put up for public consultation within the next couple of months, Finma notes in the announcement.

Switzerland Complies With International AML Standards

Like many other nations, Switzerland is taking steps to implement the new global standards for crypto assets that were adopted by the Financial Action Task Force (FATF) last year. According to the recommendations of the intergovernmental organization, companies dealing with cryptocurrencies such as exchanges, wallet providers and payment processors should verify clients who transfer more than $1,000 or €1,000 worth of crypto. Virtual asset service providers should also keep and share user data.

Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions
FATF Plenary in session

Stricter due diligence requirements in Europe were also introduced with the EU’s Fifth Anti-Money Laundering Directive (AMLD5) which member-states were expected to transpose into national law by Jan. 10, 2020. The stringent regulations have already forced a number of businesses from the sector to either close down or relocate to other, friendlier jurisdictions rather than radically change their business models and risk losing customers.

Up until now Switzerland has been a magnet for crypto companies thanks to its positive attitude towards the industry and favorable regulations. Its traditional financial institutions have gradually started to cooperate with blockchain startups. The Crypto Valley, centered on the canton of Zug, is now home to over 800 of these businesses that created 1,000 new jobs in 2019 alone, as a recently released survey revealed. Only time will tell if the Swiss government will manage to keep them in the country.

What’s your opinion about the upcoming Swiss regulations concerning the crypto space? Share your thoughts on these developments in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Finma, FATF.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Swiss Financial Watchdog Proposes $1,000 Client Identification Threshold for Crypto Transactions appeared first on Bitcoin News.