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

13/02/2020 by Idelto Editor

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.

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.

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Market Update: Bitcoin Cash Shines as Crypto Markets Show Bullish Signals

05/02/2020 by Idelto Editor

Market Update: Bitcoin Cash Price Shines As Crypto Markets Show Bullish Signals

Digital currency markets are in the green again today after seeing some moderate losses the day prior. The leading cryptocurrency in the top 10 is the fourth-largest blockchain by market cap, bitcoin cash, which is up 14% today. A variety of other digital asset markets are doing well as the overall market valuation of all the coins in existence has gained $20 billion in the last day.

Also Read: Craig Wright’s ‘Bonded Courier’ Allegedly an Attorney Who Can’t Communicate

Crypto Prices See a Sharp Rise

Cryptocurrency proponents are pleased to see that prices are doing better than they were 24 hours ago. At press time, the entire cryptoconomy is worth around $266 billion and there’s billions worth of digital assets being swapped today. BTC is currently trading for $9,439 per coin and the market is up 3.4% on Wednesday. The currency has around $1.8 billion in global trade volume and the price is still 52% down from it’s all-time high (ATH) in December 2017.

The second-largest blockchain by market cap is ethereum (ETH) which is up 6% today and 11% for the week. Each ETH is swapping for $197 per coin and the asset is still down 86% from its ATH. Ethereum markets have around $962 million in reported trade volume during the last 24 hours. Ripple (XRP) still commands the third-largest market valuation and XRP is up 7% today at $0.27 per coin. The last seven days have seen XRP jump by 16% and the digital currency has around $1.3 billion in trade volume worldwide.

Bitcoin Cash Up 153% Since Jan. 1, 2019

Bitcoin cash (BCH) markets are up 14% over the last day and 11% for the last seven days. Each BCH is trading for $429 per coin and the currency’s global trade volume this Wednesday is around $1.1 billion. BCH is up 264% over the last 12 months and 153% since Jan. 1, 2019 when prices were at $168 per coin. At the time of publication, the BCH market cap is hovering around $7.85 billion. Cryptocurrency and Fxstreet analyst Ken Chigbo’s latest analysis says that “BCH/USD has an opportunity to shoot higher.” Chigbo notes that BCH/USD price action has continued to move “within a potential bullish pennant.” “The daily price action has been tight for going on seven sessions now, as the price consolidates,” the analyst remarked. “A range block formation is observed via the 60-minute chart view, awaiting the next committed move potentially from the bulls.”

Perma Bull Tom Lee Predicts BTC Market Prices Could Tap New Highs

Fundstrat Global Advisors cofounder Tom Lee is well known for his price predictions and many people consider his opinions to be extremely bullish. On Feb. 4, Lee told the press that he is “really optimistic” about BTC prices in the short term and has made another prediction. “January is usually a week month, it was a great month for bitcoin, [which is] up 26% — but also recovered its 200-day moving average,” Lee told Yahoo Finance. “That’s a big deal as you know, as anyone [who follows trends] knows when you’re back above your 200-day, you’re back in a bull market. Whenever bitcoin breaks back into its 200-day, its average six-month gain is 197%,” the Fundstrat executive said.

Wealth Manager Expects BTC Prices to Jump to $400k by 2030

On a Citizen Bitcoin podcast hosted by Brady Swenson, a California-based investment advisor from the firm Wescap said that he believes hyperbitcoinization will happen. “I think the total valuation on 10 years that I use is about $8 trillion and that comes from various buckets,” said Andy Edstrom. “Whether it’s taking share from gold, or taking share from fiat, or taking share from offshore assets, or slightly demonetizing other stores of value like real estate or new uses that we haven’t thought of, or are still under construction, such as micropayments,” explained Wescap’s Edstrom. The wealth manager noted that severe geopolitical tensions and the mass printing of fiat reserves could push more people toward BTC. Edstrom has written a book called “Why Buy Bitcoin,” and the investment advisor discusses the examination with Swenson throughout the podcast episode.

‘BTC Prices Could Dump Hard,’ Says Popular Crypto Trader

The popular crypto trader on Twitter @MacnBTC, who has over 28,000 followers, warned on Feb. 2, 2020 that “BTC is gonna dump hard this week and over $100M in longs will get wiped.” The trader pinned the tweet to his profile and said “don’t say I didn’t warn you” as well.

$BTC is gonna dump hard this week and over $100M in longs will get wiped.

Don’t say I didn’t warn you

— Mac ❄️🐺 (@MacnBTC) February 2, 2020

Despite all the people telling Mac that the price won’t dump, he continues to tweet that it’s still happening. “I hope it will happen,” the Twitter account Gemhunter replied. “Made great profits, after passing 9.6k I’m tethering and making some serious sat game,” he added. Another person disagreed with Mac’s tweet on Wednesday and said: “Dream on — No pullbacks in a bull market.”

In addition to the top 10 currencies seeing some price action on Wednesday, a slew of lesser-known coins has seen some considerable gains and losses. Cryptaur is up 467% today, fusion gained 396%, lisk jumped 72%, and mossland gained around 28% in the last 24 hours. As far as 24 hour losses are concerned, loom network coins are down 34%, karatgold coin has lost 24%, gifto is down 14%, and the icon project has seen a loss of 6% during the last day.

Where do you see the cryptocurrency markets heading from here? 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 at 10:20 am on February 5, 2020.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Twitter,

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World Markets – Managed Trading Accounts

04/02/2020 by Idelto Editor

Trading in any market can be a difficult thing, especially if you lack technical knowledge. Luckily, there are services like managed investment accounts, where a professional does all the work for you. A managed investment account (or portfolio) can be defined as a set of assets that are given to a certain financial company, a broker or financial advisor, who are tasked with making all the investment decisions about the portfolio for you, and with the ultimate purpose of obtaining the best possible results.

Managed trading accounts are a smart way of making your money work for you and to protect your investment by placing it in the hands of professionals with years of experience and the necessary tools to minimize the risk.
Why Choose A Managed Trading Account?

When it comes to investing, being knowledgeable in the market is the most important thing. Successful investors understand market trends, study the market, its movement, story, related news and any other piece of information that could move the scale one way or the other. Additionally, traders need technical knowledge to analyze charts and understand their movements to maximize profits.

Given the difficulty and the knowledge it takes to enter this market, many financial and brokerage firms offer investment products that do the heavy lifting for their clients. Offering all sorts of managed accounts with low, medium and high risks, this type of portfolio is accessible and affordable for all participants in the market.

One of the most innovative factors in managed accounts is the introduction of Artificial Intelligence (AI) in trading bots. Through a combination of efficient programming, trading bots are built with AI to offer real-time trading that imitates the thinking of a financial analyst who collects and processes data. In this process, the bot learns about the market and all its history, related news, social media, exchange indicators and more. This information helps bots understand the global market trends and adjust buy/sell orders following optimized and updated data. Additionally, AI cannot experience human emotions such as fear or greed or excitement, improving the overall result of trading.

A company leading the way in this specific type of service is Worlds Market, an award-winning firm that offers global investment opportunities. Founded in 2003 as a precious metal dealer, this company has gained a reputation as a leader in the Bullion (Gold/Silver) investment industry and has since expanded its services to provide digital trading services from digital Gold, STOs and now to AI Managed Trading Accounts. With World Markets, both institutional investors such as private banks, funds, and HNW investors; and retail investors, can take advantage of all the services they provide. This regulated company has clients in over 40 countries and has been awarded multiple times, including the best forex trading platform and best AI company.

Their AI bot is powered by Microsoft AI and fully verified by companies like BarclayHedge.

How Can You Open An Account With World Markets?

All you have to do is open a Trading Account, digitally sign the trading agreement, deposit funds to your account and start trading. To learn more about World Markets and their innovative AI Managed Accounts, please visit their website.

Supporting Link
https://worldmarkets.com/AI-PAMM/accounts/registration

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

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New Guidelines Subject Canadian Crypto Exchanges to Securities Laws

18/01/2020 by Idelto Editor

New Regulatory Guidance Subjects Crypto Exchanges in Canada to Securities Laws

Canadian regulators have issued new guidance determining when current securities legislation applies to operations conducted by cryptocurrency exchanges. According to the clarifications in the document, many domestic and foreign entities serving Canadian users, for example those that provide custodial services, will have to abide by the country’s securities laws and act like securities dealers.

Also read: Canadian Company Commissions 3 Bitcoin Mining Units to Restart Oil Well

CSA Tries to Explain When Cryptos Are Securities

The Canadian Securities Administrators (CSA), a council of the regulatory bodies of Canada’s provinces and territories, published on Thursday Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets. The legal interpretation, which comes after a consultation paper proposed a framework for crypto asset trading platforms in March, is supposed to help operators identify situations where Canadian securities laws may or may not apply to their activities.

The CSA explains that in certain cases crypto assets clearly represent securities. A tokenized security, for instance, carries rights that are traditionally attached to common shares such as voting rights and rights to receive dividends, the organization notes. A crypto asset can also be a derivative, the CSA remarks, like when a token provides an option to acquire an asset in the future. The regulator points out:

Securities legislation may apply to platforms that facilitate the buying and selling of crypto assets that are commodities, because the user’s contractual right to the crypto asset may itself constitute a derivative, a security or both.

The agency notes that the relevant determination will depend on the specifics, including “the obligations and intention to provide immediate delivery of the crypto asset.” Trading platforms would not be subject to securities legislation if “the underlying crypto asset itself is not a security or derivative,” or when the contract for the purchase, sale or delivery results in an obligation to make immediate delivery of the asset to the user.

In an attempt to define what constitutes ‘immediate delivery,’ however, the CSA admits there is no “bright-line test” to determine whether a contract or an instrument results in an obligation to make and take immediate delivery of a crypto asset. At the same time, a crypto transaction may be subject to securities laws if it does not clearly result in such an obligation.

The CSA staff will examine the terms of the contractual arrangements between crypto exchanges and their users as well as their typical commercial practices to establish if they create an obligation for immediate transfer of ownership, possession and control of crypto assets. The organization which coordinates the regulation of capital markets across Canada also details:

As part of this analysis, we will consider whether the platform and the user intend, at the time the contract or instrument is entered into, to make and take delivery of the crypto asset on which the contract or instrument is based.

Custodial Platforms to Operate as Securities Dealers

Then there’s the question of how to establish not only whether but also when exactly a crypto asset has been delivered. According to the guide, an immediate delivery occurs when ownership, possession and control is immediately transferred by the exchange and the user is afterwards free to deal with the asset without further participation of the platform. Also, the exchange must not retain any security interest or other legal right to the asset and the user should not be exposed to any risks related to the platform in the future.

Relations with exchanges, domestic and foreign, providing custodial services will be subject to securities regulations as there’s no obligation for immediate delivery of the assets to a user-controlled wallet. Clients remain reliant on the platform and exposed to insolvency, fraud, and other risks on its part. This means that following the new guidance, many of the hundreds of crypto exchanges operating globally will have to apply and be licensed as securities dealers to work in Canada, if they maintain their current business models, the Globe and Mail noted in an article.

The notice issued by the CSA contains many abstract statements such as “focus on substance over form,” “typical commercial practice,” and “intention to make and take immediate delivery.” This highlights how difficult it is to produce clear definitions and apply the traditional set of terms and rules to the trading and exchange of cryptocurrencies and other crypto-related activities. The regulator acknowledges that “new fintech businesses may not fit neatly into the existing framework” and invites such companies to join its regulatory sandbox. Participants in the initiative will enjoy a faster application process for exemptive relief from Canada’s securities law requirements, the CSA promises.

What do you think of Canada’s new regulatory guidance regarding the application of securities laws to crypto trading? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock.

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Uzbekistan to Create National Mining Pool, Launch Licensed Exchange

16/01/2020 by Idelto Editor

Establishing a “national mining pool” has been declared a priority in Uzbekistan. Miners who join the pool will enjoy lower electricity rates, announced the country’s agency overseeing the crypto industry. The Central Asian nation is also preparing to launch a licensed cryptocurrency exchange, where miners will be able to sell the coins they have minted.

Also read: Turkey Prepares to Increase Oversight in the Crypto Space

Consolidating Crypto Mining Power

The National Agency for Project Management (NAPM), a government body under the President of Uzbekistan, revealed this week its 2020 plans for the regulation of crypto trading and the implementation of blockchain technologies. During a press conference on Monday, the agency stated that the proposed mining pool will help consolidate the capacities of domestic and foreign miners at the national level.

The main motivation behind the agency’s decision is to ensure the economic efficiency and increase the transparency and security of cryptocurrency mining in the country, the local news outlet Spot reported. NAPM thinks this will improve energy efficiency in this sector as well and make the former Soviet republic look more attractive to foreign investors.

The establishment of a national mining pool is also part of a series of measures by NAPM to take crypto miners out of the shadow economy. Another one of these will be the launch of the country’s first licensed digital asset exchange next week, on which mining companies will be able to sell the digital coins they receive for the processing of crypto transactions.

Uznex, a platform operated by the South Korean Kobea Group, is scheduled to open officially on Monday, Jan. 20. Its website, which is currently online in beta, shows seven trading pairs with bitcoin core (BTC) and the stablecoin tether (USDT), including BCH/BTC and BCH/USDT. The exchange is based in the capital, Tashkent.

The Republic of Uzbekistan legalized cryptocurrency trading and introduced licensing for crypto exchanges with a special decree signed by President Shavkat Mirziyoyev in September 2018. Another decree issued by the presidency in July of that year prepared the legal ground for crypto-related activities in general and the implementation of blockchain technologies.

Pool Participants to Get Better Electricity Rates

Despite these initial positive developments, Uzbek authorities have also taken some steps that could negatively influence the country’s nascent crypto industry. Recently adopted amendments to the regulatory regime limit the opportunities for private individuals to use cryptocurrency, as news.Bitcoin.com reported. According to local media, an order issued by NAPM in early December effectively bans citizens of Uzbekistan from buying and trading cryptos. They will only be allowed to sell coins on the country’s licensed exchanges.

Domestic mining farms were also targeted. Another government decree set higher rates for the electricity they consume. Under the new regulations, miners would have to pay three times the regular price for the energy they need. Members of the industry warned that any raise beyond 1.7 times the regular tariff would practically reduce profitability to zero, given the current cryptocurrency prices. The continuing market recovery improved the profitability of bitcoin mining but the price of electricity remains a major factor for this business, too.

Things should change for the better, however, with the mining pool the government wants to create. The agency for project management expressed its negative stance on the government’s decision to increase electricity rates for miners. In order to remedy the unfavorable situation, the agency plans to allow members of the national mining pool to pay at standard rates. “I think this will be one of the main measures to encourage participation in this pool,” said NAPM deputy director Vyacheslav Pak. At the same time, nonparticipating companies will be charged the high price.

The regulator is now stepping up efforts to establish the new mining pool and it’s already preparing, together with other agencies, a draft decree for Uzbekistan’s president which will be released for public discussion in the coming days. “We must do this in time so that investors who are ready to come here do not scatter to neighboring countries,” Vyacheslav Pak emphasized.

Do you think Uzbekistan will attract crypto miners to its national mining pool? Share your expectations in the comments section below.

Images courtesy of Shutterstock, Uznex.

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