Q3 Ends with BitMEX Fiasco and KuCoin Hack, More to Come? The Crypto Weekly Market Update

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To say that lots has occurred over the previous seven days can be an understatement. Beginning off with Bitcoin’s value, it’s presently buying and selling at round $10,500, down $150 over the week.

Every part was going comparatively properly for BTC. It peaked above $10,900, giving many individuals hopes that we’ll lastly see a breach above $11,000 and a restart to the bull run. Nonetheless, it was yesterday when issues took a flip for the wors.

As CryptoPotato reported, the US Commodity and Futures Buying and selling Fee (CFTC) charged the owner-operators of BitMEX with illegally working a derivatives change. Unnecessary to say, BitMEX is without doubt one of the largest cryptocurrency derivatives exchanges and, not surprisingly, the worth misplaced about $400 on the information.

The CTO of the change, Samuel Reed, was reportedly arrested. BitMEX issued a proper announcement, saying that they strongly disagree with the Fee’s claims and that they are going to be combating it with full pressure. In the meantime, the change will proceed working as per standard.

If that wasn’t sufficient, the President of america, Donald Trump, and his spouse, Melania, have each contracted the COVID-19 virus. The markets didn’t reply properly to the information, and Bitcoin’s value took one other hit.

However that’s not all. Earlier within the week, one of many main cryptocurrency exchanges, KuCoin, was hacked. In accordance to latest data on the matter, $280 million had been drained from the change. And though KuCoin’s CEO mentioned $150 million hack is “small” for them and the insurance coverage will cowl it, that’s undoubtedly some huge cash, casting additional doubts within the hearts of potential retail traders.

On a extra optimistic observe, Diginex turned the first-ever firm with a cryptocurrency change to be listed for buying and selling on the Nasdaq change beneath the EQOS ticker.

In any case, it has been a really dynamic week for the sector, which begs the query if extra troubles are to come or if issues have settled down?

Market Information

Market Cap: $336B | 24H Vol: 109B | BTC Dominance: 58%

BTC: $10,546 (-1.26%) | ETH: $344.81 (-Three.81%) | XRP: $zero.232(-2.58%)

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The BitMEX v CFTC Case: The Good and the Unhealthy For The Crypto Business. The US CFTC has charged the owner-operators of BitMEX with illegally working a derivatives change. Distinguished members of the cryptocurrency neighborhood speculate on whether or not that’s good or dangerous for the business going ahead.

Will Bitcoin Drop Decrease on Trump’s Optimistic Covid-19 Take a look at Information?. The President of america, Donald Trump, and his spouse, Melania, have contracted COVID-19. Markets responded at present with a fast dive, and Bitcoin adopted swimsuit.

First-Ever Firm With Crypto Alternate Listed on NASDAQ. Diginex has develop into the first-ever firm with a cryptocurrency change to have its inventory listed for buying and selling on Nasdaq. The ticker of the inventory is EQOS, and this all passed off after the corporate managed to increase $50 million in capital.

Twitter’s CEO Jack Dorsey: Bitcoin and Blockchain Are the Way forward for Twitter. The CEO of Twitter, Jack Dorsey, has mentioned that Bitcoin and blockchain are the way forward for the social media platform. He mentioned that the expertise factors to a future the place content material can exist endlessly, and it received’t go away.

KuCoin Alternate Hacked: $150 Million In Bitcoin and Ethereum Stolen. One of many world’s main cryptocurrency change has been hacked. It’s value noting that the change’s CEO has commented on the matter, saying that the quantity is “small” and that their insurance coverage will cowl all of it.

Hodlnaut Awarded $6,000 in Prices As Court docket Rejects Craig Wright’s Enchantment. In one of the vital landmark instances for the cryptocurrency neighborhood, a Norwegian courtroom has rejected Craig Wright’s attraction in opposition to the favored Bitcoin proponent going by the Twitter deal with Hodlnaut. Reportedly, Wright now owns $66,000 and nonetheless hasn’t paid Hodlnaut out.

Charts

This week we have now a chart evaluation of Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot – click on right here for the complete value evaluation.

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Disclaimer: Info discovered on CryptoPotato is these of writers quoted. It doesn’t characterize the opinions of CryptoPotato on whether or not to purchase, promote, or maintain any investments. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use supplied data at your personal danger. See Disclaimer for extra data.

Cryptocurrency charts by TradingView.



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