US regulators are looking into BitMEX over accusations the popular cryptocurrency derivatives platform broke strict trading laws. The probe might expand into a full-blown investigation if American citizens are found to have been victims of fraud or manipulation by the derivatives platform.
Markets are up today with good regulatory vibes following positive reactions from a number of American Senators who successfully distinguished Bitcoin from the much-maligned Libra. Traders witnessed Bitcoin jumping 10% in about an hour, a leap similar to that seen at the beginning of the bull rally back in April of this year.
Listening to Treasury Secretary Steven Mnuchin talk about money-laundering, cash, and Bitcoin, you come to one of two possible conclusions:
“There’s been a lot of nefarious activities historically and it’s never involved Bitcoin [at least up until 10 years ago], so obviously it’s been pretty successfully done with cash,” suggested Bitcoin-skeptic-turned-evangelist Joe Kernen of CNBC.
In a significant turnaround in the markets today, the price of Bitcoin (BTC) has surged by more than $1,000 in less than half an hour. Not only is it now well above the $10,000 threshold, but it is also one of the sharpest recoveries in the past year.
The Bitcoin price had been on a gradual slide throughout the start of Thursday, in the aftermath of yesterday’s Congressional hearing. Just after the beginning of the American trading day, BTC fell to just under $9,400.
Facebook took a hammering this week, with the proposed Libra currency taking fire from blockchain skeptics and decentralization advocates alike. But there is one silver lining to come from this weeks’ hearings: the prospect of a global, corporate digital cryptocurrency appears to have spurred Congress into action.
In a pointed backhander to Google’s now-defunct “Don’t be Evil” mantra, Blockstack is piling on an extra incentive to encourage app developers to use their decentralized computing platform.
Their call to developers is to create apps that “Can’t be Evil”, with a developer reward program that will increase payouts from $100,000 to $1 million per month in its App Mining Program by May 2020. Blockstack PBC is a public benefit corporation that wants to decentralize computing and return privacy to users.
Litecoin has a bearish short-term bias, with the LTC / USD pair still in a bearish breakout mode over the lower time frames.
Zcash has a bearish short-term outlook, with the ZEC / USD pair tumbling to its lowest trading level since May this year.
Nano has been getting some respite from the downtrend after the project released the latest version of its node softwa
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