#CryptoCorner: BTC Drops Nearly $2K after Brief Bull Run, Binance Announces 2.0 with Margin Trading, Canada Amends #Crypto Regulation
#CryptoCorner: BTC Drops Nearly $2K after Brief Bull Run,
Binance Announces 2.0 with Margin Trading, Canada Amends #Crypto Regulation
Point Roberts, WA, Delta BC July 11, 2019
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Stocks discussed: (NasdaqGS:FB)
Bitcoin (BTC) plummeted almost $2,000 – roughly 10
percent – in the last 24 hours after peaking at about $13,100 yesterday
morning, according to data from CoinMarketCap. At press time, Bitcoin
is trading for around $11,700 having sunk as low as $11,370 late last night. An
article from Reuters connects this downward movement with
comments made by the U.S. Federal Reserve regarding Facebook’s (NasdaqGS:FB) Libra. During his semi-annual
testimony on monetary policy before the U.S. House of Representatives Financial
Services Committee, Fed Chairman Jerome Powell said:
“Libra
raises many serious concerns regarding privacy, money laundering, consumer
protection and financial stability.”
and
“I
don’t think the project can go forward without addressing those concerns.”
The article further
indicates that the price of Bitcoin fell some seven percent during Powell’s
testimony. This correlation is echoed by CNBC journalist Ryan Browne, who tweeted a chart showing that Bitcoin drop and
Powell’s testimony occurred around the same time.
This
chart shows bitcoin falling off a cliff at about 3:30pm BST, around the time
Powell talks about Libra & crypto. Not saying there's a concrete link. Just
stating what happened.
In a blog post yesterday, crypto exchange giant
Binance announced the launch of the 2.0 version of its platform which features
margin trading. Margin trading allows users to leverage their balance as
collateral to open both long and short positions on crypto assets. Yi He,
co-founder of Binance, explained:
“Though
the current cryptocurrency market and legacy platforms for margin trading poses
greater risks and benefits at the same time, we are confident that its
development coupled with more knowledge on proper risk management will help
realize greater benefits in the long run. With margin trading being one of the
most requested services from our community, this is a testament to the large
market demand from retail and institutional traders alike and its promising
possibilities in the future.”
Canada’s federal
government has amended its regulations aimed at preventing
money laundering and terrorist financing, a move that imposes changes on how
cryptocurrency is traded in the country. One such change is the requirement
that exchanges must now record and report any cryptocurrency transactions over
$10,000.
A
financial entity shall keep a large virtual currency transaction record in
respect of every amount of $10,000 or more in virtual currency that it receives
from a person or entity in a single transaction, unless the amount is received
from another financial entity or a public body or from a person who is acting
on behalf of a client that is a financial entity or public body.
Bloomberg reports that Spanish authorities have
identified Bitcoin ATMs as a potential blind spot in the EU’s anti-money
laundering laws. A drug bust saw the gang involved reportedly utilizing crypto
ATMs to transfer funds, Spain’s Civil Guard police force claimed.
According
to the Civil Guard officials, who spoke on condition of anonymity, the group
hired two ATMs from unsuspecting trading platforms and installed them in an
office in Madrid that masqueraded as a center for sending remittances and
trading cryptocurrencies. The gang would then transfer money from bank accounts
to the trading platforms in order to top up the machines with Bitcoin or other
digital currencies.
Sam
Mowers, Investorideas
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