Huge liquidation on BitMEX causes Bitcoin to flash crash, but it could be the beginning of a new rally. BTC trading records in Argentina, Colombia and Venezuela. Big banks work on digital cash settlement project $ 50M project. All new crypto values and much more.
A flash crash in the price of Bitcoin allegedly starting with a big sell order transacted via the Bitstamp exchange crashed sentiment. Discover Barcelona Trading Conference – A Top Tier Crypto Trading Event Flash Crash Market Making Challenge The selloff started at Bitstamp with over 5,000 bitcoin being exchanged between 3.45 and 4.15 London time.
By the time the dominoes had stopped falling, the bitcoin price had plunged as low as $6,894, and more than $32 billion had vanished from the crypto market cap. Greenspan explained that the sell-off would provide analysts with a better picture of the true nature of the recent bitcoin price rally.
One trader said that he expected the market to absorb sell orders considering the positive sentiment around the crypto market in recent weeks. Zhu noted that given the recent price action of bitcoin and other crypto assets is a result of a market structure related move, he expects the market to recover relatively quickly in the near-term.
$2,200 correction should prove to be swing trade buy pic.twitter.com/6IBjxgmIs8 — Peter Brandt (@PeterLBrandt) May 17, 2019 Veteran commodities trader and Bitcoin muse Peter Brandt recently tweet shouted a response to a Twitter user’s question about the state Bitcoin’s most recent parabola and according to Brandt it would break down and “morph into a lower sloped parabolic advance”.
Jehan Chu – co-founder of Kenetic Capital – states his thoughts on the bearish turn crypto has taken: This last drop was likely caused by a combination of profit-taking and algorithmic trading compounding the swift fall. We can expect these types of steep rises and drops to continue for some time until institutional investors grow market volume.
massive sell order at the front of BitStamp pic.twitter.com/RgOviG3a6p — BTCVIX (@BTCVIX) May 17, 2019 Volatility Will Reduce With Increasing Institutional Investment Jehan Chu, an eminent industry insider and co-founder of Kenetic Capital, a trading and investment firm focused on digital assets, agrees that the latest price drop could have been “caused by a combination of profit-taking and also algorithmic trading,” CNBC reports.
Bitcoin Core (BTC) transaction costs are higher than they’ve been in months.Due to an increase in the number of transactions on the network, BTC fees have shot up more than they’ve been in ten months.
Bitcoin Traders Break BTC Records in Argentina, Colombia and Venezuela on Crypto Trading Platform LocalBitcoinsThe Daily Hodl
Bitcoin trading volume is hitting new all-time highs in Argentina, Colombia and Venezuela on the peer-to-peer crypto trading platform LocalBitcoins. Meanwhile, Venezuela’s bolivar-to-Bitcoin trading volume hit another all-time high as the bolivar’s collapse continues and the country’s political unrest persists. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.
A research paper from Bitwise Asset Management revealed that nearly 95 percent of reported volumes of the crypto exchange market is either fake or inflated. Similarly, Fidelity Digital Assets, the subsidiary of Fidelity, disclosed in a report that 22 percent of institutional investors have already invested in cryptocurrencies like bitcoin.
And the speculation in the market at the moment is we are just getting started on that next parabolic cycle.” According to Greenspan, the increasing adoption of blockchain and leading crypto assets will fuel another long-term bull run.
Looking at the price action, we can see that BTC buyers were unable to defend the $7,300 level for long, particularly as the European trading session started. Images courtesy of Shutterstock, Tradingview.com The Rundown Bitcoin Price 4-Hour Chart30-Minute Chart$7,000 Level Must Now Hold
The biggest crypto analyst on YouTube says he believes the recent drop in the price of Bitcoin will continue. Nicholas Merten (aka DataDash) says he expects a 40% correction in the recent parabolic rise of BTC, bringing the price to about $5,000 in the weeks ahead. “This is a very key level because once we got up above $5,000 as we were setting up higher levels, we continuously tested this level.
Whale Dump, ‘Fat Finger Error,’ or Bot Glitch A trader on the Bitstamp exchange reportedly put up a sell order of 5,000 BTC at an oddly low price of $6,200. Images via Bitstamp, Twitter @DoveyWan and TuurDemeester, Shutterstock The Rundown Whale Dump, ‘Fat Finger Error,’ or Bot GlitchBitcoin Price Parabolic Advance Halted
All major coins are in red now (04:14 UTC), while the absolute majority of tokens among the top 100 dropped by 10%-20% in the past 24 hours. Bitcoin dropped almost 10%, ether lost almost 7%, while XRP, Stellar and Cardano are the biggest losers among the top 10 coins. Top 10 coins by market capitalization:
Huge Whale Sparks Major Bitcoin (BTC) Crash, Says Crypto Trader – Plus Ripple and XRP, Ethereum, Stellar, Tron, CardanoThe Daily Hodl
I really thought at this point, Bitcoin being the largest cap cryptocurrency, it would be less volatile and less prone to whale dumps like this.” Ethereum, Ripple and XRP Ethereum co-founder and founder of ConsenSys Joseph Lubin went head-to-head with Ripple CEO Brad Garlinghouse in a lightning round of questions for CNBC. Tron Tron’s file-sharing platform BitTorrent says it plans to reveal more use cases for the Tron-based BTT token this week.
According to crypto news outlet The Block, the sell order on Bitstamp led to a liquidation of $250 million long positions on the BitMEX exchange, which further resulted in price declines on other crypto exchanges.As reported by crypto publication Forklog, the sell order on Bitstamp included 5,000 bitcoins sold at $6,200.
Bitcoin cash price touched the key $450 resistance level and recently declined heavily against the US Dollar. The BCH/USD pair even broke the $425 resistance level and the 55 simple moving average (4-hours).
News Sources ostensibly familiar with the matter have claimed that some of the world’s leading banks are currently investing around $50 million to build a blockchain-powered digital cash system for transaction settlement. The news was reported by Reuters on May 17.An earlier project for a blockchain-based currency settlement coin was unveiled by Swiss bank UBS Group AG and London-based technology startup Clearmatics at early as 2015, as Cointelegraph reported at the time.
You Can Trust The Big Banks… To Help Themselves The “Banana Split” cartel involved traders from Barclays, RBS, Citigroup, and JP Morgan, which face penalties of €811 million in total. RBS has already said that its €249 million share of the fines is “fully covered by existing provisions.” Despite talk about strengthening procedures and implementing change, it seem that the banks have little incentive to alter their behaviour.
While it’s unclear which banks are currently participating in the $50 million project, a spokesman for Barclays told the news organization that “the Research & Development phase is coming to an end.” It supposedly involves several major banks who aim to use blockchain technology to reduce the cost of settlement and potentially offer new products.
The cryptocurrency markets experienced a considerable correction on Thursday night and following on to Friday morning as almost all currencies suffered double digit drops.Leading the pack was Bitcoin Core (BTC) with a drop of around 10% to trade at the $7,250 level at press time, whilst Ethereum (ETH) was also down by a similar percentage to the $241 level after having even gone over the $270 mark in early trading on Thursday.
Coinbase CEO Brian Armstrong has announced that the company is working on introducing its debit card to customers in the U.S.Armstrong’s announcement came in a live AMA session on YouTube on May 16, 2019, during which he fielded questions and touched on various topics such as community trust ratings for altcoins and fraud prevention.
Big Companies Are Creating New Coins Sirer states: You can create a digital asset on top of Ava, a coin X, and then you can say, ‘I want my coin to support Bitcoin transactions as well as Zcash.’ You can mix and mash features from different languages, and I want these features to be supported on this set of nodes.
By CCN: Overstock CEO and crypto enthusiast Patrick Byrne felt the need to defend his sale of about 900,000 shares of company stock. Patrick Byrne defended his stock sale, noting that his $100,000 salary ranks among the lowest compensation packages for a company of Overstock’s size.
By CCN: Two blockchain companies, JoyToken and RepuX, have been dissolved, according to UK business records. According to an earlier post on Steemit, “bounty hunters” – people who promoted ICOs in exchange for tokens or sometimes payment in other cryptocurrencies – were all hung out to dry as things progressed.
This week the SEC once again delayed their decision on the Bitwise Bitcoin ETF but made no announcement on the also-pending VanEck proposal. Just this week, Peirce addressed the Consensus event, saying that the “time was right a year ago” for a Bitcoin ETF approval.
Just this week, Peirce addressed the Consensus event, saying that the “time was right a year ago” for a Bitcoin ETF approval.
Moreover, an exchange’s security protocols will be the “key competitive differentiator going forward.” The public has also been demanding that the exchanges beef up their security and the risk of attacks is diminishing with time, the exchange wrote.The IIROC had also indicated that investors usually don’t have important information on the crypto assets that they invest in, an issue Kraken took fault with.
News Canadian exchange Kraken has published a paper arguing against proposed regulation of crypto assets by the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC).
Andrew Yang, a United States presidential candidate running for the Democratic Party, has come out to air his support for cryptocurrencies and their underlying technology, blockchain. Blockchain Needs to Be a Big Part of the Future The US presidential candidate while addressing cryptocurrency enthusiasts at the just concluded Consensus Week 2019 pointed out that he would like to see more regulatory framework for the cryptocurrency community.
Two blockchain projects have allegedly pulled together an exit scam duping the initial coin offering (ICO) investors for $8 million, according to a report by The Next Web. Both RepuX and JoyToke had a month-long token sale between March and April last year and raised $4.7 million and $3.3 million respectively.
Ava Will Be Reportedly Capable of Supporting Apps, Tokenizing Assets The network’s purported high-throughput capabilities will make a variety of applications possible, ranging from supply-chain tracking to tokenizing assets (such as gold.) Suggested articles How to Trade the FOMC MeetingGo to article >> Sirer’s ultimate vision for Ava is for the network to act as the infrastructure to digitize all financial and asset-ownership systems: “Every certificate will one day be represented on the blockchain,” said Sirer in an interview with Bloomberg.
We are delighted to have teamed up with Caspian to help facilitate our clients’ needs in this space.” Lewis Fellas, who recently joined Caspian’s board of strategic advisors, believes that the company is uniquely fit to help introduce institutional clients to the cryptocurrency markets, stating: “Caspian has removed many of the barriers to entry for institutions and I’m confident they will continue to play a significant role in the expansion of the cryptocurrency asset class.”Caspian has been marketed as an “institutional-grade” crypto trading system for some time now, and was able to raise $16 million in its pre-token sale.
ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand, leveraging Ethereum blockchain technology in a truly decentralized way.
In February, Changpeng Zhao, CEO of exchange Binance, claimed Amazon would ultimately have no choice but to issue some form of cryptocurrency.“For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments,” he said.Late last month, Amazon Web Services publicly launched its enterprise blockchain setup network, based on Ethereum (ETH) and Hyperledger technology.
Popular, U.S.-based cryptocurrency exchange Poloniex will stop offering nine coins to United States customers due to “regulatory uncertainty in the US market.” “We are deeply frustrated that we needed to take these steps, which are the result of an increasingly limited environment in the US for crypto assets,” Jeremy Allaire, CEO of Circle, that acquired Poloniex in February 2018, tweeted.
The whole Ethereum network could be facing the threat of a 51% attack due to some clients that remain unpatched, according to a recent report from Berlin-based hacking research collective and consulting think tank Security Research Labs.
Also, the answers provided by the FAQ include that the trading will most likely not resume, that the exchange will not ask for any crypto-assets or confirmation of user details, that it’s not possible to confirm any customer balances until the investigation is over, and that it remains unknown when the funds will be returned to the customers, if they’ll be returned as crypto assets or fiat currency, or if they’ll be returned at all.
Carlson-Wee thinks it would be in the self-interest of the company given recent controversies surrounding the social media platform:“I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure.
News International electrical engineering company ABB has rolled out a blockchain pilot to explore how the technology could promote the role of solar energy in peer-to-peer (p2p) energy trading, technology-focused media outlet PV Tech reported on May 16.To implement the project, ABB collaborated with Italian energy aggregator Evolvere to deploy a blockchain it jointly developed with blockchain-based platform Prosume.
Sponsored Mithril, a decentralized platform that rewards content creators on social networks, told Cointelegraph that they are working on expanding the acceptance of its MITH token merchant network into different categories, such as coffee shops, restaurants, sports clothing and adult entertainment platforms.For instance, the team has announced a partnership with AccuPass, a Taiwanese ticket aggregator.