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Bitcoin gives a downturn and loses $500 in just minutes

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Ever since the year started the market seemed to be in a crumbling path, and red numbers were the order of the day. So most of enthusiasts and investors were just confused and despaired about a situation that didn’t seem like changing in a short period.

In fact, that is why we all have been pretty much excited in lights of the upturn the market has had during the last couple of days, which of course, have caused a generalized sensation of calm amongst the community.

However, this calm sensation was stricken today when Bitcoin had a bearish move that placed the coin in a -$500 position, a fact that evidently influenced several other cryptos in the market. Let’s see the main details behind the current crypto-market situation.

Bitcoin freefall

The morning started with a pronounced fall in the prices of Bitcoin of more than 5% which put the price of the coin around the mark of the $7,000, but with a great predisposition to get a lower price on the next hours.

As a matter of fact, at the time of writing Bitcoin (BTC) has a price of $6,954 recording a 5.52 percent decrease in the last 24 hours according to Coinmarketcap. So as the red appears in the landscape again, we wonder what could be the problem this time.

Well, concerning the above mentioned, nothing has been confirmed yet. Nonetheless, some assumptions point that the sudden freefall may have been influenced by the non-confirmed report from Business Insider that states that the US-based investment Goldman Sachs, actually decided to discard their plans of integrating crypto options to their business because of the intense regulatory tension around the crypto world.

In the report, it could read:

“Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, according to people familiar with the matter.”

However, later on, it was known that the bank itself stated they hadn’t made a decision yet regarding this.

Interchangeably, the truth is that the crypto-sphere has been pretty much in the spotlight of the Securities and Exchange Commission (SEC) these days, and this has been mainly because of reasons such as ICOs, scammy coins, possible regulations for Bitcoin, and others.

In fact, not so long ago the SEC decided to refuse the application of Bitcoin in order to have an Exchange-traded Fund (ETF), and the reason given was merely the volatility of the price, but in contrast to that, the CEO of the crypto startup Abra, recently stated that the real reason behind the refusal of the SEC was because “the crypto industry does not fit the applicant archetype”. He said,

“people who are doing the applications don’t fit the mold of who the SEC is used to approving.”

Few last words

We still can’t conclude whether or not Bitcoin will continue its fall or if it will give an upturn, but we can be sure that this is something the king of crypto market needs to solve in order to keep the attention of the company Intercontinental Exchange (ICE), which is planning to roll out a Bitcoin ETF in November.

With relation to the rest of the market, well the downtrend was probably bound to occur as Bitcoin influences the whole sector, but some of the most affected have been Ethereum, XRP, Bitcoin Cash, and EOS.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Holger Link on Unsplash

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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Bitcoin

IE Option – 91% Profit on BTC Fluctuations in Every 60s

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On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

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Bitcoin

4 things you should know about bitcoin casinos

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Bitcoin casinos
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Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

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