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What Part Did BitMex Play In The Ethereum Crash?

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Ethereum crash
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A month ago, traders were confident that the value of ETH would not fall below $300. But the recent fake news that Goldman Sachs was dropping plans for a Bitcoin and Crypto desk, proved to be the catalyst the digital asset needed to fall even further to current levels of $192 at the moment of writing this. All year long, analysts had predicted that ETH would plummet in the markets due to congestion issues on its network. This led to many investors shorting the digital asset through BitMEX. But many did not expect the fall to be overnight as experienced in the last week.

BitMEX Accused of Manipulating Ethereum’s Price

Information around the crypto trader community indicates that the crypto exchange of BitMEX might have had a hand in the Ethereum crash. This was after a conversation on the exchange surfaced of a BitMEX official account (supposedly of Arthur Hayes) advising traders to keep shorting ETH. A screenshot of the conversation has been provided below:

BitMEX CEO’s conversation with users. Source, trustnodes.com

The word ‘punt’ used in the conversation above, is used in informal terms to hint at attempts to make fast profits from an investment regardless of its underlying fundamentals. This means the trader carries a high risk in the trade by speculating instant high returns. In the case of ETH, the decline was inevitable, but the shorts on BitMEX might have contributed to the digital asset falling further.

With respect to BitMEX being accused of manipulating the value of ETH, the platform has barred trading for residents of the U.S, Québec (Canada), Cuba, just to name a few. This then can be interpreted as the exchange evading the corresponding regulatory authorities such as the American SEC. This theory further pushes suspicions that their back-end operations are not as they seem. There could be more to this than meets the eye with BitMEX. Here is the chart of Ethereum ever since it was added to BitMex on August 2nd at around $400.

Chart courtesy of tradingview.com

The Decline of ETH Might Not Be Over

Many crypto analysts believe that the cryptocurrency bear market will not be over till late October this year. Other’s have postulated that we have a long 6 to 12 months of either a bear market or pure sideways movement. Both schools of thought agree that in the short term, Ethereum’s price in the market might drop as low as $155. This is without factoring in any other FUD or fake news in the crypto space.

When we add the prospects of bad news from the SEC postponing or rejecting the CBOE sponsored Bitcoin ETF, we can clearly see that ETH could be headed to a double-digit value very soon. The last time Ethereum was valued at under $100 was back in May 2017 when many of us had not even got into the crypto trading space. All we knew was that there was this new revolutionary technology called blockchain and its biggest advocate was Bitcoin.

In conclusion, the cryptocurrency exchange of BitMEX could have had a hand in further pushing the value of ETH lower than was expected. This is due to the various investment instruments on the platform that allows traders to bet against their favorite digital asset. Further looking at the situation from the point of view of the exchange’s CEO, Arthur Hayes, ETH was ripe for the picking as the preferred coin to short in the markets. With the market still a bit shaky, ETH might decline a bit further.

Check out the new Global Coin Report YouTube channel as we address all the highlights in crypto and the financial markets. With guests from all over the cryptosphere bringing you news, editorial, and of course, money making opportunities.

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 own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore
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Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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