Seba Crypto Expects Swiss Banking License, Independent Reserve Integrates Tax Tool

Seba Crypto Expects Swiss License, Independent Reserve Integrates Tax Tool

In recent exchange news, Seba Crypto AG has predicted that it will receive a Swiss banking license within the first half of 2019. We also look at the Independent Reserve, which has integrated a tax estimator tool into its user interface, as well as Point95 Global, which has announced plans to launch a “crypto quantitative fund” based in the Cayman Islands.

Also Read: Bitfinex Introduces Fees, Bitmex Rejects Claims It Trades Against Customers

‘Crypto Bank’ Aims to Secure License in 2019

Seba Crypto Expects Swiss License, Independent Reserve Integrates Tax ToolGuido Bühler, the chief executive officer of Seba Crypto, has predicted that the company — which recently raised $103 million to launch a so-called “crypto-bank” — will receive a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before the end of the second quarter of 2019.

Bühler indicated that Seba Crypto already sees significant demand from major financial institutions. He claimed that “five large asset managers from Germany and abroad have already made representations to [Seba Crypto].”

Australian Exchange Integrates Crypto Tax Estimator

Independent Reserve, an Australian cryptocurrency exchange, has announced the launch of a tax estimator developed by KPMG. The tool will allow the exchange’s users to estimate the tax obligations of their portfolios from its user interface.

Seba Expects Swiss License, Independent Reserve Integrates Tax ToolAdrian Przelozny, the chief executive officer of Independent Reserve, described the tool as “a piece of critical infrastructure that will help our users understand and help manage their risk.”

Laszlo Peter, head of blockchain services at KPMG Australia, emphasized the need for cryptocurrency traders to diligently observe their tax obligations. “The possibility of being non-compliant is a major source of legal risk,” Peter said. “We want to provide an easy-to-use tool that may assist participants in the newly emerging token-based economy to understand their tax obligations.”

Point95 Global to Launch ‘Crypto Quantitative Fund’

Seba Expects Swiss License, Independent Reserve Integrates Tax ToolPoint95 Global, a Shanghai-based digital asset management firm, has announced plans to launch a “crypto quantitative fund” in partnership with an unnamed asset manager in Hong Kong. The fund, to be domiciled in the Cayman Islands, will target professional investors and will use algorithms to capitalize on arbitrage opportunities across various crypto-asset markets.

Point95 Global claims to already be using these strategies to trade the top 10 cryptocurrencies by capitalization. It has put forward $3 million in seed capital, with the initial size of the fund expected to be $30 million.

Ye Jingyuan, the co-founder and chairman of Point95 Global — as well as the former vice-president of the global markets division of Bank of America Merrill Lynch in London — expects to launch the fund before 2019. He stated that the company is “aspiring to be one of the first crypto quantitative fund platforms that are compliant with the Hong Kong securities regulations, by operating with the right licenses.”

Do you think there is demand for financial institutions offering cryptocurrency-related services? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Seba Crypto Expects Swiss Banking License, Independent Reserve Integrates Tax Tool appeared first on Bitcoin News.

Source: Bitcoinnews.com

Can I Buy Bitcoin with My IRA?

Bitcoin investors believe in its long-term potential as a decentralized currency and as a growth investment. With the advent of Bitcoin IRAs, you can also include Bitcoin as part of your long-term retirement plan. Here’s a look at key IRA concepts, followed by the specific nuances of buying Bitcoin in your IRA. Finally, you’ll review three potential investment strategies for your Bitcoin IRA. The answer to your question: “Can I buy Bitcoin with my IRA” is a resounding yes.

What Is an IRA/Roth IRA?

Introduced in 1974, the Individual Retirement Account (IRA) has allowed millions of workers to fund a personal retirement vehicle. Even in the mid-1970s, company-funded pension plans were beginning to be phased out, and the IRA was a perfect replacement. Today, more workers are covered by IRA and 401k retirement accounts than by company pension plans.

With an IRA, you can elect to contribute a percentage of your adjusted gross income (AGI) into your account. You then deduct the IRA contribution from your taxable income at income tax filing time. The downside is that all capital gains and dividends earned in the IRA become taxable when the funds are withdrawn at retirement.

In 1998, Sen. William Roth introduced legislation that created the Roth IRA. The Roth IRA provides no tax deduction for your annual contribution. However, all capital gains and dividends are 100% tax-free when withdrawn at retirement. Your tax advisor can help you determine whether the traditional IRA or Roth IRA is most suitable for you.

Can I Buy Bitcoin with My IRA?

Yes, absolutely. However, you need to establish a self-directed IRA to be able to buy Bitcoin with it. You also need to establish an IRA limited liability company (LLC). Your LLC will be the entity buying and selling Bitcoin for your IRA account. You cannot transfer any Bitcoin you now own directly into your IRA LLC. You must sell it, transfer the funds into your IRA LLC and then it can buy and sell Bitcoin on your behalf. If you prefer a Roth IRA, the same general guidelines apply.

There are annual contribution limits for IRA accounts. Never exceed the limit or the IRS will penalize you. You could also be hit with a hefty early withdrawal penalty (usually 10%) if you withdraw funds from your IRA before reaching 59.5 years of age.

Bitcoin IRA Pros and Cons

Pluses of Investing in Bitcoin with Your IRA/Roth IRA May Include:

  • Income tax savings. If Bitcoin is granted Section 1256 tax treatment, 60% will be taxed at long-term capital gains rates and 40% at short-term rates. This would be a huge tax benefit and is a good reason to include Bitcoin in all standard (non-Roth) IRAs.
  • Portfolio diversification (Bitcoin, stocks, bonds, precious metals, and cash)
  • Long-term growth potential of Bitcoin
  • Adjustment of contribution amounts as your income changes
  • Dollar-cost-averaging (DCA) strategies appear to be tailor-maid for IRAs

Negatives of Investing in Bitcoin with Your IRA/Roth IRA May Include:

  • Bitcoin volatility, especially if Bitcoin comprises a large percentage of your IRA
  • The potential for hacking of your IRA LLC. You need to invest in the best cold wallet available and also pay for a safe deposit box to store all account codes.
  • The cost of creating and maintaining your IRA LLC. Might not be cost-effective if you have a small account balance
  • Uncertainty regarding future government regulation of Bitcoin

Potential Investing Strategies for Your Bitcoin IRA

Generally, trading/investing in an IRA is long only but there is a way to get around that restriction. Here are some trading/investing strategies for you to consider:

  • Dollar-cost-averaging (DCA). Buy a fixed amount of Bitcoin (or the Bitcoin ETF, when available) every month (week) and simply hold for the long-term. It’s best to begin a DCA strategy when you first start working, allowing 35-45 years for your coins to increase in value. If possible, begin your DCA strategy after a big 50-60% correction in Bitcoin, especially if you remain confident in its long-term growth potential.
  • Trade a variety of Bitcoin trend-following strategies. These strategies seek big gains, but unlike a DCA, their use of stop loss and trailing stop protection helps limit losses and lock in profits. Swing trading (holding for 14 days or less) is not a good idea in any Bitcoin IRA account. This strategy may cause you to focus on quick profits rather than on the slow, steady growth that you seek as an IRA investor.
  • If/when inverse Bitcoin ETFs become available, you’ll effectively be able to short Bitcoin in an IRA. Had such an ETF been available in December 2017, you could have bought the inverse Bitcoin ETF and profited from the ongoing bear market in Bitcoin. Only highly skilled traders should consider this strategy.

Decisions: A Bitcoin IRA or a Bitcoin Roth IRA?

Here are a couple of different scenarios that may help you determine if a regular IRA or a Roth IRA is a better fit for your Bitcoin investment plans:

  1. You’re envisioning steadily rising income for the next 20-30 years.
  2. You will max out your annual IRA contributions over the same timespan.
  3. You’ve assured yourself of Bitcoin price gains for at least 20-30 years (12-15% average annual gains).

In the above scenario, you may reap more rewards at retirement time with the Roth IRA. The reason would be the enormous capital gains on your Bitcoin, all of which would be withdrawn tax-free. Those capital gains will most likely dwarf the loss of the annual tax deduction that a regular IRA provides.

A regular IRA might make more sense in this scenario:

  1. Your income is modest and is not anticipated to steadily increase, or it might actually decline.
  2. Your annual IRA contribution is projected to remain static, or it might decrease.
  3. You’re hopeful Bitcoin will appreciate but expect a more modest average annual gain of 7-9%.

In this scenario, the annual tax deduction for your IRA contribution can help improve the quality of your life right now. You will pay taxes on all IRA earnings at withdrawal, but being a lower-wage worker, your low tax bracket will mean a small tax bill at retirement time. Have some of your cake now, and still have some to enjoy later.

Summary

IRA and Roth IRA accounts are your best options if you’re not covered by a company or union pension or 401k retirement plan. They are easy for you to create, fund, and maintain. If you desire to include Bitcoin in your retirement account portfolio, you’ll need to create a self-directed IRA and LLC which will be the legal structure that holds your IRA. Assuming you believe Bitcoin has decades of growth potential, including the coin in your retirement portfolio makes good sense.

Your job now is to plan out a diversified, non-correlated retirement portfolio, one that includes Bitcoin, precious metals, stocks, bonds, and cash. Your registered investment advisor can help to determine what percentage Bitcoin should comprise of your IRA portfolio.

 

Speculation in the financial markets involves substantial risk. You should only use risk capital when trading or investing. Always consult your licensed financial advisor before deploying risk capital into the financial markets.

The post Can I Buy Bitcoin with My IRA? appeared first on CoinCentral.

Source: Coin Central

New York Regulator Issues BitLicense to NYDIG For Custody and Trading

new york taxi regulations bitcoin

New York State Department of Financial Services (NYDFS) has approved cryptocurrency-related company NYDIG’s application for a digital currency license and a money transmission license.


Bitcoin Custody Approved in New York State

The NYDFS has formally authorized cryptocurrency-related company NYDIG to offer secure custody as well as trade execution services for several virtual currencies including Bitcoin Cash, Ether, XRP, and Bitcoin.

With the newly issued BitLicense, the company is able to provide its customers with several custody options, which include engaging in self-custody, contracting NYDIG for custody services, or contracting a third party for custody services.

Notes Robert Gutmann, CEO at NYDIG:

NYDIG is pleased to receive these regulatory approvals and we look forward to providing secure and transparent liquidity, custodial and asset management services to the institutional market. We want to express our gratitude to the NYDFS for providing a clear and comprehensive regulatory framework for investors, providers and users alike to engage with the burgeoning digital asset ecosystem.

BitLicense’s Controversy

According to financial services Superintendent Maria T. Vullo, the NYDFS-issued BitLicense promotes innovation as well as a stronger fintech marketplace. Vullo:

As the financial services marketplace continues to expand and evolve in New York, the implementation of strong regulatory safeguards that encourage the responsible growth of the industry, while first and foremost protecting consumers remains critical. […] Today’s approval further demonstrates that operating within New York’s robust state regulatory system leads to a stronger fintech marketplace and promotes innovation and necessary compliance with effective risk-based controls.

However, BitLicense has taken more than one casualties throughout the years. The set of regulatory requirements was released back in 2014 and it caused the Bitcoin community to rise against it, as it seemed to have been particularly restrictive.

One of the first casualties of BitLicense was the largest Bitcoin peer-to-peer marketplace LocalBitcoins, which halted services in New York State as the law made it virtually a crime to sell cryptocurrencies to NY state citizens without having acquired the license.

BitLicence Commenting Period

What’s more, the man who spearheaded the BitLicense in 2015, Benjamin Lawsky, founded a virtual currency compliance consultancy firm after departing the NYDFS, has faced criticism for creating a conflict of interest, though Lawsky denied the accusations.

Does the BitLicense pose a barrier to startups or provide regulatory clarity? Let us know in the comments below!


Images courtesy of Shutterstock

The post New York Regulator Issues BitLicense to NYDIG For Custody and Trading appeared first on Bitcoinist.com.

Source: Bitcoininst

Isle of Man Updates Registration Rules for Cryptocurrency Businesses

Isle of Man Updates Registration Rules for Cryptocurrency Businesses

The financial regulator of the Isle of Man recently introduced changes to its policy governing the registration of companies in the cryptocurrency industry. The British Crown dependency in the Irish Sea is also tightening rules applicable to projects that conduct initial coin offerings (ICOs).

Also read: Vietnam at Crossroads on Cryptocurrency Regulations

Financial Authority Adopts Stricter Requirements

Cryptocurrency companies filing for registration under the the self-governing territory’s Designated Businesses Act 2015 will be required to meet two new criteria. The updated policy states that companies must have at least two directors who are residents of the island. In addition, registered entities must be managed and controlled from the Isle of Man.

The new rules are designed to improve the oversight of businesses involved in cryptocurrency-related activities, Mondaq reported. The Isle of Man Financial Services Authority (Iomfsa) believes that companies that are managed outside its jurisdiction or those that do not maintain a sufficient presence in the territory pose an “unacceptably high risk” of illegal activities such as money laundering or terrorist financing.

Isle of Man Updates Registration Rules for Cryptocurrency Businesses

“In order for the Iomfsa to be able to successfully undertake its statutory duty of overseeing compliance of designated businesses with the AML/CFT legislation, designated businesses must have sufficient real presence to facilitate oversight,” the regulator further explained.

The updated registration policy, which has been enforced since early October, also concerns the issuers of digital tokens. Iomfsa has made it clear that it would refuse to register businesses conducting ICOs unless they provide investors with a benefit other than the token itself. However, the regulator has not clearly defined the term “benefit,” nor has it clarified when the buyers of a token should receive it.

Europe’s Crypto-Friendly Destinations

The Isle of Man is among a growing number of European jurisdictions that are developing and implementing crypto-friendly legal frameworks. In September of last year, the British dependency announced “permissive” regulations tailored to encourage ICO projects and foster the growth of the industry built around them, as news.Bitcoin.com reported. The island authorities have also expressed their positive attitude toward other cryptocurrency and blockchain businesses.

Isle of Man Updates Registration Rules for Cryptocurrency BusinessesGibraltar, a British Overseas Territory located on the southern tip of the Iberian Peninsula, is another good example. Over the last few years, the local authorities have been trying to tap into crypto incomes and profits. In order to do that, they have adopted legislation designed to attract crypto companies. Gibraltar, which is known as a financial services and online gaming hub, became the first jurisdiction on the Old Continent to comprehensively regulate ICOs and digital ledger technologies, while protecting digital asset investors. A number of businesses in the space have already launched operations there.

Many cryptocurrency companies, including well-known names such as Binance and Okex, have also established offices in Malta. This year, the EU member state adopted new laws designed to introduce clear regulations for the island nation’s growing crypto industry. Countries such as Switzerland, home of the “Crypto Valley” in Zug, and neighboring Liechtenstein — where banks are readily providing services to fintech businesses — are also considered among the leading crypto-friendly destinations in Europe and beyond.

What are your thoughts about the updated cryptocurrency regulations on the Isle of Man? Tells us in the comments section below.


Images courtesy of Shutterstock.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

The post Isle of Man Updates Registration Rules for Cryptocurrency Businesses appeared first on Bitcoin News.

Source: Bitcoinnews.com

Ripple’s New Partner: CIMB Malaysia Join’s Ripple’s Cross-Border Payments

TL;DR

  • Malaysia based CIMB Group has announced a new partnership with Ripple.
  • The partnership will revolve around the use of Ripple’s xCurrent product, to improve and expand CIMB’s services in and beyond of ASEAN region.
  • However, this service agreement will not be using XRP cryptocurrency as of now.

Malaysia-based CIMB Group, which is one of the largest banking groups and money lenders in ASEAN (Association of Southeast Asian Nations) region, has just announced a new partnership with Ripple. The announcement states a strategic partnership between the parties while CIMB will get access to instant international payments, thanks to RippleNet.

Ripple and CIMB partner up

Ripple technology, in regards to cross-border payments, is sought after by numerous banks and financial institutions. Products like xCurrent and xRapid gained popularity lately as they allow nearly instant payment to be sent to any location where RippleNet exists.

Following CIMB’s new partnership, Ripple will add Malaysia to their growing list of countries. Simultaneously, CIMB Group will use Ripple technology in order to improve its SpeedSend service. This service is similar to Western Union’s, and it was launched in 2011.

However, while Ripple protocol is known for its association with its cryptocurrency XRP, its product xCurrent (which CIMB will be using) does not utilize the coin.

cimb_bank
CIMB Bank. Photo by Bloomberg

Payment services slowly approaching blockchain technology

The use of SpeedSend and similar services became quite popular due to their extended reach, quick service, and simplicity. CIMB will allow its customers to use this service to send money anywhere in Malaysia, as well as to all other locations where SpeedSend has a presence. Users will need to complete a simple form and present a verification ID in order to use the system.

CIMB Group’s CEO, Tengku Dato’ Sri Zafrul Aziz, had recently stated that the company is “delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities.” According to Aziz, “this new solution will completely revolutionize cross-border payments and remittances, while it will also help to improve CIMB’s quick and cost-effective solutions.”

Ripple’s CEO, Brad Garlinghouse, commented by saying that banks and other financial institutions have already developed an interest in blockchain and different solutions that it offers. Due to blockchain technology, all payments are cheaper, more transparent, and a lot faster than they have ever been. While CIMB’s network and service already include around 800 branches in 15 countries, integrating Ripple’s blockchain will allow them to establish their presence even stronger, and provide the best solutions in the entire ASEAN region.

The post Ripple’s New Partner: CIMB Malaysia Join’s Ripple’s Cross-Border Payments appeared first on CryptoPotato.

Source: Crypto Potato

The Daily: Coinbase Blesses Binance, Game Day for BCH

The Daily: Coinbase Blesses Binance, Game Day for BCH

It’s a big day for Bitcoin, though quite what flavor of Bitcoin remains to be seen. By the time the dust has settled on this historic Thursday, we should have an idea of which way the Bitcoin Cash hash war has swung. In this edition of The Daily, we round up the best tools for monitoring the fork as it happens and take a look at Ledger’s natty new range of hardware wallets.

Also read: Bitfinex Applies Fees, Bitmex Rejects Claims It Trades Against Customers

Bitcoin Cash Has Its Day of Reckoning

At around 11:40 a.m. EST the Bitcoin Cash (BCH) network will fork to become two. Quite what happens after that is anyone’s guess, although there have been plenty of attempts to predict the ways this hashpower battle could play out. Rather than add to the noise by speculating on whether Bitcoin ABC or Bitcoin SV will become the dominant chain, we’ll settle for linking to resources for where you can watch the drama unfold.

The Daily: Coinbase Blesses Binance, Game Day for BCH

Cash.coin.dance shows hashrate estimations for the competing BCH implementations, while Bitmex Research has created Forkmonitor.info. Click on the Bitcoin Cash tab at the top to see which BCH build is in front. We’ve also published a roundup of the key arguments from each side of the divide, plus a list of how numerous platforms and services are handling the fork. Whether you’re a BCH proponent, opponent, or merely a casual spectator, Nov. 15 promises to be a seismic day in Bitcoin history.

Coinbase Endorses Binance Listing

It’s not every day you log onto Twitter to find America’s largest exchange shilling the world’s largest one. That’s what happened, in a fashion, after Binance listed Circle’s USDC. Coinbase is part of the Centre Consortium behind the stablecoin, and has thus found itself tweeting its support of its great rival. The stablecoin will be listed on Nov. 17 and paired against USDC/BNB and USDC/BTC, taking the number of stablecoins on the platform to four.

Ledgers Are the New iPhones

Hardware wallet manufacturer Ledger has been perfecting the aesthetics of its devices with each iteration. Just when you thought the French manufacturer might be running out of ways to rethink the USB stick, it goes and releases another sleek version of its popular Nano S. A fortnight ago, Ledger released its White Paper Edition, which came with a miniature version of Satoshi Nakamoto’s seminal whitepaper to coincide with its 10th anniversary. Now it has followed this up with the release of half a dozen color options for the Nano S.

The Daily: Coinbase Blesses Binance, Game Day for BCH

While the move might sound like the slick marketing of a company trying to move more units, there is a kind of rationale behind the multicolored Nanos. The company explains: “When you are managing a wide range of assets, using multiple Ledger Nano S enables you to dedicate each one to specific applications. With different colors, you can now easily identify any of your Ledger Nano S.”  

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock and Cash.coin.dance.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Daily: Coinbase Blesses Binance, Game Day for BCH appeared first on Bitcoin News.

Source: Bitcoinnews.com

Such Hard Fork, Much Hot Air? Dogecoin Still Used 4X More Than Bitcoin Cash

dogecoin DOGE

Bitcoin Cash may be in the spotlight as cryptocurrency markets tumble, but some have already played down the altcoin’s importance – even compared to Dogecoin.


Much Ado About Forking Nothing

While commentators from social media pundits to mainstream media networks focus on the Bitcoin Cash (BCH) 00 hard fork to explain the sudden return of volatility to cryptoassets, the extent to which markets are overreacting may already be plain to see.

As data from Coinmetrics shows, for all the publicity, rumors and speculation generated by its hard fork, scheduled for November 15, Bitcoin Cash still processes less than half as many payment transactions as meme-themed DOGE 00.

The underperformance of BCH as a preferred method of payment is nothing new, Bitcoinist previously reporting on DOGE’s perennial popularity earlier this year. Note, the big spike in BCH transactions in September was due to a network stress test. 

BCH Bidding War Turns To Miners

In the hours leading up to the hard fork meanwhile, rhetoric from both within BCH’s two competing camps and outside the community continues to gather momentum.

While much is yet to be decided about how BCH will look after the fork, multiple rumors focus on how proponents of Bitcoin Cash ABC and Bitcoin Cash SV plan to gain enough mining power to stay afloat.

ABC’s Roger Ver plans to force his mining pool members to mine the ABC chain, a move which fellow supporter Jihan Wu could repeat for pools controlled by his Bitmain mining giant.

At the same time, confusion reigns over whether Wu will deploy thousands of extra mining rigs in order to boost ABC’s clout.

For Ver, Wu and SV’s Craig Wright, however, it appears to be business as usual.

“Just a reminder,” Wright wrote in one of many tweets over the past 24 hours about his rivals’ mining plans.

“If Jihan and Roger break their contracts and direct BTC miners of users to BCH for a day… We will help you start a long messy class action.

“No (socialists) telling you what your systems do[.]”

Wright further called John McAfee, who has weighed in on the situation himself, a “conman and a scammer.”

In a separate development, Bitmain has allegedly denied that Wu is unable to make executive decisions since a board reshuffle local media reported took place last week.

What do you think about the significance of Bitcoin Cash’s hard fork? Let us know in the comments below!


Images courtesy of Shutterstock

The post Such Hard Fork, Much Hot Air? Dogecoin Still Used 4X More Than Bitcoin Cash appeared first on Bitcoinist.com.

Source: Bitcoininst

TRON’s First Decentralized Exchange Goes Live

A new announcement made by TRON’s founder, Justin Sun, stated that TRON’s first decentralized exchange has just gone live. TRX Market mainly trades pairs including Tron and its Dapps.

Tron’s new TRX Market

The exchange is currently offering several trading pairs, including dice/TRX, ton/TRX, IGG/TRX, WIN/TRX, CryptoDivaFund/TRX, TWX/TRX, TronWatchMarket/TRX, SEED/TRX, CryptoGuyInZA/TRX, and CryptoChain/TRX. The above are Dapps on Tron; it will be interesting to see if the exchange will succeed regarding more high-volume pairs, such as ETH/TRX.

As of now, only numerous transactions of various sizes have made.

Decentralized exchanges: The future?

While most centralized exchanges can only be used by registered users (passed KYC/AML), the fact that they are centralized institutions is seen by many as a flaw of the crypto trading process. One of the primary keys of cryptocurrencies is to step away from centralized services, such as banks and other regulated financial institutions.

Even though the exchanges are almost equally as centralized, they were seen as necessary, at least for a while. However, many believe that decentralized exchanges are the future of crypto trading, and the logical next step on the road of reaching full decentralization. While they have their flaws, mostly related to speed, they tend to be much safer because they run on blockchain technology and the funds are not held by one institution.

While reaching full decentralization is a goal of many, DEXes (decentralized exchanges) are still somewhat rare and underdeveloped. It is because of this that TRON’s new achievement is praiseworthy, as Justin Sun and his team successfully made another move on their quest to decentralize the web.

Tron’s Price Decreases Together With Bitcoin

TRON has made a lot of headlines recently this includes breaking Ethereum’s record of daily trading volume. Tron’s dApps are creating high volumes.

Despite the latest news and along with the market sentiment, Tron’s value dropped by 12% over the past 24 hours, to a current market crash has left the price at $0.018 per coin.

The post TRON’s First Decentralized Exchange Goes Live appeared first on CryptoPotato.

Source: Crypto Potato

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its Customers

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its Customers

In recent cryptocurrency exchange news, Bitfinex has introduced new withdrawal fees, the CEO of Bitmex has refuted accusations that the exchange’s in-house trading desk trades against its customers, and Malta-based Bistraq Exchange has commenced operations.

Also Read: Stablecoins Fetch a Premium as BTC Hits Year Low 

Bitfinex to Charge 3% on Frequent Withdrawals

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its CustomersBitfinex has introduced a new fee on external wire requests that appears to be designed to reduce the frequency and size of fiat withdrawals. As of this week, the exchange will start charging 3 percent when its customers make more than two fiat withdrawals within a 30-day period. It will also charge a 3 percent fee when customers request “more than $1 million in aggregate in fiat withdrawals in any 30-day period.”

Bitfinex claimed that “regular withdrawals” will not be affected by the change, estimating that it will not impact “99 percent” of its customers. However, the exchange “may exempt customers from this charge in its sole discretion.”

The company also claimed that it “serves as the primary fiat gateway in the crypto ecosystem.” It added that it processed more than 700 withdrawals, worth more than $1 billion in total, over the last month alone. Despite the purportedly high number of withdrawals it said it has been handling, a quick glimpse at the exchange’s subreddit suggests that many of its customers are still waiting for their transactions to be processed.

Bitmex CEO Pushes Back Against Accusations

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its CustomersIn a recent interview with Yahoo Finance U.K., Arthur Hayes — the chief executive officer and co-founder of Bitmex — has sought to deny accusations that the company’s trading desk has traded against its customers. Referring to a Medium article that circulated throughout the cryptosphere last month, Hayes stated that Bitmex does not trade against its customers and does not provide “special access to anyone.”

He said that while Bitmex has a market-making desk, it exists solely to provide liquidity to the exchange’s order books. He added that the market-making desk is also “a customer,” claiming that it “is treated like any other account.”

Malta-Based Bistraq Exchange Starts Operations

Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its CustomersBistraq has commenced operations, becoming the latest exchange to operate under Malta’s Virtual Financial Asset (VFA) regulations. Angelo Jansen, the chief executive officer of Bistraq, said the company believes in “fair” cryptocurrency regulations. “That is the reason we obtained the VFA Licenses,” he added.

Currently, Bistraq supports BCH, ETH, LTC and BTC pairings, with plans to introduce more crypto-assets in the future. It also plans to eventually facilitate the trading of tokenized assets, with Jansen describing security tokens as “the next mega-trend in cryptocurrency.”

What do you think about Bitfinex’s hefty fees on large and frequent fiat withdrawals? Share your thoughts in the comments section below.


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bitfinex Introduces New Fees, Bitmex Rejects Claims It Trades Against Its Customers appeared first on Bitcoin News.

Source: Bitcoinnews.com

Bitcoin Technical Analysis: Bitcoin Cash Civil War Drives BTC to a 1-Year Low

Holy mackerel! Out of the blue, Bitcoin dropped to a new 12-month low with little notice. Anyone hoping for a Santa Claus rally had better drop to their knees and start the Hail Marys.


Market Overview

Today Bitcoin (BTC) 00 got nuked. In fact, the entire cryptocurrency market took a direct hit from a 50 megaton hydrogen bomb — and it looks like it’ll take a while for the smoke to clear. Novogratz was wrong, Tom Lee was wrong, everyone who thought $6,000 was the bottom was wrong. Analysts will probably spend the rest of the week attempting to determine the sources responsible for the turmoil.

Currently, the most digestible explanations suggest that the current sell-off was kicked off by a combination of $6,000 representing a stop loss trigger, as well as the current Bitcoin Cash hard fork exerting pressure on an already fragile Bitcoin price.

Today’s sharp correction took Bitcoin to a 12-month low and the market cap has now dropped below $100 billion for the first time since November 2017. The total cryptocurrency market cap also dropped below $200 million for the first time this year.

Weekly Chart

The weekly chart broke bearish after a lengthy series of sideways trading and any oversold bounce under $6,540 is just a lower high, meaning a nearly 15% bounce is needed to restore BTC 00 back to where it was yesterday. Fairly unlikely given the last 4 – 6 months of trading but as mentioned yesterday, with the upcoming Bitcoin Cash hard fork ANYTHING could happen.

The MACD made a bearish cross and the RSI has also broken from its persistent flatline and now dips toward oversold territory. A number of investors and analysts are attributing the current volatility to the BCH fork but it should be noted that Bitcoin frequently dipped below $6,200 and $6,100 and BTC’s inability to overcome overhead resistances highlighted an underlying weakness so while surprising, today’s dip below $6,000 seemed inevitable.

$4,500 and $3,000 are the next supports to watch and the market and its multitude of analysts will decide which prices in between this range will function as psychological supports and resistances.

4-Hour Chart

There’s not too much to say here that hasn’t already been said. The lack of resistances below the $6,200 – $6,100 zone allowed BTC to drop like a blade through butter and BTC price is now lower than it was on November 12 of 2017.

Traders might think twice about playing oversold bounces as bears are clearly in control and the current downtrend is still young. The RSI, Stoch, and MACD could easily become extremely oversold and given that a family feud over BCH might be fuelling the entire market downturn, analysis of charts may provide limited value for time being.

The wisest thing to do might be to watch from the sidelines and enjoy the free BCH-SV coins that will be earned by BCH holders. Alternatively, savvier traders might take note of the spread between USD and stablecoin (USDT, Paxos, TrueUSD) or the $300 Bitcoin 00 premium that exists between Bitfinex and Coinbase.

Bon Arbitrage Mes Amis!  

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for analysis are provided by TradingView.]

Why do you think Bitcoin dropped 15%? Share your thoughts below!


Images courtesy of Shutterstock, Trading View. Market data sourced from Bitfinex.

The post Bitcoin Technical Analysis: Bitcoin Cash Civil War Drives BTC to a 1-Year Low appeared first on Bitcoinist.com.

Source: Bitcoininst