400 Million Worth of Bitcoin DUMPED While SEC Gives Warnings AND Binance is Attacked!

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$400 Million Worth of Bitcoin DUMPED While SEC Gives Warnings AND Binance is Attacked!

The Bitcoin price showcased signs of escaping a bear market overheen the last few weeks, with a slow yet stable price rise above the $Ten,000 region and resistance being met just under the $12,000 mark…

However, within the last 24 hours, the price of Bitcoin and almost all other cryptocurrencies tumbled, with Bitcoin bottoming out te the $9,500 region (for now), triggering fear, confusion, and funk yet again te the cryptocurrency markets!

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The big question is why the markets buckled. There are a number of valid reasons, albeit some may seem more influential than others. Below, wij will take a look at the three most likely causes of the price pullback te the last 24 hours, spil well spil latest months (ter no particular order of relevance).

Trading cryptocurrencies is the latest method of making money te the cryptocurrency space, and popular instruments traders use to increase their exposure to the markets are trading bots.

To listig the trading bots with their respective exchange accounts, users have to use the API (Application Programming Interface) to integrate the bot and permit it to conduct the trades.

A hacker likely exploited a vulnerability ter a third-party application that relied strenuously on the API keys to control the Binance accounts, resulting ter users who use trading bots to lose funds.

It’s also worth noting that users who do not use the bot were unaffected by the attack.

The hackers placed a large number of orders for popular altcoin Viacoin, which spotted its market cap increase from $64 million to $159 million te a matter of minutes!

Binance is the fourth-largest exchange ter the world and has exploded te popularity te latest months, taking the attention away from other big exchanges, such spil Bittrex, Poloniex, and Losbreken.

Despite the misery and fear caused by the attack, Binance halted withdrawals and reversed any irregular trades, with the hacker’s lost coins going to charity.

With more attempts to steal users’ funds and details, exchanges may find authorities knocking at the voort te an attem pt to prevent bad actors from taking advantage.

SEC Wants Cryptocurrency Exchanges to Register!

Wij previously covered the latest SEC/CFTC hearing that wasgoed positive overall towards cryptocurrencies, but with more than 80 ICOs subpoenaed by the SEC alone, the announcement given yesterday wasgoed always expected by those with the capability to think several steps ahead.

According to the SEC’s official report titled “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets,” exchanges voorwaarde register with the SEC spil a “national securities exchange!”

Another problem that exchanges face is that they provide a podium for ICOs to be bought, sold, and traded on. The SEC looks at ICOs spil securities, meaning many of the fresh projects wij see launching te the space could be under the scrutiny of their department.

“A number of thesis platforms provide a mechanism for trading assets that meet the definition of a ‘security’ under the federal securities laws. If a toneel offers trading of digital assets that are securities and operates spil an ‘exchange,’ spil defined by the federal securities laws, then the toneel voorwaarde register with the SEC spil a national securities exchange or be exempt from registration.”

The statement further recommends investors to use registered platforms to benefit from the total protections suggested:

“To get the protections suggested by the federal securities laws and SEC oversight when trading digital assets that are securities, investors should use a toneelpodium or entity registered with the SEC, such spil a national securities exchange, alternative trading system (‘ATS’), or broker-dealer.”

Ultimately, it is not an attack on cryptocurrencies, but a proces to protect investors from bad actors and exchanges that may attempt to manipulate the market.

Mt Gox Trustee Dumps $400 Million of Bitcoin and Bitcoin Contant

Mt Gox wasgoed the flagship exchange ter the cryptocurrency space before closing down due to a theft of overheen 800,000 bitcoins ter early 2014.

Due to the cryptocurrency community being considerably smaller at the time of the attack, Mt Gox wasgoed responsible for overheen 70% of the transactions on the Bitcoin network. By going bankrupt, it triggered a bear market that lasted until late .

The events of Mt Gox still seem to be influencing the price of Bitcoin. Reports across the Internet keuze that the bankruptcy trustee of Mt Gox has bot selling an amount of up to $400 million of BTC and BCH ter the last two months.

Diligent users on Reddit and Twitter have posted their findings and evidence linking the sell-offs to the latest price dips. It’s also worth noting that this has bot ongoing since mid-December and has more of an influence on Bitcoin’s latest monthly price behavior, rather than the last few days.

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This would be a likely reason why Bitcoin has struggled to pauze the $12,000 resistance. It would be wise to expect further sell-offs overheen the short-term, and wij will keep you up to date on any further developments with this!

Spil wij have witnessed, the cryptocurrency markets can be “spooked” enormously lightly and sometimes be subjected to fake news or “trolling.” The best course of act is to take a zoomed-out perspective of this space while researching scrupulously.

Spil Bitcoin is at a crossroads inbetween a bull and bear trend, it is worth considering all potential contingencies before investing or trading, and only risk what you can afford to lose!

2 comments

  1. Yes its back. Its indeed funny when Macafee fudding that the exchange got hacked and Binance replying that it did not get hacked. LOL

  2. Yes, Binance is indeed back. I wasgoed laughing out noisy about John McAfee attempting to FUD some investors that this exchange wasgoed hacked after hours of delay, but the Binance proprietor proved that there wasgoed no hacked involved.

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