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BTC bounce endingI am sounding like a bear lately... this move is ending, that one is ending blah blah. Red box was my prediction for the end of the 5 waves up since the 15th. It was done near the end of the move and my orders filled near the top of it. Ok that's a win. I didn't expect BTC to then only retrace between the 0.236 and 0.382 fib levels. I saw a bounce coming and bought ETH below $100 today for a quick 6-7% (so far). Because I have become accustomed to multiple zig-zag deep corrections in 2018 I didn't buy in as much as I should and only used 30% of the amount I used on the recent week-long bull move by BTC. Anyway, I'll take it. Actually after a year of more losses than wins in crypto I appreciate ANY gains... that aren't negative gains. So what's my point? I'm taking profit because this may be an expanded flat but also based on my (highly speculative post recently) that the 15th to 19th of Dec gains were actually just wave 1 of a larger correction to retrace a much larger proportion of recent declines. So, wave 2 normally retraces deeply (0.5 to 0.786 levels are normal) and I don't buy it that we are ready to go again after such a small sell-off. Still, it might be the Christmas rush - so anything can happen. Very interested to see where this goes. My money is on bull-trap (for the short-term) before a larger rally. Protect those funds and thanks for viewing.
by flyinkiwi10
BTC ending impulse move and short entryThank for viewing, Just a quick one to note that the present impulse move seems to be drawing to a close. The red box represents the area where I will be exiting - I don't imagine much will be left on the table. I didn't go long on BTC but went long on ADA, ETH, and XRP a few days ago, and managed to nab most of this move (so far). But, when big daddy BTC corrects, so will everything else. Don't call me a bear, bears don't go long. This isn't FUD. After exiting, I will be looking for a new entry point as I believe the impulse move (from $3200 to present) may only be the first move of a strong wave C correction that will retrace a significant portion of the price drop since mid November. While this bounce is good to see, I would expect bigger bounce is called for as the shorts get liquidated. I am not shorting BTC - except in a paper trade on Think or Swim (the re box will be my short order laddering zone). Preserve those funds and enjoy.
Short
by flyinkiwi10
BTC possible bullish bounce - HIGHLY SPECULATIVEThanks for viewing. There are reasons to expect a bounce a bit bigger than the impressive (but relatively small) bounce so far. The biggest reason is that the retracement of the dramatic decline since mid-November has been rather insignificant. Also, the volume is back - people are starting to get interested again, The red box represents where I will be exiting (my recently bought altcoin holdings in XRP, ADA, and ETH) in the hopes of re-buying significantly lower (the end of the move is based on my Elliot Wave count - we should stop at or around $3900. I then charted a 0.618 retracement before the larger degree wave 3 starts. Highly tentative target of $5400+ if everything pans out (for a 0.5 fib retracement of the price decline - which could be way more or way less). Protect those funds and good luck.
Long
by flyinkiwi10
1
Bitcoin Almanac 2018-2020Hey guys! This is what I think might happen from 2018 to 2020. I believe Bitcoin may touch down on the critical trend lines as seen in the chart, sometime in late December or the beginning of 2019. From now until that happens, I think we'll just see sideways action from Bitcoin, with Altcoins increasing in value. As we can see, volume is also reducing, further drawing the point of sideways action til Bitcoin touches down on the major trend line. Good luck, and Remember, Patience is paramount!
BITFINEX:BTCUSDLong
by PatienceIsParamount
1
BTC USD Breakout or breakdown? BTC is situated into a falling wedge from 28 april 2018.This Falling wedge is a reversal pattern so in the final we will have a breakout!. If we are watching this chart in 4 may 2018 they made a TOP at 99xx and after they made lower highs like: -30 july 8300$, -4 sept 7400$ -16 oct 68xx$ When the market makes lower highs it s a clear sign of bearish. What about indicators? -Stoch:we have a bearish divergence here at 3D timeframe becouse the bull line is below orange line -RSI:neutral -MACD:it s a little intresting becouse MACD is still growing slowly but the price didn t move(bearish sign),last time when MACD was here the price are above 8300$ and also is sub neutral zone(0) which also confirm bearish. -We are near resistance line of this falling wedge and above we have ichimoku cloud which is also a strong resistance at 3D timeframe -Volume is less ,with this volume i m sure 100% we can t breakout -CME(bullish) contracts expire in 3 days(26 oct) and after once again will be turned bearish -BAKKT is postponed to 12 december(i think we need to touch 4,8k in this case we don t need bullish movements/news in market) We are near to a big movement personally i don t make trades on bitmex now just i m waiting..it s really gamble at the moment becouse can be a shakeout to 7400$ to hit ichimoku resistance and after will be the capitulate phase which made part of every market cycle IF WE DON T BROKE 7450$ WE ARE BEARISH KEEP THIS IN MIND,don t forget we need to capitulate,but when??? 3D resistance: -6856$ -7200-7888$ ichimoku resistance -7395$ -7684$ -8300$ 3D supports: -6256 -6037 -5768 -5525 -5078
BITFINEX:BTCUSD
by CryptoRomaniaTD
Cheshire growthGreetings from Benice team! Bitcoin's price increase impresses with its ability to appear and disappear at the most unpredictable moment, leaving only a smile or disappointment behind. Currently, the market has turned green, and this is good news. The current situation is as follows: The SEC postponed the decision on the ETF's fate for an indefinite period, which caused a wave of positivity. The market often sets up negative scenarios in advance and plays them out in the opposite direction to the news. So, we see now that the wind of hope has reached the market, and it can be a predecessor of a serious correction from the general 2018 trend. Technically, we'll be able to talk about the reversal of the general trend only after the Bitcoin price settles above 7500. The price of 7200 may be the goal of the current impulse move. This level is a cross-target of several patterns. The 200-period moving average and the 22-period upper Bollinger line are situated at this level. At the same time, the 50-day moving average has already been crossed. The boundary of the descending channel also passes through this level, and a break thereto is very probable, especially since it does not contradict the global descending movement, and even, on the contrary, it will complete the picture pegging the boundary of the channel. Let's hope for the best, but we need to be prepared for the worst. This scenario assumes a breakdown from the boundary of the descending channel and a further dip to the main support levels. These are 5800, 5380 and, if it comes to the worst, 4800. Those who are in a long position, are recommended to place stop losses based on 4-hour chart low. We regularly update recommendations on this tool under the review. Subscribe and follow updates of the idea.
Long
by benice_trader
3
BTC is at the tip of the Iceberg | What you need to know!We are reaching to the end of the wedge , here we expect a breakout . In these kind of situations professional traders would not open positions but instead observe the direction of the momentum change, to be on the safe side. We recommend the same thing. The red lines correspond to the wedge, take your positions according to which side BTC will choose to breakout. The blue lines and 50-100-200 MAs are resistances if we go upwards, supports if we go downwards. Open positions partially and smartly. Distribute your risk and look always at the risk reward ratio. Stay calm, play smart! Cryptocholics out, Peace out...
BITFINEX:BTCUSD
by KaptanFantastik
2
Bitcoin Today: different opinionsPrice Correctional movement proceeds, yesterday growth did not manage to reach 6600 resistance, turned around on the 6550 mark and fell to the 6450. The volatility decreases, which talks about uncertainty in the market. Near-term boundaries are 6550 and 6450 levels, without any significant events today the price will probably proceed inside this channel. 6600 – 7000 zone is a major resistance, so to consider any long-term bullish developments we need to break above the 7000 point. From the downside: a fall below 6350 will cancel the latest turnaround pattern and send the price to test the main support zone 5750 – 6250. Today forecast Trading in the 6350 - 6600 zone. Breakthrough below 6350 – bearish sign. Two opinions Mike Novogratz (Digital Galaxy founder) Novogratz thinks that bitcoin already found a bottom and now the cryptocurrency is poised for major growth. "You're seeing now institutions moving in," the founder and CEO of Galaxy Digital told CNN international correspondent Paula Newton on CNNMoney's "Markets Now" on Wednesday. Novogratz pointed out that exchanges and big companies are starting to take the cryptocurrency more seriously. "Starbucks and Microsoft'll allow you to use bitcoin," he said. "As you see more adoption of just people being comfortable with it, it feels like it's going to go up." Novogratz thinks the cryptocurrency hit bottom earlier this month. He predicts bitcoin will rally 30% by the end of the year. And in the first quarter of next year, "you'll really start seeing it move." Jani Ziedins (retired trader and writer of the Cracked.Market blog) As digital currency owners tout the resilience of bitcoin’s support at $6,000, the analyst believes the tenuous psychological level could soon disintegrate, noting the evidence isn’t in the support, but the weakness of every subsequent rally. “While we held $6k support firmly for nearly six months, every bounce has been getting lower,” Market technicians tend to view assets as remaining in bearish, or neutral, trend if prices fail to post higher highs. “First, we bounced to $17k. Then it was $12k. $10k came next. After that $8.5k. Earlier this month it was $7.5k and this weekend we stalled $6.8k. At this point, it is only a matter of time before we tumble under $6k support,” he said. Bitcoin is down 53% year-to-date and 67% from its all-time high achieved last December.
BITFINEX:BTCUSD
by DestinationMoonCrypto
6
Bitcoin Today: Mt.Gox sells againPrice Yesterday's drop reacted on the Bearish Trend Line and now fluctuates around it. The turnaround of the bearish trend at the 6350 level, talks in favor of bullish moods, the price holding above the Bearish Trend Line will also add to the bullish picture. Still, the main factor to consider any bullish predictions is a comeback above 6800. The nearest support line is 6350, and below it, we will have a long-term supportive zone 5750 – 6250. Today forecast Trading in the 6250 - 6600 zone. Latest news Google to resume cryptocurrency advertising in October The search engine has agreed to allow cryptocurrencies to once more advertise on Google. Starting next month, regulated crypto exchanges will be allowed to purchase ads in the US and Japan. The ban on advertising crypto came in March during a spate of high-profile initial coin offerings alongside other cryptocurrency activity which caused issues in identifying between fraudulent or legitimate ventures. Mt.Gox sells again Since March, after the last meeting with Mt.Gox creditors, until June, the trustee of the bankrupt exchange, Nobuaki Kobayashi, withdrew Bitcoin and Bitcoin Cash on 25.98 billion yen ($ 230 million) from the platform. Information about this appeared on the company's website on September 25 (Yesterday). The site does not specify the exact dates of selling and the mechanism that was used for this. It is known that Kobayashi decided to liquidate the funds after consulting with the court and experts. In total for this period, Kobayashi sold 24,658 BTC and 25,331 Bitcoin Cash. After the liquidation, about 70 059 million yen (approximately $ 620 million) remained on the account of the stock exchange. Also, the trustee created a trust with the Japanese bank Sumitomo Mitsui to protect the interests of creditors who filed applications under the bankruptcy procedure. The value of assets under the management of the trust exceeds 15 billion yen (about $ 133 million). In total, as part of the bankruptcy procedure, investors must receive 17 billion yen ($ 150 million) in a fiat currency. Other creditors will receive the money due to them in the cryptocurrency in the process of civil rehabilitation. Earlier, the trustee of Mt.Gox sold Bitcoins and Bitcoin Cash on $ 406 million. Then the community accused Kobayashi that he acted irresponsibly against other market participants and dropped the price of bitcoin. Later, lawyers denied the accusation.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC postpones againPrice And we are back in the 6250 – 6600 zone. Not managing to hold on to the 6600 level BTCUSD breaks it and falls back to the Bearish Trend Line at the end of the Monday. There was a short reaction on the Trend Line, but selling pressure took over again and the fall continues at the time of writing. The next support on the way down is 6250 level. Obviously, this sell-off cancels scenario of the beginning of the turnaround and bullish formation and continues stagnating lateral period. For now, we are not looking for any bullish signs, we are waiting while the price will settle and stop the falling. Today forecast Trading in the 6250 - 6600 zone. Breakthrough below 6250 – bearish sign. Latest news SEC postpones decision on VanEck-SolidX Bitcoin ETF until December 29th The U.S. Securities and Exchange Commission (SEC) has announced one more adjournment on the VanEck-SolidX Bitcoin ETF application. The new deadline for the decision will be on December 29th, 2018. In a post on its site on 20 June, the SEC originally stated that the Cboe BZX Exchange (BZX) had registered with the SEC, “a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust”. The commission then had 45 days from this date to reach a verdict but, presumably recognized the complexity of the issue and declared another extension leaving it until 30 September 2018. With this deadline approaching SEC decided today to once more prolong the process by declaring that a new deadline would be set for the end of the year. The commission will make another decision by 29 December 2018 on how to proceed. It could then postpone the deadline for the last time on an additional 60 days, putting off the issue until 27 February 2019. The last hearing on RBI virtual ban on cryptocurrency exchanges will be held today For almost a year a rivalry between RBI and cryptocurrency exchanges in India has continued. India is potentially one of the biggest new markets for cryptocurrencies, so a legal ban on cryptocurrency exchanges in India could have a dramatic impact on BTC price. In April this year, the RBI had asked regulated entities to not get involved with cryptocurrency traders, firms, or individuals, imposing a virtual ban. The RBI decision was challenged by cryptocurrency exchanges in the Supreme Court. On September 12, RBI once again reiterated that cryptocurrencies cannot be considered valid currency or money under the existing legal system. The hearing was postponed as many of the respondents, except for the RBI, were not able to file their responses. The Supreme Court will hear final arguments on petitions challenging the virtual ban imposed by the Reserve Bank of India (RBI) on cryptocurrency exchanges today.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: Argentine crisis pushes Bitcoin up?Price Bitcoin spent weekends in a lateral manner, after peaking at the 6800 high on Friday. The Friday rally ended the two-weeks long correctional movement, which was going near the year minimum at 5750, and brought the price one step closer to the establishment of the turnaround pattern. Resistance at 7000, which also coincides with the 100-days EMA, is the final step for changing the pattern from correction of the downward movement to turnaround formation, so do not expect an easy breakthrough above 7000. From the downside, level 6600 should stay strong to support a bullish scenario. For now, we expect trading inside the 6600 – 6800 zone. Today forecast Trading in the 6600 - 6800 zone. Breakthrough below 6600 – bearish sign. Latest news Argentina drives Bitcoin up? Argentina is once again undergoing a severe economic crisis. In April 2018, the peso started plunging against the dollar at an unexpected speed. Most economists agree that the devaluation of the peso is due to investors’ doubts about the government’s ability to contain its unrelenting inflation and to minimize the effects of the U.S. Federal Reserve interest rate increases, which have strengthened the dollar all over the world. The economic crises in Argentina are driving investors and ordinary people to use Bitcoin as a safe haven. The demand for the digital asset is leading to the increasing volume and bullish trend that commenced towards the end of last week. In this regard, economist and mathematician D.H. Taylor writes, “Argentinians are moving in large numbers out of their peso and into a more stable currency, BTC. The numbers being witnessed by the markets in BTC are surging from Argentina.” And he adds, “The stability being offered by the digital currency is far greater than the peso and Argentinians are moving in quickly.” The weekly volume of the Bitcoin purchases in Argentina has grown to the 5 - 7 million dollars zone during the last weeks. So far, the attempts of the government to stabilize the currency have not led to tangible results. As a result, according to Taylor, the Central Bank is exploring the possibility of diversifying into Bitcoin, “The biggest solution is Bitcoin or BTC-USD and, according to the data, Argentinians are buying large amounts. At the same time, the Argentinian Central Bank is considering diversifying their currency reserves into BTC.” Argentina Central Bank has already eased regulations regarding Bitcoin ATMs in the country. On September 19, 2018, Athena Bitcoin installed the first ATM designed to exchange the cryptocurrency in a mall, auguring that these machines will soon cover whole Buenos Aires. According to Matias Goldenhorn, Athena Bitcoin Director for Latin America, 12 ATMs will soon be installed in the capital city. These units will operate with Bitcoin as well as other cryptocurrencies such as Litecoin, Ethereum, and Bitcoin Cash. On the other hand, a variety of merchants are already accepting Bitcoin as payment. Taylor also highlights that “8,000 new Bitcoin pay stations are in convenience stores in Argentina.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC delays, but market growthPrice Yesterday, despite the new statement from SEC about delaying the SolidX Van Eck Bitcoin ETF decision again, after short fluctuations at the 6400 level bitcoin found a support and went upwards accompanied by a rise in volumes. At the end of the yesterday, BTCUSD reached 6600 level, and today already broke above Bearish Trend Line. On the way up the price will meet an important resistance level 7000, which coincides with the 100-days EAM at this point. A breakthrough above 7000 will be a major turnaround signal, until then an entering the long positions stays a risky business. For now, the most important for the bullish trend is to hold above 6600 level. High volatility and buying volumes in this area will be a sign of readiness to test 7000. Comeback below 6600 would be a bullish sign. Today forecast Trading in the 6600 - 7000 zone. Latest news SEC delaying ETF decision from until February of 2019 The SEC has published an official statement saying that it is postponing its decision on the approval of the CBOE’s application to be able to trade shares of the SolidX Van Eck Bitcoin ETF (Exchange Traded Fund.) Following initial delays, a decision was expected by September 30th; now, a decision isn’t expected until February of 2019. “Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change,” an official statement by the Commission reads. “Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.” The SEC also said that it is seeking public opinions and information from the public in order to inform its decision and that it had received more than 1400 letters about the matter so far. In general, people's reaction can be characterized as follows: Delays are some sort of a sign that the SEC is slowly warming up to the idea of a Bitcoin ETF. For now, delays are more promising that outright denials, of which there have been many. “Being delayed was a best-case scenario. It was never going to be approved,” – Reddit user anti09 A critical vulnerability in Bitcoin Core, that threatened the bitcoin network for two years, is eliminated On Tuesday, September 18, an unscheduled release of the Bitcoin Core client under version 0.16.3 took place, the release eliminated a critical vulnerability that threatened the DOS attack on the network. The exploitation of the bug was, however, not an easy task, and fortunately, no one took advantage of them. As stated in the accompanying comments of Bitcoin Core developers, the vulnerability was exploited by the user who wished to remain anonymous. The exploitation of the bug, which was called CVE-2018-1744, allowed an attacker to disrupt almost 90% of the nodes, and only 12.5 BTC would be required to carry out the attack - the size of the reward currently received by the miners for the block. Built-in Bitcoin Core Fast Internet Bitcoin Relay Engine (FIBRE) engine would also contribute to the attack. The Optech mailing list explains that the bug CVE-2018-17144 appeared in the Bitcoin Core 0.14.0 release, which was released in November 2016, and affected all subsequent versions up to 0.16.2. Its exploitation allowed to disrupt the network when trying to validate a block containing a transaction that tries to double-spend the input. Such block would be invalid and could only be created by miners willing to give up the loss of a reward of 12.5 BTC (about $ 80,000 at the current rate). It is worth noting that this vulnerability was the result of the so-called human factor, and responsibility is on those developers who approved the corresponding code change. Among them were, for example, Gregory Maxwell, Vladimir van der Laan, and Matt Corallo. For now, there were no statements from the Bitcoin Core developers, as to whether any analysis of the incident will be conducted and whether a public report on the causes of the incident will be made and how to avoid the recurrence of such cases in the future.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Zaif hack and futures closurePrice Wednesday was rich in events. To the closure of the CBOE futures contracts news about the hack of the Japanese exchange Zaif($60 million in digital assets, including Bitcoins, Bitcoin Cash, and MonaCoin was stolen) was added causing a flash sell-off, which, nonetheless, did not cause any change in the overall tendency. The sell-off happened at 17:00 UTC on Wednesday and brought the price to the low at 6100, where the price found a strong support and went upwards reaching as high as 6500. After the shake-up the BTCUSD course has stabilized at the 6400 mark. Overall picture stays the same as yesterday: lateral movement inside 6100 – 6600 until the meeting with the Bearish Trend Line, which should occur during the nearest days. Today forecast Trading in the 6100 - 6600 zone. Latest news Zaif hack In the evening on Wednesday, September 19, the price of bitcoin for a short period of time first fell to $ 6,100, and then swiftly went up, exceeding the $ 6500 mark. An unusual pattern in the market was accompanied by reports about the hacking of the Japanese stock exchange Zaif. “Just reported in Japan: Japanese Exchange Zaif hacked, 5966 BTC (37million USD) stolen from hot wallet (stolen 5 days ago, and just reported now!). BCH and MONA also potentially stolen.” - @kaykurokawa In additional tweets, Kurokawa said that the cost of damage is estimated at $ 60 million. At the same time, two-thirds of the stolen coins were investors' funds, the rest belonged to the stock exchange. The exact number of missing BCH and MONA coins remains unknown. According to the Kay Kurokawa, the exchange took four days to detect a hack. “It took them 4 days to notice the hack. The fact that they do not know the missing amount of #BCH and #MONA is another sign of their complete operational incompetence. Is Mark Karpeles @MagicalTux running this place?” - @kaykurokawa In the meantime, Zaif released a post in which the fact of hacking is confirmed. At the same time, unusual activity began on September 14. Also, the exchange representatives are talking about stopping withdrawal of funds and taking deposits. Despite the fact that the news about Zaif hacking led to a sharp decrease in the price of bitcoin, after just 10 minutes it quickly went up. This time, one of the reasons seems to be the purchase of 5 million market contracts XBTUSD at $ 6469.2 at the BitMEX exchange. “ BitMEX XBTUSD 5,000,000 contracts market bought at 6,469.2 with 3.2 slippage” - @BitmexWhale
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: US Exchanges could get in trouble?Price The price gradually climbs to the another-one Bearish Trend Line, drawn through the overall peak (20000) and recent turnaround point on September 18. Meeting with this line could add volatility to the market and possibly bring the price to new levels. The price still reacts on the support zone below 6250, so proceeds lateral movement in 6250 – 6100 channel. As said higher, in the absence of strong fundamental drivers we expect such manner of movement until the meeting with the Bearish Trend Line, which should be seen during the next days. Boundaries stay the same today, 6100 from below and 6600 from above. Today forecast Trading in the 6100 - 6600 zone. Breakthrough below 6100 will target the 5750 support. Latest news The Attorney General of New York declares: Three crypto-exchanges can work illegally in the state On September 18, a 42-page report of the Attorney General of New York, Barbara Underwood, about the work of crypto-exchange exchanges was published. According to the New York Times and Bloomberg, the report says that several crypto exchanges are subject to conflicts of interest, and their clients have lower guarantees than traditional financial markets and may be victims of market manipulation. "As our report details, many virtual currency platforms lack the necessary policies and procedures to ensure the fairness, integrity, and security of their exchanges," Attorney General Barbara Underwood said in a statement. In this regard, the Attorney General asked the New York City Financial Services Department (NYDFS) to check whether there could be cases if illegal activities in case of three crypto exchanges. In April 2018, the Prosecutor General's Office sent 13 crypto-exchange platforms notifications, in which they asked them to voluntarily provide information on their activities. Then four addressees refused to cooperate, saying that they do not work in New York. The names of three of them are known: Binance, Kraken, and Gate.io. Apparently, this is the ones that the Prosecutor General's Office notified NYDFS. The study also found that "trading platforms lack a consistent and transparent approach to independently auditing the virtual currency purportedly in their possession", making it "difficult or impossible" to confirm that the exchanges are responsibly holding customer accounts. The attorney general's report detailed how some of these platforms conduct overlapping lines of business that present "serious conflicts of interest", including trading for their own account on their own venues. Some platforms also issue their own virtual currencies or charge companies to list their tokens. For now, none of the exchanges commented on the report.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Korean exchanges demand verificationsPrice Yesterday 6400 level was squashed by massive sell orders which brought the price to the lower bottom of the channel. The downward movement did not manage to renew last-week lows at 6100, the fall stopped at the 6200 level and now the price hangs above 6250. The overall picture has not changed, the bitcoin still moving in the lateral channel, inside the bounds of 6100 – 6600. The main support, for now, is 6100 level, breakthrough below this level will send price to the yearly low at 5750. From above we have local resistance 6600, but still, to consider any bullish developments we will need to see a confident break above 7000. Today forecast Trading in the 6100 - 6600 zone. Breakthrough below 6100 will target the 5750 support. Latest news South Korean bitcoin-exchanges will close fiat withdrawals for unverified traders A week ago, markets were stoned by the news that Korean banks will limit the service of unverified users of crypto-instruments. The first steps in this field make the largest Korean exchanges. In October Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports. For corporate participants, the possibility of withdrawing fiat currencies from Bithumb will be discontinued on October. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to meet the requirements of the Korean anti-money laundering policy. Representatives of the exchange clarified that the limitation concerns only the fiat funds, cryptocurrency transactions, and withdrawals will not be affected. The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms. However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone, and Korbit. Moreover, despite the efforts of the government, banks and the stock exchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the stock exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy. A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw fiat after October 15. Upbit and Korbit, which do not use Nonghyup Bank, have not announced that they will stop providing Korean won withdrawal service to unverified users yet.
BITFINEX:BTCUSD
by DestinationMoonCrypto