Day: February 18, 2020

Chinese Exchange FCoin Closes Down, Still Owes Users $125 Million

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Zhang Jian, founder of Chinese crypto exchange Fcoin, revealed in a post earlier today that FCoin may not be able to pay the 7,000-13,000 BTC (that’s $67 million to $125 million) that it owes users.  According to Zhang, the exchange hasn’t been hacked and isn’t an exit scam. But evidence suggests it might be exactly that.  Zhang claims that the shutdown is the result of a series of internal data errors and decisions that are too complicated to explain:  “This is a problem that is a little too complicated to…

Bitcoin May Soon Go Near-Vertical, Ripping Past $10,000

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On Monday, for the third or fourth day in a row, the price of Bitcoin continued to correct lower. The cryptocurrency, at its worst on Monday, fell to $9,500 — just under 10% under the $10,500 peak seen the prior week. Despite the strong retracement, there have been a number of cryptocurrency investors and traders suggesting the recent move may actually be a precursor to an even greater thrust higher. One analysis, in fact, suggested that Bitcoin could soon rally surge past $10,000 yet again to establish a new multi-month…