Day: April 20, 2020

Bitnomial Has New Permission To Trade BTC Derivatives

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It’s becoming a little more common for exchanges to have the government’s blessing to trade BTC derivatives. Bitnomial Exchange is the latest to join this mostly private party, having received a so-called “order of designation” from the Commodity Futures Trading Commission (CFTC), granting it the status of a designated contract market. This means Bitnomial joins names like Bakkt, CME, LegerX, and CBOE — the few companies who are already trading these crypto derivatives. Bitcoin ETFs continue to be rejected by the SEC, but the CFTC lets some exchanges offer this…

Americans Purchase $1,200 Worth of Bitcoin, While 7 Banks Fumble With Stimulus Payments

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For years now, bitcoiners and cryptocurrency proponents have said the antiquated banking system will not continue to survive for very long and the financial system is showing massive cracks these days. The recent stimulus check fiasco is a prime example of the issue, as customers from PNC, JPMorgan Chase, US Bank, and Capital One have been complaining about technical issues. Moreover, circumstantial evidence shows that a decent number of people who got their stimulus money have spent the funds on cryptocurrencies. The Antiquated Banking System Struggles With People’s Stimulus Payments…

BABB Launches Cash-Out Fiat Gateways in 36 New Regions

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Crypto wallet banking and donation app BABB has announced on April 20 that they have incorporated a cash-out fiat gateway with GBP/EUR conversion in 36 countries in Europe. According to the official announcement, users can convert fiat currency (£/€) into BAX, which is the BABB’s native token, and then be sent without having to go through interbank networks, in addition to not carrying FX conversion fees. The tokens can then be converted to fiat and withdrawn to a bank account in 36 new countries in Europe, including Switzerland, Germany and the…

Oxford Law Says World Needs Crypto Regulation to Prevent Financial Meltdown

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The recent phenomenon of people moving their assets into crypto as a safe haven in responding to the financial crisis has drawn the attention of the academic world.  Per an Oxford University Law Faculty blog post from April 17, researchers have observed that crypto trading could pose a threat to traditional finance and it should be strictly regulated in the times of crisis to prevent systemic risk to the system.  Investors in cryptocurrencies respond to global crises Researchers say that as crypto transactions are decentralized and don’t rely on any…

Bitcoin Price Dives to $6,800, Leaving $40 Million in Longs Liquidated

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After managing to retake $7,200 on the weekend, Bitcoin tumbled lower on Monday morning, falling in tandem with global markets as the coronavirus continues to ravage economies. As of the time of this article’s writing, BTC is trading at $6,840 — just under 7% below the weekend’s highs of $7,300 and nearly 9% below the $7,470 highs seen two weeks back at the highs. The cryptocurrency is currently trying to hold $6,700-6,800, a key level as pointed out by many traders. Due to this latest bout of weakness, long positions…