Venezuelan Investors File Lawsuit With US Court in Connection With $30M Crypto Fraud

A group of Venezuelans has filed a lawsuit with a Florida Federal Court in connection with a Ponzi scheme involving $30 million in cryptocurrency promoted by Canadian investment radio host Harold Seigel. Payment and commerce news outlet Pymnts.com reported today, July 16, that seven Venezuelans claim to have been lured into a $30 million worth digital currency Ponzi scheme conducted by companies such as Eagle Financial Diamond Group Inc. and Argyle Coin. The cryptocurrency involved into the fraud was reportedly pegged to diamonds. The frauds allegedly used raised funds to…

CZ Binance: Retail Investors are Steering The Crypto Price Rally

Contrary to popular belief, retail investors are still playing a major role in directing Bitcoin’s price action, thinks Binance CEO ChangPeng Zhao. He states that this growth is partly due to increased margin trading availability. This year’s crypto rally is most certainly proponed by the arrival of big institutions and tech companies as are Facebook, JPMorgan or Amazon. However, Changpeng Zhao, the CEO of Binance, the world’s largest online exchange thinks that individual investors are still playing a key role in driving the dramatic price booms. He said that institutions…

Bitcoin (BTC) Run is (Was) Driven by Retail Investors

Bitcoin Still Somewhat Retail-Driven Over the past few months, there has been a whole lot of talk about Bitcoin becoming the next trend for institutions. Like mom & pop investors fueled 2017’s monumental run, investors today expect institutional money, the “smart money”, to drive cryptocurrencies upward. Thus, a narrative has formed. “The herd is here“, some that abide by this narrative may say. According to Changpeng “CZ” Zhao, the beloved founder of Binance, this is not the case though. Speaking to Bloomberg for a recent interview, the Chinese-Canadian businessman suggested…

Angry Investors Burn down Bitcoin Ponzi Scheme Operator’s Home

Angry South African investors who lost millions of dollars in the now-defunct Bitcoin Ponzi scheme called “Bitcoin Wallets” have looted and burned down the house of Sphelele Sgumza Mbatha, the operator of the scam project, reports the Verge on July 12, 2019. Bitcoin Ponzi Scheme Creator Loses House to Mob Per sources close to the incident, gullible investors who pumped their hard earned money into a Bitcoin Ponzi scheme organized by a Ladysmith resident named Sphelele Sgumza Mbatha, have taken the law into their own hands by setting Mbatha’s property…

British Regulator FCA Prepares a Potential Ban of Crypto CFDs for Retail Investors

British financial watchdog, the Financial Conduct Authority (FCA), is preparing a potential ban on the sale of crypto derivatives to retail investors, according to an official document released on July 1. In the document, titled “Restricting contract for difference products sold to retail clients,” the FCA revealed that the regulator will soon publish a consultation paper (CP) on a potential ban on crypto derivatives such as bitcoin (BTC) futures and other crypto-related trading products. The FCA wrote: “We will shortly publish a CP on a potential ban on the sale…

Why Crypto Investors Are Paying Insane 2,000% Premiums on Ethereum

According to Charlie Bilello, an investor and a finance researcher, Ethereum is being traded with substantial premiums above spot value through Grayscale’s Ethereum Investment Trust (ETHE). Grayscale’s Ethereum Trust started trading last week. These are the premiums investors have paid above the net asset value of the Ethereum holdings…June 20: 1,059%June 21: 2,022%June 24: 347%June 25: 643%June 26: 408%Today: 312%Efficient Market Hypothesis be damned. pic.twitter.com/KMaJKB8ni6 — Charlie Bilello (@charliebilello) June 27, 2019 On June 24, Ethereum traded with a 2,022 percent premium at around $580 per share. Each share of…

Ledgerx Approved to Offer Regulated Bitcoin Derivatives to Retail Investors

The U.S. Commodity Futures Trading Commission has approved Ledgerx to offer physically-settled bitcoin spot and derivatives trading, previously available only to institutional investors, to retail investors of any size. Ledgerx explained that its new platform will share the same order book as the current institutional offering so plenty of liquidity is expected from day one. Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms New License From CFTC The Commodity Futures Trading Commission (CFTC) announced Tuesday that it has approved the application of Ledgerx as a Designated Contract Market (DCM),…

Bitcoin (BTC) At Feb 2018 Levels, Investors Readying For $15,000?

Bitcoin (BTC) rally, adds 23 percent Crypto awareness better than it was two years ago Presently, Bitcoin’s market cap exceeds $200 billion. These are levels last seen 17 months ago, revealing the strength of buyers. From the charts, BTC bulls are solid as buyers aim at $15,000, adding 23 percent week-to-date. Bitcoin Price Analysis Fundamentals It’s a milestone for Bitcoin. Trading at over $11,300, buyers are steadfast. However, beneath all this is BTC’s resilience. If anything, this has been a journey of pure grit and determination. After hitting rock bottom…

Bitcoin (BTC) Investors are FOMOing: Tether Sells Off, Stablecoins Flood to Exchanges

Bitcoin Triggers FOMO As you likely know, Bitcoin (BTC) has surged past $10,000. In a jaw-dropping move on Friday, the cryptocurrency rallied past key resistance levels in the $9,000s to surpass $10,000, reaching as high as $11,200 on Saturday morning. With this move, a number of prominent analysts, like Thomas Lee of Fundstrat fame, have suggested that what is known as “FOMO” (the fear of missing out) will return to crypto markets. As Lee put it best on Twitter, “[$10,000] will see FOMO from those who gloated about the 90%…

Bitcoin Rise May Appeal to Investors amidst Intensifying Geopolitical Risks

The bitcoin price has soared this week on the prospects of Fed rate cut, the Facebook coin, and uncertainty due to the US-China trade war. The world’s leading cryptocurrency rallied on Saturday, with its price flying past the $10,000 level for the first time since March 8 last year. Investors allegedly bid up bitcoin in expectations of more US dollar flowing into the markets. On Wednesday, Jerome Powell, the chairman of Federal Reserve, indicated that the US central bank would cut interest rates next month, prompting investors to take their money out…