Bitcoin Price Crashes to $6,400 Triggered by Massive $35 Million Sell Order

By CCN: On May 17, within minutes, the bitcoin price plummeted from around $7,800 to $6,400 in a flash crash, recording an unexpected 18 percent drop. The bitcoin price briefly plunges to $6,400, recovers swiftly (source: coinmarketcap.com) The sudden decline in the bitcoin price led the valuation of the crypto market to plunge from $257 billion to $225 billion, by more than $32 billion in less than 24 hours. What triggered the sudden bitcoin price drop? According to researchers and investors including Su Zhu, the CEO at Three Arrows Capital,…

Tether, Bitfinex Request Lessening of Cash Use Restrictions Imposed by Injunction Order

Lawyers for parent firm iFinex Inc., Bitfinex, USD stablecoin issuer Tether and affiliated entities have submitted a letter to Justice Joel M. Cohen on May 13 asking for more leniency in the use of cash restrictions imposed by last month’s injunction. On April 24, the office of the Office of the New York Attorney General (NY OAG) had accused Bitfinex of losing $850 million of funds needed for user redemptions, and subsequently using capital from affiliated firm Tether to secretly cover the shortfall. Last week, Cohen had noted that the…

Former CFTC Chair Gary Gensler Says Crypto Market Needs Regulation in Order to Grow

Former chairman of the Commodity Futures Trading Commission (CFTC) Gary Gensler said that the cryptocurrency market needs regulation in order to grow, because consumers must be protected. Gensler shared his views with Cointelegraph at the Business of Blockchain event at the Massachusetts Institute of Technology on May 2. Speaking about the perspective on such services and products as custody and bitcoin (BTC) exchange-traded funds (ETFs), Gensler argued that for the market to prosper and potentially grow, investors should know that they have both investor and consumer protection embodied in the…

Texas Regulator Issues Cease and Desist Order to Crypto Investment Firm FxBitGlobe

An official notice from Texas State Securities Board, dated April 9, shows that the regulator has issued an emergency cease and desist order against cryptocurrency and foreign currency trading platform FxBitGlobe. According to the order, the firm, which markets itself as an investment company, reportedly published forged government documents, used a fake address and falsely claimed to be a registered broker-dealer. The document points out that the service offers multiple investment plan tiers — with the highest tier accepting $50,000 or more — payable in fiat money and cryptocurrency. The…

Yes, Bitcoin (BTC) Whales Are In, a $100.3 Million Buy Order is Just the Beginning

Bitcoin price up 26 percent Surge because of a 20,000 BTC single buy order The crypto market is raving, posting double-digit gains and poised for now thanks to a $100 million, single buy order trigger identified by blockchain sleuths. Because of favorable candlestick arrangement, Bitcoin is likely to edge higher but could first correct to $4,500—700 zone before trend continuation. Bitcoin Price Analysis Fundamentals Good news is Bitcoin (BTC) is up 26 percent in the last week, hauling periphery altcoins. Thus far, it is an impressive performance and despite all…

Bitcoin Price Jumps 20% Amid Mysterious 20,000 BTC Order

Bitcoin price is still on the rise. Yesterday we wrote about possible reasons of its surge. What is true is that certain algorithmic trades had kicked in after it reached this higher level. It comes after a massive slump for the cryptocurrency market last year. At the time of writing, Bitcoin kept rising for 6.24% to $4.949 according to CoinMarketCap and analysts are expecting it to run past $6000. It seems that yesterday, roughly $10 billion was injected into the cryptocurrency’s market cap in under two hours with industry experts failing…

Previously Hacked Gatecoin Exchange Receives Liquidation Order Following Banking Problems

Gatecoin, a crypto exchange that was hacked in May 2016, has announced on March 13 that it has received a winding up (compulsory liquidation) order from an unspecified court. The company wrote that Gatecoin will have to cease operation with immediate effect, noting that the exchange will assist in the liquidation process in order to distribute assets to the creditors. The Hong Kong-based exchange had suffered a major hack back in May 2016, with around $2 million in cryptocurrencies lost after the firm reported a security breach that gave hackers…

Italian Financial Regulator Issues Cease and Desist Order to Crypto-Related Project

The financial regulator of Italy has barred a cryptocurrency-related project from operations for the provision of allegedly unauthorized investment services, according to an official statement published Dec. 14. Founded in 1974, the Italian National Commission for Companies and the Stock Exchange — or Commissione Nazionale per le Società e la Borsa (CONSOB) — is the government authority of Italy responsible for regulating the Italian securities market. The company prohibited by the CONSOB, Avacrypto, allegedly offered its services to the Italian public without the required authorization, including operating through the website…

US SEC Fines Delaware-Based Digital Asset Fund and Issues Cease and Desist Order

The United States Securities and Exchange Commission (SEC) has issued a cease and desist order against CoinAlpha Advisors LLC in addition to ordering a $50,000 penalty, according to a filing published Dec. 7. Delaware-registered CoinAlpha Advisors LLC was reportedly established in July 2017 to act as the managing member of and manager to fund CoinAlpha Falcon LP, which was formed in October 2017. By May 2018, the fund had allegedly raised over $600,000 from 22 investors from at least five states, which purchased limited partnership interests in the fund in…

cease and desist order; UBPC is found to be operating fraudulently

A crypto company posing as a Liechtenstein-based Union Bank AG initiative is in the spotlight in North Dakota for fraud. According to the North Dakota Securities Department, it issued a cease and desist order for Union Bank Payment Coin. Cease and desist order for fraud In particular, the order targets the entity’s officers, directors, agents, and employees. The Securities department found Union Bank Payment Coin (UBPC) culpable for fraud. The entity promoted unregistered securities that were potentially fraudulent. According to Karen Tyler, North Dakota Securities Commissioner, the action is a…