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Basic Attention Token surges by over 6% as Ad Launch nears

The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT]. The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance. Source: CoinMarketCap BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour. Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla, “They are about to launch ads this month hence the pump.” BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair. The post Basic Attention Token surges by over 6% as Ad Launch nears appeared first on AMBCrypto.
AMBCrypto

Basic Attention Token [BAT] pumps by 4%; Tezos [XTZ] registers 3% hike in an hour

The cryptocurrency market was kind to most top coins as the collective market reported a rise in prices on 30 March. While major cryptocurrencies registered minor upward price movements, Basic Attention Token [BAT] and Tezos recorded considerable growth over the week. On 30 March, both coins were blessed by the bulls and saw considerable surge in prices. Basic Attention Token  [BAT] Source: CoinMarketCap At press time, BAT was surging by 4.22% within an hour. The token was valued at $0.2777, with a market cap of $346 million. It recorded a 24-hour trading volume of $58 million, while noting a growth of 6.54% over the past day and a massive 38.96% rise in price over the past week. The hike was attributed to the clarity provided by Brave CFO Holli Bohren on the future of the coin and the various projects associated with Brave. Since the AMA by Bohren, investor sentiment has consistently risen, with the token pumping over the past few days. However, a market correction could soon ensue. The token was highly traded on Binance exchange, with a trading volume of $21 million via the BAT/BTC pair. Binance was followed by IDCM as it registered a volume of $5 million via the BAT/BTC pair. The third place was taken by Coinbase Pro and the volume registered by the exchange was $4 million via the BAT/USDC pair. Tezos [XTZ] Source: CoinMarketCap At press time, XTZ hiked by 15.77% over the past day. The cryptocurrency was valued at $0.9217, with a market cap of $611 million. It reported a 24-hour trading volume of $8 million, while noting a 22.33% rise in its price over the past week. XTZ was reporting a 3.15% rise over the hour, at press time. This rise was on the back of Coinbase offering support to the cryptocurrency, which was big news for XTZ hodlers. Tezos was highly traded on Gate.io, with a volume of $1.55 million via the XTZ/USDT pair. It was traded highly via the XTZ/BTC pair on BitMax exchange, which registered a volume of $1.30 million. The third place was taken by Kraken as it registered a trading volume of $865,000 via the XTZ/BTC pair. The post Basic Attention Token [BAT] pumps by 4%; Tezos [XTZ] registers 3% hike in an hour appeared first on AMBCrypto.
AMBCrypto

SMC Capital Completes Successful Asian Leg of Global Investor Roadshow on Behalf of New Stablecoin Anchor

NEW YORK, March 26, 2019 /PRNewswire-PRWeb/ -- SMC Capital, an NYC-based venture capital and advisory firm, and Anchor, the only stablecoin project that is indexed to the real value of the global economy, have successfully completed the first round of their investment roadshow in Asia. With private investor roundtable dinners taking place on the sidelines of blockchain and fintech conferences Token2049 in Hong Kong and Money20/20 Asia in Singapore, SMC Capital and Anchor hosted top crypto exchanges, funds, and media including Bibox, Huobi, Kraken, Fenbushi, Neo Global Capital, Singapore Exchange, Tembusu Partners, Vectr Capital, IDCM Exchange, IDAX Singapore, tZERO, Blue Helix Exchange (BHEX), The Cabin Capital, Morchlo, Monk's Hill Ventures, Future Labs Ventures, Golden Gate Ventures, SPiCE VC, Kucoin, CNBC, and Crypto Investor Asia among others. At the events, founder and CEO, Daniel Popa along with his team presented Anchor, a scalable and stable solution that aims to preserve and enhance the value of token users' holdings while hedging market volatility. Anchor's tokenomic infrastructure is designed to be fundamentally stable with its dual-token, burn-mint model and stable peg of value, the Monetary Measurement Unit (MMU). The MMU is Anchor's algorithmically-based financial index that reflects the sustainable, long-term trend of global economic growth while protecting against inflation, regional shocks, and politically-biased influences. SMC Capital Managing Partner John Slyusarev said: "The two private events in Asia brought together a premiere gathering of some of the most influential players in the Asian crypto investment space. Our joint invitation-only private dinners gave the Anchor team unparalleled exposure to Partner and C-level executives from over 40 crypto ...Full story available on Benzinga.com
Benzinga

Bitcoin SV [BSV] Price Analysis: Bears dominate market as token’s downtrend continues

Bitcoin SV [BSV] continued its bearish run on the back of the collective market dropping below the $140 billion mark. After two successive bullish waves in the past week, the coin market turned red. At press time, the BCH hardfork fell against the US dollar by 1.26 percent, and was trading at $65.88. The market cap of the coin stood at $1.16 billion, trailing Cardano [ADA] by over $220 million. Bitforex took the top spots with respect to BSV trade volume, via the trading pairs BSV/USDT and BSV/BTC. The pairs accounted for 12.28 and 12.17 percent, respectively. Other notable exchanges on the list were HitBTC, IDAX, and IDCM. 1-hour Source: Trading View The one-hour BSV chart showed a massive downtrend stretching from $68.71 to $66.32, with the coin dropping further below. The sole uptrend was prior to this drop when the coin rose from $67.71 to $68.71. Bitcoin SV found immediate support at $64.55, which the coin was hovering above. The immediate resistance level stood at $68.77. The Bollinger Bands pointed to a massive increase in volatility as the price declined. The Moving Average line indicated a bearish swing. The Chaikin Money Flow tool showed a decrease in the money inflow to BSV tokens as the CMF line was below 0. The Awesome Oscillator showed a significant decrease in short term market momentum, but the concluding bars being green indicated an imminent bullish change. 1-day Source: Trading View Bitcoin SV saw two downtrends, with the first downtrend shaving the price from $75.71 to $67.15. The second downtrend pulled the price down from $70.39 to $67.65. The coin found immediate support at $61.72, which the coin touched in February. Bitcoin SV’s immediate resistance level stood at $75.65. The Parabolic SAR indicated a bearish market, as the dotted lines were above the coin’s trend line. The Relative Strength Index showed a notable decrease in investor interest as the RSI dropped down from 55.65 to 46.38, at press time. The MACD continued projecting bearish signs as the MACD line pushed below the Signal line. Conclusion Bitcoin SV failed to hold on to the bulls as the coin’s price declined below the $70 mark. In the short term, the coin’s volatility was high, while the money inflow dropped. Short-term momentum was negative, further pointing to the resoluteness of the bears. In the long-term, the MACD and the Parabolic SAR indicated a bearish market. The post Bitcoin SV [BSV] Price Analysis: Bears dominate market as token’s downtrend continues appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Token fails to sustain bull run as bears return

Bitcoin SV [BSV] turned to the bears again, after two successive market-induced bullish waves saw the coin trading in green. Following the uptrends on 15 and 18 March, the coin fell against the US dollar by 1.08 percent. The Bitcoin Cash hardfork was trading at $66.07, a drop from its previous week’s high of $72.19. The market cap of the coin stood at $1.16 billion, trailing a relatively bullish Cardano [ADA] by over $150 million. BitForex took the top two spots in terms of BSV trading volume, accounting for 11.15 percent and 10.82 percent in the trading pairs BSV/USDT, and BSV/BTC. Other notable exchanges included IDCM, HitBTC and Huobi Global. 1-hour Source: Trading View The one-hour BSV chart showed a significant downtrend from $70.59 to 67.27, one that persisted till press time. A downtrend that pictured the coin dropping from $71.74 to $69.76 was also traced on the chart. Bitcoin SV found immediate support at $65.12. The immediate resistance level of the coin was $68.19. The Bollinger Bands indicated falling volatility as the coin’s price had stabilized. Additionally, the Moving Average line pointed to a mildly bearish turn. The Chaikin Money Flow tool showed a decrease in the money inflow into BSV tokens, as the CMF line had dipped below 0. The Awesome Oscillator indicated a decrease in the coin’s short-term momentum. Further, with the concluding bars turning red, bearish movement was expected. 1-day Source: Trading View The one-day chart showed inconsistent movement for the BSV market. In the past few weeks, the coin dropped from $75.71 to $67.15, and then rose from $67.01 to $71.07. Bitcoin SV found immediate support at $65.64, and the immediate resistance level of the coin was present at $75.65. The Parabolic SAR indicated a bearish phase for the coin, as the dotted lines were above the coin’s trend line. The MACD indicated the bull’s entry into the coin market, as the Signal line was below the MACD line. The Relative Strength Index pointed to a significant decrease in investor interest, as the RSI had dropped from 55.12 to 47.98. Conclusion In the short run, low volatility, negative money inflow, and reduced momentum was projected for the BSV market. In the long run, the MACD remained hopeful, despite the Parabolic SAR and RSI indicating a bearish run for the coin. The post Bitcoin SV [BSV] Price Analysis: Token fails to sustain bull run as bears return appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Market correction forces bait bears as token anticipates decline

Following the collective market rise on 16 March, the bulls resisted market correction forces, and the $140 billion market cap held firm. Bitcoin SV [BSV] looked fairly stable as the coin was trading green, and rode the collective bullish wave. BSV gained against the US dollar by 1 percent, with the coin trading at $68.37, at press time. The coin’s market cap stood at $1.2 billion, behind Cardano [ADA] by $120 million. BitForex took the top spot in BSV global trading volume, accounting for 11.43 percent of the total volume via the trading pair BSV/USDT. Other BSV-dominating exchanges were, HitBTC, IDCM, and Huobi Global. 1-hour Source: Trading View The one-hour chart for Bitcoin SV indicated a downtrend, following a brief rise on 18 March. Bitcoin SV saw a downtrend from $71.83 to $68.98, following the collective market rise two days prior. Bitcoin SV found immediate resistance at $71.86 during the bullish swing, which has shifted down to $70.62. The immediate support level recorded was $68.35. The Bollinger Bands pointed to a slight decrease in volatility as the coin’s price dipped, while the Moving Average line switched from the bulls to the bears. The Chaikin Money Flow tool indicated a drop in the money inflow into BSV tokens, as the CMF slumped below 0. The Awesome Oscillator showed a minor increase in short term momentum, with slow bearish signs in the offing as the concluding bars were red and small. 1-day Source: Trading View The one-day chart showed a price decrease for the first time in over three days, as the market turned. Bitcoin SV saw a larger downtrend since the close of February from $75.71 to $67.15. The uptrend was minor in comparison, pushing the price up from $67.01 to $71.85. Bitcoin SV found immediate support at $65.64, with the immediate resistance level at $70.18. The Parabolic SAR pointed to a bearish swing in the BSV market as the dotted lines were below the coin’s trend line. The MACD indicated a bullish wave, as the MACD Line had overtaken the Signal Line. The Relative Strength Index pointed to an initial increase in investor interest from 46.61 to 55.39, following which it dropped to 51.55, at press time. Conclusion: The Bitcoin SV price was buoyed as the top cryptocurrency Bitcoin [BTC] pushed above the $4,000 mark. The short-term indicators pointed to an upcoming downtrend, with a decline in money inflow. In the long-term, investor interest had declined, but the MACD still pointed to a bullish swing. The post Bitcoin SV [BSV] Price Analysis: Market correction forces bait bears as token anticipates decline appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Coin gets bullish support

Bitcoin SV [BSV] experienced an improvement in its price valuation as the token went up by 1.31% percent against the US dollar recently. The market capitalization was $1.77 billion and the 24-hour trade volume garnered was $103 million. The token was priced at $66.66 at press time. BitForex exchange reported the highest trade for the coin, with the exchange contributing around 9.11% of the entire trade volume. It was closely matched by the IDCM exchange, which was responsible for 8.62% of the total trade. 1-hour: Source: Trading View The short-term chart indicated a price recovery for the token as the coin witnessed an uptrend from $66.687 to $68.241. The resistance line for the token stabilized at $68.251. The Parabolic SAR indicator marked a bearish trend as the lines flattened above the candlesticks. The Chaikin Money Flow or CMF pointed towards an absence in cash in-flow as the line remained below the zero-line. The MACD line indicated a bullish trend as the blue line hovered over the red line. 1-day: Source: Trading View On the long-term chart, it can be observed that the coin underwent a downtrend which plummeted the coin’s valuation from $111.9 to $68.453. The token, however, experienced an uptrend from $67.6 to $75.76. The resistance remained steady at $75.06 following the devaluation. The Bollinger Bands indicated a stable price valuation as the markers indicated a less volatile period. The Relative Strength Index or RSI pointed towards a neutral trend as the buying and selling pressures evened out each other. The Fisher Transform indicated a change in trend following a bullish crossover. Conclusion: Overall, the short-term and long-term indicators hinted at a change in trend and gave the bulls an upper hand in terms of market power. The post Bitcoin SV [BSV] Price Analysis: Coin gets bullish support appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Bears rule as token is overtaken by surging Cardano

Bitcoin SV [BSV] slipped to the twelfth spot as the collective market edged up following notable upswings. Cardano [ADA] overtook the BCH hardfork on 12 March, following the former’s bullish rise. The token rose against the US dollar by 0.5 percent and was trading at $65.88. The market cap of the coin dropped by over $200 million to $780.07 million, before rising to $1.14 billion all in a two-hour window. At press time, the coin’s market cap stood at $1.16 billion. IDCM took the top spot for BSV trading volume, with the trading pair BCHSV/USDT accounting for 15.73 percent of its global volume. Other exchanges with notable BSV trading volumes were BitForex and HitBTC. 1-hour Source: Trading View The one-hour price chart showed two notable downtrends. While the first dragged the price down from $69.18 to $67.43, the next dropped the price from $67.92 to $65.67. Since the end of the last downtrend, the coin has been trading in the green. Bitcoin SV’s support level stood at $64.84, following the downtrend. The coin’s immediate resistance level stood at $69.18. The Bollinger Bands indicated that volatility had remained stable as the price movements were not severe. The Moving Average line projected a bullish market for the coin. The Chaikin Money Flow tool showed that the inflow of money into BSV tokens was looking to increase, as the CMF line was at 0, and moving upwards. The Awesome Oscillator pointed to a decrease in the coin market’s short term momentum. However, since the concluding bars were green, bullish tendencies were in the offing. 1-day Source: Trading View Bitcoin SV’s one-day chart indicated that the coin was vying to break out of the downtrend which stretched from $74.77 to $68.17. The coin’s immediate support level stood at $61.72, which looked a long way off. Bitcoin SV found immediate resistance at $75.91. The Parabolic SAR showed a bearish trend for the coin as the dotted markers were above the coin’s trend line. The Relative Strength Index indicated a decline in investor interest as the RSI fell from 59.86 to 48.22. The MACD pointed to a clash between the bulls and the bears, as the MACD line and the Signal line had converged. Conclusion Bitcoin SV was likely to remain in the twelfth spot, given market sentiments and Cardano’s bullish movement. Despite the coin trading in bullish green in the short-term, it is still vying to move out of the prolonged downtrend in the long-term. The post Bitcoin SV [BSV] Price Analysis: Bears rule as token is overtaken by surging Cardano appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Bears look to hold fort as bulls prepare for price rally

Bitcoin SV [BSV] continued to navigate the bearish market as the token’s price moved sideways without any serious hikes or falls. The coin recorded a market cap of $1.17 billion, and was valued at $66.53, at press time. The token recorded a minor growth of 0.17% against the US dollar over the past 24 hours. The 24-hour trading volume was $68 million. The coin was traded most on the IDCM exchange where the trading pair BCHSV/USDT contributed 18.28% of the coin’s total trade volume over the last 24 hours. 1-hour Source: TradingView The one-hour chart recorded two downtrends extending from $67.34 to $64.33 and $69.83 to $67.37. It also witnessed an uptrend from $68.133 to $70.004. The resistance of the coin remained steady at $70.035, while the support held firm at $63.830. The Bollinger Bands predicted a period of serious volatility for the coin as the markers deviated away from each other. The MACD line indicated a bearish trend for the coin as the red line was placed above the blue line on the graph. The Relative Strength Index or RSI remained neutral as the buying and selling pressures evened each other out. However, a drop in investor interest was observed. 1-day Source: TradingView The one-day chart of the token indicated a massive downtrend that extended from $218.39 to $75.127. The token kept oscillating between the resistance lines at $113.33 and $61.234, and the support at $43.110 has held strong since the coin’s inception. The Parabolic SAR pictured a bearish trend for the token’s market as the dotted lines flattened above the candlesticks on the graph. The MACD line indicated a bullish turnover for the coin’s price as the blue MACD line was hovering over the red line. The Fisher Transform indicator pointed towards a bullish trend as the blue line remained above the red line. However, an impending crossover suggested a change in trend. Conclusion The one-hour chart predicted the coin’s near future to be bearish. However, the one-day graph and its indicators predicted the likelihood of an impending bull run for the coin. The post Bitcoin SV [BSV] Price Analysis: Bears look to hold fort as bulls prepare for price rally appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Bears edge out bulls as token fails to find footing

Bitcoin SV [BSV] failed to convincingly break the $70 barrier on the back of a collective market surge, and dropped down to $67.28, at press time. BSV fell below the aforementioned price point towards the end of February, and it has since not come close to $70. The market cap of the coin stood at $1.18 billion. IDCM took the top two spots with respect to the global BSV trading volume via the trading pairs BCHSV/USDT and BCHSV/BTC, accounting for 15.73 percent and 11.98 percent, respectively. 1-hour Source: Trading View The one-hour chart for the coin showed successive drops and gains, followed by a period of stabilizing movement in two distinct cycles. The first downtrend slashed the price from $67.61 to $64.43, followed by a rise from $64.21 to $68.28. The next cycle saw an initial incline from $67.52 to $70.04, after which the coin began to dip again. Bitcoin SV found immediate support at $66.34 and immediate resistance at $70.08. The Bollinger Bands indicated a massive increase in the coin’s volatility, while the Moving Average line indicated a bullish market that was buoyed by the recent rise. The Chaikin Money Flow tool showed a positive inflow of money into BSV tokens, as the CMF line was above zero. The Awesome Oscillator indicated an increase in short-term momentum. However, since the concluding bars were red, bearish activity was predicted. 1-day Source: Trading View Bitcoin SV’s one-day trendline indicated a push out of the bearish zone, beginning in the middle of February and extending from $68.65 to $75.57. Prior to this push, the coin’s price dropped from $112.23 to $64.69. Since the push, the coin’s price has declined further, from $75.71 to $66.73. The immediate support level of the coin stood at $60.51, while the coin found long-term resistance at $75.57. The Parabolic SAR pointed at a switch from the bulls to the bears as the dotted lines were above the coin’s candles. The MACD line indicated a bearish swing as the MACD line was over the Signal line. The Relative Strength Index indicated a drop in investor interest from 59.15 to 43.92. Conclusion Bitcoin SV failed to find its footing in the market, dropping below $70 and out of the top 10 list. Long-term indicators were bearish as the coin’s price dipped following the mid-February bullish swing. The post Bitcoin SV [BSV] Price Analysis: Bears edge out bulls as token fails to find footing appeared first on AMBCrypto.
AMBCrypto

Bitcoin SV [BSV] Price Analysis: Token’s future in doubt as bulls and bears lock heads

Bitcoin SV was unable to break into the top ten cryptocurrencies list, even though various other tokens surged over the past few days. The eleventh largest cryptocurrency recorded a market capitalization of $1.18 billion and the token was valued at $66.97. The coin suffered a minor fall in its growth rate as the valuation fell by 0.18% over the past 24 hours. The 24-hour trade volume was around $85 million and IDCM exchange contributed about 20.06% of the total volume, equivalent to around $17 million. 1-hour Source: Trading View The one-hour chart indicated a fairly bearish trend for the coin over time as the token experienced a downtrend which stretched from $76.650 to $68.559. The uptrend extended from $63.871 to $73.993. The price of the token kept moving sideways within the resistance lines at $70.46 and $65.950, before breaching the lower resistance line once. It immediately bounced back to the former resistance zone. The Bollinger Band markers indicated stable price valuation for the token as the lines were converging, eliminating any form of volatility. The Relative Strength Index pictured neutral buying and selling pressures as the line remained between the 60-line and 40-line. The MACD line marked a bearish trend, but the lines remained really close to each other. 1-day Source: Trading View The one-day chart demonstrated a dominant bearish trend for the token as the downtrend extended from $218.339 to $75.125. The resistance line was found at $113.620 and the support line remained at $43.11. The Parabolic SAR marker indicated a bearish trend for the coin as the dotted lines were placed above the candlesticks. The Fisher Transform indicator followed the same trend as the lines indicated an impending bullish trend after the blue and red line experienced a crossover. The Aroon indicator pointed at a bearish market for the coin. Conclusion The future of BSV market was shrouded in doubt and uncertainty as the one-hour chart indicated a bearish trend and the one-day chart demonstrated an imminent bullish period. The post Bitcoin SV [BSV] Price Analysis: Token’s future in doubt as bulls and bears lock heads appeared first on AMBCrypto.
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New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
Bitcoin Exchange Guide

New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal

Bitcoin and Tether have been closely related since time immemorial, but the recent string of events pushed the price of Bitcoin down by 9% in about 3 hours. This has caused a domino effect, causing the price of other altcoins to fall as well. The New York State Attorney General is suing Bitfinex and the closely affiliated firm, Tether, responsible for the infamous stablecoin, USDT. According to Yahoo, NY AG released a 23-page document which suggested that the AG has reason to believe that there might be a fraud being carried out by the two companies in cahoots with each other. Yahoo stated that among other things, Tether and Bitfinex are engaged in, “undisclosed, conflicted transactions to cover Bitfinex’s losses, approximately $850 million, by transferring money out of tether reserve funds.” Tether and Bitfinex aren’t completely unaware of their problems in trying to retain banks for their business and the allegations of Bitcoin’s 2017 pump was fueled by Tether and Bitfinex. Bitcoin’s prices took a nasty fall after the news broke out. However, the prices have recuperated partially since then. Bitfinex too did not waste time with its rebuttal to the New York AG’s charges. Bitfinex’s rebuttal stated that New York’s AG released the order without giving the parties proper “notice or hearing” and that the Attorney General was attempting to “compel Bitfinex and Tether to provide certain documents and seeking certain injunctive relief.” The same rebuttal was released by Tether. The blog further stated, “The New York Attorney General’s court filings were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. On the contrary, we have been informed that these Crypto Capital amounts are not lost but have been, in fact, seized and safeguarded.” Bitfinex stressed that they were actively exercising their rights to get the stated funds released. It also added that the New York State Attorney General’s office seemed to be intent on undermining Bitfinex’s efforts, to the detriment of Bitfinex’s customers. The post New York AG’s court filings written in ‘bad faith’ and ‘riddled with false assertions,’ says Bitfinex’s rebuttal appeared first on AMBCrypto.
AMBCrypto

How Crypto Markets Are Reacting to the Tether-Bitfinex Allegations

The cryptocurrency markets endured a loss of as much as $10 billion around 21:00 UTC on Thursday, following allegations that the Bitfinex exchange covered up an $850 million shortfall using the U.S. dollar-pegged Tether (USDT) stablecoin. The New York Attorney General’s office alleged in a statement on Thursday that Bitfinex lost $850 million and used customer and […]
CoinDesk

There are serious, existential, risks to Bitfinex and Tether with the information out today. Here's a primer on what's going on.

Bitfinex and Tether may be insolvent. Bitfinex and Tether and owned and operated by the same people. They are separate entities, but they share significant common personnel. Today the Assistant NYAG filed a motion to try and prevent Bitfinex from taking part in any transaction between it and Tether. Here's the raw document: https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=vIexA1b0spKOnK_PLUS_ZUGTJ3A==&system=prod Reporting on the above filing is available from the WSJ: https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn What is going on? The filing lays out that Bitfinex has lost access to $850 million dollars of corporate and depositor money to a company called Crypto Capital. Bitfinex believes that those funds may have been stolen and that Crypto Capital has been engaged in defrauding Bitfinex. Bitfinex - in order to pay out withdrawals has been running out of cash. Bitfinex has engaged in multiple transactions with Tether of questionable nature. It has obtained lines of credit and fiat currency (ostensibly to pay out fiat withdrawals - this is speculation but a logical conclusion based on the filing and its context) It also appears to have sold equity in itself to Tether for access to Tether's reserves. There is still a lot of missing information, but it seems clear that Bitfinex has lost $850 million dollars in some fashion and attempted to fulfill customer withdrawal requests from funds from Tether reserves. Tether has recently updated its terms: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” That other affiliated entity is Bitfinex. Tether now no longer holds all currency reserves - it now has extended a line of credit to Bitfinex - to the tune of $700 million, and may also hold shares in Bitfinex. If Bitfinex has lost $850 million, then the equity that Tether holds in Bitfinex may be encumbered or worthless. If Bitfinex has taken out loans or drawn on its line of credit, those funds may never be returned. There is now clear evidence that tether is at serious risk of of not being backed at a 1:1 ratio. What does this mean for you? Tether now is EXTREMELY risky to hold. There is clear evidence that Bitfinex has taken money from Tether, and its ability to repay it is in serious doubt. If Bitfinex truly has lost $850 million dollars, it may be insolvent. If Tether no longer has all the money backing it - because it owns Bitfinex assets, which are of questionable value, it's value will plummet, and all assets denominated in tether will appreciate. There are lessons from Mt. Gox here. Mt. Gox did not just happen in one day. It played out over multiple months, the entire time with assurances that things are fine. Things were not fine - at all. The filing released today is damning. It is linked above, read it for yourself. The evidence presented in there is clear that something is terribly wrong at Bitfinex. It is not a certainty that Bitfinex is insolvent - but the filing lays out items that are terrifying to anyone holding significant financial assets related to Bitfinex and Tether entities. Plain and simple: Depositors, and users of Tether are at serious risk of taking losses. Exchanges are the largest holders of Tethers, and when/if it becomes clear that tethers are no longer worth 1:1 they will be forced to freeze all tether assets until the situation can be straightened out. This process will potentially take years, into a decade or more. Mt. Gox funds are still not distributed to this day, over 5 years ago. The sheer complexity of a Bitfinex/Tether insolvency will play out over multiple jurisdictions and will take an eternity to sort out. Again, read the primary documents filed by the AAGNY and decide for yourself if it is likely that Tether and Bitfinex are completely safe. Thousands of us lost our funds in Mt. Gox - and we've paid dearly. There are serious concerns if you are a Bitfinex customer, or if you hold USDT Tether on other exchanges.
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