Group-IB, a Moscow-based cybersecurity firm, has developed a ranking system to grade cryptocurrency exchanges by the level of safety they offer clients. It ranks Kraken as the safest exchange. Then there go Bittrex and Coinbase Pro. Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, Myetherwallet and Poloniex are on the list of safe exchanges as well. OKEx, Huobi Pro, and Coincheck are among the least safe exchanges
Which Cryptocurrency Exchange is the Safest One?
Coinspeaker Bitcoin Price Drops to $7,500 and $180M Worth of BTC Longs Liquidated on BitMEXBitcoin price is still falling which causes a lot of worries among the traders. As on BitMEX and Bitstamp, it fell below $7,400, it has now seen its lowest points in the last four weeks and has crashed 50 percent since it’s year-long high in June.The crypto market, like any other financial market, is subject to price changes and swings at certain times but it has become rather interesting to watch over the years. In its initial stages, it was predicted that Bitcoin and other cryptocurrencies would become worthless very quickly as they were nothing but internet fads. Even as Bitcoin saw several bull runs as well as two significant crypto winters, price speculation ranged from Bitcoin still becoming worthless to a token being worth $1 million at a certain point in time. Be as it may be, but the current moment is definitely not the best one for the coin.It’s worth mentioning that on spot exchanges these days BTC hasn’t dropped below $7,500. At the moment of writing, it is trading at $7,590 having lost nearly 5.5% over the past 24 hours.Longs Liquidation on BitMEXIt has also been revealed that after Bitcoin had significantly lost its value, $179.3 mln worth of longs were liquidated on BitMEX which is one of the most well-known derivatives exchanges. It is reported that the average leverage ratio was 25X. So, according to the calculations, such a move would lead to a total loss of around $6.5 mln.*YELLS UPSTAIRS FROM THE BASEMENT* Mom! Tell Danny I can shovel his driveway today!Also, can you cover Disney+ this month? pic.twitter.com/mRlhpk4ax7— Jacob Canfield (@JacobCanfield) November 21, 2019A couple of days ago, one of the traders on BitMEX told the community that he has a long position on BTC. However, now he may have already regretted having chosen this strategy as well as other long traders.Rise and Fall Back in June, in the context of all the noise around Facebook‘s Libra, crypto enthusiasts rejoiced when the price broke above $13,000 and many hoped that Bitcoin would go on to close out the year on this high. Unfortunately, it was not to be so as the price has seen a steady decline in the last few weeks and with the price falling below $7400 (on Thursday the price on Bitstamp was $7,394).A number of factors cause the Bitcoin price to rise and fall and some believe that the surging in October 2019 was due to the announcement of China embracing more blockchain development following a statement from its President. This was a rather interesting development from China that has been famously anti-crypto and has a crypto ban in place and it seems the markets reacted well to the news. There has also been speculation that the reason for the markets crashing on Thursday was the now-debunked reports of Binance’s Shanghai office being raided and closed down by authorities. Binance management has come out to deny the closure or even the existence of a Shanghai office that some speculate caused the market downturn. As 2019 comes to an end, there is, naturally, anxiety about how the market will end as 2018 ended on a low note for Bitcoin and enthusiasts especially want the market to pick up as it enters 2020. With a few more weeks to go in 2019, only time will tell if the price will indeed recover or not. Bitcoin Price Drops to $7,500 and $180M Worth of BTC Longs Liquidated on BitMEX
Coinspeaker Binance Refutes any Rumors of Police Raid on Its Shanghai OfficeThe rumor in the air has been that Binance has shutdown its Shanghai following a police raid. On Thursday, November 23, several online publications including CoinSpeaker reported that Binance has relocated its 100-member Shanghai team to other offices in Singapore.The report also states that Binance has planned to shut down its Shanghai office completely. Furthermore, it added that Binance CEO and founder Changpeng Zhao and the company’s Chief Marketing Officer (CMO) Yi He, have already moved to Singapore.But it a word with CoinTelegraph later, a Binance spokesperson refuted all the claims and media reports. He said that any police raid on Binance’s Shanghai office actually did not happen. The spokesperson added:“The Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.”In fact, the Binance CEO Changpeng Zhao has even gone out to tweet about this matter.No police, no raid, no office. Hope you didn’t pay to read that FUD block. pic.twitter.com/W2msvY2hSA— CZ Binance (@cz_binance) November 22, 2019The spokesperson alleged that the Chinese media has been targetting the crypto exchange recently. He also mentioned that there’s been “a recent spike in the number of negative articles and activities against Binance” in the country.Adding to the company statement, Changpeng Zhao said:“Interestingly, I know for a fact two of these four exchanges that actually have offices in China is paying news outlets and KOLs to spread FUD about Binance. And not thinking through if China is to shut down any offices, it would be themselves”.Zhao message arrived in response to a user saying that there are still a few exchanges like Kucoin, Huobi and others physically operating in China based upon their “interest alignment with the government officials”.One of the users also questioned Binance’s frequent shifting of offices in the last few years. Responding to it Zhao tweeted:You can argue about the semantics of an office, who leased it, for how long, if it is empty, etc. But you can't argue about the semantics of a "police raid" that did NOT happen. Without the fake "police raid", there is no article. Pure FUD! https://t.co/o6xXwrU5WK— CZ Binance (@cz_binance) November 22, 2019The Chinese government has been dealing strictly with companies involved in crypto operations ever since its ban in 2017. On the other hand, Binance has managed to swiftly move its operations and expand its services over the last two years. Binance is currently one of the top-ranking exchanges in terms of trading volume, in the world.Moreover, the exchange is working on its geographical expansion rather actively these days. Let us just remind you that Binance has recently entered the U.S. crypto market launching its regulatory-compliant exchange there.Binance Refutes any Rumors of Police Raid on Its Shanghai Office