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Bitcoin Takes A New Beating, Goes Below $4,500 As Market Loses $25 Billion

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It seems like the downward trend for Bitcoin is continuing day after day. This Tuesday, the market just wiped out another $25 billion in a new major sell-off that is viral in our crypto news section.

Over the past 24 hours, Bitcoin has lost about 14% of its price, while Ethereum lost 14.5%. Bitcoin Cash was the biggest loser again, losing 45% from its value and Stellar (XLM) followed with 10% losses accordingly.

As expected, Bitcoin Cash dropped the most because of its hard fork and the quick sell-off that it triggered over the past few days. The newly produced versions of Bitcoin Cash (BCH), Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) also suffered losses. While BCHSV fell from $170 to $60 in a three day span, BCHABC fell from around $450 to $270, almost splitting in half.

The current market conditions are quite gray – mostly because of the intensity of the drops over the last 24 to 48 hours. A couple of days ago, Bitcoin was trading near $7,000 and today we are noticing a downward trend that may lead the most dominant cryptocurrency even below the $4,000 support line – if this bearish trend continues.

A sell pressure on the other altcoins could also intensify in the days to come – pushing BTC, ETH, XRP and BCH to even lower limits by the end of this year.

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Altcoin News

Upbit Exchange Delists Privacy Coins Including Monero, Dash and Others

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The major exchange from South Korea is in the latest Bitcoin and altcoin news for becoming the latest one to delist privacy oriented coins. The Upbit exchange decided to follow the moves of Coinbase this month and delisted a slew of privacy coins based on the recent regulatory requirements from the international body - the Financial Action Task Force (FATF). As the notice from the South Korea exchange officially showed, the transaction support for Monero (XMR), Dash (DASH), Zcash (ZEC), Haven (XHV), Bittube (TUBE) and PIVX (PIVX) will be put to an end on Monday, September 30. Upbit exchange announced its investigation of the six coins earlier this month. It seems that the exchange was determining if the privacy coins met the requirements listed by the FATF guidance issued last June. The latest cryptocurrency news also show that privacy coins conduct transactions on public ledgers without exposing the address or identity of an individual. Aside from Upbit exchange, there were other exchanges which also started delisting the coins as well. Examples include Coinbase and Zcash from this summer in the UK - and the Korean exchange OKEX which dropped five privacy coins earlier this month. Upbit wrote on its company blog and said that money laundering and the possibility of inflows of privacy coins were the leading reasons for delisting.
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support. Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”
Now that Upbit exchange decided to delist the privacy coins, the coming altcoin news show that coin prices are starting to drop. According to Messari analytics, the Zcash price dropped over 50% since July 1 joined by Monero, which has been down near 20% over the same period. Still, the exchange delistings and price drops have not necessarily slowed privacy coin tech development. Over the past month, the Electric Coin Company by Zcash released Halo which is the long-awaited zk-SNARK which can verify a single blockchain in one proof.
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Swiss Exchange BiboxEurope Launches Referral Program (With Up to 80% Gains)

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The Swiss exchange BiboxEurope is in the latest cryptocurrency news again for announcing a new set of benefits for its users. The benefits come in the form of a referral program which enables the users to make the most of their offering. As the updates show, the program went live on September 18 and should conclude by the end of October 2019. The users participating in the Swiss exchange BiboxEurope Referral Program can earn up to 80% in commissions by referring their friends and family to become part of the Bibox community. As the coming altcoin news show, the BiboxEurope Referral Program follows two other attractive announcements made by the company since its launch two months ago. First of them was the free deposits into the account, along with industry-low fees. The second announcement was the launch of the Insta-Buy feature which enables users to purchase cryptocurrencies with credit cards at unmatched rates. Basically, the Swiss exchange BiboxEurope and its Insta-Buy feature witnessed a huge rush on the opening day. As such, it forced the company to briefly suspend the functionality to boost their infrastructure so that the platform can handle its higher demands. The feature was later reintroduced. As many best cryptocurrency news sites show, the Swiss exchange BiboxEurope and its new referral program has the following rules:
  1. Every user receives 80% in referral commission by inviting their friends to trade on the platform.
  2. The commissions' token type shall be subject to the transaction fees incurred.
  3. There is no upper limit of the number of invitees.
Throughout the total duration of the program, the Swiss exchange BiboxEurope will be updating the referral and commission histories every day at 8AM (GMT+1). The referral commissions earned by users will also be distributed to their respective accounts on the next day at 10AM (GMT+1). In short, the rewards earned by users will be directly proportional to the trades executed by their referrals. The greater the number and size of trades by the referral, the higher the payouts will be for the users who referred them to the platform. You can learn more about the Swiss exchange BiboxEurope and its Referral Program at the following link.  
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BTC Owners Giving Away Altcoins To Support TOR Project

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In times when the crypto sphere is buzzing and when there are new price updates in the Bitcoin and coming altcoin news, no one would expect cryptocurrency holders to give away free crypto, right? Well, it seems like BTC owners think differently - they have been donating altcoins to the TOR Project - a nonprofit organization which is primarily responsible for running "The Onion Router." As per some Bitcoiners, this is a trend that is a way of killing two birds with one stone. On one hand, it supports the TOR Project and on another, it gets them rid of "shitcoins" as they label them. Also, the BTC owners appear keen to extend the running gag of altcoins being worthless. Many best cryptocurrency news sites earlier this year showed that people should support the TOR Project. Even the co-host of the "Tales from the Crypt" podcast Matt Odell tweeted, urging people to support the project with donations. This is where the entire frenzy started and how BTC owners began donating altcoins. As Odell back then said, "donate shitcoins. stack sats." In the news today, we also have Sarah Stevenson, who is the fundraising director at the TOR Project. She initially thought that the donations were coming from members of the Stellar community, mostly because of the influx of XLM tokens. However, the BTC owners corrected her conclusion, seemingly opposed to letting their attempted ribbing to go unnoticed. They piled onto the thread soon, dropping Twitter phrases such as “perfect destination for my airdropped shitcoins” and “sounds like a good place to dump my shitcoins.” Some of the donations by BTC owners also came from recipients of the Keybase XLM airdrop, the altcoin news today show. As we previously reported, the encrypted messaging platform Keybase partnered with the Stellar Development Foundation, launching a $120 million airdrop. Right now, BTC owners are seeing these donations as something that benefits the TOR Project. Stevenson said that they appreciate all of the donations, regardless of the subtext.
“I am generally a peace, not war kind of person but I welcome any activity that draws attention to the importance of financially supporting the Tor Project. Everyone benefits from the privacy and anonymity technologies we develop and maintain. As for the tangible value proposition for altcoins, I'll plead the fifth because I prefer to be friends with everyone," she concluded.
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Binance OTC Platform For Chinese Market Coming In October

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The cryptocurrency giant Binance is still the main topic in the recent news on many best cryptocurrency news sites - again for the planned launch of the fiat-to-crypto over-the-counter (OTC) platform. As the latest updates and official news from the company show, the all new Binance OTC platform will come to the market in China this October. It was Yi He, the co-founder of Binance and chief marketing officer (CMO) who announced the news at a media session on September 17 as Binance confirmed to many altcoin news sites yesterday, September 19. According to He who is the CMO at the leading exchange, the Binance OTC platform is scheduled to launch next month and only targets the Chinese market. The current plan envisions supporting the Chinese renminbi only, according to a Binance spokesperson. What's important to note is the fact that to date, Binance has already set up an OTC trading desk which provides users with large transactions service, as noted by the representative. In April 2019, the exchange saw an immense surge in OTC trading and apparently recorded almost $80 million in profits. The latest cryptocurrency news show that China is still one of the most skeptical global jurisdictions - and the Binance OTC platform aims to change that. The country's stance towards Bitcoin (BTC) and other cryptocurrencies has been strict ever since China banned crypto trading in September 2017. Ever since then, OTC traders have become the main method to buy Bitcoin with fiat money in the country, while the local investors have been purchasing stablecoins such as Tether (USDT) via OTC platforms and converting them to other cryptocurrencies. For those of you who don't know, OTC refers to a type of trading which involves a direct deal between two interested parties and is usually conducted without much supervision over exchanges. What's also important to note besides the Binance OTC platform launch coming in October is the fact that this is Binance's first move in China since the company departed from the country and relocated its headquarters to the island of Malta back in 2017. On September 17, the exchange participated in a $200 million funding round for the Beijing-based Mars Finance, which is a local crypto and blockchain publication.
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