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China’s First Bitcoin Exchange Launches Trading Services In South Korea

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BTCC China’s first Bitcoin exchange will now launch trading services in South Korea according to our latest bitcoin news reported yesterday on October 16.

BTCC was previously known as BTC China, that has headquarters in Hong Kong, will soon start beta trading services in South Korea by the end of this month and will officially debut in at the start of November.

According to their website, this new service that is headed by Lee Jae-beom will provide a trading platform, wallet service and a mining pool to the future customers.

They noted:

‘’BTCC is establishing an on/offline payment system using cryptocurrency and is expanding services for real-life use.’’

This major exchange was founded in 2011 and is one of the top five crypto exchanges in China. The exchange was under intensified pressure from the country’s regulators and the signs from the central bank of China of an imminent exchange crackdown which further led to its closure last year in September. This was the same year and month when China put up a ban on Initial Coin Offerings.

This company was acquired this January by a Hong Kong-based blockchain fund which led to re-branding BTCC and developing the mining pool and wallet software in July this year.

South Koran exchanges are also under a lot of scrutiny from domestic watchdogs since this is the period of fraud allegations and hack attacks.

On the bright side, the country is working on a draft legislation to reclassify crypto exchanges as crypto asset exchange and brokerage thus recognizing them as regulated financial institutions.

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Altcoin News

Bear Euphoria Continues As Bitcoin Plummets Below $10,000

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bear euphoria
The coming altcoin news and Bitcoin news too show a negative decline in the crypto markets, leading to billions of losses on a weekly level. The bear euphoria managed to 'steal' away more than $60 billion over the past 7 days and Bitcoin is now down by more than 26% in the same period. The recent tumbling of Bitcoin's price of 15% triggered the altcoins to post new losses too. Instead of optimistic targets, the latest cryptocurrency news show bearish targets - with the one of $8,800 that is currently in sight. Since the weekend, the bear euphoria made BTC dump more than 30% as the selloff accelerates. From an intraday high of $10,750 seen yesterday, Bitcoin is now at $9,500 losing a lot of its value in the past 24 hours. A very slight recovery has made BTC fix its sentiment and go from $9,260 to $9,500 which is the price point at press time. We can definitely attribute the decline to the latest altcoin news where Facebook's Libra is a main point of interrogation and investigation from the US Treasury Secretary. On top of this, it seems like Trump's comments on Bitcoin accelerated a further decline in the long run - despite the House Representative Kevin McCarthy who admitted to 'liking Bitcoin'. This did not stop the bear euphoria as the slide back to four figures resumed. According to the expert trader and analyst Alex Kruger, pullbacks should be welcomed in a bull market. As his optimistic tweet showed:
“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”
We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:
“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”
As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.
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Bitcoin News

VanEck Thinks Bitcoin ETF Could Bolster US Economy

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The latest cryptocurrency news again explore the topic of Bitcoin exchange traded funds (ETFs). Gabor Gurbacs, the director of digital asset strategy at VanEck thinks that a Bitcoin ETF could help the economy in the United States in the next decade. He made the remarks in an interview with Fox Business, in which he spoke to the host Liz Claman, right in the midst of the Senate Banking Committee hearing on Facebook's Libra cryptocurrency. During the hearing, the Democratic Senator Sherrod Brown torched Facebook for its data breach signals which are in the altcoin news lately, stating that the social media monopoly has proven that it does not deserve the public's trust with any data - much less with the users' sensitive information. However, VanEck thinks that a Bitcoin ETF could be helpful to the economy.
“Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over. Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Senator Sherrod Brown stated.
In response to this, Gurbacs of VanEck thinks that these opinions are quite negative, unwarranted and stem from a lack of understanding of crypto. As he stated, a Bitcoin ETF could facilitate innovation that could buoy the US economy in the next 10 years:
“We are waiting finally for regulators to approve a bitcoin ETF, which would bring digital assets under the regulated American capital market. This could be, for the next decade, the driver of our economy.”
Gurbacs said that the United States should harness the innovative technologies to upgrade US payments systems as well as its capital markets infrastructure. He argues that doing this would make America a world leader in the digital economy.
“I think America realized that it needs a 10-year plan to make markets great again, and basically, a 10-year plan to rebuild the payments and financial infrastructure system that we’re lagging behind on. This may be a driver to innovate and rebuild America’s payments systems and capital markets,” Gurbacs noted, for which he was featured on many best cryptocurrency news sites.
The head of digital asset strategy at VanEck thinks that while President Trump and Secretary Mnuchin have negative views on Bitcoin, they must be challenged to think about it from a different perspective.
“Bitcoin — specifically bitcoin, not other digital assets — can rebuild the [U.S.] payments system. We can satisfy all the regulatory needs and government needs to rebuild the [capital] markets,” Gurbacs concluded.
   
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Bitcoin News

Retail Investors Can Now Bet On BTC To Hit $100k By 2020

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The United States based regulated crypto derivatives and clearing platform LedgerX is in the latest cryptocurrency news - for apparently giving retail investors a chance to bet on Bitcoin (BTC) and the cryptocurrency hitting $100,000 by 2020. As Bloomberg reports, the $100,000 call option basically means that Bitcoin's current valuation could increase over ten-fold and hit a $2 trillion market capitalization. This bullish bet on Bitcoin is currently the first crypto derivatives product that is open to retail investors ever since LedgerX sealed approval from the US Commodity Futures Trading Commission (CFTC). Many best cryptocurrency news sites report that institutional investors have already been able to trade derivatives through the platform for over two years. However, the CEO of LedgerX Paul Chou recently revealed that such clients - each holding assets worth between $10 million and $1 billion - are already interested in the new product.
“Dozens and dozens of these institutions got back to us saying we’d be interested in trading a contract like this. I understand $100,000 is a large number, but a lot of us who’ve been in this space remember Bitcoin at $1, and then it hit $10 and $100 and $10,000. A $100,000 contract doesn’t even make us blink," said Chou.
As we reported in our altcoin news in June, BitMEX which is the world's single and leading Bitcoin derivatives provider, posted record volumes in its trading operations. The number of retail investors jumping the derivatives bandwagon increased as Bitcoin (BTC) hit $13,000. In numbers, this translated to $1 billion of open interest in the market, all while the trading topped $13 billion and above $16 billion across the full product range of BitMEX. This week, the digital asset management fund Grayscale Investments recorded an all-time high volume of assets under management. Grayscale reported $2.7 billion which represents an almost triple of its AUM since the previous quarter. Among the retail investors were institutional clients which represented around 84% of the total mass. The institutional market is also poised for the roll out of physically delivered Bitcoin futures by the institutional cryptocurrency platform Bakkt on July 22. In the coming altcoin news, the co-founder of Morgan Creek Digital Assets, Anthony Pompliano, said that Bitcoin will hit $100,000 by year 2022.
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Bitcoin News

Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges

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bitcoin newsflash
Coming in fresh in the bitcoin newsflash latest cryptocurrency news today, the bitcoin price crashed from $10,500 to below $9,900 causing the rest of the market to go down even further. As the price of the number one cryptocurrency slipped 4.5 percent on the day, some of the major crypto assets such as Bitcoin Cash, Ripple, Ethereum and Litecoin dropped by 4-10 percent against the U.S. dollar. over the week, the technical analysts and trader stated that while they remain generally optimistic on the short-to-medium-term trend of bitcoin and the entire market while bitcoin breaks a key support level at $11,000 which could leave the asset very vulnerable to a correction. As Nick Cote, a cryptocurrency trader stated:
 “Bearish throwback respected at $11,000 Bullish support respected at $9,700 Bearish bias remains until we re-claim the $11,000 level.”
The $10,000 is a major represents a crucial psychological, the Texas West Capital trader Scott Melker similarly stated that the bitcoin price could even find an interim bottom at $7,246 if it fails even further to recover in the near term. The criticism of bitcoin and the crypto market by the U.S. President Donald Trump and the Treasury Secretary Steve Mnuchin were seen as a good factor for the awareness of the market by some of the industry executives it could be possible that the negative remarks had a major impact on the market. Mnuchin emphasized that the regulators such as FinCEN and the SEC will tighten their oversight on the crypto sector:

 “The United States has been at the forefront of regulating entities that provide cryptocurrency. We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities.’’

The overall stance towards the entire crypto sector by the Trump Administration and his U.S. government’s administration and their unwillingness to approve the Libra crypto project which is an asset created by the Facebook social media giant could have influenced the sentiment around the market. As the Bitcoin newsflash altcoin news outline, the analysts around the world perceive multiple factors such as the emergence of new trading venues such as the launch of Bakkt’s testing platform and the halving event could help the market regain its foot on new highs.
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