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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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Bitcoin News

Bitcoin YTD Gains At 151% So Far, New Increases Are Likely

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The year-to-date gains for Bitcoin (BTC) as the most dominant cryptocurrency out there are on the rise, the latest cryptocurrency news show. In fact, the Bitcoin YTD gains are now at more than 151% against the US dollar at $9,300, surpassing a lot of assets and stock indices such as Nasdaq 100 and S&P 500 with ease in its six-month performance. With the block reward halving of Bitcoin which is on the horizon soon - as well as the inflow of institutional capital that is still on the rise - the sentiment around the Bitcoin YTD gains and the overall crypto market remains positive. Libra, which is the cryptocurrency asset developed by the Libra Association (a consortium based in Switzerland) founded by major conglomerates such as Facebook, Visa, Mastercard, Lyft, Uber, Booking Holdings and more, all dominating the headlines in the financial sector over the past two days. A lot of analysts are in the altcoin news for suggesting that the release of Libra, which is planned for 2020, may lead to a decline in demand for existing crypto assets such as Bitcoin and Ether, which is the native cryptocurrency of Ethereum. Still, industry executives and traders believe that the Bitcoin YTD gains could extend mainly because of Libra and its catalyst to boost mainstream interest towards the asset class. The CEO of DCG, Barry Silbert, recently noted:
“The launch of Facebook’s cryptocurrency will go down in history as the catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browser. Buckle up.”
Another crypto trader and real estate developer known as Satoshi Flipper noted that Libra will not replace Bitcoin nor compete against it in the same market.
"Once Libra goes live, nobody outside of the Facebook platform will care much for it. It’s another stable coin and it’s not replacing BTC. It will work in a centralized ecosystem. But it will bring awareness to BTC and altcoins. And I’m excited about the network effect it will have," he said.
One of the Winklevoss twins, Tyler Winklevoss, has also predicted a Bitcoin YTD gains, stating the possibility for Bitcoin to break through even more in the near future. https://twitter.com/tylerwinklevoss/status/1141387824379441152 His statement went viral on many best cryptocurrency news sites.
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Altcoin News

QuadrigaCX Co-Founder Used User Deposits For His Own Trading

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The owner of the now defunct cryptocurrency exchange from Canada, QuadrigaCX, was allegedly transferring user funds outside of the exchange and using them as security for his own margin trading on other platforms. The latest cryptocurrency news show that the QuadrigaCX co-founder was reported in the fifth report on a court monitor from Ernst & Young (EY) filed on June 19 with the Supreme Court of Nova Scotia. Meanwhile, EY has outlined its principal concerns in relation to the exchange. They noted that its operations were “significantly flawed from a financial reporting and operational control perspective.” In addition to this, many best cryptocurrency news sites reported that the activities were directed by a single individual which is the now deceased QuadrigaCX co-founder Gerald Cotton. EY noted that there was neither segregation between duties and basic internal controls - nor any segregation of assets between QuadrigaCX's and other user funds. EY also added that Quadriga did not have any visibility regarding its profits or profitability in general. As the report cites, user crypto was not exclusively maintained in the exchange's wallets.
“Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten. It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”
In addition to this, the coming altcoin news show that QuadrigaCX co-founder Cotton apparently created fake "identified" accounts on the exchange under multiple aliases “into which unsupported Deposits were deposited and used to trade within the platform.” This, as EY noted, led to “inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users.” In his trading on the competitor exchanges, EY noted that the QuadrigaCX co-founder incurred trading losses and incremental fees that affected Quadriga's cryptocurrency reserves. The report also cites EY saying that it has been unable to confirm the identity of wallet holders to which substantial sums of crypto were transferred. As of the filing date, around 76,000 users are owed a combination of fiat and crypto by Quadriga, at an aggregate value of around $214.6 Canadian dollars (equivalent to $162.2 million in USD).
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Bitcoin News

Analysts Believe BTC Will Hit $62K By The End Of Year

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Analysts believe that the number one cryptocurrency will reach up to $64K by the end of 2019 according to technical indicators. Let’s check out the latest altcoin news and read more about the analysis. There are quite a few analysts who believe that bitcoin and its meteoric rise isn’t over yet. According to Galaxy, as one of the popular bitcoin bulls, there are some technical patterns to sustain the price rally. The Bitcoin analyst Robert Sluymer of Fundstrat Global Advisors also stated previously that the investors should load up the digital currency on the basis of improving technicals. Fundstrat’s co-founder Thomas Lee on the other hand, is extremely bullish about the future of the number one cryptocurrency. He says that the bitcoin price will surge up to 200% or 400% once its breaks past the FOMO phase level of $10,000. It might be a good idea to forget about the past and to believe that the digital asset will hit a new record high in a matter of weeks. There is however a decent evidence that suggests that this is possible according to what analysts believe. Bitcoin fundamentals are very positive thanks to the several latest developments with the last one being the launch of the social media giant Facebook’s cryptocurrency Libra. The market watchers believe that Libra will further fuel the global bitcoin adoption. The CEO of Digital Currency Group Barry Silbert, believes that Libra will be a perfect catalyst for bitcoin and its mass adoption. Hedge funds are piling into the cryptocurrency which shows that the institutional investors are piling in thanks to the newly found status as a safe-investment asset. Greyscale, the investment company as previously reported in the latest cryptocurrency news, revealed that during Q1 in 2019, the inflow from hedge funds jumped to $24 million from the previous $1 million in the previous quarter. The combination of the increased demand and the technical trends in favour of the price of bitcoin could push the price for the asset to hit new highs in the coming months and by the end of 2019 the price could even reach $62,000. At least, Galaxy believes that Bitcoin will manage to reach this price level but we should wait patiently and see.
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Bitcoin News

Bitcoin Claims A New 2019 High, Other Altcoins Left In The Dust

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Bitcoin claims a new 2019 high since investors that did not generate any returns in 2019 are looking into buying the largest cryptocurrency. We take a closer look into the price analysis in the coming altcoin news below. Over the weekend, btc reached a new high to nearly $9,400 and the other assets were having trouble following it. The gains across the stock market and commodities are pale in comparison to Bitcoin so the investors are now sorry for not investing in the crypto. There is also no explanation of what fuels the price of the number one cryptocurrency despite the many claims that this could be a consequence because of the U.S.-China trade war or Facebook’s new stablecoin. The Wall Street Journal explained the disparity in returns saying that BTC is up by 150% year-to-date but the broader stock market is far behind. Bitcoin’s gains seem to be taking the market share away from the precious metal-gold and as previously reported, even the most stubborn gold supporters turned bearish on this commodity in 2019 while bitcoin continues to shine with no signs of ever slowing down. One of the people that shook things up for gold is the CEO of Digital Currency Group Barry Silbert. His company is behind the #dropgold campaign and it seems that there couldn’t have been a worse time for this precious metal. Digital currency group’s bitcoin trust reached a value of $2 billion which Silbert says this was roughly the size of Bitcoin’s value in 2014. He noted:
 “The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”
Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
 “In May, BTC had a nearly perfect negative correlation with the S&P 500.”
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