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.
‘’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.
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
“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.
VanEck Thinks Bitcoin ETF Could Bolster US 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.
Retail Investors Can Now Bet On BTC To Hit $100k By 2020
“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.
Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges
“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 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.
“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.’’
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