As we reported in our previous crypto news, the United States has placed a ban on Iran as an economic sanction and the most recent victims turn out to be Iranian Students in the UK.
Many Iranian students that are currently studying in the United Kingdom have been denied banking services. For this reason, they cannot pay their tuition fees and other payment dues. Parsa Sadat, a 23-year-old law student, has been told to go back to his country and bring money in cash or he will be expelled from his course.
The Associate Professor at the college said:
“Even if the funds for the flight and fees can be raised, requiring Parsa to transport large amounts of cash within and from a country classified by the Foreign Office as a high-risk country, exposes the university to justifiable criticism. Parsa himself feels that carrying several thousand pounds in cash is dangerous.”
Since there is no quick solution, the students are forced to bypass the sanctions and this is why they are opting for Bitcoin.
The Chief Editor of IranWire.com Maziar Bahri says that many Iranian students started using cryptocurrencies since it is an extremely useful tool to bypass the economic sanctions. Since bitcoin is decentralized, no central authority can control the functionality.
Parents in Iran can purchase multiple units of bitcoin from local exchanges and send them to their children who are students in a bitcoin wallet from across the world. The recipient can again trade them for fiats via a local exchange.
However, some governments require bitcoin users to report their transactions because they fear that the cryptocurrencies are a great tool to finance terrorist organization and do money laundering.
Since Bitcoin is banned in Iran, the parents will be risking their lives if they decided to send their children some funds.
Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
"BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere," Roubini wrote in a blog post. "The exchange does nothing to stop this, as it profits from these transactions."Roubini (Dr. Doom) also clashed with the chief executive of BitMEX, Arthur Hayes, at the Asia Blockchain Summit earlier this month. At the time, he branded Bitcoin "overhyped" and a "cesspool."
"Some of the biggest crypto players may be openly involved in systematic illegality," Roubini wrote, adding: "BitMEX [is] an unregulated trillion-dollar exchange of crypto derivatives that is domiciled in the Seychelles but active globally ... involves peddling to 'degenerate gamblers' (meaning clueless retail investors) crypto derivatives with 100-to-one leverage."On the topic of margin trading which is hot in the latest cryptocurrency news, Dr. Doom is again pessimistic. However, there are many other analysts which are optimistic on crypto. One of them is Simon Peters, analyst at eToro. As Peters said:
“Crypto bears are poised to pounce, after several high-profile U.S. government officials took aim at bitcoin and Facebook's Libra this week."Currently, Bitcoin is eyeing $10,000 in a new upward run which stabilized the market overnight.
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his Bitcoin price update on Twitter late Wednesday.In the altcoin news, we can see that the increased momentum and the fact that Bitcoin bounces back has made a lot of altcoins wake up. It seems like Bitcoin's move to the upside has a more profound impact on the altcoin markets which had long failed to halt their declines. A lot of tokens in the top 20 cryptocurrencies by market cap showed improved performance on Thursday, with Ethereum (ETH) gaining 6.1% to hit $217. Litecoin (LTC) has also been growing as Bitcoin bounces back - it managed to post 15% gains while the embattled Bitcoin SV (BSV) also achieved double-figure growth. Previously, the bearish warnings had appeared - specifically from Brandt - suggesting that altcoin markets would not recover at all after the Bitcoin gains eclipsed them in 2019. The price of Bitcoin is stormy and its dominance sits at 65.3%. The total market cap has also regained a bit, and is currently at $268 billion.
Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion
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