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BitMEX Loses The Leading Position To Emerging Competition

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BitMEX Loses

BitMEX loses the world’s leading crypto exchange position to the emerging competition after the CFTC probe rumors as we read in the latest cryptocurrency news reports.

The Seychelles-based company is really silent these days shortly after its named turned up to the regulatory probe. Last month, the Commodity Futures Trading Commission (CFTC) allegedly sent letters to the BitMEX crypto exchange for offering services to US customers without the required license. The report visibly prompted the company’s clientele into a panic since they started withdrawing their cryptocurrencies. As of July 24, BitMEX has reportedly withdrawn $125 million worth of money from its cold storage.

The continued distrust which was fuelled by the massive silence from BitMEX and some of the top executives on the CFTC matter appears to have cost the exchange its number one position. Over the past few weeks, the news platforms emerged with reports from all directions that offer similar cryptocurrency derivatives solutions which could be why BitMEX loses the battle. The US-regulatory cryptocurrency exchange Coinbase announced the Blade which will start live in about three weeks at the time of writing. Coinbase’s latest venture also managed to raise up to $4.3 million in funding from the top Silicon Valley venture capitalists. This was one of the signs that the BitMEX team didn’t get. Blade now threatens to cut away a good portion of BitMEX’s clientele because it will likely get the regulatory blessing by offering 150x leverage on BTC/USD. BitMEX on the other hand only runs its business while providing a 100x leveraging option under the current regulatory environment.

BitMEX is also now taking hits from the StormGain margin trading exchange which boasts up to 100x multiplier trading without the need of the users to KYC themselves. PrimeXBT, for example, is competing with BitMEX with its $100 million worth of daily volume and 100x leverage solutions. Binance and eToro also offer similar crypto derivatives solutions but the leverages remain small. As explained in the altcoin news, the CEO of BitMEX Arthur Hayes who debated the economist and professor Noruiel Roubini, reappeared on social media posting photos from his travel adventures promising to get back to work in September.

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Blockchain News

Yahoo Finance Will Cooperate With CoinMarketCap To Provide Crypto Info

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Yahoo Finance partnered with the crypto analytics site CoinMarketCap in order to provide crypto information and news to the market. with more than 3.5 billion monthly visitors, this could greatly increase the visibility of Bitcoin and information about other cryptocurrencies as well so let’s find out more about it in the altcoin news below.Coinmarketcap is the leading crypto market data website that always provides its crypto indices and educational information on Yahoo finance, and Verizon Media news outlets. The indices always strive to provide real-time pricing for more than 200 exchanges and will give further exposure to the broader crypto market by including the alongside metrics for assets that represent most of the 90 percent of the global market capitalization.In addition, CoinMarketCap’s newsletter and blog content will be integrated into Yahoo’s crypto news stream and the recently added crypto screened landing page by Yahoo Finance which will make the platform an iteration of the Coinmarket cap website. The partnership will further increase CoinmarketCap’s dominance and will provide exposure to readers who still might have no idea what crypto is or never been involved in cryptocurrency. Despite the fall from preeminence, Yahoo.com is still one of the most trafficked sites in the world with more than 3.5 billion visitors per month. Yahoo’s Joanna Lambert:
 “As cryptocurrencies continue to gain attention, it’s essential that we expand our crypto news and data for millions of Yahoo Finance users across the globe. By partnering with CoinMarketCap, we can provide timely and reliable crypto information to meet our audience demand.”
As cryptocurrencies struggle to gain more validation in the mind of the general public, the move will be a step forward in making crypto more accessible and could play a part in the greater adoption but for now, this is a good push for greater incorporation of crypto in the traditional investment portfolio.As previously reported, In March 2018, the Japanese arm of Yahoo Finance also announced that it will open a cryptocurrency exchange and scheduled it for “April 2019 or later.” Yahoo Japan was also going to buy 40% of the BitARG Exchange Tokyo in April, laying the foundations for the exchange to launch a year later.
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Blockchain Firm Chainalysis Cuts Down 20% Of Workforce

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The blockchain firm Chainalysis fired 39 employees on Thursday which is about 20 percent of its workforce as the startup aims to turn profits and to bring new products to the market. We are reading more about it in the latest blockchain news today.The cuts eliminated positions in almost every corner of the blockchain analysis company according to the director of communications Maddie Kennedy and the research development team received the most cuts in the entire blockchain firm. The company’s total workforce is now at 155. The downsizing will also help to put the five-year-old company on the way to profitability as Kennedy said which will also allow the company to shift its resources into the product teams and to also create a better go-to strategy.This was one of the largest layoffs in the industry since the crypto winter in 2018 and right after the bitcoin price started climbing earlier this year. Circle also let go of about 30 employees or 10 percent of its workforce back in May and also the Israeli startup Colu fired 13 people as well. Chainalysis’ layoffs follow a string of prolonged positive announcements for the company which inspects the public cryptocurrency data for any clues and illicit activities. One of the most popular services is its longtime stalwart in the US government’s crypto investigations.The US Department of Justice used the Chainalysis software in order to take down the world’s largest child pornography site last month which led to a massive bust and the rescue of 23 children. Last week, the company had its first industry conference in Manhattan which was a week before the company announced the new crypto data tool for institutional investors. Also, back in April, the company closed a Series B funding round with $36 million from backers including Accel and Mitsubishi UFJ Financial Group.Chainalysis also managed to raise $53,6 million in total over the years when Jonathan Levin and Michael Gronager started the company back in 2014. Their hard fork led to funneling the capital into an aggressive expansion plan that included the research and development office in London which will result in future hirings. Aside these developments, Chanalysis boasted more than 25 open positions when it opened Series B in February and also hired three executive-level developers earlier this month.
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China Outpaces US With 7,600+ Blockchain Patent Applications

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The latest blockchain news show that China outpaces the United States in this technology with more than 7,600 blockchain applications. This was confirmed on November 20 by the Japan-based financial newspaper Nikkei which reported that Chinese companies submitted around 7,600 applications between 2009 and 2018 which is about three times as many as the US-based companies.According to the Tokyo-based research firm Astamuse, the US, China, Japan, South Korea and Germany have together submitted around 12,000 blockchain related patent applications in 2018 - and China outpaces all the countries accounting for over 60% of the five-country total.Meanwhile, South Korea submitted close to 1,150 applications within the same time frame, while Japan submitted fewer than 380 applications. The Chinese retail giant Alibaba Group Holding took the lead amongst the ranking of corporate applicants compiled by Japan and its NGB based on data from Innography. The United Kingdom based nChain followed Alibaba closely with 468 applications, while the technology giant IBM so far has filed 248 applications.China outpaces many countries and is setting records in terms of blockchain tech applications. In November, the Chinese news program Focus Report pointed out that although there are around 32,000 companies in China that claim to use blockchain technology, the real number is not even 10% of that.According to the episode, China's blockchain industry is at the forefront of the world with the total number of blockchain enterprises being second only to the United States.Meanwhile, in October this year, China's President Xi Jinping called for the country to accelerate its adoption of blockchain technologies as central to innovation. Xi also noted that the implementation of integrated blockchain technologies is a key in promoting technological innovation and transforming industries.Another analyst and partner at the blockchain-focused venture capital fund Proof of Capital, Edith Cheung, also talked about how China outpaces US in terms of blockchain applications. Cheung noted that China will "definitely" deploy its new digital currency within the next six months to a year.
“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD,” Cheung added and said that China hopes to become the first country worldwide that will issue a digital incarnation of its national currency.
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LocalBitcoins CEO Reveals Company Adds 135,000 Users Each Month

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LocalBitcoins CRO Sebastian Sonntag stated in a recent interview that the platform is growing at a huge rate by attracting over 135,000 new users each month. In our crypto news today, we find out more about the further growth plan.The advancements of the crypto industry are becoming much more apparent as the years go by. Plenty of new exchanges are emerging and the number of cryptocurrencies is getting bigger and bigger every day. The industry has even made some great technological breakthroughs. The interest in crypto trading and especially in the P2P trading is growing as well according to the LocalBitcoins CEO who admitted that the company is expanding and that the user base is gaining 4,000 to 5,000 users each day.Sonntag answered a few questions about the LocalBitcoins platform and the altcoin market regulations but also the many challenges that the crypto world is facing right now.  When talking about LocalBitcoins, the CEO stated that the company is going through a transitional period and that the company is growing rapidly by working to catch up with the sharp increase in support queries by hiring more staff and investing in the training of the staff as well.However, he did explain that the company’s plans for the near future do not include wallets for altcoins even the ones that are among the top 10 largest coins. The platform does work on improving itself mainly because of the adoption in various regions. Sonntag also noted that his platform enabled multiple simultaneous open trades recently which made the trading more convenient and much faster. The changes were received positively by the users.The LocalBitcoins CEO addressed the topic of crypto regulations and he noted that his platform has always been taking steps to respond to legal requirements for all jurisdictions in which it operates. However, the platform does not serve the US clients right not but it is working on a piece of legal advice on what they can do to change that. Apart from the US and other regions, the platform is one of the exchanges that have the widest reach in the industry. He believes that the platform’s main goal is to boost user education about crypto and cybersecurity as well.
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