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Potential Regulations Violation: Binance And Kraken To Be Investigated

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Major breaking crypto news lit up the crypto community today when a New York State Attorney General referred Kraken, Binance, and Gate.io to the Department of Financial Services.

Barbara Underwood reported in a Virtual Markets Integrity Initiative report that all three exchanges potentially violated the New York’s virtual currency regulations. In the report, concerns are expressed about the operations of these exchange platforms regarding market surveillance protocols, security, and consumer protection.

Earlier this year, a questionnaire was hand out to 13 crypto exchanges, even some that don’t even have an active status in New York. This questionnaire asked the participants to answer questions regarding better transparency into their operations. Some exchanges that took part in this questionnaire were, Gemini, Bitfinex, Kraken, Bittrex, Poloniex, Binance, Bitstamp USA and Gate.io.

According to the CEO of Kraken Jeff Powell, the results that came after were ‘’disrespectful’’ and it’s what they made them decide to leave New York a couple of years ago. Also, Binance and Gate.io declined to participate saying that they don’t allow trading from New York.

This is why the Department of Financial Services wants to start e thorough investigation to determine if there’s a possible bypass of the state’s laws. Customers are getting warnings constantly to be cautious when trading on these said platforms. They also urge customers to interact as much as they can with the providers before making decisions by themselves.

The process is still on-going and no further information is given from the state of New York or the Attorney General herself.

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Bitcoin News

Early 2017 Crypto Investors Are Rapidly Starting To Sell Bitcoin

The CEO of a major crypto trading company Michael Moro reaches today’s crypto news for his opinion that early crypto investors that bought bitcoin in 2017 for the price of $1,000 are not starting to sell massively. While speaking to The Block, Moro who provides investors access to block size liquidity in order to buy and sell cryptocurrencies explained that the large investors are now moving their funds for the first time now since bitcoin was just $1,000. He said:
 “We are seeing the folks who bought in early 2017 sell for the first time today.’’
He added that the majority of the Bitcoin early investors that purchased Bitcoin in the first quarter of 2017 now believe that they are seeing zero return on their investment. As of today, November 20, the price of Bitcoin reached a new low again for a second time this week going down under the $4,753. CryptoDog, a technical analyst explained the current bitcoin drop:
 “The bears aren’t even pushing, BTC is just free-falling. Very weak dump, imagine what it looks like when the volume comes in. A short-term reversal could happen at any moment – shorting with high leverage is a terrible idea. However, if you are trying to knife catch, be patient. No one should be in a rush to long this.’’
Despite the drop, BTC’s volume increased to $8 billion which as a more than 60 percent increase while expecting BTC to establish a bottom trend at $4 billion. This is one of the reasons why the investors who bought BTC at $1,000 are considering selling a huge part of their holdings fearing that another drop might be happening in the next few days.
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Altcoin News

Bitcoin Takes A New Beating, Goes Below $4,500 As Market Loses $25 Billion

It seems like the downward trend for Bitcoin is continuing day after day. This Tuesday, the market just wiped out another $25 billion in a new major sell-off that is viral in our crypto news section. Over the past 24 hours, Bitcoin has lost about 14% of its price, while Ethereum lost 14.5%. Bitcoin Cash was the biggest loser again, losing 45% from its value and Stellar (XLM) followed with 10% losses accordingly. As expected, Bitcoin Cash dropped the most because of its hard fork and the quick sell-off that it triggered over the past few days. The newly produced versions of Bitcoin Cash (BCH), Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) also suffered losses. While BCHSV fell from $170 to $60 in a three day span, BCHABC fell from around $450 to $270, almost splitting in half. The current market conditions are quite gray - mostly because of the intensity of the drops over the last 24 to 48 hours. A couple of days ago, Bitcoin was trading near $7,000 and today we are noticing a downward trend that may lead the most dominant cryptocurrency even below the $4,000 support line - if this bearish trend continues. A sell pressure on the other altcoins could also intensify in the days to come - pushing BTC, ETH, XRP and BCH to even lower limits by the end of this year.
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Bitcoin News

BREAKING: Bitcoin Falls Below $5,000 With No Signs Of Support

In the latest Bitcoin news, we are reporting a new massacre and a massive loss in the price of Bitcoin which today fell below the $5,000 margin. After hitting an all-time high and trading at around $20,000 in December 2017, a year afterwards we see the largest and most dominant cryptocurrency in shock. The BTC/USD index is now at 4886-fiat and the price of Bitcoin has recorded a loss of more than 11% and the price action bled through crucial support levels that had a history of reversing bearish trends. Obviously, the Bitcoin Cash hard fork has set the market on fire and big mining pools jockeyed to decide the fate of the BCH protocol. Currently, mainstream media is also promoting a negative side of Bitcoin. For example, a recent report from Bloomberg predicted that Bitcoin would bottom out at near $1,500, and many analysts also slashed their predictions for the most dominant cryptocurrency. Meanwhile, it seems like the US Dollar is also taking a beating - as it sled down to a two-week low compelled by the negative comments from the Federal Reserve. While a bearish dollar like this could prove bullish for stocks and commodities, its impact on Bitcoin  would definitely be a thing to watch out for in the months to come.
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Altcoin News

Bitcoin, Ripple And Ethereum Are Getting Hit (Again) This Monday

In today's cryptocurrency news, we have a new hit on the market especially for the cryptocurrencies including Bitcoin, Ripple and Ethereum which are all getting hit and have fallen again over the past 24 hours. Bitcoin is the first one to take a beating, falling by 4% and now trading at $5,334 while Ripple, which is now the second largest cryptocurrency by market cap, has dropped by more than 6% and is now trading at $0.47. Ethereum, has fallen by more than 11% and is now trading at $156, according to data from CoinMarketCap. It seems like the Bitcoin Cash hard fork has had a major effect on the prices of cryptocurrencies. Blamed last week for the initial sell-off, it managed to wipe billions from the market and led many analysts to believe that the nature around cryptocurrencies is quite chaotic - especially when they are used as currencies and store of value. As a result, the top cryptocurrencies have been dropping in what's named 'the civil war of crypto' because of the fork, which led to smaller cryptocurrencies splitting again in two last week - resulting in the creation of Bitcoin Cash ABC (BCHABC) and Bitcoin SV (BCHSV). No one knows if this bearish trend will continue. According to analysts, it is more than likely for the prices to remain the same and drop until 2019 - and currently, a breakout scenario is far from reach.
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