BitMEX pulled $73M from its platform in less than 24 hours right after the reports about the CFTC investigation emerged in almost all altcoin news websites.
The probe reports were first reported in a tweet from the London-based Token Analyst and most of the listed exchanges such as Bittrex, Poloniex, Bitstamp, and Binance have similar flowing amounts in and out. However, BitMEX is popular for its disparity where only $12 million are coming in whilst $85 million was flowed out. Some crypto users were speculating that this occurred due to the panic leaving. The news that broke out yesterday that the Commodity Futures Trading Commission is allegedly investigating the exchange is the reason why BitMEX pulled $73M from the platform.
Many believe that with that big of a volume of BTC on the BitMEX platform, this isn’t such a big hit after all but there sure is a historical precedent for these kinds of numbers. The reported CFTC investigation aims to resolve whether BitMEX was providing services to the US traders. Because cryptocurrencies were ruled to be commodities in the United States, any trading platform that allows trading for US citizens has to be registered with the CFTC. The terms of service of the platform list the US as a restricted jurisdiction so the customers reported that their accounts have been shut down because there were US customers involved.
However, most of the crypto traders have no problem setting up a VPN just go get around the jurisdiction and even the Binance CEO is among the many who advocates the use of VPNs at all times. The recent outflows from BitMEX represent the American traders who withdrew the funds from the exchange in order to keep them from the regulator but of course, this is not certain. As noted in the latest cryptocurrency news, some suggest that the amount of BTC will get to the spot markets again but there is no sure evidence for this. Even if this amount were to be sold off, it should not cause a massive change in the price of Bitcoin.
U.S. Government Rules Out BTC As Drug Funding Mechanism
“The Darknet is commonly used for a number of illicit activities, including fentanyl trafficking.’’In July 2018, the U.S. Government and Department of Justice seized AlphaBay’s servers and assets since at that time the processor was the largest criminal darknet market on the internet. AlphaBay required its users to transact in CVC including Ethereum, monero, and Bitcoin to obfuscate transactions and related parties. Beyond fentanyl, the role of crypto worldwide in illicit activities is still an important topic of constant debate. Despite the warnings from governments, the independent studies find that cash and other fiat currencies remain the criminal’s medium of choice of transactions. Bitcoin’s traceability makes it suboptimal to use in illicit activities because it is an anonymous payment method even with the US authorities saying it would in fact be helpful if its use continued.
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“I would like to say I had enough foresight and enough courage to buy as it went all the way down.’’The bitcoin price was trading today at $10,560 which means that Bannon was highly rewarded and some other crypto investors as well that survived the ‘’crypto winter.’’ Steve Bannon had a bullish bet that led Joe Krenen himself who is also a budding Crypto Twitter darling to create a new nickname for the Breitbart executive chairman to ‘’Bitcoin Bannon.’’ Steve Bannon says that his interest in cryptocurrency is now more than speculative. The remarks he made in the past he stated that crypto technology would be a huge and important part of this new true passion project which is the ‘’global populist revolt.’’
“I think cryptocurrencies have a big future, I really do. I think they can be a very important part going forward, particularly in this global populist revolt.’’Previously, Bannon called bitcoin and its usage a ‘’disruptive populism’’ and stated that the cryptocurrency is a revolutionary technology because it takes back the control from the central authorities which are central banks and US Federal Reserve who have strict monetary policies and have been causing President Trump so much consternation in the past year. Bannon even noted that he is considering launching its own ‘’utility token for the populist movement’’ but it is still not appear that the plans are going really anywhere. As noted in the coming altcoin news, Trump stated that he is not a fan of bitcoin and some of the cabinet officials have railed against the cryptocurrency and connected it with criminal activity. The Treasury Secretary Steven Mnuchin even warned that it could even become a national security risk and a huge threat to the global financial system.
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