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John McAfee Orders His Followers To Spam SEC’s Email

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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BitMEX Pulled $73M From Exchange After Probe Report

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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.
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Economist Trashes Libra Calling It ‘’Facebook’s Fake Money’’

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Economist trashes Libra calling it Facebook’s Fake Money in a news article that we have in our altcoin news today by Thorsten Polleit. Far from the criticism of Facebook’s fintech ambitions, Polleit also noted that his doubts are based on an entirely different set of metrics than the regulators. He wrote:
 “The critical question, however, is this: Is the Libra really good — or sound — money? Unfortunately, this question cannot be answered in the affirmative. The reason is this: The quality of the Libra depends on the quality of the underlying fiat currencies — and fiat currencies do not make for good money, as should be well known by now. Fiat currencies are inflationary; they enrich some at the expense of many others. The issuance of fiat currencies causes distortions in the credit markets, which provokes speculative bubbles and triggers booms and busts, and last but not least, fiat currencies lead the economies into over-indebtedness.”
The term ‘’sound money’’ is a term that evolved over the years and once it was used to refer exclusively to gold-backed currencies but now it refers to Bitcoin. When he spoke about Bitcoin, Polleit who is the chief economist at Degussa did not mention the largest cryptocurrency at all. However, he did say that Libra presents a real threat to banking. When he was asked by Caroline Maloney who is a New York Representative if too much money goes into Libra, Polleit stated:
''Traditional banks have good reasons to worry. The Libra is about to siphon transactions out of bank accounts and put them into the LA’s [Libra Association’s] hands. Not banks, but the LA will collect the fees and will receive precious data on who pays what, when, and where. The banks will be left even more in the cold should customers begin to use the Libra for savings purposes as well. Because then they would also lose the time and savings deposits with which they refinance their balance sheets at low costs. Or think of the credit business: The LA may at some point also provide its customers with short-term consumer loans.”
The economist trashes Libra since it could become a major concern in the United States where people are mostly reliant and have great access to Banking as it was explained in some of the best cryptocurrency news sites.
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The CFTC Is Probing BitMEX Over Providing Suspicious Services

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The CFTC is probing the crypto exchange BitMEX for reportedly providing suspicious services to American traders as noted in the altcoin news reports. According to the reports, an anonymous source noted that the United States regulatory watchdog is investigating the popular bitcoin exchange and says that the probe centers around BitMEX are allowing US traders on the platform. BitMEX is not a CFTC-registered platform but it is still illegal for Americans to trade the crypto derivatives that are noted on the bitcoin exchange. The regulatory ambit over crypto for the CFTC came after a federal ruling back in 2018 when it declared cryptos to be commodities. Because of this, the Commission now has jurisdiction over any place where the crypto-based derivatives might intersect with the United States traders even the platforms that are based abroad. The HDR Global Trading Limited, which is the owner of BitMEX did not comment on any media reports or about the ongoing investigations by the government agencies. The terms of service of the exchange do not include a list of restricted jurisdictions and apart from the United States, some of the other countries banned are Iran, Syria, Cuba and North Korea. There are also some reports of users that show how their accounts got terminated on the platform based on the suspicion that they were only US customers. Tone Vays for example, tweeted in 2018 saying that BitMEX shut down his account for the same reason and this is why the CFTC is probing the crypto exchange:
‘’Just got my @BitMEXdotcom account terminated on suspicion of being a US Citizen. Anyone else find the timing of this odd? The 900+ affiliates that accounted for half my income r gone going forward. After #Unconfiscatable Conf expect prices on all services offered by me to rise.’’
As noted in the latest cryptocurrency news became the largest crypto exchange under investigation in the United States based on the suspicion of doing business in America. Exchange such as Poloniex and Bittrex are massively adopting the know-your-customer protocols in order to avoid sharing the same destiny as Bitmex as noted in the reports previously.
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Crypto Analyst John Kolovos: Bitcoin Price Will Drop To $8,500

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Crypto analyst John Kolovos recently told the Bloomberg that he expects bitcoin to drop further to the $8,500 price level before rebounding and as we can read in the latest cryptocurrency news, he believes that bitcoin futures are a great buy at $8,500. The Macro Risk Advisors chief technical and crypto analyst John Kolovos spoke with Bloomberg about the bitcoin price and the action of the coin. He also talked a little about the recent Congressional and Senate hearings over Facebook’s crypto project Libra. According to him, the price of the number one cryptocurrency is going through a corrective process and he stated that he does not believe bitcoin is going through a new trend in a changing correction motion. Kolovos explained that the Bitcoin price is currently going through the motions of an ABCD correction and it is trying to find support around $9,000. Kolovos suggested that Bitcoin is close on the verge of stabilization but he warned that before this happens the digital asset will be in for some more downside followed by a messy consolidation. The bitcoin price is now finding support at the 50-day moving average but there is a presence of an M top formation which could continue to attract bears. Additionally, the RSI could drop further before a healthy bounce since, during the bull run in 2017, the RSI of 40 proved to be a reliable bounce point for buyers. Kolovos outlined that currently there is a lot of price congestion in the current range and that the current prevailing trend on the long-term chart was very strong and a counter-trend is not really advisable. Also, there are some buyers at the lower levels between $9,000 and $8,000. He also noted that the bulls are in charge currently since Bitcoin is above the 50-week moving average and that a sign like this was a clear indicator in April that there will be a resumption of the long-term uptrend. He noted for the Bloomberg altcoin news:
‘’Classic technical analysis tells you that this pattern, implication of which, gets you back to the old highs, which would be around $20,000. So the long-term trend tells me to buy the pullbacks so that’s the reason why I think we should be buying around $8,500.’’
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