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WeChat Pay And AliPay Forced By Regulators To Block Crypto Transactions

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The Chinese mobile payment platforms WeChat Pay and Alipay are now under the eye of many regulators – especially after the recent announcements regarding initial coin offerings (ICOs) as well as cryptocurrencies.

According to news releases published yesterday, both of the payment giants said that they will work with the government in order to closely monitor the cryptocurrency transactions.

Meanwhile, there are even five high-level regulatory agencies in China – including the People’s Bank of China as well as the Banking Regulatory Commission – that issued a warning against the crypto-related fundraising and trading activities which were potentially present on WeChat Pay and AliPay.

The release published by Tencent, which is the parent company of WeChat Pay, said that the company has invented three main measures in order to regulate the “problematic” platforms related to ICOs and cryptocurrencies.

As the tech giant said, they will prohibit users from using WeChat payments to make any virtual currency-related transactions – as well as conduct real-time monitoring of daily transactions and risk assessment of any suspicious transactions.

On the other hand, another Beijing-based news outlet published an interview with the Alibaba Group affiliate Ant Financial (which owns AliPay) – where the giant said that depending on the situation, it will restrict or permanently ban any personal Alipay accounts that are involved in cryptocurrency transactions.

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Market Loses $6 Billion In New Downtrend: Coming Closer To A $3,000 Bitcoin

The cryptocurrency news over the past two days focuses on reds - where the Bitcoin price is still dropping and is right now at $3,871. Even though Bitcoin managed to slid to $3,678, the price has now corrected but no one knows whether this is permanent or only for the day. Other major cryptocurrencies such as Ethereum (ETH) and Stellar (XLM) have declined by even more. The price of Ethereum, for example, dropped from $112 to the current $103 while Stellar managed to slid from $0.15 to $0.13 by over 13%. The market lost billions and is now coming closer to the $120 billion mark, while many analysts expect Bitcoin to continue with this downward trend and potentially drop to $3,000. In the past 12 hours alone, the market lost more than $4 billion of its valuation as tokens lost on average around 10% to 20% of their value against the US dollar. On November 25th, the price of Bitcoin (BTC) managed to plunge to its yearly low of $3,456 as many bears began to fuel one of the strongest sell-offs this year. Based on the intensity of the downtrend of BTC over the past two weeks, a drop to a new yearly low in the $3,000 region may be unavoidable, especially if the volume of BTC is considered. Currently, the conditions of BTC remain oversold at $3,800 and in the short-term, the crypto market could experience a minor recovery from its low price range.
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Criminals Are Threatening Business Owners In Amsterdam Demanding 50,000 Euros Worth Of Bitcoin

Business owners in Amsterdam express their worries in today’s crypto news about criminals who are threatening to harm their businesses unless they pay them insanely high amounts of bitcoin. According to local NLTimes, multiple businesses received emails where the criminals demand more than 50,000 euros worth of bitcoin. If the business owners fail to pay the extorted sum, the criminals threaten that they will plant hand grenades where the business are or as a second option, the business will be shot upon. As a precaution, businesses are required to shut down in Amsterdam for an indefinite period of time in case explosive devices are found or a shooting takes place. A piece of the email threat reads:
 “You probably noticed how many entrepreneurs have had to close their doors recently by order of the municipality. To prevent you from being the next one, you must immediately take action.’’
In order to pay the extortion fee, the business owners are instructed to open a new account on two crypto exchanges and them being Coinbase and Coinmama. Next up they have to buy bitcoins on either one of the exchanges and then transfer them to a required address. At least three coffee shops have already received a threat like this in Amsterdam and also a few nightclubs. The criminals even said that the extortion fee will be doubled if the owners don’t make the payment in five days. The email recipients must keep the threat confidential and they are warned for informing the police or any other law enforcement body. If they don’t maintain the confidentiality, the extortion fee will reach a stunning 200,000 euros. However, there is no single business registered to have paid the said amount.
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Fake Debt Collectors Manage To Steal $50,000 In BTC From Four People In Australia

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Venezuela’s Growing Interest In Bitcoin Trading: A Way Out Of The Hyperinflation Exodus

We have been covering the economic crisis in Venezuela on many occasions on our DC Forecasts crypto news site - and the hyperinflation that has been staggering for many residents of the country. The good news, however, is that Venezuelans have found a way out of the crisis - in Bitcoin. According to Coin Dance, more than 300 million Bolivars (Venezuela's fiat currency) have been traded last week only - and the record could only be broken this week, knowing that more than 292 million Bolivars have already been traded.  
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