Bitcoin crash and reasons behind it
Last week, giant exchange Binance was the victim of a massive, well-organised hack. At the same time, the price of Bitcoin dropped by 10 percent – but the Binance hack isn’t the only thing happening in the market.
We examined the reasons behind the drastic price movement.
Exchange vs Hong Kong regulator
Lawyers of Multibank Exchange Group forced the Securities and Futures Commission to cancel an alert that it issued against the firm in February.
Gerard McCoy, senior council of Multibank Exchange Group, told Finance Magnates that he had never seen the SFC capitulate on such a matter in his 35 years of practice.
Mt. Gox erupts one more
Nobuaki Kobayashi, the bankruptcy trustee for Mt Gox, sold 18,000 BTC on February 5th, causing Bitcoin to crash to a three-month low of below $6,000.
The community is annoyed, and as Kobayashi is still responsible for approximately $1.9 billion in digital assets, worried too.
Google vs cryptocurrency
Google claims to not have any official policy against cryptocurrency advertising, but reports are coming in suggesting that the reality is different.
Cryptocurrency-related adverts are being given only ‘limited’ approval, and some accounts have been blocked. Google denies everything.
Financial Conduct Authority changes licence requirements
The UK’s financial regulator has distributed a letter to a number of UK-based brokers to inform them that it is considering forcing straight-through processing brokers to upgrade their licenses to those of full market makers.
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This is necessary to ensure that the companies manage to cover negative balances resulting from prospective client losses due to unexpected market moves.
The cost of one bitcoin
New research has revealed how much an individual would have to pay to gain one Bitcoin, according to what country he lives in.
Click here to see the information displayed graphically, including a breakdown of where the activity is still profitable.
Read more at:
www.financemagnates.com
