#CryptoCorner: BTC Drops Nearly $2K after Brief Bull Run, Binance Announces 2.0 with Margin Trading, Canada Amends #Crypto Regulation
Point Roberts, WA, Delta BC July 11, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Bitcoin (BTC) plummeted almost $2,000 – roughly 10 percent – in the last 24 hours after peaking at about $13,100 yesterday morning, according to data from CoinMarketCap. At press time, Bitcoin is trading for around $11,700 having sunk as low as $11,370 late last night. An article from Reuters connects this downward movement with comments made by the U.S. Federal Reserve regarding Facebook’s (NasdaqGS:FB) Libra. During his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee, Fed Chairman Jerome Powell said:
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.”
and
“I don’t think the project can go forward without addressing those concerns.”
The article further indicates that the price of Bitcoin fell some seven percent during Powell’s testimony. This correlation is echoed by CNBC journalist Ryan Browne, who tweeted a chart showing that Bitcoin drop and Powell’s testimony occurred around the same time.
This chart shows bitcoin falling off a cliff at about 3:30pm BST, around the time Powell talks about Libra & crypto. Not saying there's a concrete link. Just stating what happened.
In a blog post yesterday, crypto exchange giant Binance announced the launch of the 2.0 version of its platform which features margin trading. Margin trading allows users to leverage their balance as collateral to open both long and short positions on crypto assets. Yi He, co-founder of Binance, explained:
“Though the current cryptocurrency market and legacy platforms for margin trading poses greater risks and benefits at the same time, we are confident that its development coupled with more knowledge on proper risk management will help realize greater benefits in the long run. With margin trading being one of the most requested services from our community, this is a testament to the large market demand from retail and institutional traders alike and its promising possibilities in the future.”
Canada’s federal government has amended its regulations aimed at preventing money laundering and terrorist financing, a move that imposes changes on how cryptocurrency is traded in the country. One such change is the requirement that exchanges must now record and report any cryptocurrency transactions over $10,000.
A financial entity shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that it receives from a person or entity in a single transaction, unless the amount is received from another financial entity or a public body or from a person who is acting on behalf of a client that is a financial entity or public body.
Bloomberg reports that Spanish authorities have identified Bitcoin ATMs as a potential blind spot in the EU’s anti-money laundering laws. A drug bust saw the gang involved reportedly utilizing crypto ATMs to transfer funds, Spain’s Civil Guard police force claimed.
According to the Civil Guard officials, who spoke on condition of anonymity, the group hired two ATMs from unsuspecting trading platforms and installed them in an office in Madrid that masqueraded as a center for sending remittances and trading cryptocurrencies. The gang would then transfer money from bank accounts to the trading platforms in order to top up the machines with Bitcoin or other digital currencies.
Sam Mowers, Investorideas
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