📰 Oct. 11, 2018. This day in crypto: yet another wave of decline, Bitfinex suspends fiat deposits and more
📌 Crypto- and Global Stock Markets Have Suffered One of the Year's Largest Declines
Traditional markets have experienced the largest collapse in the last eight months. The long-running Bitcoin standoff at $6500 also resulted in new lows; the crypto marketcap goes to the level of $200b
Today, Bitcoin has returned to the previous volatility and went down. For a long time, the first cryptocurrency kept the price at a level of no lower than $6,400, but then this barrier was overcome. At some point, the market passed a capitalization point of $200b, but then stabilized a couple of billions up. Moreover, the downward movement of Bitcoin was extremely fast.
The bearish trend had a stronger impact on altcoins, so, Ethereum has fallen to key $200, XRP to $0,41, and not so many assets don't conform to this tendency. However, the fall remains quite elastic, so Bitcoin reached $6,200, then jumped to $6,300.
The situation in the global (stock) market looks the same sad. Now it became clear that the stock markets of Europe are falling after USA/Asia. On Wednesday, assets began to fall in the US, which led to a drop in by 3.0-4.0%, while for Standard & Poor's 500 this decline was a record since February, and the Nasdaq Composite has not seen such low numbers since the beginning of the year.
- As for the stock market, the decrease is significant for the tech sector (Facebook, Apple, Google).
A lot has been said about the financial and local (cryptocurrency) crisis in recent times. But it seems that traditional investors are not in a hurry to buy Bitcoin or other digital currencies to avoid losses.
📌 Bitfinex Suspends All Fiat Deposits
Fiat deposits, including USD, EUR, JPY and GBP are paused on Bitfinex. As you remember, recently, details of the alleged insolvency of the exchange were revealed in media
Users of one of the most popular cryptocurrency platforms Bitfinex report the inaccessibility of deposit option for fiat currencies traded there — USD, EURO, JPY, GBP. Moreover, there are more and more complaints from customers, so perhaps there is a massive shutdown of deposits on Bitfinex.
Meanwhile, some users have signalled problems with deposits and withdrawals of funds for several weeks already. Questions flooded exchange's accounts in Telegram/Twitter. By the way, the Bitfinex team has not yet made any official announcements, and their supports say that they don't have information about such an issue.
«I guess Bitfinex suspends financial problems. Can’t receive my fiat transfer from Bitfinex almost for 3 weeks and support do not reply on any email where I’ve asked them to provide me with swift copy of money transfer»
— user X
«Why is it, that social media needs to inform me that bank deposits and withdrawals are suspended?
— user Y
«It would have been more professional and comforting if BitFinex came with an official statement about this matter»
— user Z
And no answers were given:
«I can't at the moment because I just found out about it too and I am awaiting further instructions. However. I am sure it's nothing too serious, and it is done to protect our customers from delays with deposits»
— official support account
Most likely, the problem is related to the poor state of the exchange relative to the bank with which it worked (and probably doesn't work at the moment), i.e. Bitfinex can really be insolvent or at least lose the contractual relationship with a financial organization.
→ See also: most of Tether (USDT) stored on Bitfinex exited. the exchange's hot wallet sent out 100 million in USDT to unidentified addresses.
📌 YoBit Reported That the Exchange will Pump Random Crypto
Cryptocurrency exchange Yobit will buy one random crypto for 1 BTC every 1-2 mins 10 times. The decision on launching pump/dump machine seems rather controversial (comments)
Cryptocurrency exchange YoBit, which has Russian roots originally, currently processing 0.35% of market share of $30.16M, and, is likely want to boost its trading volume. So, the exchange has launched a kind of pump-timer, after which a random coin will be selected to be purchased in the amount of 1 Bitcoin:
YoBit Pump in 22 hrs: https://t.co/RIbW7OhKzM
— Yobit.Net (@YobitExchange) 10 Oct. 2018 г.
We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount - 10 btc).
But it seems that not everyone wants to take part in such a party. Btw PUTINCOIN was chosen.
📌 LBX Launches Crypto-Payment Account "LBXPay"
British exchange LBX has launched a new service that provides access to an account where client companies can store and manage fiat and crypto assets
As we can see, crypto companies often face the impossibility of using banking services, which makes it difficult to start their work, or interferes in an existing process. The British exchange LBX offered a timely solution that allows customers to convert their savings into digital assets or fiat without having to work with other payment services, so it would be all-in-one accounts.
«LBXPay will allow its users to manage all balances, trades and payments – including those to third parties and batch payments – through the LBX app. For those with greater volumes and demands, there will be flexible access to LBX’s OTC desk and, from Q1 2019, access to an API linked directly to their LBXPay account.»
— LBX site
LBX, or London Block Exchange itself is a cryptocurrency exchange, however, funds stored thought LBX Pay will be placed in separate bank accounts. As we may think, the company has already passed all the related regulatory procedures to do that.
📌 More updates
- livecoin has suspended withdrawals because of server problems. The latest response from the team was seen on October 8.
- Ravencoin (RVN) will be added on Binance.
- Gemini hires former Wall Street exec. Hightower-Sellitto to head operations.
