BitMEX may be about to add KYC, and that’s bearish for Bitcoin: traders explain whyCould this action dramatically harm Bitcoin?
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BitMEX, the leading Bitcoin and crypto-asset derivatives exchange, has long played a central role in these nascent markets. The firm’s Bitcoin (XBT) perpetual swap — the infamous vehicle that allows traders to 100x leverage their capital in exchange for mind-blowing profits or a brutal margin call — just months ago passed $2 trillion in contracts traded. That number has likely started to tick towards $3 trillion, especially considering the recent volatility. BitMEX’s swap has been so key to Bitcoin that a good portion of the brutal crypto market crash seen on Mar. 12 and 13 — during which BTC fell more than 50 percent at the crisis’ worse — was purportedly driven by BitMEX liquidations alone, as reported by CryptoSlate previously. Some analysts even argued that without BitMEX shutting down near the point of maximum pain of the crash (now revealed to be caused by a malicious attack), BTC would have gone to $0. Literally. BitMEX’s importance to the structure of the entire Bitcoin market hasn’t gone unnoticed by authorities and critics. And this scrutiny has seemingly tipped the exchange’s hand, with a prominent trader revealing that know-you-customer (KYC) procedure is likely soon to be implemented — a reversal from one of BitMEX’s biggest benefits over its competitors: seemingly no identity verification is required to trade hundreds, thousands, or even millions worth of Bitcoin. More news ⏬The crypto market is hanging on by a thread according to this chart, but all hope isn’t lost
It’s been a rough past few weeks for the crypto market, with the Coronavirus-induced turbulence in the global markets catalyzing an intense and far-reaching selloff that has devastated traditional markets and nascent ones alike. Cardano (ADA) Foundation engages in decentralized computing effort to fight COVID-19
The Cardano Foundation has called on the community to support a distributed computing project aimed at developing a vaccine for the coronavirus. Top traders make a strong case for why Bitcoin could drop sub-$3,000 by 2021
Bitcoin’s recent rally may simply be a fleeting dead cat bounce that is ultimately followed by significantly further downside – a grim theory that is supported by multiple top cryptocurrency analysts. Binance CEO explains the real reason why the crypto market crashed last week
The crypto market saw one of its largest single-day downwards movement last Thursday, with Bitcoin leading a massive selloff that sent the benchmark digital asset reeling to lows of $3,800, subsequently causing most major altcoins to also crater lower. What else?🐋 Ethereum deposits exceeds previous record high; are whales cashing out? 💸 Op-ed: Bitcoin has never been closer to becoming a global reserve currency, here’s why 📈 This set of data shows that Bitcoin’s “safe haven” narrative may lead to a price boom 👨🏻⚖️ Tezos aims to a reach settlement in ongoing class-action lawsuit 💳 Ad: Sign up for a Metal MCO Visa Card and get $50 USD Featured event
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BitMEX may be about to add KYC, and that’s bearish for Bitcoin: traders explain why