Connect with us

Sin categoría

Bitcoin Prices Broaches $9,000 on Crypto Exchange WEX; Critics Cry Foul

Published

on

The bitcoin price has been largely flat on Wednesday, rising approximately one-half-of-one percent on the global markets. At one Singapore-based exchange, however, the flagship cryptocurrency is soaring by thousands of dollars — and critics are sounding the alarm.

The exchange in question is World Exchange Services, better known by its acronym, WEX, where the bitcoin price inexplicably spiked as high as $8,999 during intraday trading. Despite a brief pullback, WEX’s BTC/USD market is currently holding steady at $8,000 — a full $1,600 above the trading pair’s global average.

bitcoin price
The bitcoin price came within pennies of $9,000 on cryptocurrency exchange WEX.

The pump extended to other WEX markets, including USDT/USD, which saw the controversial tether token climb as high as $1.30 despite being pegged to physical USD at a 1:1 ratio.

It’s not immediately clear what is causing the bitcoin price to trade so far above its global average. Some observers, including widely-followed bitcoin trader Kazonomics, have theorized that it could be indicative of USD insolvency at the exchange or even an outright exit scam.

Others, however, have said that it likely stems from the illiquidity of WEX’s USD markets, as well as the fact that the exchange charges hefty fees for fiat withdrawals.

Given the price discrepancy between WEX and other exchanges, many traders may be tempted to profit from this apparently-golden arbitrage opportunity. Nevertheless, several industry veterans have warned that if an arbitrage opportunity looks too good to be true, it probably is.

“You should ask yourselves why is there this ‘too good to be true’ arbitrage opportunity and avoid in case,” Altana Digital Currency Fund CIO Alistair Milne wrote on Twitter. “This is what saved me from Mt. Gox.”

Notably, this isn’t the first time that this particular trading platform has come under scrutiny. Though now under new ownership and management, WEX — as CCN reported — is a rebranded version of now-defunct cryptocurrency exchange BTC-e, which was shut down in connection with an international investigation into a multi-billion dollar bitcoin money laundering operation.

As of writing, WEX has a daily trading volume of $35 million, which makes it the 35th-largest cryptocurrency trading platform. The exchange did not immediately respond to a request for comment.

Advertisement
Click to comment

Sin categoría

How to Use Koinex Loop for Buying or Selling Bitcoins in India

Published

on

Koinex Loop is a p2p token transaction network by Koinex, one of India’s leading exchanges. After the enforcement of RBI’s directive for banks to not engage with cryptocurrency firms, Indian users desperately needed more options for buying and selling cryptocurrencies. Loop comes to the rescue and is branded as a peer-to-peer trading facilitator.

Koinex Loop
Koinex Loop
(Source: Loop)

To begin using Loop, users must have a Koinex account. No new account or 2FA or re-verification is needed as Koinex credentials also work with Loop. Currently, Loop supports the buying and selling of bitcoin, ether, and, ripple’s native token, XRP against INR.

Why Loop?

There are a few advantages of using Loop:

  1. Trusted Roots: Loop is a Koinex offering, which is one of India’s most reputed exchanges. They have a solid development team and ambitious plans.
  2. Better UI: Loop offers a much better UI than Localbitcoins. It’s more accessible to use and easily navigable for users who have used Koinex before.
  3. More coins: Unlike Localbitcoins or LocalEthereum, Loop offers trades in the top three cryptocurrencies as of now: bitcoin, ether, and ripple.
  4. No fees: Though this may not be the case in the future, at current Loop is not taking any fees or commission for facilitating trades.
  5. Better Prices: On anecdotal evidence, it was observed that Loop selling prices are more competitive than Localbitcoins and LocalEthereum. Sample price data has been added below for bitcoin and ether taken at LocalEthereum, Localbitcoins, and Koinex Loop.

Ether Selling Price Comparison. Loop vs. Localethereum. Loop wins.
Ether Selling Price Comparison. Loop vs. Localethereum. Loop wins.

Bitcoin Selling Price Comparison. Loop vs. Localethereum. Loop wins.
Bitcoin Selling Price Comparison. Loop vs. Localethereum. Loop wins.

What Is a p2p trade?

If you already know what a p2p trade is, you can skip this section. The abbreviation means “peer-to-peer” and occurs directly between two parties. The protocol was popularized by BitTorrent which allows users to share the file directly with each other.

Server vs P2P
(Source: Quora)

The diagram above shows two popular models. The first represents a server-based or server-client model where a server acts as a central node and provides data to other nodes in the network. In a p2p Network, one in which all nodes directly communicate with each other, none of the nodes are more or less privileged than the others.

A server-based model is also at risk to a single point of failure, where if the server goes down, the whole network fails to communicate with the other nodes. In a p2p model, if any node goes down, the system can continue to operate.

Bitcoin is a p2p currency, which effectively leads to decentralization. As decentralized exchanges (DEX) and p2p exchanges become popular, cryptocurrencies become more decentralized. In a way, RBI’s decision is helping Indian enthusiasts and traders adopt better and more advanced techniques of trading in digital currency. According to Investopedia:

“A peer-to-peer (P2P) economy is a decentralized model whereby two individuals interact to buy or sell goods and services directly with each other, without an intermediary third-party, or without the use of a company of business. The buyer and the seller transact directly with each other. Because of this, the producer owns both their tools (or means of production) and their finished product.”

Making your First Loop Trade

This guide covers how to create a listing and selling your first cryptocurrency on Loop by making a listing. Loop allows users to either create listings (similar to advertisements) for buying or selling crypto or contact listing posters and initiate trades directly with them. You are more likely to get a better price if you post a listing and have sufficient time.

  • Make an Account on Koinex, Verify the Account: Users must have a verified Koinex account to initiate a trade on Loop. If you don’t have an account on Koinex, make an account hereand finish the KYC formalities. (Note: Koinex is only suitable for Indian users). You will also have to choose a username on Loop which is public. As such, it’s suggested to select a username which doesn’t reveal your real name.
  • Load your Wallet: Note that if a user wants to sell cryptocurrencies on Loop, they must first deposit it to a Koinex wallet. Users cannot create a sell offer listing if they don’t have sufficient digital funds in their Koinex wallet. Get your deposit addresses on the Koin Wallet Page.
  • Understand Collateralized Trading: Koinex has introduced a new feature of putting down collateral against a listing. Collateralized trades show a green tick on the listings page and hence are more likely to be perceived as authentic. By staking collateral, users deposit 25 percent of the worth of the trade as a security in case of a dispute. If a deal occurs without any dispute, the collateral is returned to the user who pledged it. In case of a dispute in a collateralized trade, the dispute resolution team at Koinex will resolve the dispute in favor of either party. The guilty party will face deductions against the collateral while the party deemed genuine will not. Interested parties can read more about collateralized trading here.
  • Create a Listing on Loop: Creating a listing is easy. A listing is effectively public and gives the community an opportunity to contact users and initiate a trade request. If a user is creating a sell-type listing, they must add payment details like UPI/Bank NEFT/IMPS, etc. and specify which payment mode(s) they are accepting at the time of creating the listing.

Create Listing

  • Request-Approval Stage: Once a user has created a listing, they will begin receiving “requests” from people with whom to transact. Request notifications will also be shared via email and SMS to the registered mobile number. The listing creator has the option to either accept or reject a request based on their discretion. If a listee who wishes to sell their crypto approves a request, their payment details will be exposed to the buyer.

It should be noted that the user making the request can cancel the trade after listee approving the trade. This effectively exposes your payment details to a user who did not buy your coins. Critics have noted that Koinex should impose some penalty on users for frivolously opening trades.

  • Payment Stage: The buyer will have up to three hours to make the payment and report payment status to Koinex. If the buyer fails to report the payment, the trade is canceled. Once the seller accepts the trade, the crypto is locked into the escrow account and is only released when the seller confirms the receipt of the payment. It’s favorable in the interest of the community that the platform does not support card transactions as they are riskier and prone to chargebacks.
  • Transaction Complete Stage: Once the seller confirms the receipt of the payment, they can close the transaction and allow Koinex to release the crypto from escrow to the buyer’s account. Loop also boasts a feedback mechanism where both parties can leave a feedback smiley for each other. This helps establish trust amongst each party since these feedbacks are public.

Conclusion

Loop is a young product has a long way to go. Nonetheless, it looks very promising, and BTCManager encourages such initiatives. Koinex has the opportunity to leverage their vast Indian user base and promote crypto trading in India via means of Loop.

Continue Reading

Sin categoría

Every Christmas And Birthday Rolled Into One For Coinbase This Week, XRP Time?

Published

on

Cryptocurrency exchange Coinbase is about to face what looks to be its most important week yet. It’s like every Christmas and Birthday rolled into one big celebration, for an exchange that is about to receive a license to trade securities.

We now know through an official announcement by Coinbase that they have been given permission to go ahead with the purchase of three groups; Keystone Capital Corp, Venovate Marketplace Inc and Digital Wealth LLC. These acquisitions mean that Coinbase will be considered to have broker-dealer status, which in turn means that Coinbase would finally have a license to offer cryptocurrency trading for coins that are considered to be securities. This also includes coins with no official security status as of yet, and thus includes coins that are on the fence, much like XRP.

This opens up Coinbase to a whole host of new opportunities. XRP being a major one, but there are tonnes of other avenues that Coinbase could explore with this announcement. This week is important as it is during this week that we expect the announcement to materialise. We will see Coinbase complete the purchase of the aforementioned groups and in turn, could see some new listings almost straight away.

Historically, when coins are listed on Coinbase, their price skyrockets and therefore we can expect a change in the landscape of the markets during this week. Whether or not XRP will be listed straight away is up for debate, though we do expect to see this sooner, rather than later off the back of this new chapter for Coinbase.

According to Venturebeat, this move is very important:

“Coinbase’s potential move into security tokens is significant because it is one of the most important exchanges in the cryptocurrency industry. To give you an idea of its, in May of this year, it had 20 million user accounts. That is about the size of Fidelity investments. It also has the largest cryptocurrency trading volume of any exchange in the U.S. New token listings on Coinbase lead to massive rallies in the price. This happened last December with Bitcoin Cash and more recently with Ethereum Classic. Even the speculation of a potential listing could be enough to impact price. For example, Ripple’s XRP rallied at the beginning of the year on speculation it could be listed.”

Moreover, the President of Coinbase, Asiff Hirji, last month is noted to have said:

“Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets  —  like 24/7 trading, real-time settlement, and chain-of-title.”

See more for yourself, here.

This is big news for Coinbase and thus, is one to watch throughout the week. Any new announcements made by the company are sure to ease the markets along and thus, this is something we are very excited about.

Continue Reading

Sin categoría

Cryptocurrency Market Update: Bitcoin Diamond (BCD) Price Doubles on HitBTC Listing

Published

on

Crypto land is pretty flat; altcoins recovering slightly are Stellar, Tezos and 0x, but Bitcoin Diamond is pumping

The weekend has been quiet in crypto land with no major gains or losses. Markets are up marginally creeping above $280 billion again but with little direction for future momentum.

Bitcoin has moved back towards its resistance level of $7,400, pushing slightly above it with a 1.7% gain to $7,450. If buyers continue throughout the day there could be another rally up towards $8k. Ethereum has been sluggish over the past few days with minor gains keeping it just above $465.

Altcoins are all in the green at the moment with Stellar leading the top ten pack regaining 7% on the day. XLM is currently trading at $0.295 according to CMC, it surpassed Litecoin to take sixth place in the charts last week. Since last Sunday Stellar has gained 27% from $0.214, against Bitcoin it is up 5.3% on the day to 3970 satoshis.

Cardano has regained just over 4% while the other altcoins in the top ten are showing 2-3% gains. Looking at the top twenty Tezos is the biggest mover with 4.5% on the day to trade at $2.22. The rest have made marginal upward movements but none are standing out. Decentralized exchange protocol 0x is making moves at the moment with a 7.5% climb to $1.18.

Today’s clear leader however is Bitcoin Diamond which has surged a whopping 60% in 24 hours. The spike happened a few hours ago propelling this Bitcoin offshoot to $4.70 from $2.27 in ten minutes. It has since pulled back to $3.55 which is a 64% jump from this time last weekend.

The BCD spike came from a HitBTC listing and subsequent Reuters, Nasdaq and Yahoo Finance coverage;

OKEx currently dominates BCD trade with 18% of the total volume, followed by Huobi and Binance. Trade volume for Bitcoin Diamond has not jumped in line with the pump indicating that prices could fall back to previous levels. BCD currently sits at 28th spot with a market cap of $538 million.

Total crypto market capitalization has climbed slightly by just under 2% to $283 billion on the day. Trade volume however continues to fall and is down to $11 billion from $14 billion this time yesterday.

Continue Reading

Advertisement

RECENTS

Advertisement