Cryptocurrency traders and speculators are always looking for ways to make some good money. When trying to ignore the overall market circumstances, using arbitrage opportunities is one’s safest bet more often than not. The following six offerings will allow users to score some quick profits, although the overall platform liquidity may shake things up quite a bit in the coming hours.
Monero (HitBTC / Bitfinex / Kraken)
No one will be surprised to learn there is yet another Monero price gap between the different exchanges today. This privacy-oriented altcoin usually offers arbitrage opportunities on a daily basis. For today, buying XMR on Bittrex, Kraken, Gate, or Bitfinex and selling it on HitBTC will yield some decent profits. Spreads are as large as 4.5%, with the average being closer to the 2.9% mark. Some very decent profits to pocket, especially while the market momentum remains rather uncertain.
ZCash (Cex / Bittrex / HitBTC)
For the fourth day in a row, HitBTC remains the go-to place to sell cryptocurrencies bought somewhere else. In the case of ZCash, HitBTC maintains a higher price compared to Gate, Cex, Bittrex, and Bitfinex alike. Traders can exploit price gaps of up to 3.7%, with the average being closer to the 2.4% mark at this time. A more than modest gain to be netted in this regard, although ZCash is not the most “active’ market across exchanges.
Bitcoin Gold (Cex / Bitfinex / HitBTC)
Even though Bitcoin Gold arbitrage options are not exactly a daily occurrence, there is always a good chance an appealing price difference will show up throughout the day. At this time, it seems the BTG price on CEX and Bitfinex is a bit lower compared to HitBTC. Although the profit is just 1% or slightly more, exploring all options at one’s disposal will always allow users to score even more profit in the process.
Tron (KuCoin / Koineks / HitBTC)
Several price gaps exist where the Tron price is concerned. That is not entirely surprising, as there are plenty of platforms trading this altcoin at this time. As long as one is comfortable with selling on HitBTC, buying on KuCoin, Gate, Koineks, Bitfinex, Binance, or Sistemkoin will always yield a profit. It seems the potential gains are pretty steady near the 3% mark, with Koineks-HitBTC yielding just a 0.7% profit.
Dogecoin (Koineks / Gate / HitBTC)
For fans of Dogecoin price arbitrage, HitBTC will prove to be a valuable exchange as well. That is only normal, as all other exchanges tend to maintain very similar prices for DOGE at this time. As such, buying this altcoin on Koineks and Gate and selling it on HitBTC will yield a gain ranging from 3.6% to 4.7%. A very appealing option to explore, all things concerned.
Stellar Lumens (KuCoin / Bitexen / HitBTC)
The final arbitrage opportunity for today involves selling on HitBTC< just like all previous currencies mentioned on this list. One could purchase XLM from KuCoin, Gate, or Bitexen and flip it on HitBTC for a profit of 2.8% on average. This is a modest gain which falls in line with most other altcoins, although there is a good chance XLM will offer much more liquidity to play around with.
Inner Mongolia to Shutter ‘Illegal’ Bitcoin Miners by October as China Cracks Down on Industry
China’s Inner Mongolia autonomous region is carrying out an inspection to eliminate “illegal” bitcoin mining operations by October, a government spokesman told CoinDesk, confirming a local report.
The official document detailing the inspection plan was leaked to Chinese media which published photos of the decree from the Inner Mongolian regional authority.
“The inspection is directed by the central government, rather than a standalone plan initiated by the local government,” according to an industry executive involved in the planning process.
“The move reflects the nationwide phase-out plan on the bitcoin mining,” the source added. The government’s plan is to drive out the digital currency mining industry from China by 2021..
According to the 10-page document, data centers that provide facilities for bitcoin miners and unregistered bitcoin mining businesses will be closed.
The local authorities leading the raids will target any bitcoin mining operation that tries to get preferential electricity prices and tax breaks by pretending to be a sanctioned user, such as a big data company or cloud computing host.
Existing bitcoin mining businesses that pass the inspection will be categorized as “limited companies” that should pay the official electricity rate and not negotiate with power stations directly. They will still be expected to shut down their mining operating by 2021.
The region-wide inspection is being rolled out in two phases.
The municipalities are carrying out the inspections from Sept. 3 to Sept. 25 and then.reporting their findings to the regional government, which will form a team to investigate the findings from each jurisdiction from Oct. 10 to Oct. 20..
Inner Mongolia, in northern China, is among the most suitable areas to operate bitcoin mining businesses thanks to its cheap electricity supply, low land prices, cold weather and a small population.
Such conditions help miners by reducing their biggest cost – electricity – cooling equipment more quickly and avoiding densely populated areas that would be bothered by noisy operating machines. Bitmain, one of the largest bitcoin mining companies, has had operations in the region.
China started to crackdown on bitcoin mining operations before the formal announcement in April by the National Development and Reform Commission, the primary government agency for economic planning.
The NDRC’s position indicated that the mining industry should be phased out of China as it does not fit in the future economic development plan of the country. Trading and possessing cryptocurrencies is illegal in China as part of broader currency controls, but crypto use is prevalent on the black market.n-miners-by-october-as-china-phases-out-indust
JP MORGAN IN METALS RACKETEERING SOUP; BITCOIN STILL A FRAUD?
WHO IS THE FRAUD NOW?
JP Morgan Chase boss Jamie Dimon once called bitcoin a fraud. Two years ago he said ‘If you’re stupid enough to buy it, you’ll pay the price for it one day.’ Now it turns out that his bank has been the fraudulent one as the DOJ flexes its muscles against JP Morgan’s trading desk.
According to the Financial Times, three metal traders for the Wall Street bank have been charged for market manipulation in what the prosecutors described as a
“Massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”
JP Morgan’s head of precious metals trading, Michael Nowak, was charged on Monday along with two colleagues, Gregg Smith, and Christopher Jordan. The federal racketeering charges handed out are normally used to take down organized crime syndicates.
Effectively JP Morgan can be considered a crime syndicate following this scandal and RT anchor Max Keiser tends to agree.
“Yep. We called every dirty, Silver manipulation of @jpmorgan
#FinancialTerrorist, human tapeworm Jamie Dimon made $1 bn on this.”
The indictment alleges that between May 2008 and August 2016, the defendants engaged in widespread spoofing, market manipulation and fraud for gold, silver, platinum and palladium futures contracts while working on the precious metals desk at the bank.
JP Morgan along with HSBC dominates global flows of gold and silver trading. The charges added that the traders placed orders that they intended to cancel before execution in order to create liquidity and drive prices toward orders they wanted to execute on the opposite side of the market.
SHORT THE BANKERS, LONG BITCOIN
It has been a long time coming but it is likely the case will increase scrutiny over the world’s precious metals markets and the dominance of large banks such as JP Morgan. Prosecutors indicated that more senior executives and other banks were under investigation.
In the past decade alone global banks have been fined more than the entire market capitalization for all crypto assets for a range of nefarious activities. Just last week banks in the UK were hit with billions of dollars in fines for an insurance scam that defrauded millions of citizens.
For once we can say with confidence, yes, bitcoin solves this.
Should Jamie Dimon take back his ‘bitcoin is fraud’ statement? Let us know what you think.
BITCOIN AND BLOCKCHAIN BOOSTING LAW INTENDED TO CREATE JOBS
BLOCKCHAIN TO GET THE JOBS ACT RIGHT
The Jumpstart Our Business Startups Act, colloquially known as the JOBS Act, is a law intended to create jobs in the United States. The concept behind it is to encourage funding of small businesses by easing various securities regulations.
President Barack Obama signed JOBS into law in April 2012. Before the enactment this law, authorities allowed companies to raise money only from accredited investors holding a net worth of at least $1 million.
Then, under the JOBS Act, new rules and proposed amendments were designed to assist smaller companies with capital formation, providing investors with additional protections.
Thus, on October 30, 2015, the U.S. Stock Exchange Commission (SEC) adopted the rules to allow companies to offer and sell securities through crowdfunding. Specifically, Title III of the JOBS Act provided a federal exemption under the securities laws so that investor can use crowdfunding to trade securities.
However, according to Forbes, the law failed to materialize the number of jobs expected, forcing former vice-chairman of NASDAQ David Weild IV, one of the main supporters of the law, to call “for a JOBS Act 2.0 that would be built using blockchain, a shared distributed ledger.”
Now the law it seems is starting to fulfill its promise. For example, on August 19, 2019, INX Ltd. filed with the SEC the initial public offering (IPO) petition to raise $130 million by selling security tokens. The minimum investment amount to participate in the IPO is $1,000. Moreover, Forbes reports,
“Weild, who sits on the board of INX, says he now has 14 blockchain and cryptocurrency clients waiting in the rafters to bring the best of blockchain to the best of traditional exchanges, and perhaps, finally get the JOBS Act right.”
BITCOIN ADDS JOBS TO THE DIGITAL ECONOMY
Bitcoin is also streaming jobs into the economy directly. Job sites such as Monster.com, Simplyhired.com, and Indeed.com continuously post a variety of jobs related to BTC.
Additionally, sites specialized in freelance job opportunities often post jobs that pay in BTC. Cointastical published a long list of freelancing platforms that offer payments in Bitcoin.
So, thanks to Bitcoin’s technology and the Internet of Things (IoT), the digital economy continues to provide us with more jobs and opportunities.