Bitfinex Market Freeze Sends Bitcoin Price Crashing
Bitfinex, one of the biggest bitcoin exchanges, went down for the second time within a day today at 10AM London time for four hours following “network issues” within Bitfinex’s datacentres according to Zane Tackett, Director of Community and Product Development. The unexpected suspension of trading sent price crashing last night to $700 from almost $780. Bitcoin’s price continued to fall as low as $650 today before slightly recovering. In responding to our question of whether this was a hack, bitfinex stated in a public tweet “No, not in any way.” In response to our question on whether....
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Cryptocurrency exchange Kucoin may have been hacked for $150 million in bitcoin and multiple ERC20 tokens. The Singapore-based exchange confirmed the September 25 security breach, but did not disclose the amount stolen. “Bitcoin, ERC-20 and, other tokens in Kucoin’s hot wallets were transferred out of the exchange,” said Kucoin in an update on Saturday. Meanwhile, Bitfinex and Tether, issuers of the centralized stablecoin USDT, immediately froze a combined $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack – an action that has....
The latest rally in BTC shorts is similar to what appeared ahead of the Elon Musk-led May 19 market crash. Bitcoin (BTC) bulls should brace for a potential onslaught from bears as the number of margined short positions on Bitfinex jumps by a little over 378%.Known to most by the ticker BTCUSD Shorts, the dataset records the number of bearish positions in the Bitcoin market. In simple terms, traders borrow funds from Bitfinex — their broker — to trade bet on bearish outcomes for the instrument BTC/USD. Meanwhile, the value of opened short positions is measured in BTC.The number of short....
The crypto community stands up for the rights of ordinary Russians amid hundreds of businesses leaving the country, but the final decision is up to regulators. Amid global businesses boycotting the Russian residents over military conflict in Ukraine, some companies in the cryptocurrency industry stand up for the rights of non-sanctioned Russian citizens.Bitfinex, an affiliate firm of the world’s largest stablecoin provider, Tether (USDT), will not unilaterally freeze the accounts of ordinary Russian customers as part of the global sanctions unless it's forced to do so, a spokesperson for....
On-chain data suggests there may have been a strong correlation between the Bitfinex Reserve and the Bitcoin price during the crash to $35k. Bitfinex Reserves Rose Sharply As BTC Price Plunged Down To $35k As pointed out by an an analyst in a CryptoQuant post, the movement in the Bitfinex reserve seems to have had […]
Bitcoin price has made increasing gains since the beginning of October, scaling back to the ceiling achieved toward the end of July, prior to the Bitfinex hack that sent prices crashing after a theft of approximately $72 million USD in bitcoin at the time. At the time of publishing, the Coinbase price chart shows bitcoin trading at $664.68. The number is easily indicative of a 3-month high, for the cryptocurrency. As has been the trend in recent times, market speculators point to the devaluation of the Chinese Yuan as the driving factor for Chinese investors to choose bitcoin, instead of a....