Seller shortage? Bitcoin exchange reserves plunge as BitMEX bleeds BTC
Bitcoin exchange reserves are continuously plummeting as analysts pinpoint the trend to a potential shortage of sellers. Bitcoin (BTC) exchange reserves are continuously plummeting as analysts pinpoint the trend to a shortage of sellers. Since the March crash, the reserves on exchanges rapidly fell from 2,950,000 BTC to 2,700,000 BTC.Within merely seven months, a 250,000 BTC fall in exchange reserves signifies a $2.85 billion decline. Behind the steep trend could be two major factors: a decline in sellers and lower trust toward exchanges.Bitcoin reserves on exchanges. Source: GlassnodeIs....
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It’s official – the U.S. government has the Bitmex exchange in its headlights. With one Bitmex leader in custody and others on the lam, the exchange is practically toast. New York Times broke the story on October 1 showing how charges related to money laundering and reckless financial activity have left Bitmex backers in a […]
Gemini, Binance, OKEx and Huobi appear to be the biggest gainers of the BitMex fallout. Over 45,000 Bitcoin has been withdrawn from BitMex since the U.S. government levied charges against the exchange and its leadership. October 1 brought two devastating blows to BitMex. First, the CFTC and DOJ brought charges against the exchange. Shortly thereafter, its founders (including CEO Arthur Hayes), were indicted by the U.S. government. The market reacted to the news with a sharp decline across many of Blockchain's biggest assets.BitMex Bitcoin reserves. Source: Glassnode.This isn't the first....
Global cryptocurrency derivatives exchange Bitmex has settled charges with the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The exchange has agreed to pay as much as $100 million to end investigations by the two agencies. Bitmex Settles With CFTC and FinCEN Bitmex confirmed Tuesday that “it has reached a resolution with both the United States Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) in relation to investigations by both agencies.” The company wrote: Bitmex agreed to....
Italian soccer club AC Milan and Bitmex have reached a long-term partnership agreement that will put the logo of the cryptocurrency exchange on Milan’s jerseys. As part of the sponsorship deal, Bitmex will become Milan’s ‘official sleeve’ and ‘crypto trading’ partner. Bitmex Brand to Feature on Sleeves of Milan Playing Kits Bitmex, a leading crypto derivatives platform, will be AC Milan’s Official Cryptocurrency Trading Partner, the Italian football grand announced on Tuesday. A press release published on its website reveals the two sides have....
Bitcoin is back above $20,000 after seeing some relief during the weekend. The number one crypto by market cap dropped below its 2017 all-time high as selling pressure increased driven by the current macro-economic environment. Related Reading | Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge At the time of writing, Bitcoin (BTC) trades at $20,500 with a 6% profit in the last 24 hours. The last seven days record a different story with a 24% loss. Former BitMEX CEO Arthur Hayes claims an institutional forced seller triggered the increase in selling pressure.....