Connect with us


Bitcoin [BTC] bleed and lack of legitimacy go hand in hand, says financial expert

Akash Anand



Bitcoin [BTC] bleed and lack of legitimacy go hand in hand says financial expert
Source: Unsplash

On Thursday, 6th September, financial experts spoke to Bloomberg about the multiple cryptocurrency markets crashes over the past 24 hours, with legitimacy issues and insecurities being painted as the culprits for the ‘crypto wreck’.

Lawrence Shover of SFG Alternatives spoke about how a major obstacle in the path of Bitcoin [BTC] and other cryptocurrencies was the pullout of the Bitcoin trading desk plan put forth by Goldman Sachs. Officials close to the banking behemoth had earlier stated that the organization has pushed down the establishment of the Bitcoin trading desk on its list of priorities, and is focusing on other ways to participate in the cryptocurrency world.

The discussion on Bloomberg touched upon how the week before showed a sign that Bitcoin may stay stable above the $7000 mark, a bullish call in a severely bearish market. At the time of writing, Bitcoin [BTC] was trading at $6467.57 dollars still dropping at a rate of 7.29%. The cryptocurrency held a market cap of $111,583 billion and a 24-hour market volume of $5.871 billion. The only silver lining that market watchers could observe during this crash fest was that Bitcoin was maintaining a steady linear hold above the $6400 mark in the past 14-hour window.

Shover went on to say that the Bitcoin market was very much dominated by speculators and volatility with the onus being on the latter. To a question that glazed over the fact that the cryptocurrency may fall to the $6000 mark or not, Shover emphasized on the sheer desperation in the market for legitimacy. He also added that when a major company like Goldman Sachs deserts a volatile currency like Bitcoin, the market scare is fairly predictable.

The financial analyst then spoke about the emerging markets and how it plays a pivotal role in Bitcoin’s rise and fall. The recent Iranian sanction and the move by the IEA are also at the center of the Bitcoin machine. Iran had recently announced that they will begin to treat cryptocurrency mining as an industry. This sudden move came in the wake of increased pressure on Iran that occurred after the tectonic financial decisions sanctioned by the United States.

Shover also added that the oil prices will play a significant role in the market and that by the end of the year, the price of oil will hit the low 60s.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading