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Bitcoin [BTC]: Singapore Court finds Quoine liable for wrongfully reversing BTC trade in 2017

Akash Anand

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Bitcoin [BTC]: Singapore Court finds Quoine liable of wrongfully reversing BTC trade in 2017
Source: Pixabay

The field of cryptocurrencies has been affected significantly because of the ongoing bear market and that, in turn, has led many to question the entire model. The rise in issues has also caused many regulatory bodies and governments to step up and intervene in the process.

The latest example is the Singapore International Commercial Court [SICC], which found that the operator of Quoine, a popular cryptocurrency exchange, wrongfully reversed seven trades from electronic market maker B2C2 in April 2017.

The Court revealed that the Singapore-based exchange was guilty of a contract breach as well as a breach of trust. The court document said:

“The plaintiff claimed that the defendant’s reversal of the trades was in breach of the Terms and Conditions which governed the trading relationship between the plaintiff and the defendant at the material time, and was thus a breach of contract.”

The document further stated:

“Further, the plaintiff also claimed that the defendant held the proceeds of its account on trust for it and that the unilateral withdrawal of the BTC which had been credited to its account was therefore in breach of trust.”

Back in 2017, Quoine had initiated seven sell orders for Ethereum to Bitcoin transactions at the rate of 10 BTC for 1 ETH, which according to reports was 250 times more than the existing market rate. Once the transactions concluded, B2C2 received the proceedings of the seven orders that were reversed the next day by Quoine.



The current legal proceedings come after a case was raised by B2C2 asking for the recovery of 3,092 BTC. With the current ruling, the court has not explicitly asked Quoine to return the BTC, following which the SICC stated:

“The plaintiff’s remedy lay only in damages which, if not agreed, will be assessed at a subsequent hearing.”

Post the judgment, Quoine’s CEO, Mike Kayamori, claimed that the exchange was going to review the judgment and consider the options to file for an appeal.





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

XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
Source: Unsplash

Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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