Bitcoin | - Part 3

Bitcoin Whale’s Bad Trade Leaves Counterparties Holding the Bag

LAGOS (Capital Markets in Africa) – A massive wrong-way bet on Bitcoin left an unidentified futures trader unable to cover losses, burning counterparties and threatening to dent confidence in one of the world’s largest cryptocurrency venues. The long position in Bitcoin futures listed on OKEx, a Hong Kong-based exchange, had a notional value of about $416 million, according to an OKEx statement on Friday and data compiled by Bloomberg. OKEx moved to liquidate the position on Tuesday, but…

Want to Know Where Blockchain and Bitcoin Are Headed?

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – TheStreet’s Jordan French visits South Korea for Blockchain Week. What do the country’s unbridled markets and monopolistic corporate dynasties portend for the future of cryptocurrencies? Blockchain has become a global phenomenon and Asian businesses and investors are now in the thick of it. Investors in South Korea were among those that were captivated by cryptocurrency craze and that country’s increased regulations haven’t stopped its citizens from participating. South Korea…

Cryptocurrencies Fall as Korean Exchange Says $32 Million Stolen

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LAGOS (Capital Markets in Africa) – Bithumb, ranked by Coinmarketcap.com as the world’s seventh-largest crypto exchange by traded value, said on Wednesday that hackers stole about 35 billion won ($32 million) and that Ripple was among the coins taken. The exchange halted cryptocurrency deposits and withdrawals, said it will compensate victims and moved investor assets to a so-called cold wallet, which is disconnected from the Internet and less vulnerable to theft. Bitcoin, the largest cryptocurrency, dropped as…

Is Crypto Fundraising Bringing New Opportunities to Africa?

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LAGOS (Capital Markets in Africa) – Investing in any of the top digital currencies is well above of means of most Africans. For example, one bitcoin in Nigeria values at more than three million naira. This is in a country where around half its population survives on less than 800 naira (just over $2) a day. The minimum wage in Nigeria currently stands at 18,000 naira ($around $60) per month. This situation is reflective of…

Bitcoin’s Real Value Is $20, According to a Night of Drinking

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LAGOS (Capital Markets in Africa) – It took two economists one three-course meal and two bottles of wine to calculate the fair value of one Bitcoin: $200. It took an extra day for them to realize they were one decimal place out: $20, they decided, was the right price for a virtual currency that was worth $1,200 a year ago, flirted with $20,000 in December, and is still around $8,000. Setting …

Bitcoin Slumps After Binance Is Said to Face Warning in Japan

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LAGOS (Capital Markets in Africa) – Bitcoin fell after one of the world’s largest cryptocurrency exchanges was said to face a government rebuke for operating without a license in Japan, heightening concern that increased regulatory scrutiny will curb demand for digital assets. Japan’s Financial Services Agency is planning to tell Binance, the trading venue founded by Zhao Changpeng, to stop operating in the country without official approval, a person familiar with the matter said. Binance has…

Crypto Traders Should Be Covered by MiFID II, EU Lawmaker Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin, Ethereum and other virtual currencies should face tougher European Union regulation and be covered under MiFID II rules, according to one of the bloc’s top lawmakers. Such a move would help set common standards across the 28-member bloc and help the EU lead global oversight efforts of the rapidly expanding industry, Markus Ferber, the lead lawmaker on MiFID II in the European Parliament, said by email on Tuesday….

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