Cryptocurrency News for November: Bitcoin Drops, China Bans Crypto, Bakkt vs Binance, Gram Cheating

Index
    Новости криптовалют за ноябрь
    Cryptocurrency news for November

    Why is Russia banned, and Ukraine, on the contrary, legalized? How has China influenced the price of bitcoin and will we have a new bottom? This is the final article in which we will talk about the key events of November.

    This month was remembered for the FUD flow from China, which played an important role in manipulating the price of BTC. We will also figure out how we managed to keep the level at $ 6,600 and why there was no expected rebound for $ 8,000. We will tell you about a different approach to regulating cryptocurrencies in Russia and Ukraine, and who has moved further. We’ll figure out which exchange is the best now and whether Bakkt can compete with them. And at the end of the selection of cryptoscandals, the leader today is a fraud with the Gram cryptocurrency.

     

    Bitcoin and altcoins

    Биткоин и альткоины
    Bitcoin and altcoins

    Over the past month, the entire cryptocurrency market lost as much as $ 50 billion, and it 19459032] capitalization fell below $ 200 billion. The main reason for this was the fall of bitcoin, which met November at around $ 9,300 and ended up just $ 7,500.

    Moreover, on November 25, the average price of the first cryptocurrency dropped to $ 6 600 and if they hadn’t bought it there, they could have fallen even lower. Then, literally in the last days of the month, there was good hope for a strong rebound and the exit of the bitcoin rate again above $ 8,000, but as we already know, even in the early days of December, nothing like this happened.

    In November, there was a lot of talk about the surrender of miners, who allegedly began to curtail their capacities. This is still invisible on the network capacity graph, but there appears a horizontal shelf that hints that the growth of the hash , which we observed since December 2018:

    Хешрейт биткоина [ 19459004]

    Bitcoin Hashrate

    According to one study, the current cost of Bitcoin mining is now $ 7,100, but this figure is quite averaged. And yet, if it is fair, then it is understandable why the miners stopped increasing their capacities. And if bitcoin is not going to raise the price before the halving , which will arrive next spring, then we can see a picture similar to Litecoin mining.

    After the price went down, and then the reward to the miners was halved in August, during this time the hashrate decreased by 70% and turned out to be at the level that we saw in December 2018, during the current bottom cryptocurrency market:

    Хешрейт сети Litecoin
    Hashrate of the Litecoin network

    And, by the way, about the bottom, as a result of the continued decline in the price of bitcoin, we got an even bigger drawdown on virtually all altcoins . And while Ethereum , Bitcoin Cash and Litecoin so far are just going to the bottom, then XRP has already updated it, falling on November 25 slightly below $ 0.21. There were a lot of purchases at this level, but they took it at this price and, apparently, with an eye to the long-term, so a strong recovery did not work.

    Regulation

    Регулирование криптовалют
    Cryptocurrency regulation

    Strangely enough, but summing up the results for November, we practically will not talk about the USA. Of the important news, only the preparation of a draft law on the recognition of managed stablecoins by securities. These are such as Libra from Facebook and similar ones. I would also like to note the news from Germany, where a law was passed that allows private banks to add services for the purchase or sale, as well as cryptocurrency storage in their online banking services.

    And today we will analyze the latest news on the regulation of cryptocurrencies from China, Russia and Ukraine. Let's start with the Middle Kingdom.

    China

    Регулирование криптовалют в Китае
    Regulation of cryptocurrencies in China

    In the country of red dragons, there was complete tin, because their love for blockchain and the media love of bitcoin invented by the media turned into tough repressions against cryptocurrencies. So, the Weibo social network blocked the account of the Binance crypto exchange , and the Block portal even wrote that a police raid was in the Shanghai office of the exchange . The head of Binance Changpeng Zhao replied that they did not have any office there, but the publication refused to publish a refutation and the case could go to the court .

    In addition, a local program was shown on local Chinese television, telling what evil cryptocurrency trading was and why most of the new tokens are just pyramids. And the Central Bank of the Celestial Empire reported that had identified and closed as many as 173 trading floors.

    But there is good news: the Chinese authorities have changed their minds and will no longer drive miners out of the country, and this type of activity is excluded from the list of undesirables, which will enter into force from the beginning of next year.

    Russia

    Регулирование криптовалют в России
    Regulation of cryptocurrencies in Russia

    Next we have Russia, where everything is as usual. They really did not surprise, and you could talk about them in advance without any news. The Runet isolation law has already entered into force, but it will not work sooner than in a year, because it still takes a lot of time to purchase and install equipment to filter traffic. And according to various sources, during testing of this system in the Urals, the Internet crashed badly and time generally fell. In short, they protected the Internet, so they protected.

    And it is not surprising that we did not see any specific laws on regulation of cryptocurrencies , because without Cheburnet there is no real possibility to control all this. Although we will tell you a secret, she and Cheburnet will not be, but do not upset officials ahead of time. And now they decided to tackle such issues as, after all, it would be possible to confiscate cryptocurrencies and at the same time introduce a ban on the payment of goods and services using bitcoin.

    Ukraine

    Регулирование криптовалют в Украине
    Regulation of cryptocurrencies in Ukraine

    But the Ukrainian authorities managed to accept something, and now there you can go to jail for cryptocurrencies. True, for this you need to be an official, and get caught in illegal enrichment, that is, collect a bunch of bribes and go to jail for it. So, in this law, the list of assets for illegal enrichment also contains cryptocurrencies, and now Ukrainian deputies will think three times before declaring their bitcoins.

    In general, Ukraine is going to follow the recommendations of the International Anti-Money Laundering Group, and also to amend existing legislation so that international cryptocurrency exchanges can enter the country, in particular Binance, which even promised to open in country has its own office. But the Ukrainian authorities lied about the interest from Bittrex, to put it mildly, because, as the representative of the exchange said, they did not send any requests for cooperation to .

    Crypto exchanges

    Биржи криптовалют
    Cryptocurrency exchanges

    Bakkt

    they’re closing in China right now, in November they didn’t sit idly by, and first of all we’ll talk about Bakkt . In general, this platform has every chance of being a wolf in sheep's clothing, but the exchange itself is developing, and you need to give them their due.

    Bakkt received permission from the New York financial regulator to provide custodial services for institutional investors from around the world. And, therefore, access to the international level is only a matter of time. They also promise to open on December 9 the trading of settlement futures for bitcoin , that is, they will try to compete with the Chicago CME exchange. Bakkt's cryptocurrency payment application is already at the testing stage , and the final November chord for Bakkt was the setting of a new record in daily trading volume of $ 42.5 million

    ] Binance

    Биржа криптовалют Binance
    Binance cryptocurrency exchange

    From regulated trading platforms, we turn to the usual cryptocurrency exchanges develop and at the same time be afraid of claims from regulators. Binance again showed itself best of all, and the most important was the addition of national currencies to the exchange, such as the euro, the hryvnia and the tenge. And as the head of the exchange Changpeng Zhao stated, they plan to provide the opportunity to trade 180 national currencies . And specifically for the US market, Binance affiliate added the ability to purchase cryptocurrencies using bank cards.

    But all these are technical points. The coolest hi-tech around the exchange appeared after the information that in just a week the TOP-10 Binance referrals received a reward of 44 BTC:

    https://twitter.com/binance/status/1191019347008819200

    And the TOP-1 of them earned 10 BTC, that at that time the exchange rate was almost $ 100,000 and he received all this without a single transaction on the exchange. And after that, someone will say that since Bitcoin has ceased to cost $ 1 and it’s not so easy to make money on it, it is impossible to become rich in the cryptocurrency market, here’s an example of how people do it, another question that doesn’t so easy to break into these TOP 10 referrals from Binance.

    Bitfinex

    Биржа Bitfinex
    Bitfinex exchange

    And the next exchange in our review will be Bitfinex [19] . For the good: they got full support for SegWit addresses, and at the beginning of next year the exchange is going to add options and futures for cryptocurrency and launch stablecoin with reference to gold Tether Gold .

    From the bad: the site is still accused of manipulating the cryptocurrency market and bitcoin, in particular with the help of stablecoin Tether . To the $ 1.4 class action lawsuit, a new lawsuit was added with the same claims. The exchange itself continues to deny everything, they called the study e, which supposedly proves their guilt unprofessional and does not prove anything. And they even said about the plans to file a petition to close the court cases against them, because there is no evidence there.

    Scandals

    Криптосканадалы
    Cryptoscanadals

    This time, the situation around the test crypto currency messenger was a clear winner, the messenger and other scandals.

    BitMEX merges customer data

    Let's start with BitMEX cryptocurrency exchange . It is well known to many, because there during strong fluctuations in the price of bitcoin with a wave of a magic wand and the insatiable thirst for money of the head of the platform, Arthur Hayes, they liquidate positions for hundreds of millions of dollars. In November, they also harvested a rich harvest, but they got to our article for another reason.

    BitMEX, due to an error in the email distribution code, sent users letters with information about other clients. That is, everyone who got into this newsletter, received personal data on other traders from this list.

    And if the case of BitMEX can be called more ridiculous than problematic, then this month there was a major data leakage of one million and four hundred thousand users of the GateHub cryptocurrency platform. Whoever had an account there and if suddenly they still have not transferred funds to another wallet and have not changed access to it, then this must be done.

    Another faktoshi

    Фейктоши
    Faktoshi

    Now let's talk a little about those who imagined themselves to be the creators of bitcoin, then there is about gentlemen fake. Craig Wright has a serious competitor, whose name is Jürg Molt, and until 2016 he was not at all connected with the blockchain and made his living by being a DJ at weddings. But now this German claims to have 250,000 BTC in and that he allegedly is the creator of the first cryptocurrency . Naturally, no evidence, but he organized a school of cryptocurrencies named after himself beloved.

    And the main and most arrogant fictosy Craig Wright this month also distinguished himself when he refused to comply with the court order and pay 500,000 BTC. Interestingly, after he lost the case, he asked for 30 days for a peaceful settlement of the conflict. And when time passed, then sharply remembered that he did not have the opportunity to pay what was due, which means he would not do that.

    Cryptocurrency News for November
     

    The Gram test network was not a test one

    Криптовалюта Gram
    Gram cryptocurrency

    And now about the TOP scandal of the month that happened with Gram cryptocurrency . After the public test network was launched and everyone could install a wallet and get some test and completely free grams, the world seems to have gone crazy. Naturally, many scammers were waiting for this moment to pass test grams for real ones, but there were also those who understood that this was a test network, and the price of tokens was zero, but still paid money for them, participated in the auction, invented from the air some kind of economy, and all this rested on a stupid joke that allegedly under the guise of test grams Pavel Durov launched a real cryptocurrency.

    The Telegram team was forced to take extreme measures and simply restart the test network. As a result, all the old wallets and tokens were inaccessible and hung dead. And those who tried to boil in this cauldron and hype on the test grams then justified themselves that, you see, they did not expect the test network to be decentralized to the end. And in general, they did not expect such vileness from Pasha Durov.

    That is, it’s like the founder of Telegram is to blame for everything, and not those who are well aware that the test network is for that and test, so as not to be real, but still tried to trade something there and encouraged the sale grams for real money, cryptocurrencies or goods.

    You can follow the latest news about cryptocurrencies in our section: cryptocurrency news

    Read also:

    Who and how are manipulated cryptocurrency market

    Bearish forecast for bitcoin: when the bottom is

    Durov’s multi-path: is the test Gram real?

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