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Bittrex Closes it’s International Exchange and Disables Thousands of Trading Accounts

June G. Bauer



Bittrex-International-Exchange-closed-and Disables-Thousands-of-Trading-Accounts

The leading cryptocurrency exchange, Bittrex announced that it’s international trading platform “Bittrex International” which operates out of Malta is closing and it will be replaced with a new trading platform “Bittrex Global”which will be headquartered in Liechtenstein.

This comes after Maltese Financial Regulator said that it will “actively monitor” licensed cryptocurrency businesses in the country to prevent money laundering.

Bittrex Global is a new European exchange utilizing the trusted Bittrex technology platform. Headquartered in Liechtenstein, Bittrex Global aspires to be the premier global exchange for trading new and innovative blockchain tokens.

From bittrex’s Annoucement

Bittrex Moves $414 million USD Worth of Bitcoin

According to “Whale Alert”, a twitter bot that monitors crypto transactions, Bittrex has made the biggest Bitcoin transfer we have seen in months. It moved 43,653 BTC (414,139,256 USD) to unknown wallet.

Bittrex Closes Thousands of Trading Account

Last week, we reported that Bittrex will be banning 31 countries from accessing it’s exchange. Today, the effected users received the bellow message when they try to use Bittrex Global.

Bittrex-Disabled Account

If you live or access Bittrex exchange from any country in Bittrex Banned List, then most likely your account will get banned.

Our Thoughts on Bittrex

Bittrex is an exchange that people should avoid using, there are cases of people who lost a lot of money as they did not get the early warning to withdraw their funds. Bittrex support is super slow in answering tickets, sometimes it takes months to hear back from them if you have an issue with your account.

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1


Trading Wars: Unveiling the Similarities and Differences of Forex and Cryptocurrency

June G. Bauer



In recent years, both forex (foreign exchange) and cryptocurrency trading have gained immense popularity among investors and traders. While they share some similarities, such as being forms of speculative trading, they also have distinct characteristics that set them apart. Understanding the similarities and differences between forex and cryptocurrency trading is crucial for anyone looking to venture into these financial markets. In this article, we will explore the key aspects of both types of trading, enabling you to make informed decisions about which avenue suits your investment goals and risk tolerance.

Similarities between Forex and Cryptocurrency Trading

  1. Volatility: Both forex and cryptocurrency markets are highly volatile, meaning their prices can experience rapid and substantial fluctuations. This volatility presents opportunities for traders to profit from price movements, but it also carries inherent risks.
  2. 24/7 Trading: Forex and cryptocurrency markets operate around the clock, allowing traders to engage in trading activities at any time. This aspect provides flexibility and enables traders to react swiftly to market events and news.
  3. Technical Analysis: Technical analysis, the study of price charts and patterns to predict future price movements, is a commonly used approach in both forex and cryptocurrency trading. Traders utilize indicators, chart patterns, and other tools to identify potential entry and exit points.

Differences between Forex and Cryptocurrency Trading

  1. Market Size and Liquidity: The forex market is the largest financial market globally, with daily trading volumes surpassing trillions of dollars. It is highly liquid, meaning there is an abundance of buyers and sellers, resulting in tight spreads and minimal slippage. Cryptocurrency markets, although growing rapidly, are relatively smaller and less liquid in comparison, which can lead to wider spreads and higher price volatility.
  2. Centralization vs Decentralization: Forex trading occurs in a centralized market, facilitated by financial institutions, banks, and brokers. Cryptocurrency trading, on the other hand, takes place in decentralized markets, with transactions recorded on a blockchain. This decentralized nature eliminates the need for intermediaries and offers greater control and privacy to traders.
  3. Regulation and Oversight: The forex market is heavily regulated in most countries, with established regulatory bodies monitoring and supervising brokers and financial institutions. Cryptocurrency markets, however, are still in the nascent stages of regulation, with varying degrees of oversight across different jurisdictions. This regulatory landscape can impact the level of investor protection and market stability.
  4. Asset Class: Forex trading involves the buying and selling of fiat currencies, such as the US Dollar, Euro, or Japanese Yen. Cryptocurrency trading, on the other hand, revolves around digital assets like Bitcoin, Ethereum, or Litecoin. The underlying factors influencing the price movements of these assets can differ significantly, with forex influenced by economic indicators, geopolitical events, and monetary policies, while cryptocurrencies can be impacted by technological advancements, adoption rates, and regulatory developments.
  5. Leverage and Margin: Forex trading often allows traders to utilize leverage, which means borrowing funds to amplify their trading positions. Leverage enables traders to control larger positions with smaller capital but also increases the risk of significant losses. Cryptocurrency trading platforms, on the other hand, typically offer lower leverage or margin trading options, primarily due to the higher volatility and potential for extreme price swings.

Final Thoughts

Both types of trading (Forex and Cryptocurrency) share similarities in terms of volatility, availability, and technical analysis techniques. However, they differ significantly in terms of market size, decentralization, regulation, asset class, and leverage options. Understanding these distinctions is vital in formulating effective trading strategies and managing risk appropriately. Whether you choose to trade forex or cryptocurrencies, it is crucial to conduct thorough research, gain experience, and seek professional advice to enhance your chances of success in

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The Challenges of Policing Cryptocurrency Fraud: CFTC Commissioner Shares Insights

June G. Bauer



In an enlightening revelation, Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission (CFTC), acknowledged the challenges of policing cryptocurrency fraud due to its widespread nature. Despite the agency’s active pursuit of several significant cases, she admitted that the sheer volume of fraudulent activities makes it impossible to catch them all.

Speaking at a white-collar crime conference hosted by the New York City Bar Association, Goldsmith Romero disclosed that cryptocurrency-related cases account for approximately 20% of the CFTC’s portfolio. Notably, the agency has recently filed civil cases against prominent exchanges Binance and FTX, underscoring their commitment to combatting fraudulent practices.

While addressing the audience, Goldsmith Romero emphasized the need for action, stating, “There’s just no way we can police all the fraud, but we’ve got to do something.” This recognition highlights the magnitude of the challenge faced by regulators in the rapidly evolving cryptocurrency landscape.

CFTC Chairman Rostin Behnam has actively sought increased authority from lawmakers to enable the agency to effectively oversee spot crypto markets. This move is seen as a crucial step towards strengthening regulatory measures and protecting investors in the digital asset realm.

Responding to the notion of a potential “turf war” between the CFTC and the Securities and Exchange Commission (SEC) over regulating cryptocurrencies, Goldsmith Romero dismissed the idea. However, she acknowledged the complexities surrounding the regulation of new and innovative products in the industry, emphasizing that both agencies are diligently working to navigate these challenges.

Goldsmith Romero also urged cryptocurrency companies not to perceive the CFTC as a lenient regulator compared to the well-funded SEC. Dismissing any misconceptions, she stated, “‘Light touch regulator’ would never be written on my tombstone,” signaling her commitment to robust oversight.

The CFTC’s recent lawsuits against Binance and its founder, Changpeng Zhao, accused them of operating a sham compliance program. Zhao has refuted these allegations, referring to the complaint as an “incomplete recitation of facts.” In a separate case involving now-bankrupt FTX, the CFTC has implicated the exchange and its founder, Sam Bankman-Fried, for allegedly causing the loss of over $8 billion in customer deposits. Bankman-Fried has pleaded not guilty to related criminal charges filed by the U.S. Department of Justice.

As the cryptocurrency market continues to expand and evolve, regulators face an uphill battle in their efforts to curb fraudulent activities.

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Breaking: Hotbit Cryptocurrency Exchange Suspends Operations





In a surprising announcement today, Hotbit cryptocurrency exchange revealed that it will be suspending all operations, including trading, deposits, withdrawals, and funding functions, effective from May 22, UTC 04:00. The popular exchange, which boasts a user base of over 5 million crypto enthusiasts, cited deteriorating operating conditions and a shift in the crypto industry trend as the primary reasons behind this decision.

Hotbit’s exchange main website

Hotbit’s management team expressed regret over the necessity of this action but explained that recent events have severely impacted their ability to continue functioning as a centralized exchange (CEX). Following a temporary shutdown due to an investigation in August 2022, Hotbit faced a series of crises, including the collapse of FTX and banking crises leading to USDC off-peg incidents. These challenges resulted in significant outflows of funds from CEX users, including Hotbit, leading to cash flow deterioration.

Hotbit’s announcement

Another contributing factor is the evolving trend within the crypto industry itself. The successive collapse of large centralized institutions has spurred a movement toward regulatory compliance or decentralization. Hotbit’s team believes that the complex nature of centralized exchanges makes them increasingly burdensome in terms of compliance and decentralization, making it difficult to align with long-term industry trends.

Hotbit was founded over five years ago with a vision to provide a seamless trading experience for cryptocurrency enthusiasts. Throughout its journey, the platform has gained recognition for its commitment to offering a diverse range of assets and pioneering innovative solutions. From the outset, Hotbit sought to differentiate itself by introducing emerging assets to the market, allowing users to access and invest in cutting-edge projects.

One of Hotbit’s notable achievements was being the first exchange to list prominent cryptocurrencies like SHIB, KSM, and GRIN, providing early adopters with opportunities to engage with promising digital assets. By consistently expanding its portfolio, Hotbit aimed to empower users with the ability to diversify their investments and discover the next potential breakthroughs in the crypto space.

Beyond asset diversity, Hotbit has been at the forefront of service innovation. Recognizing the value of staking for investors seeking passive income, Hotbit introduced staking services, starting with ATOM. This feature allowed users to lock up their assets and earn rewards, contributing to the growing trend of decentralized finance (DeFi) and incentivizing long-term asset holders.

Hotbit assured users that they are closely monitoring the progress of the investigation and will promptly share updates as they become available. In the meantime, users are encouraged to withdraw their remaining assets before June 21, UTC 04:00. The exchange has provided information on asset treatment during the suspension period through its official communication channels, including the Hotbit English Telegram group, Telegram announcement channel, and Twitter account.

Hotbit expressed sincere apologies for any inconvenience caused by this unexpected development. The cryptocurrency community will undoubtedly be watching closely for further updates on the fate of Hotbit and its potential revival in the future.

Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice.
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