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Game Over For The American Traders On Bitmex Platform?

Lorna Udinese

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BitMex-The-Coins-Post

For all the people who are trading on BitMex out of the United States it is time to close your positions withdraw your BTC and make sure your funds are safe and are not going to get confiscated. As BitMex is most likely is going to get investigated by the CFTC (the commodity and Futures Trading Commission) because they offer perpetual swaps and perpetual futures for it’s USA based customers which forces BitMex to be regulated by the CFTC.

There are some rumors that USA accounts will be closed and funds could actually get confiscated, so once again make sure if you are from the United States or from any other country where BitMex says they don’t offer their services there that you are not trading there and you’re withdrawing your funds to stay safe.

It is probable the vast majority of Bitmex customers are from America and it is probable Bitmex is fully aware of it, yet most probably, BitMex will get more aggressive because of the CFTC investigation and will ban all VPN IPs and proxy servers it’s USA clients might be using to access it’s platform. And it might even ask all of it’s users to do KYC.

According to tokenanalyst.io, the BitMex’s Outflow volume has increased by 357% in the last 24 hours which means traders are withdrawing their funds.

Bitmex outflow volume

BitMex and BTC Manipulation?

There are rumors that BitMEX is connected and closely working with whales to manipulate BTC and ETH unregulated markets. And BitMEX makes up to half of its revenue from liquidations.
The current market seems to be largely driven not by organic buying and selling, but by exchange driven manipulation of the spot market to exploit the current dynamics of leverage trading. Lately some users on Reddit started discussing if BitMex is trading against it’s clients to make profit.

BTC Manipulation

BitMex Alternatives?

ByBit Would be a better alternative to BitMex. It is not as big as BitMex but apparently it’s not under investigations (yet). Yes, ByBit dose not allow users from the United States to trade on their platform but there is always ways around that.

There are other leverage trading platforms such as Deribit and Primexbt.

Will BitMex shutdown?

I personally dont think so. Desipte all of the market manipulation rumors, BitMex is still a crypto icon, it has its own research team, which is one of the most competent research teams out there who publish researches and crypto studies regularly. Recently some Bitcoin (BTC) developers received $60,000 donation from BitMex.

Full time technology researcher. Lorna been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. If you have any questions or comments please feel free to contact her at [email protected]

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Altcoins

Graviex Exchange Adds ARK Coin

Sying Tien

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Cryptocurrency exchange Graviex announced that it just added Ark (ARK) to its platform starting Saturday, June 6th.

As of writing these lines, ARK wallets are now open for deposits, and users can trade ARK/BTC, ARK/ETH and ARK/USDT.

What is ARK coin?

ARK is an all-in-one blockchain solution that focuses on the interconnectedness of blockchains. Currently, Bitcoin and Ethereum are unable to transact with each other. The Ark team plans to change this through the use of Encoded Listeners and smartbridges. Ark is not just a cryptocurrency; it is an ecosystem intended to catalyze the mass adoption of cryptocurrency.

ARK uses what is called a Delegated-Proof-of-Stake (DPoS) consensus mechanism that is made up of 51 delegates. The delegates, located all over the world, are supposed to run the ARK network and are rewarded with block rewards for doing so. Holders of ARK are able to allocate their coins and vote to any delegate of their choosing via a wallet. The delegate would then share their reward with those who voted for them. The more ARK coins you hold the more rewards you will receive.

ARK/USD price

ARK’s Official Links:
Website: ark.io
Twitter: @ArkEcosystem
Reddit: https://reddit.ark.io/

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Exchanges

STEX Exchange Adds Indian Rupee

Sying Tien

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STEX Exchange Adds Indian Rupee

The Estonian cryptocurrency exchange, STEX, has added support to Indian Rupee payments within its platform. Users will be able to perchance cryptocurrency for INR – Indian Rupee with using VISA or Mastercard.

STEX exchange is a centralized cryptocurrency exchange that was founded by Vadym Kurylovych and launched in September 2017. The exchange located in Tallinn, Estonia. The exchange It supports crypto-to-crypto and fiat-to-crypto trading with no withdrawal limits.

Estonia is also one of the few countries that have a specific license issued for cryptocurrency exchanges, with simple company setup procedures and favorable taxation.

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Altcoins

ARK Price Jumps 48% After Binance’s Announcement

June G. Bauer

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ARK Price Jumps

Binance, the worldโ€™s largest cryptocurrency exchange, has officially enabled ARK staking on its exchange platform. Users can earn passive income by just holding at least 5 ARK coins on their exchange wallets.

Following Binanace’s announcement, the value of the cryptocurrency ARK coin rose by 48 percent last night. At the time of writing, ARK coin is worth $0.214, giving it a $25.8 million market cap.

Ark is one of the most ambitious solid projects in the crypto space. Ark is an all-in-one blockchain platform that aims to create an entire ecosystem of linked chains and a virtual spider web of endless use cases that make ARK highly flexible, adaptable, and scalable.

What is Crypto Staking?

In practice, staking allows customers to earn what is essentially interest on any cryptocurrency they hold, rewarding HODLers with a stream of passive income.

Currently, Binance supports staking for several PoS (Proof of Stake) coins, including Stellar (XLM), Algorand (ALGO), NEO (GAS), Ontology (ONG), VeChain (VTHO), Tron (BTT), Komodo (KMD), Stratis (STRAT), and Qtum (QTUM).

ARK/USD Price

*Charts are provided by cryptocompare.com

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