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Game Over For The American Traders On Bitmex Platform?

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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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Exchanges

Coinmarketpedia Raises $2 Million pre-Seed Round

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UAE-based decentralized crypto and blockchain educational platform Coinmarketpedia, has raised $2 million in a pre-Seed round. The investors were not disclosed.

Coinmarketpedia, the world’s first decentralised crypto and blockchain educational platform based in Dubai, today announces its successful pre-seed fundraising round of $2 million, accomplished within four months of operation. 

Coinmarketpedia disclosed its plans to leverage the funds to expand its global footprint and achieve key internal goals. In detail, the funds will be aimed at continuously enhancing features, allowing for investments in ecosystem partnerships, onboarding new industry experts, and, most importantly, facilitating the development of its platform globally.

Shameer Thaha, Chief Futurist of Coinmarketpedia, comments, “The funds will not only further enable growth, but it will allow us to expand on marketing and PR activities across multiple channels and build partnerships with schools, institutes, and universities. The Coinmarketpedia team is building a revolutionary platform that will unify all expert efforts in sharing their crypto and blockchain expertise with enthusiasts, developers, investors, and traders, and that will be a hub for all crypto and blockchain professionals of the industry.”

The unique and ingenious digital hub officially launched in the UAE in February 2022 with the mission of further equipping crypto and blockchain enthusiasts and investors with trading and cryptocurrency knowledge, as the company believes in a decentralised world where every individual can achieve an equal economic opportunity through simple education and knowledge sharing. The platform’s launch was made exclusively available to users on an ‘invite-only basis’; further access to the public was then officially implemented in April 2022.

To date, the educational hub has onboarded well over 70 instructors and offers an entire library of more than 160 on-demand courses available with the simple click of a button, and it has launched its latest instructor dashboard with advanced analytical features. The platform aims to extend its offering and branch out to host several additional features to go live throughout this year, including developing a professional academic section as well as a blockchain-based certificate verification that will bring trust and credibility to the certifications that students gain. 

Coinmarketpedia brings immense value to the blockchain sector, with mounts of misleading information paired with an unregulated crypto education. This platform is set to influence and enhance the decentralised financial experience, which is vital to one’s digital success and financial freedom.

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KuCoin Exchange Loses US $5.6 Million in a Hack Attack

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KuCoin , the cryptocurrency exchange has announced that it has suffered a security breach which saw malicious hackers access its hot wallet and steal funds worth around US $5.6 million.

According to the official Twitter account of KuCoin, the exchange staff detected some large withdrawals since Sep 26 at 03:05 UTC+8. Some BTC, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings.

KuCoin has not announced the exact value of the stolen funds, but according to blockchain tracker and analytics system, Whale Alert, around US $5.6 million worth of coins were transferred out of KuCoin’s Wallets.

Kucoin’s users on Telegram are reporting being blocked on withdraws.

Kucoin’s official coin “KCS” price dropped 10%-15%, following hacking news.

KuCoin is a Hong Kong based cryptocurrency exchange. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.

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BNB’s Price Spiked Over 27% Amid Listing Bella Protocol

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Binance’s coin (BNB) price spiked over 27% in the past couple of hours amid listing Bella Protocol (BEL) on Bianace’s LaunchPad. BNB holders will be able to earn and acquire new token rewards in return for staking BNB, BUSD, and ARPA tokens.

BNB coin volumes spiked and the price jumped from $18.49 to $23.59 within few hours.

BNB Price Spike

BNB coin holders will be able farm BEL tokens over 30 days, starting on September 9th. Binance will then list BEL on September 16th and open trading for BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT trading pairs.

Bella Protocol is a user-friendly Decentralized finance (DeFi) and also an asset management platform with very low transaction fees. They claim that these initiatives will offer a more seamless user experience for DeFi investors.

BEL is an ERC20 token and is the governance token in the Bella ecosystem. The total supply of $BEL is 100,000,000. BEL coin holders will be able to earn profit sharing, get fee discount, staking rewards, and voting power in the Bella ecosystem.

Bella Token Distribution

BNB/USD Price Chart

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