Category Archives: Bitcoin
Here’s how much bitcoin beat the Dow and S&P 500 in the first quarter – CNBC
Bitcoin has fallen less than major U.S. equity indices in the first quarter but still hasn't proven it can act as a "safe haven" in times of market turmoil.
The cryptocurrency fell over 10% in the first three months of the year.
However, the Dow secured its worst first-quarter performance ever, losing more than 23% of its value in the first quarter of 2020. The S&P 500 fell 20% in the first three months of the year, its worst first quarter ever and its biggest quarterly loss since 2008. The Nasdaq fell more than 14% in the first quarter.
Meanwhile, gold rose about 4% in the first quarter.
Financial markets have had a volatile three months as the coronavirus outbreak turned into a pandemic. Hundreds of thousands of people have been infected around the world, leading to businesses shutting down, major travel restrictions and people staying at home.
The economic impact is expected to be severe and that has led to a huge sell-off in stocks despite monetary policy action from central banks and fiscal stimulus from governments around the world.
Cryptocurrencies saw huge volatility in the first quarter. On March 8, the whole market sold off following aplunge in oil prices. Then on March 12, cryptocurrencies saw$93.5 billion wiped off their value in 24 hours and a48% crash in the price of bitcoin.
Over the past few years, bitcoin has beenlikened to "digital gold"and has been seen by some as a safe haven asset to invest in when markets are under pressure. But it hasn't necessarily played out that way even though it has fallen less than major stock indexes.
Those inside the cryptocurrency industry, however, feel that this could be starting to shift.
"Bitcoin is still a relatively smaller asset class that isincreasinglyuncorrelatedto traditional asset classes and this is in the process of being established as we speak. This is why I believe the current market environment is a big test for Bitcoin and given how young the asset class is, it has actually held up quite well," Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC.
He said that while gold is "much more established as as safe haven asset," bitcoin is "arguably a second choice at this point" given its total user base is smaller but growing.
"Hence, we're seeing bitcoin lag gold a bit in terms of performance, but one can argue that as we move along in the next few months and years, bitcoin starts to take larger share away from gold and we will see an eventual 'flippening' happen, where bitcoin is at, or larger than, the market cap of gold and market movements in bitcoin start to reflect the overall market more accurately," Ayyar said.
CNBC'sMaggie Fitzgerald contributed to this report.
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Here's how much bitcoin beat the Dow and S&P 500 in the first quarter - CNBC
Bitcoin Holding Crucial Support: Heres What Could Propel it to $7K – newsBTC
Bitcoin corrected lower from the $6,600 resistance area against the US Dollar. BTC price is currently holding the key $6,250 support and it could start a fresh increase in the near term.
Yesterday, we discussed the chances of a short term correction in bitcoin from the $6,636 high against the US Dollar. BTC price did correct lower and traded below the $6,500 support area.
The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high. Besides, there was a break below the $6,400 level, but the price remained well bid above the 100 hourly simple moving average.
It seems like the bulls protected the 100 hourly SMA and the 50% Fib retracement level of the upward move from the $5,850 swing low to $6,636 high.
The price is currently rising and trading above $6,300. There is likely a bullish flag pattern forming with resistance near $6,420 on the hourly chart of the BTC/USD pair. If bitcoin surpasses the flag resistance and gains pace above the $6,450 level, there are high chances of a strong increase.
Bitcoin Price
The next key resistance is near the $6,600 level, above which the price is likely to gain bullish momentum above $6,640. In the mentioned bullish case, the bulls are likely to aim a test of the $7,000 resistance.
If bitcoin fails to clear the flag resistance and $6,450, it could struggle to stay above the 100 hourly SMA. A bearish break below the 100 hourly SMA and the $6,250 support may perhaps extend losses.
The next support is near the $6,000 level, below which the bears are likely to aim a retest of the $5,850 support area in the near term.
Technical indicators:
Hourly MACD The MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently struggling to move back above the 50 level.
Major Support Levels $6,250 followed by $6,000.
Major Resistance Levels $6,450, $6,500 and $6,600.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
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Bitcoin Holding Crucial Support: Heres What Could Propel it to $7K - newsBTC
Is Now the Time to Invest in Bitcoin? – Cointelegraph
With global markets tumbling out of control, will Bitcoin finally fulfill its role as a hedge asset? Is now a good time to invest in Bitcoin?
CEO and co-founder of Quantum Economics Mati Greenspan and trader Michal van de Poppe discuss how the Feds strategy of QE to Infinity will help Bitcoin finally become a safe haven asset. But is now the time to buy or should you wait for further drops? Watch the full video to find out!
In an article for Cointelegraph, Michal identified $6,800-6,900 as the key level to watch. Unless Bitcoin is able to break through that level, hes not very optimistic about upward movements:
Until we don't do that, I expect further downside to comments, just pure technical levels.
Mati is also watching those levels, but he is more focused on the long term than the short term:
So first of all, I only have bullish scenarios for Bitcoin. Yes, I would say 6,800 is a key level that has played out beforeI would say overall, I mean, we're looking at a very wide range for Bitcoin, something between $3,100 and $20,000.
The Fed was recently given the greenlight to print as much money as needed to stabilize the US economy. Michal explained how this could lead to two scenarios which would both benefit Bitcoin:
So what you want to see at some point is that investors run out of the dollar given the inflation or deflation, and start to seek for other assets which are commodities like gold, silver, platinum and Bitcoin. The other scenario is that the crisis just continues to fall down until 2021 or 2022 and the equity markets bottom out, after which the other commodity markets and Bitcoin start to outperform the equity markets in the first case, which we have seen in '09 to 2011 with gold. So in the end, quantitative easing: I expect that to be bullish for Bitcoin.
Mati continued Michals comparison of Bitcoin to gold in the post-2008 era:
If you look at that and the aftermath to the financial crisis, which was, really as Michal said, 2009, 2011, 2012. That's when gold really took the center stage It shot up $2,000 per ounce by 2011, 2012.
And I think that gold, again, is already showing us incredible resilience since the beginning of the year. And I say if it went up or down during the crisis because it's kind of been fluctuating, but it certainly hasn't taken a hit like the stocks have, it's more or less held its value over that time. And I believe that Bitcoin will also be seen as this type of asset.
But the question remains: is now the time to invest or are there more downturns to be expected? Watch the full video to make sure you dont miss Mati and Michals suggestions!
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Is Now the Time to Invest in Bitcoin? - Cointelegraph
This Crisis Is Good For Bitcoin, But Beware of Recession – Luno CEO – Cryptonews
Source: Adobe/Wit
The current global crisis is good for crypto as it shows the dysfunctionality of the existing system, according to Marcus Swanepoel, co-founder and CEO of crypto exchange Luno. However, in case of a global recession, this nascent industry might be hit hard too, he warned.
Crypto was born out of a financial crisis, accompanied with a vision to upgrade the world to the better financial system, so "the more dysfunctional the existing system becomes, the more there's an opportunity to showcase to the world that there is a better way to do it," Swanepoel told Cryptonews.com. Based on the available data, one can speculate, however, where the current situation can lead, he added.
People were expecting bitcoin (BTC) to rise immediately when the traditional market started falling, yet it dropped. That's not strange, explained the CEO. BTC is a proxy for gold, and what happens in a financial crisis is that a lot of assets go down at the same time, including gold. It follows the market "for a little bit," and "once people have basically removed all the money, put a lot more low-risk assets, and they start reallocating, and then they go into gold and then gold decouples." But Swanepoel said that it's too early to make an assessment on just how correlated BTC is to other asset classes.
An argument supporting decoupling, according to him, is the rise in the number of new customers buying bitcoin.
"We measure every day how many people buy bitcoin for the first time, and that number has been actually steadily going up," he said without specifying.
As reported yesterday, after a crypto market crash in March, the number of wallets with at least 1 bitcoin has kept rising, reaching new all-time highs.
There's a lot of things that are telling us that the sentiment is actually still strong on the retail market, "so it makes us think that the drop was probably more institutional/large traders that had to close positions to kind of cover some other stuff. But the grassroots level kind of adoption appears to have been unchanged until now."
Data shows, said the CEO, that a lot of the volatility and movement we've been seeing is caused by either traders or big investors, not long-time hodlers.
"So our view is that it is going to decouple and, and it's going to take some time now, whether that's two weeks or two months," or more, said Swanepoel, but it'll happen. And as people start realizing there is decoupling, they will be even more new people coming into the market, and it will grow significantly.
As they feel financial losses on their assets, many will likely notice the stock market going down, but BTC not following it, and may decide to invest for the first time, Swanepoel estimated. "My expectation is that we're talking months, not years," he added.
However, the CEO warned that the positive trends for crypto may be stopped by a major problem: a massive global recession. Not only would onboarding go down but, despite people's belief in crypto, even the long-term hodlers may be forced to sell their BTC to survive. If crypto doesn't start decoupling before that, the recession would put major pressure on it. Furthermore, if the market doesn't do well in a couple of months, many small crypto companies are going to go out of business. Finally, because of the financial crisis, the B2B (business-to-business) side will slow down, as companies will not invest in new projects.
Meanwhile, according to the CEO, Luno is in "a good financial position" and will continue to grow regardless of the outcome.
As crypto is cheaper, and the company believes decoupling is coming, they expect to see a lot more momentum in the market in the next few months. Therefore, Luno is accelerating its expansion. Their goal is to solve a long-running issue in the Cryptoverse - the difficulty for newcomers to get into crypto. It's still far too complicated, Swanepoel said, and Luno is working on improving the user experience, educating people on crypto, simplifying and hastening the process as well as the KYC (know your customers) procedures, but also adding more funding methods so users can deposit money quicker.
London-based Luno is one of the largest crypto-related companies in emerging markets, particularly in Africa and Southeast Asia, offering a number of products for trading and storing crypto, as well as APIs (application programming interfaces) for other businesses to link into. Per their website, Luno has local offices in seven countries on three continents, as well as 3 million users across 40 countries. The number of wallets surpassed 3.5 million, while only c. 5% of their volume is from Europe because they only recently launched there, the CEO said.___
Learn more: Can CBDC Help Recover From Coronavirus Recession And Lead To Bitcoin?
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This Crisis Is Good For Bitcoin, But Beware of Recession - Luno CEO - Cryptonews
Top Three Coins Price Prediction: Bitcoin bears take control while Ethereum and Ripple still remains in the green – FXStreet
BTC/USD has dropped from $6,423 to $6,360. There is a lack of healthy support levels, so further price drops can be expected. On the upside, there are two strong resistance levels at $6,475 and $6,500.
$6,475 has the 4-hour SMA 5, 15-min and 4-hour SMA 50, 15-min SMA 100, one-hour SMA 200 and one-hour Bollinger Band middle curve. $6,500 has the 4-hour Previous High, one-day Pivot Point resistance-one and 15-min Bollinger Band upper curve.
ETH/USD has gone up slightly from $133.10 to $133.18. The bulls must overcome resistance at $134, which has the 15-min and 4-hour Previous Lows, 15-min, one-hour and 4-hour SMA 5, 4-hour and one-day SMA 10 and 15-min and one-hour Bollinger Band middle curves.
On the downside, two healthy support levels lie at $131 and $128.50. The former has the one-day Previous Low, one-day Pivot Point support-one, one-day SMA 5 and 4-hour Bollinger Band middle curve. The latter has the 4-hour SMA 100, one-week Fibonacci 38.2% retracement level, one-day Pivot Point support-two and one-day Bollinger Band middle curve.
XRP/USD has also gone up from $0.1738 to $0.174. On the upside, it faces one strong resistance at $0.178, which has the one-week Fibonacci 23.6% retracement level. On the downside, there is one healthy support level at $0.168 and it has the one-day SMA 10, 4-hour SMA 5 and one-day Pivot Point support-two.
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Top Three Coins Price Prediction: Bitcoin bears take control while Ethereum and Ripple still remains in the green - FXStreet
Bitcoin Is a Safe Haven for a Worse Storm Than This – CoinDesk
Byrne Hobart, a CoinDesk columnist, is an investor, consultant and writer in New York. His newsletter, The Diff (diff.substack.com) covers inflection points in finance and technology.
Bitcoin (BTC) was designed for many reasons, but one of the most important was to be a safe-haven asset during times of financial distress. From the genesis blocks coinbase parameter (The Times 03/Jan/2009 Chancellor on brink of second bailout for banks) to today, bitcoins fans have treated it as something worth owning when the market goes crazy.
So its disappointing, to say the least, that after the fastest market rout in recent history, an asset built to be a safe haven dropped 31 percent while the S&P dropped by a quarter. The daily correlation between the S&P and bitcoin went from slightly negative in February to 0.6 in March. Bitcoin barely responded to the Federal Reserve cutting rates to zero, and shrugged off other monetary interventions.
This is painful to anyone who owns bitcoin, especially to anyone who bought it as a hedge against exactly this kind of sell-off, and exactly this kind of central bank response. The money printer went brrr, and yet the store-of-value lost value.
When we talk about safe-haven assets, were really talking about three different kinds of assets, for three kinds of scenarios:
Safer versions of risky bets, of the sort youd invest in to hedge against a mild recession. These might include less-levered companies in a given industry, high-margin companies, corporate bonds rather than equities or any investment in a consumer staples company. When the economy shrinks, its bad news for companies in the champagne and luxury hotel business, but doesnt really dent sales of toothpaste and canned food.
Assets people borrow during good times: Yen and U.S. Treasurys are classic safe assets, in part because investors borrow them to make other bets. If you buy a 10-year corporate bond, youre making a bet on the creditworthiness of the company, and a bet on interest rates. Most of the people who are good at credit analysis are not experts in predicting the future course of monetary policy, so many of them buy the corporate bonds and bet against Treasurys of the same maturity to control their interest rate risk.
Its not the safe haven for this particular kind of crisis.
The yen is a similar case: Since yen rates have been so low for so long, a classic forex trade is to borrow yen and invest in a currency with higher rates. In both cases, when the trade unwinds when you sell your corporate bond or close out your bet on the Turkish lira or the South African rand, you end up buying the safe asset. Anything boring and borrowable goes up in price in response to bad news.
Things you want to own if the world is about to end. The best way to illustrate this is with a story: The financier Felix Rohatyn grew up in France in the 1930s. When Germany invaded, his family fled they had enough time to pack their bags, but they lost almost everything. He recalled his parents putting gold coins in tubes of toothpaste before leaving. Everything else they owned, they left behind. If youre living through a moment thats going to be in the history books, the only assets you can take with you are the ones in your head or the ones you can smuggle out. (A USB drive, conveniently, fits into a variety of toiletry containers.)
One interpretation of bitcoins price performance during the COVID-19 crisis is that it wasnt such a safe haven after all. But another is that its not the safe haven for this particular kind of crisis. The math of epidemics and immunity is such that, however bad they are, they eventually burn themselves out given a low mutation rate. Once the percentage of the population that has been infected is greater than 1 / R0, cases begin to fall even in the absence of countermeasures. With a case fatality rate of 2 percent, thats an extraordinarily painful process to go through, and it ends up being a disaster for humanity on a historic scale.
An intense disaster, but not one that lasts forever. The 1957-58 flu pandemic may have led to the sharpest postwar recession in U.S. history (at least as of Q4 2019), but the subsequent recovery was equally swift.
Right now, thats how most investors are thinking. Whether they think COVID-19 is overblown or underblown, they still think of it as a temporary problem from which well recover in short order. In fact, the very bailouts that Satoshi referenced in the Genesis block point to an argument in favor of the recovery consensus. Conventional wisdom among investors and policymakers today is the government didnt react fast enough in 2008 to forestall a deflationary spiral. This time around, central banks are moving fast to supply cheap capital to financial institutions. In that scenario, governments and economies dont collapse, and nobody has to flee their home hours ahead of disaster.
They do, however, need to scramble for dollars to service debts, so theyll sell anything stocks, bonds, real estate, crypto and convert it into an asset they can use to pay the bills.
Bitcoins drop doesnt disprove the safe haven argument. It just shows us bitcoin is designed to be a safe haven from a worse storm.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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Bitcoin Is a Safe Haven for a Worse Storm Than This - CoinDesk
Bitcoin Ascends on Twitter While Major Altcoins Hit Multi-Year Lows – Cointelegraph
Major altcoins have seen their Twitter presence greatly reduced in the wake of the recent cryptocurrency market crash. According to data from Bitinfocharts, major altcoins such as Ethereum, Litecoin, and XRP now find their Twitter mentions nearing two and even three-year lows.
Meanwhile, Bitcoins Twitter presence doubled in the first three months of 2020, though its tweet count remains a long way off of its 2017 all-time high.
Earlier this week, on March 21st, tweets bearing the hashtag #XRP numbered 2,542. Thats a 60% drop since January 2020 alone, when XRP tweets ranged between 6,000 and 7,000.
The last time XRPs daily tweet count fell as low as 2,500 was in July 2018, almost 21 months ago.
XRPs all-time high Twitter surge didnt come during the 2017-2018 bull run, unlike most other coins. Instead, the peak of XRP Twitter engagement to date remains September 21st, 2018, when XRP was tweeted out 20,000 times according to Bitinfocharts.
As readers may recall, that date coincides with the first whispers regarding the then-rumoured launch of Ripple Labs xRapid - an XRP-based payment solution for financial institutions. Boosted by the much anticipated product launch, the price of XRP almost tripled in the week leading up to September 21st.
Litecoin reverts to 2 year tweet low
When daily Litecoin tweets fell as low as 344 earlier this month, it was the lowest Twitter engagement witnessed on behalf of Litecoin since March 2017.
That was the month in which Litecoin began its ascension leading up to its 2018 bull run. Between March and May of 2017 alone, the price of LTC increased ten times over, from $3 to $30.
From there, both the coins price and Twitter engagement continued climbing up and up. Remarkably, Litecoins return to the Twitter doldrums coincides with its fall back to the aforementioned $30 range.
Currently, Litecoin tweets currently number just 1.3% of their previous all-time high of 31,000.
Ethereum tweets down 95% from peak
Following a similar trend, Ethereums Twitter presence is at one of its lowest ebbs in over three years. Currently numbering around 2,500, Ethereums tweet-count has only sunk this low once in the past three years - that being New Years Day of 2020.
Barring that dip, the last time ETHs Twitter engagement fell so low was February of 2017. That was also the month in which ETH began a 60-day, 5x increase which carried the coin price from $10 to $50.
From December 2017s peak of 51,000 tweets in one 24-hour period, Ethereums Tweet-count has fallen over 95%.
Bitcoins Twitter engagement on March 26th amounted to 24,722 tweets. Thats a substantial drop from December 2017s peak of 155,000, but unlike most altcoins, Bitcoin has shown a resurgent Twitter trend in 2020.
After recording as little as 12,000 tweets back in January of this year, Bitcoin tweets have since more than doubled.
Searching for reasons why, one might assume that Bitcoins lesser drop in value compared to most altcoins has something to do with it. After all, social media engagement surrounding cryptocurrencies tends to follow price.
However, another cause could be the uncertainty surrounding the coronavirus, which reignited discussion surrounding Bitcoins value as a safe-haven asset.
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Bitcoin Ascends on Twitter While Major Altcoins Hit Multi-Year Lows - Cointelegraph
Japanese Investors Rushed To Buy The Dip After Bitcoin Bloodbath – Cointelegraph
The number of retail investors registering for an account with Japanese cryptocurrency exchange bitbank spiked by 40% in the week after the Bitcoin bloodbath.
The March 12 meltdown saw the price of Bitcoin (BTC) drop to a new 2020 low at $3,775. An official blog post by bitbank market analyst Yuya Hasegawa reveals that Bitcoin trade volume and account registrations both saw a significant surge in the wake of the crash.
Even the number of users going through KYC was above average on the day of the BTC downturn and the following couple of days.
Hasegawa contrasts the current situation to the period between November to December 2018 when the price of Bitcoin ground down. In that case, interest in the crypto market as a whole went down and bitbanks daily account registrations took a hit.
However, the price saw a 60% rebound while sustaining high volumes soon after the recent crash, which suggests to Hasegawa the intent to buy the dip is quite obvious:
When we take the increased daily account registrations into consideration, we can once again deduce that the current market recovery is driven largely by retail investors. Furthermore, as Forbes reports, this phenomenon is likely to be global, as Kraken, a San Francisco-based crypto exchange, experienced a steep increase in account registrations after March 12.
In just under 49 days, BTC will experience a halving where the block reward will decrease to 6.25 BTC. The last time this happened was in 2016.
Hasegawa writes that data from Google Trends suggests that investors in Japan and around the world are well aware of the possible price impact of the halving and will seize on any price drop to add to their holdings:
There is a good chance that, for this time around, there are many retail investors who want to buy Bitcoin or stack up their holdings at the cheapest price possible before its halving.
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Japanese Investors Rushed To Buy The Dip After Bitcoin Bloodbath - Cointelegraph
Binance Reveals Visa Debit Card in Push to Bring Bitcoin (BTC) and Crypto Payments Worldwide – The Daily Hodl
Binance is rolling out a new product that will allow crypto users to use digital assets to buy goods and services without needing to locate merchants that accept Bitcoin (BTC) and without having to exchange their cryptocurrencies into fiat.
In a press release, the leading global crypto exchange reveals the release of its own Visa-powered payment card which will be accepted by more than 46 million merchants worldwide.
Binance says users can fund the new Binance Card with Bitcoin or BNB token using the Binance Card App. Just like a regular debit card, the Binance Card automatically uses the balance on the card to settle payments.
The card costs $15. To pay, users have to transfer the equivalent amount in BNB or BTC from their crypto wallet to the cards balance. Binance will then process the order. The firm says it will not charge any monthly or annual fees.
The card is currently available in beta as a virtual card only. A physical card, due to roll out soon, will initially be released to the global exchanges users in Malaysia and Vietnam.
The company plans to introduce the card to all of its users around the world within the next few weeks.
You can register interest in Binance Card through the landing page, and we will notify you once the card becomes available in your region.
Binance reports that it has over 15,000,000users worldwide.
Featured Image: Shutterstock/spainter_vfx
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Binance Reveals Visa Debit Card in Push to Bring Bitcoin (BTC) and Crypto Payments Worldwide - The Daily Hodl
Bitcoin community responds to FDIC warning on bank run – Decrypt
The chairman of the Federal Deposit Insurance Corporation (FDIC) has advised Americans not to withdraw all their money from banks to safeguard against market volatility in the stock market caused by the coronavirus pandemic. Bitcoiners have nothing to worry about; as long as users hold the keys to their Bitcoin, they are already their own bank.
Just yesterday, US Federal Reserve Chairman Jerome Powell said the US might already be in a recession. But McWilliams message reassures Americans that their money is safe at the banks. The last thing you should be doing is pulling your money out of the banks now, thinking that it's going to be safe for someplace else, she said.
You don't want to be walking around with large wads of cash and you certainly don't want to be hoarding cash in your mattress. It didn't pan out well for so many people, and I will tell you this; no depositor has lost a penny of their insured deposits since 1933 when the FDIC was created, she added.
The FDIC is a government corporation that provides insurance to depositors in US commercial banks and savings banks. It secures $250,000 per person, for each type of bank account, and has a $100 billion line of credit with the US Treasury.
Crypto enthusiasts responded to the news with glee; proof that the principle of not your keys; not your Bitcoin applies to the traditional financial world, too. If crypto is held by their owners, it is not possible for centralized organizations, like banks, to run down the reserves of cryptocurrencies.
The FDIC was created to indemnify Americans in the event of a bank run. Scaring people from taking self custody of their own money displays a terrifying incompetence, wrote one Bitcoiner on Twitter.
What most people still don't get is that the money you deposit in a bank is not yours anymore, it belongs to the bank. The is only 5 to 10% real physical cash available for withdrawal. The bank run has already begun which explains this intervention by the FDIC. Be your own bank! wrote another.
Of course, Bitcoins closest analog to bankscrypto exchangesare often far less insured than high street banks, and frequently misappropriate customer funds or become insolvent. Quadriga CX, Einstein Exchange, Binance and Mt. Gox are all examples of cryptocurrency exchanges that have lost user funds. The list of cryptocurrency exchanges that have had trouble producing user funds goes on: COSS, BT360, FCoin, Cryptopia, and many more.
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Bitcoin community responds to FDIC warning on bank run - Decrypt