Let’s Talk Cryptocurrencies is BullMarketz weekly update of everything that’s happened on the cryptocurrency market in the past week. We cover all the ups and downs and provide you with all the information you need to make well-informed decisions about your investments in digital currencies. This summary is not excluded to the major currencies such as Bitcoin and Ethereum but includes all digital currencies.
In this week’s cryptocurrency update we will cover several subjects ranging from lawsuits against some of the world’s largest internet companies to cryptocurrency accounts being banned on social media, new digital assets on an exchange, and a very prominent hard fork. However, nothing is as important as the regulatory update that has been done for the binary options and the CFD market. This monumental update will have a major impact on everyone who trades cryptocurrencies with leverage. In fact, the update is something you have to be aware of if you’re living in and trading within the European Union.
ESMA, the European Securities and Market Authority, who regulate trading within the European Union, have updated their policies in order to further protect users. Firstly, the updated regulation has officially banned binary options trading in Europe completely. Secondly, the regulations are restricting CFD trading on the cryptocurrency market being hit the hardest. According to the new regulation, brokers are not allowed to offer more than 2:1 leverage on crypto assets. Regular cryptocurrency trading via an exchange or a broker such as IQ Option has not been affected.
Twitter decided to ban the account with the @Bitcoin handle and it has started a debate about whether or not freedom of speech is being threatened. The @Bitcoin handle is connected to an account that has been promoting Bitcoin Cash (BCH). The reason the account was suspended is that Twitter received plenty of complaints about it, mostly from hardcore Bitcoin supporters.
Monero went through a hard fork a few days ago in order to combat mining centralization. The reason behind the fork is that Bitman – a cryptocurrency mining hardware manufacturer – has developed a ASIC unit that only supports Monero (XMR). The fork is completely supported by Monero’s developers who have also made it clear that Monero was created to offer decentralization and that they will do whatever it takes to avoid centralization.
Bitfinex has added 12 new altcoins to its selection over the weekend. One of the altcoins is Dai, a stable coin that’s in direct competition to Tether (USDT). Among the other ERC-20 altcoins that were added, we find Aion (AION), Iostoken (IOST), and Raiden Network (RDN).
A few weeks ago, a major lawsuit against Facebook, Google, and Twitter’s cryptocurrency ban was initiated and now three more countries have joined the fight. When Facebook decided to ban cryptocurrencies earlier this year, it created controversy around the world, and when Twitter and Google decided to join the situation got worse. The lawsuit was initiated by Russia, China, and South Korea with several countries joining in since. Now it seems like Switzerland, Kazakhstan, and Armenia are also supporting the lawsuit.
Japan has suspended two exchanges for violating their ever-tightening regulation. The move to stop the exchanges is proving how hard Japan is working to clean up the cryptocurrency market and make it safer for everyone. However, some users are raising concerns about Japan’s regulation being too strict.
Two of the world’s largest investors have reportedly taken on cryptocurrencies in the past few days. Late last week, several media outlets reported that infamous investor George Soros had started investing in cryptocurrencies. Only a few days later, reports about Venrock, a several-billion-dollar venture capital firm owned and operated by the Rockefellers, are getting into cryptocurrency investments.
For more day trading news and investment advice, we recommend that you check out our weekly trading segment called Let’s Talk Business where we cover the latest developments in all major markets.