The cryptocurrency market – an opportunity to make money or a “bubble”

The cryptocurrency market – an opportunity to make money or a “bubble”

Buyers advanced $ 1,800 BTC in 4 days. The resistance level of $ 11,700 was finally broken and BTC reached 13 thousand without stopping. The market cap was $ 399 billion and the bitcoin dominance index rose to 61%. Here’s the news recently about the most valuable cryptocurrency to date.

What caused this rapid growth?

The main reason for this sharp increase was the news that PayPal will launch the function of buying, selling and storing bitcoins and other cryptocurrencies from 2021. All PayPal payments will be made through Venmo’s mobile payment service, which belongs to them. Among the cryptocurrencies supported by the service will be: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The transactions themselves with cryptocurrency will be automatically transferred to fiat.
PayPal promises to use bitcoin to pay for goods at 26 million merchants. The website states that the new feature will be available for US users in the coming weeks, and for international users in early 2021.

The PayPal received a limited license from the New York State Department of Financial Services to implement the new feature. They were able to obtain this license due to the fact that the PayPal works with the Paxos. The PayPal starts buying cryptocurrency companies according to unofficial data. The one of the candidates for a purchase in the near future is BitGo. Negotiations are underway with them

What’s in BitMEX?

A new lawsuit has been filed against the founders of BitMEX and the exchange on charges of market manipulation and money laundering. The lawsuit states that the person involved in the money laundering could open two accounts:

✅ auxiliary – on one or more exchanges used to calculate the price of the index (Coinbase Pro, Kraken and BitStamp)

✅ BitMEX account

They could then open a high leverage derivatives position on BitMEX. Immediately execute market orders on the sub account at the fastest possible speed so that the price moves in the right direction.

The BitMEX has changed the period for mandatory verification of clients. It is reducing by three months. Users must be verified by November 5, 2020.

The previous verification period for all categories of clients was February 2021. The unregistered users will not be able to open new positions after November 5, and from December 4, 2020, withdrawals will not be available for them. Traders who have not been verified will not be able to increase open positions, and they will not receive referral payments.

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