Crypto Exchange Bitfinex Suspends Fiat Deposits, Expects to Resume ‘Within a Week’

Major crypto exchange Bitfinex has temporarily suspended all fiat wire deposits for the Euro, U.S. Dollar, Japanese Yen and Pound Sterling. This is according to several reports today, Oct. 11. While the exchange has not specified a reason for the suspension, it states that deposits are “expected to resume within a week.” As reported Oct. 8, the exchange has recently been prompted to officially respond to online rumours that claimed Bitfinex was insolvent and/or facing banking issues. As part of its recent statement, the exchange acknowledged that “complications continue to…

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Crypto Exchange Huobi’s ‘Strategic Partner’ HBUS Hires Ex-PWC and Intuit Compliance Director as CCO

HBUS, the U.S.-based “strategic partner” of sixth largest crypto exchange Huobi, has hired a new Chief Compliance Officer (CCO). The company has revealed this in a press release shared with Cointelegraph Oct. 11. The new CCO, Megan Monroe-Coleman, was formerly MTL Compliance Officer at U.S. software giant Intuit, following the company’s acquisition of financial software firm Mint, where Monroe-Coleman had also served as a compliance officer. Before her work at Intuit, she worked over seven years at “Big Four” auditor PricewaterhouseCoopers (PwC), five years of which she spent as compliance…

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‘Dr. Doom’ Nouriel Roubini to Take on Crypto at US Congress Hearing Today

American economist Nouriel Roubini has prepared his “debunking” of the crypto and blockchain space in a 30-page testimony set to be delivered at a U.S. congress hearing. The hearing will be held today, Oct. 11 by the U.S. Senate Committee on Banking, Housing and Urban Affairs, and is devoted to “Exploring the Cryptocurrency and Blockchain Ecosystem.” Roubini will testify in counterpart to Coin Center director of research Peter Van Valkenburgh. Roubini’s testimony asserts that the crypto “bubble” of winter 2017 was driven by the FOMO (fear of missing out) of…

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Bitfinex Suspends Fiat Deposits amid Bitcoin Sell-Off

Did cryptocurrency exchange giant Bitfinex play a role in last night’s bitcoin sell-off? As first reported by The Block, the British Virgin Islands-based but Hong Kong-operated exchange has “temporarily paused” EUR, USD, JPY, and GBP wire deposits, although screenshots from customer accounts circulated on social media suggest that the situation should “normalize within a week.” Bitfinex’s EUR, USD, JPY, GBP wire deposits are temporarily paused.Things are expected to resume in a week.$BTC #Bitcoin #Bitfinex pic.twitter.com/ZezjJ4jiib — Squeeze (@cryptoSqueeze) October 11, 2018 Reports had emerged last week that Bitfinex, long suspected…

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South Korea to Announce Its ICO Stance in November, Top Official Says

South Korean government is “likely” to announce its official position on Initial Coin Offerings (ICOs) in November. A local business newspaper The Investor reported this on Thursday, Oct. 11, citing a “top official,” Hong Nam-ki. As per the chief of the office for Government Policy Coordination Hong Nam-ki, South Korean officials have already held several discussions on ICOs. As soon as the results are in, the government will finalize and reveal its official stance, he said. South Korea first banned ICOs back in September 2017, saying that the practice of…

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4 Reasons Why Bitcoin’s Price Could Now Drop to $6K

Bitcoin’s drop to three-week lows today has likely kick-started a bearish move towards the major support at $6,000, technical charts indicate. The leading cryptocurrency fell to $6,252 at 7:15 UTC on Bitfinex – the lowest level since Sept. 19 – and was last seen trading at $6,300, representing a 5 percent drop on a 24-hour basis. The failure to capitalize on Monday’s move above the crucial 10-week exponential moving average (EMA) resistance of $6,998, despite the upside break of a key falling trendline, ended up emboldening the bears, as expected.…

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Harvard, Stanford, MIT Endowments All Invest in Crypto Funds

Multiple Ivy League and other prestigious U.S. universities are said to have made investments into “at least” one cryptocurrency fund. The report was published by the technology news site Information Wednesday, Oct. 10. Citing an unnamed source, the Information reported that the multi-billion endowments of Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology (MIT), and the University of North Carolina had all invested capital in the crypto space. This is “a sign of the asset class’ growing acceptance among institutional investors,” the source said. Harvard’s endowment is reported…

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Bitcoin Price Watch: BTC/USD Sellers Not Out of Woods Yet

Key Points Bitcoin price broke the $6,520 and $6,500 supports, and dropped significantly against the US Dollar. There was a break below a short-term bearish flag with support at $6,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair declined below the $6,400 and $6,240 support levels to test $6,100. Bitcoin price dropped heavily towards $6,100 against the US Dollar. BTC/USD may correct higher, but buyers are likely to struggle near $6,280 and $6,320. Bitcoin Price Analysis Yesterday, we discussed that the previous supports near…

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ETH, BCH, and XRP Plunge 13% as Bitcoin Dips to $6,250: Factors

Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have declined by 12 to 13 percent over the past 24 hours, as Bitcoin recorded a sudden dip in price from $6,600 to $6,250. Subsequent to demonstrating a rapid sell-off, the Bitcoin price recorded a 4 percent drop within a 30-minute period, recording one of its steepest short-term drops in recent months. The downtrend of Bitcoin led other major cryptocurrencies and tokens including XRP, ETH, and BCH to fall substantially. Large Fall of Major Cryptocurrencies and Tokens Were Expected On October 7,…

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Ethereum Classic Price Analysis: ETC/USD Accelerating Losses Below $10

Key Highlights Ethereum classic price extended losses and traded below the $10.00 support against the US dollar. There was a break below a declining channel with support at $10.54 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is currently under a lot of pressure below the $10.50 and $10.00 support levels. Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD is currently trading below $10.00 and it could extend losses towards $9.20. Ethereum Classic Price Analysis There was a sharp increase…

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