43,000 USD Bitcoin and A Sad Day For Cryptocurrency Exchanges
Bittrex Global is winding down. Binance has to pay 4 billion to the SEC. SEC Charges Kraken as an Unregistered Securities Exchange.
When I woke up today, I was greeted by a 43,000 USD price of Bitcoin on Bittrex.
I can’t deny that got me a little excited, and I wanted to add to my longs, even though I really shouldn’t. It felt like a glimpse into the future. It might as well be, but that future is not bright; it is filled with the US SEC going after all things Cryptocurrency-related. While some purification of this space is welcome, senseless attacks are just petty.
At the time of writing, Bittrex is the only exchange showing such a price (otherwise, it is around 37,500 USD per Bitcoin), which makes sense as customers scramble to transfer their money from the exchange. If you have some money there, you should join them ASAP.
From the Bittrex Global webpage:
IMPORTANT UPDATE REGARDING BITTREX GLOBAL
It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.
Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the winding down process.Â
We understand that this news may raise concerns and questions, and we want to assure you that we are committed to facilitating a smooth and transparent wind-down process during this period.
All funds and tokens remain safe and secure on the Bittrex Global platform, and are available for withdrawal – in accordance with applicable law and our Terms of Service – at any time using the withdrawal facilities on the platform. All users are strongly encouraged to log into their account and withdraw assets as soon as possible.
US Is Seeking More than $4 Billion From Binance to End Case
Resolution could come as soon as the end of this month
Binance and founder Changpeng Zhao would face charges in US
SEC Charges Kraken for Operating as an Unregistered Securities Exchange, Broker, Dealer, and Clearing Agency
The Securities and Exchange Commission today charged Payward Inc. and Payward Ventures Inc., together known as Kraken, with operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.
According to the SEC’s complaint, since at least September 2018, Kraken has made hundreds of millions of dollars unlawfully facilitating the buying and selling of crypto asset securities. The SEC alleges that Kraken intertwines the traditional services of an exchange, broker, dealer, and clearing agency without having registered any of those functions with the Commission as required by law. Kraken’s alleged failure to register these functions has deprived investors of significant protections, including inspection by the SEC, recordkeeping requirements, and safeguards against conflicts of interest, among others.
Before there even was Binance, I was trading predominantly on Bitstamp, Kraken, and Bittrex. The good old days, I remember fondly. Sooner or later, there’ll be none left. Like most of the coins from that era.
Things change all the time, friends. Never take anything for granted, and don’t keep all of your money on exchanges!
Learn about managing risk, least of all mitigating third-party risk.
You can start here:
New to Trading and Investing? Start Here and Learn All About Managing Risk
Trading Cryptocurrencies is Dangerous - How To Protect Yourself and Your Money
Should You Trade with Leverage? When, Why, and How? (Leverage can be used to mitigate third-party risk)
There is some good news among the bad ones.
The market doesn’t seem to care. When the market doesn’t react to bad news and keeps pushing higher and higher, that tends to show a lot of bullish conviction in the market.Â
I’ll be honest here. I’m not feeling too comfortable holding my leveraged longs at this point. We are at resistance. The price has stalled for a bit. But nothing has changed in the market unless and until I see some weakness. I still think we go higher from here, and if not from here, from slightly lower. As always, I could be terribly wrong, and we can dump before I hit send on this post!
Manage risk and don’t overthink the market.
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*New to trading? Start here and learn about managing risk!