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Largest Brazilian Cryptocurrency Exchange Lays Off 20 Employees

  • Alex Morris
    📰 News

    It is still not clear whether this firing spree is linked to the recent court defeat

Largest Brazilian Cryptocurrency Exchange Lays Off 20 Employees
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Mercado Bitcoin, the largest Brazilian cryptocurrency exchange by trading volume, goes on a firing spree, cutting ties with more than 20 employees, a local media outlet reports. The exchange justifies the move by its desire to focus on “professionalization.”

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More than 20 employees getting axed

The outlet mentions that the firing was fairly unexpected, and some people burst into tears after losing their jobs. The whole marketing and HR departments were shuttered after the firings. However, one of the employees stated that the layoffs were expected due to the fact that most of their projects during the last few months were scrapped. In general, the working environment started getting worse with people procrastinating and doing simplistic jobs for days.

A pivotal case has been lost

Last week, the exchange also made headlines after losing a major court case against the banks. Basically, local banks have the power to close cryptocurrency accounts without breaking the law. Brazilian industry experts suggest that it was a major blow to the cryptocurrency market in Brazil. From now on, cryptocurrency exchanges will have to turn to offshore banking.         

Notably, Mercado Bitcoin is the leading Bitcoin exchange with 960 BTC in transactions this month alone. To put this into perspective, the exchange is responsible for one-third of the country’s total trading volume. On Oct. 10, Mercado Bitcoin also made an announcement about adding Ripple (XRP) to the list of its available assets, which currently consists of Bitcoin (BTC), Litecoin (LTC) and Bitcoin Cash (BCH).

A glimmer of hope

While the Brazilian exchanges remain under scrutiny and Brazil’s official stance on crypto remains rather hawkish, the local cryptocurrency community does have friends in the highest echelons of power. As U.Today reported earlier, the New Party leader João Amoêdo ran on legalizing Bitcoin and adopting Blockchain to curb corruption. While he was only in the fifth place during a recent presidential election, there is still a glimpse of hope.

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OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes

  • Alex Morris
    📊‍ Infographics

    🔊😱Fraudulent exchanges can ‘add noise’ in order to make their faked trading volumes seem more authentic 👀

OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes
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Crypto Integrity has recently revealed the mechanics of wash trading that are employed by major cryptocurrency exchanges. OKEx, one of the leading exchanges, also appeared on the list of exchanges that disguise their real trading volumes.

Many faces of wash trading

The study singles out three main wash trading mechanisms that differ in the difficulty of implementation:

  • In-spread trades without limit orders. The exchange reports the trades that do not appear in the order book at all. This instrument is popular with fledgling exchanges since it mitigates all risks that pertain to wash trading. OKEx, Bit-Z, CoinTiger, and other exchanges were involved in this activity.    

  • In-spread trades with short-lived limit orders. The order appears in the order book for a minuscule fraction of a second, which makes it impossible for any traders to see it (unless we are talking about automated bots). Short-lived orders have been noticed on CoinBene, Bitmart, and IDAX.  

  • Trades near bid-ask caused by short-lived limit orders. In this case, traders try to disguise their malicious activities by placing orders of different sizes and with different life duration. OKEx is the only exchange to use the most sophisticated form of wash trading.          

A mundane thing

As reported by U.Today, wash trading is extremely prevalent in the cryptocurrency space. In fact, an earlier study showed that seven out of ten exchanges that occupy the top 10 spots on CoinMarketCap (CMC) report fake numbers.

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