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Will Cryptocurrency Crime Ruins the Cryptocurrency Economy?

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  • Darryn Pollock
    ⭐ Features

    Cryptocurrency theft is still booming despite regulations, but can it be damaging enough to set the marketplace back?

Will Cryptocurrency Crime Ruins the Cryptocurrency Economy?
Cover image via u.today
ByBit

There has been an obvious and tangible stepping up in cryptocurrency regulations over the last six months in an attempt to try and clean out the ‘wild west’ of the cryptocurrency marketplace. However, despite these efforts, cryptocurrency crime is still going up.

As much as $1.1 bln has been stolen in cryptocurrency crimes in the last six months according to reports, with the anonymous nature, and online functionality of digital currencies making them very appealing to hackers and thieves.

However, will this spate of hacking and thievery damage the cryptocurrency community as news continues to emerge of thefts on exchanges as big as Binance, and even a hunt for the Yakuza on Japanese exchanges.

Regulations trying to help

Regulations have definitely had their say on the market in the last six months with the effect of their interfering being felt in many cryptocurrency prices. But more than that, the regulators are stepping in to try and curb crimes such as money laundering and illicit buying.

In Japan, the regulators have stepped in, in a big way. Exchanges are under big scrutiny to try and stop criminals from benefiting from what cryptocurrency can offer them, especially when it comes to the likes of the Yakuza.

BitFlyer recently withheld its withdrawal from the exchange in part of its process to try and up their KYC verification as stipulated by the FSA. They are on the hunt for Yakuza members who are reportedly using the exchange as a way to launder money.

Still criminal concerns

However, despite the efforts, there are still major concerns across a number of the bigger exchanges. Just recently, Binance was forced to halt operations when a coin in its offering, Syscoin, was compromised.

The suspicions arose when a single Syscoin suddenly rose in value by almost 40 percent and one token was sold for 96 Bitcoins or $6.23 mln. Investigations are still underway, but it sheds another spotlight on potential criminal interference in the Blockchain that could have caused this.

Damaging reputation

In order for cryptocurrencies to reach mass adoption there needs to be a bigger effort to clean up the ecosystem. There is still a big problem with hacks, scams, and dodgy ICOs, not to mention thievery of many different kinds.

There are still too many investors being turned away from the horror stories of the cryptocurrency space, and their demands of a cleaner and clearer ecosystem are not unwarranted.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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  • Alex Dovbnya
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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

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As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

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Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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