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Turkey to go tough on crypto after exchange scam

TL;DR Breakdown Turkey to go tougher on crypto. Stricter regulations coming into play due to increasing frequency of scams. The government in Turkey is beginning to explore means to improve regulation around cryptocurrencies after two exchange firms in quick succession allegedly defrauded users of their platforms. An exchange in the country, Vebitcoin, has had its […]

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TL;DR Breakdown

  • Turkey to go tougher on crypto.
  • Stricter regulations coming into play due to increasing frequency of scams.

The government in Turkey is beginning to explore means to improve regulation around cryptocurrencies after two exchange firms in quick succession allegedly defrauded users of their platforms.

An exchange in the country, Vebitcoin, has had its CEO İlker Baş remanded in police custody, with another exchange, Thodex, having its owner Faruk Fatih Özer suspected to have fled to Albania after defrauding users of huge sums of money.

Following the alleged heist by both exchanges in Turkey, authorities are said to be planning to establish a central bank authority that could be in charge of the digital assets. 

With these, exchanges in the country would have to keep a certain amount of cash on hand and there would be credential requirements for exchange executives. The moves are aimed primarily at limiting the risks to Turkish cryptocurrency investors when exchanges can’t meet their obligations. 

Why these measures in Turkey?

The European country had begun to show a level of hostility towards crypto after the currency gained popularity against the Turkis Lira and a ban on crypto for payment which would come in effect in few weeks time.

Thodex owner Faruk Fatih Özer and Vebitcoin CEO İlker Baş are giving authorities more reason to frown at crypto in Turkey. The Thordex owner was alleged to have committed an exit scam that may have defrauded more than 390,000 users of the crypto exchange of roughly $2 billion. Authorities have arrested 62 other people in connection to the scam.

The state-run news agency Anadolu also announced employees from crypto exchange Vebitcoin were being held by authorities under similar allegations of fraud, later reporting that CEO İlker Baş was among the four detained.

These two incidents represent the loss of millions of dollars of investor funds and naturally, the Turkish government wants to take action to prevent any future occurrences. These happenings have therefore made the country take securing the crypto scene more strictly by May of this year.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/turkey-to-go-tough-on-crypto/

Blockchain

Meme Coins Craze Attracting Money Behind Fall of Bitcoin

From the eyes of crypto-analysts, the ongoing craze for meme coins is the main reason behind the price struggle for Bitcoin.

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From the eyes of crypto-analysts, the ongoing craze for meme coins is the main reason behind the price struggle for Bitcoin. And, meme coins like Dogecoin and its clones are constantly sucking funds out of Bitcoin.

The Money Will Soon Reenter The Market: CEO CryptoQuant

The ongoing massive flows in the fresh funds are statistically massive. However, CryptoQuant’s CEO Ki-Young Ju believes that trends are changing at much higher rates, and tokens with true intrinsic value like BTC will recommence their position in the market. The statement reads,

“Smart money will reenter the market soon and reverse the trend.”

All of this started with Elon Musk who has always favored the meme cryptocurrency DOGE. Supported by names like Mark Cuban and Snoop Dogg that has also attracted the masses of investors in the space, it became arguably the most widely discussed topic in and outside the crypto-sphere.

However, there are crypto-whales in the market who know how to take advantage of the ongoing mania. Coins that seemingly have no value or product, are gaining people’s attention due to advertising services. In this attention-grabbing game, one can observe massive fluctuations and promises for multi-digital return.

The most recent example is a token called Shiba Inu (SHIB) whose exchange value is up tenfold in the past few days alone. This additionally enhances the snowball effect. According to analysts, the massive increase in value is also the result of most searched and viewed digital assets. Apart from the mind-blowing returns, the following data from CoinMarketCap confirms the same.

Smart Money to Go in Bitcoin Soon

CryptoQuant’s CEO argued that,

“The asset’s fundamentals are still “strong,” and on-chain data support this narrative. The market will become smart money soon, and the funds will go to major coins that have intrinsic value. The ongoing craze for meme coin is the primary reason why bitcoin’s price has been struggling.

At the same time, many altcoins see frequent new records, including the aforementioned massive surges by the meme coins. Nevertheless, CryptoQuant’s CEO. believes that this trend is about to change soon.

 As per reports, institutional investors uninterruptedly collecting cryptocurrencies, miners are refusing to sell, and smaller hoDLers are withdrawing their coins from exchanges at the same time. 

READ  Why Litecoin’s Ambitious Surge to Dethrone XRP Was Short-Lived

#‘Dogecoin Killer’ Shiba Inu #Bitcoin #CEO CryptoQuant #CryptoQuant’s CEO Ki Young Ju #SHIB #Shiba-Inu

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Source: https://www.cryptoknowmics.com/news/meme-coins-craze-attracting-money-behind-fall-of-bitcoin

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Ethereum, Dogecoin, XRP Price Analysis: 11 May

Ethereum’s bearish signals could materialize into a correction and the first support mark lay around $3,810-$3800. Dogecoin cut losses at $0.44 but this area would need to be defended over the coming

The post Ethereum, Dogecoin, XRP Price Analysis: 11 May appeared first on AMBCrypto.

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Ethereum’s bearish signals could materialize into a correction and the first support mark lay around $3,810-$3800. Dogecoin cut losses at $0.44 but this area would need to be defended over the coming days as well. Lastly, XRP neared $1.31-support and a breakdown could go as low as $0.91.

Ethereum [ETH]

Source: ETH/USD, TradingView

Since late April, Ethereum’s price jumped from $2,166 to a high of $4,200, while corrections have been few and far between. However, the appearance of a consecutive doji candlestick on the daily timeframe caused created some skepticism in ETH’s most recent rally. In fact, warning signals have been present in the market for the past few days and while buying pressure has kept up despite these signs, a correction might finally be around the corner.

On the 4-hour timeframe, consecutive red candlesticks saw ETH dip closer towards $3,800-support. Additional levels of support lay around $3,560, $3,200 and a sharper sell-off could go as low as $2,530 – a region that coincided with the 50-SMA (yellow). RSI was yet to dip from the overbought region – indicative of an incoming price correction. MACD line was well above the Signal line, but its histogram noted some weakening momentum.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin cushioned its losses at $0.44-support but some indicators still pointed towards weakness in the market. MACD was close to a bearish crossover. If the present support counters bearish presence over the coming days, DOGE would have established a reliable line of defense at $0.44. This would likely lead to a round of consolidation as DOGE prepares for its next upswing.

A break below $0.44 could go as low as $0.226 (50-SMA). Despite a sharp decline in trade volume, the flow of institutional capital remains healthy for Dogecoin. This was highlighted by Chaikin Money Flow as it maintained above the half-line.

XRP

Source: XRP/USD, TradingView

With regard to XRP, the 50-SMA floated around $1.14 and a dip below this point could lead to another round of sell-off. After steadily rising since early January, OBV started to decline from April 15. A downturn in buying pressure indicated that investors have been taking profits. If this continues over the week, XRP could dip below $1.14 and all the way towards $0.91 before buyers step in.

Awesome Oscillator formed a bearish twin peak- setup that usually sides strongly with the sellers. For a bullish comeback, levels to recapture include $1.52 and $1.66. This could lead to a jump towards the $2-mark.


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Source: https://ambcrypto.com/ethereum-dogecoin-xrp-price-analysis-11-may

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QAN Raises $2.1 Million in Venture Capital to Build DeFi Ecosystem

QANPlatform has successfully closed a $2.1 million funding round and it looks to build a quantum-resistant DeFi infrastructure.

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QANPlatform – a project that is on a mission of building a quantum-resistant hybrid blockchain protocol, secured investment from various venture capital funds to build a DeFi ecosystem.

QAN Successfully Closes a Funding Round of $2.1 Million

The question of whether or not existing blockchain-based PoW networks would stand the test of a quantum computer is one that’s been discussed for quite some time. To this date, many believe that a quantum computer is the most serious threat to Bitcoin as it would be able to solve math problems a lot quicker compared to traditional mining machines.

In any case, in an attempt to tackle these issues, along with others, QANplatform has raised $2.1 million to fund the development of an ecosystem where developers would be capable of building various software applications within DeFi quicker.

Leading the round were the likes of DeltaHub Capital, BlackDragon, Insignius Capital, Fairum Ventures, and so forth.

Speaking on the matter was Johann Polecsak, co-founder and Chief Technical Officer at QANplatform, who said:

“Our key mission is to lower the entry barriers for developers so startups and enterprises can build their Proofs-of-Concept (PoC) and Minimum Viable Product (MVP) as fast as possible to reach mass adoption. We stick to this view and let only community-driven VCs invest in this strategic pool”

Quantum Computing and its Threats

According to a well-known report from one of the largest auditing and security service companies in the world – Deloitte, quantum computing does pose a threat to Bitcoin.

Of course, it’s important to factor in the possibility of such a computer being created and used for this particular purpose, but, in theory, it could cause damage, according to the experts.

For instance, there are around 4 million bitcoins that are potentially vulnerable to a quantum attack. Yet, there are plenty of things to keep in mind when thinking about this. For instance, it’s important to note that these are mostly p2pkh addresses, and only those which have never been used to spend bitcoins are safe because their public keys are not yet public. In other words – if one transfers their BTC to a new address, they should not be vulnerable to a quantum attack.

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Source: https://cryptopotato.com/qan-raises-1-8-million-in-venture-capital-to-build-defi-ecosystem/

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Balancer V2 is Live Promising Lower Fees and Improved Experience

Balancer V2 goes live today and it promises users lower fees and substantially improved user experience.

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The automatic market maker (AMM) running on top of Ethereum, Balancer, announced that Version 2 of its platform is already live. It promises lower gas costs, a redesigned interface, and an enhanced user experience.

Balancer V2 Arrives

Built on Ethereum, Balancer is a DeFi protocol enabling users to trade ether and ERC-20 tokens in a trustless, permissionless environment. By providing liquidity to a Balancer pool, they can also earn a portion of the trading fees paid to the network for the use of their funds in the form of the native token BAL.

The team behind Balancer announced the arrival of its long-anticipated Version 2 platform in a press release shared with CryptoPotato. It comes with a new user interface, indicating that the user experience has been simplified.

The statement outlined there will be an easy-to-follow migration procedure for users to transfer their funds from Balancer V1 to V2, and it will be released as a full tutorial later.

The team believes that V1 will continue to “provide the best price until a substantial amount of liquidity migrates to V2.” At that point, Balancer expects trades to be routed through V2’s Protocol Vault resulting in “lower gas costs and better pricing.” The project’s estimations envision the fee reduction to be up to 50%.


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Multi-Sig and Liquidity Mining

The upgrade has signified Balancer Protocol’s transition to a community multi-sig for its governance execution. As a result, the new signers include Alexander Lange (Inflection), Fabien Marino (Snapshot Labs), Kain Warwick (Synthetix), Kevin Owocki (Gitcoin), Trent McConaghy (Ocean Protocol), and Mariano Conti (Ethereum).

They will be responsible for “executing all transactions passed as Snapshot as Balancer continues to be run by those who care most – the community.”

V2 will also provide a new and “more trustless program” for BAL liquidity mining. Upon its launch, liquidity providers (LPs) will be able to stake positions in different pools and receive BAL tokens.

Each pool will be assigned to one of three different tiers, with each tier slot getting a pre-determined amount of coins per week.

The team also informed that it will release further details in the following weeks on the “changing Balancer landscape.”

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Source: https://cryptopotato.com/balancer-v2-is-live-promising-lower-fees-and-improved-experience/

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