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Wirecard Investors Sue EY as Company’s Fraud Inquiry Continues 

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The saga surrounding the closure of credit card manufacturer Wirecard is still unfolding. Now, it would appear that other company partners are being roped into the situation. Earlier this week, reports confirmed that the FinTech company’s shareholders were getting ready to take legal action against Ernst & Young (EY) over the company’s role in the entire saga.

The Hunt for More Information

One of the largest auditing firms in the world, EY is the official auditing partner for Wirecard. Last week, CNBC reported that Wirecard’s shareholders’ association, Schutzgemeinschaft der Kapitalanleger e. V. (SdK)., had filed lawsuits against three auditors from the firm. The shareholders seek answers concerning how such a fraudulent operation could have happened under EY’s watch.

Wirecard’s problems began earlier this month, when the Financial reported that several of the company’s top workers had orchestrated an elaborate fraud. Per the report, auditors from EY couldn’t confirm the origins of cash balances to the tune of €1.9 billion (about $2.1 billion). 

Shedding more light, the Financial Times reported that several of the German company’s staff – particularly in Dubai and Dublin – had reported false profit and sales numbers for almost a decade. The funds that were now missing represented about 32 percent of the company’s entire assets, which it claimed were worth 5.8 billion euros ($6.5 billion).

Wirecard eventually published a statement explaining that one of its trustees had attempted to deceive EY auditors and falsely indicate the existence of the cash balances.

On Thursday, the German company’s outrage was too much, and it had no choice but to file for insolvency. The Wall Street Journal reported that the company powered most of the crypto debit cards in circulation, although it had been dealing with some crippling debts over time. The debts, in addition to the $2.1 billion fraud, meant that it couldn’t continue operating without help.

The Wirecard Fallout Continues

Speaking with CNBC, EY representatives explained that Wirecard had been involved in an “elaborate and sophisticated fraud.” The auditing giant pointed out that the scheme involved several parties worldwide, all working to deceive shareholders and customers. The company also tried to salvage its reputation and deflect from the attention that it now got. As the report explained, EY pointed out that even the most robust audit procedures wouldn’t have uncovered the “collusive fraud.”

Wirecard already announced the ousting of Markus Braun, the man who has served as CEO for almost 20 years. Braun was arrested by police in Munich on Thursday, Reuters reports.

This saga has also severEly affected crypto debit card owners. On June 26, the United Kingdom’s Financial Conduct Authority (FCA) suspended Wirecard Solutions Ltd., the company’s subsidiary that issues debit cards. Several companies that rely on the company are now facing functionality cuts, with user funds being stranded.

As for Wirecard itself, there’s hardly a way for the company to come out of this. The Journal reported during the insolvency filing that this wasn’t necessarily the end. However, each new revelation concerning the case brings the chances of the firm surviving this much lower.

Source: https://insidebitcoins.com/news/wirecard-investors-sue-ey-as-companys-fraud-inquiry-continues

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Here’s Why Bitcoin’s Next Big Move May Occur in the Next 2 Days

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  • Bitcoin and the aggregated crypto market have once again extended their multi-week bout of sideways trading
  • The benchmark digital asset has continued trading sideways in the lower-$9,000 region, with most altcoin’s closely tracking its price action
  • This may not last for too much longer, however, as one trend seems to indicate that BTC is gearing up to make a large movement in the coming one or two days
  • As for whether this movement will favor buyers or sellers, one top trader is noting that the bull case is not compelling and that further downside may be inbound

Earlier this week, Bitcoin attempted to garner some momentum as its price began moving up towards highs of $9,300.

At the time, this led many analysts to believe that buyers were on the cusp of sparking a fresh trend that would help guide BTC back up towards its range highs.

This was not the case, however, as it was quickly rejected at this level and has since continued trading sideways.

One analyst does believe that volatility is imminent. He notes that it could come as soon as tomorrow, and premises this assumption based on Bitcoin’s rising open interest.

Bears may be better situated to benefit from this next big move.

Bitcoin’s Consolidation May Not Last for Too Much Longer; Here’s Why 

Bitcoin has been caught within its wide trading range for nearly two months now. Each attempt to break above or below its boundaries has been fleeting.

This has made it incredibly unclear as to whether it is still caught within a mid-term uptrend, or if it is beginning to form a top.

Some analysts have noted that BTC top formations are typically formed in sharp movements rather than long, drawn-out consolidation phases.

The market may soon gain greater insight into the benchmark crypto’s current trend. One trader is pointing to a sudden rise in its open interest as a reason why volatility is imminent in the coming days.

“OI is picking up again. I would say 1 or 2 more days and we see a big move,” he explained, pointing to a graph showing an uptick in BTC’s OI.

Bitcoin

Image Courtesy of Byzantine General. Data via Coinalyze

Top Trader: BTC Bears Better Situated to Benefit from Next Movement

One top pseudonymous trader is explaining that he believes the next Bitcoin movement will favor bears.

He points to a weak volume profile and a striking distribution pattern as two factors that support this notion.

“BTC: Struggling to see the case for reaccumulation as opposed to distribution. If there is one its very weak. Volume profile is quite telling throughout this whole range.”

Which side of the trading range is broken next should offer significant insights into the state of Bitcoin’s mid-term trend.

Featured image from Shutterstock.

Source: https://bitcoinist.com/heres-why-bitcoins-next-big-move-may-occur-in-the-next-2-days/?utm_source=rss&utm_medium=rss&utm_campaign=heres-why-bitcoins-next-big-move-may-occur-in-the-next-2-days

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Crypto Market Analysis: 1st July 2020

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Markets started out on a positive trend last week, before succumbing to fears of a second spread of coronavirus. With countries such as the US displaying some frightful numbers, there are very real worries globally that mismanagement of the crisis means there will be further lockdowns and thus damage to economies.

A raft of positive news stories pumped up both the sentiment towards and the price of many of the leading cryptoassets last week, before the aforementioned fears saw the majority of cryptos take a hit. There were a number of key announcements and developments contributing to positive sentiment around price consolidation.

Paypal pals up with crypto

Perhaps the biggest story last week was the news that PayPal is supposedly planning on rolling out sales of cryptocurrencies on its platform and its sister money sharing app Venmo. According to CoinDesk, which cites three sources familiar with the plans, PayPal already has a number of positive relationships with cryptoasset exchanges such as Bitstamp and Coinbase. However, details surrounding the move are scant and all parties involved have declined to comment on such speculation.

In my view, the most interesting thing will be if (and how) PayPal utilises its pre-existing arrangements with various physical and online retailers. Given that a massive swathe of online retailers already have some deep integration with PayPal, will the firm begin to offer payment directly with crypto? That would be exciting indeed and would be a huge step towards seeing cryptoassets, such as bitcoin and its forks, being used to pay for everyday goods and services.

After the news broke, Bitcoin hit a very respectable $9,699, dropping off towards the end of the week as markets got spooked about the spike in coronavirus cases in some parts of the world.

Cardano’s Shelley excites as the existential Ethereum threat

In altcoins, the market continues to react positively towards Cardano’s Shelley upgrade; it’s looking to compete with Ethereum as the go-to decentralised finance platform. ADA hit a high of $0.0865 on Wednesday, and currently sits at $0.0635. While the end goal is the same as Ethereum — to become the go-to place for decentralised applications — what differs with Cardano’s approach is that the team behind Cardano, which includes ex-Ethereum bod Charles Hodgkinson, have taken a highly technical and scientific approach by using academics, developers and InfoSec experts in a strategy that focuses on correcting potential issues discovered through extensive review processes.

If Cardano can become the go-to home for DeFi projects, it can overtake Ethereum in both number of projects listed on the platform and market capitalisation. Add to this the hard-capped amount of ADA in circulation, and you can understand why the Cardano enthusiasts have been vocal of late.

Wider adoption needed for bitcoin to join gold as inflation hedge

Gold was the flavour of the month in June, with investors looking to hedge market volatility and protect themselves from a potential second Covid-19 outbreak. So why haven’t people piled into bitcoin in a similar fashion? To me, the answer is awareness of bitcoin as a hedge.

Those of us who talk crypto daily are aware of the benefits that bitcoin can bring to a portfolio in terms of hedging against inflation, but many investors, particularly those more used to traditional asset classes, are not. In my view, once bitcoin grows as a payment system, and concerns around custody, market manipulation and price volatility are addressed, I fully expect bitcoin to feature more prominently in many investment portfolios.

China utilises Chainlink for ambitious Blockchain Service Network

In the East, China’s Blockchain Service Network announced it would be implementing Chainlink’s oracle service into its ecosystem. Chainlink will be providing the BSN with the ability to have real-world data work with smart contracts. This partnership could have real significance, as the Chainlink service is being used on a national blockchain network in a way that could prove to be a blueprint for other countries looking to create a similar network.

LINK reacted positively to the news, reaching an all-time high of $5. The price has since dropped off slightly and is currently trading at $4.50, however, we still finished the week up 9% from the one before.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results. 

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

Image by Gerd Altmann from Pixabay

Source: https://www.newsbtc.com/2020/07/02/crypto-market-analysis-1st-july-2020/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-market-analysis-1st-july-2020

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KickEX New Deposit Contest; Make a deposit on the exchange and win 100 USDT!

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On July 1, a new deposit contest has started on KickEX, a next-gen crypto exchange, licensed and regulated in the European Union. It specializes in advanced trading features suitable for both beginners and professionals. There is an advanced trading interface with analytics tools and industry-first trailing and double stop orders. Besides, traders can benefit from low trading fees, a multi-level profit-sharing referral program, and loyalty rewards including cash back on every trade.

Turn your 10 USDT into 100 USDT on KickEX!

Dates: from 16:00 (UTC+3) 1.07.20 until 11:00 (UTC+3) 14.07.20.

3 easy steps to participate:

1) Make a deposit in BTC, ETH, or USDT, in the amount of $10 or more. 

2) Follow KickEX on Twitter

3) Make a retweet in Twitter 

Prize fund: 1000 USDT will be distributed among 10 winners selected using a randomizer, i.e. randomly through the program. Each winner will receive 100 USDT to their balance on the KickEX exchange!

Make a deposit!

Please, mind the UTM-links!

For the contest.

For Kickex.com.

Disclaimer: This is a paid post and should not be considered as news/advice.

Your feedback is important to us!

Source: https://eng.ambcrypto.com/kickex-new-deposit-contest-make-a-deposit-on-the-exchange-and-win-100-usdt

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