With Bitcoin going below $6300 and ETH back below $200, the Hong-Kong based exchange Bitfinex seems to have done something to make the situation worse.
As first reported by Block, the crypto exchange has suspended all forms of fiat deposits in USD, EUR, JPY, and GBP. Even though social media updates suggest that the situation should “normalize after a week,” there has been no official response from the Bitfinex team in the lead up to press time either on its Twitter account or blog.
Bitfinex Deposits. Image from Bitfinex by Cryptopotato
Bitfinex was also in the news the recent week after speculations arose that the exchange’s banking relationship and financial stability was under threat. The owners subsequently issued a press release saying that “Bitfinex has not become insolvent.”
With the latest development, it is certain that the crypto exchange has come under the public radar once again.
Bitfinex Banking Relationship Remains Obscure
Over the weekend, Bitfinex reportedly secured a major banking partner in HSBC through a private account – Global Trading Solutions:
Owing to the nature of the private account, it is likely that HSBC may not be aware that Bitfinex is banking with them. Now, it appears that the private account which Bitfinex has with HSBC is not working hence the halt in fiat deposits on the platform.
If HSBC has become Bitfinex’s new banking partner, then it will likely take some time until the issue is resolved. The exchange is rumored to have separated from for former banking partner Puerto Rico-based Noble International.
Red Markets Amid Bitfinex Saga
The crypto markets woke up to a significant dip especially within the last few hours to press time amid reports of a sell-off.
Bitfinex is the sixth largest exchange by trading volume, and it is apparent that halting fiat deposits could have affected the market negatively. So far, traders on the exchange have not reported any issues with withdrawals.
The post Coincidence? Bitfinex Mysteriously Halts FIAT Deposits appeared first on CryptoPotato.
It seems that the relationship between Dogecoin and Elon Musk has paid more dividends to the memecoin as its price soared by double digits shortly after the Tesla CEO visited Twitter’s HQ. It’s expected that Musk will complete the acquisition of the social media platform in the next few days. The ongoing drama between Elon…
TL;DR Adam Back, CEO of Blockstream, predicts Bitcoin (BTC) could flip physical gold’s market cap and potentially reach a price of $700,000, possibly during the next halving cycle in 2024. BTC’s current market cap stands at over $800 billion, far from gold’s $14 trillion, but it had previously surpassed $1.2 trillion at its peak in
Not a lot has happened since our previous price analysis; Bitcoin is still consolidating around the $6400 mark. It seems like a decision is soon to take place; whether breaking up the long-term descending line tough resistance or else – towards the $6000 – $6100 (again). Now what? Bitcoin is (still) testing the long-term descending…
The collapse of Terra ecosystem’s two tokens propelled a great deal of turmoil for the crypto market, the effects of which have continued to haunt the space. However, Terra Classic (LUNC), the rebranded token of the original Terra chain, spiked by more than 36% over the past 24 hours. The unexpected retreat of the bulls follows…
After a brief pullback, Solana is back under the key resistance. Will it break? Key Support levels: $78 Key Resistance levels: $104, $126 1. Key Resistance under Pressure The resistance at $104 is the only thing stopping buyers from taking Solana much higher. Sellers are starting to show weakness and bulls have a good chance
Bitcoin bulls have managed to buy up another dip today after prices slumped $650 during the morning’s early hours. This is the second significant price crash to have taken place over the last 48 hours, with BTC tumbling $1,000 yesterday to a low of $17,600 before correcting (marked by a white arrow on the following…
Bitcoin (BTC) saw a sharp, significant rise, racing to the $12,000 region during the early hours of July 4 (UTC), but the bulls quickly retrieved their momentum in the next few hours that followed. The leading cryptocurrency in the market was charting a 4.60% 24-hour gain, trading around $11,735 at the time of writing. Just like…
The dire market conditions for all cryptocurrencies continue and have even worsened in the past few hours, as bitcoin dumped to another multi-month low of around $57,000. The altcoins have followed suit with massive losses, and the total market cap has lost well over $200 billion in the past 36 hours or so. Where Is
Created by the leading US-based cryptocurrency exchange, Coinbase Wallet is quickly becoming a preferred self-custody wallet among users. It offers a very familiar user experience to existing solutions, which makes the overall transition seamless for those who’ve already worked with a self-custody wallet. Moreover, it carries the reputation and confidence instilled by the Coinbase brand.…
