On Which Exchange Bitcoin Plummeted $1000? Crypto Weekly Update: BitFinex FUD, BMW & Jaguar Adoption

Even though Bitcoin is no longer a regular guest in most of the crypto’s coverage, the news of the markets didn’t freeze despite the winter. This entire week was rather busy, as most of the news started on the right foot. It was all until last Thursday, however, when Bitcoin flash crashed on the Kraken cryptocurrency exchange, shortly before the news about the lawsuit against Tether was published.

Naturally, the market and the community reacted sharply as there were suspicions of using insider information leading to the panic in Kraken.

On the other hand, after a few very positive weeks in the field of Altcoins, corrections brought some of them back to the support levels we saw at the beginning of the year, hence eliminating profits made in 2019. However, it’s still difficult to determine a clear trend direction for this market who’s looking up for a Bitcoin reaction.

At the same time, however, it’s safe to say that the market is maturing and that the Wild West which characterized it since inception, crystallizing more towards efficiency. As the bear market progresses, we expect that the place of altcoins will be challenged.

Looking past price volatility, nevertheless, it’s possible to see that the infrastructure of the sector continues to expand. Significant partnerships are being made between crypto-oriented companies, as well as conventional giants such as Disney and others. This marks a positive sign which comes after about a year and a half of the bear market.

It’s certain that the floor looks closer than ever following 2017’s unprecedented bull run and we may have actually seen it for Bitcoin at around $3,120. For the optimists among us, the last time we saw the Golden Cross graph, the trend started to look even more positive.

Market Data

Market Cap: $170.9 B

24h Vol: 45 B

BTC Dominance: 54.5%

BTC: $5,277 5.3%

ETH: $159 9.1%

XRP: $0.3 6.5%

BTC Shorts (BFX): 29.7 K BTC

BTC Longs (BFX): 17.8 K BTC

Crypto News

Bitfinex Covered $850 Million Loss Using Tether Funds, NY Prosecutors Allege

The New York Attorney General’s office alleges that popular cryptocurrency exchange Bitfinex lost $850 and covered the losses with funds from affiliate company Tether. The NYAG holds that Bitfinex gave itself access to $900 million worth of Tether’s reserves, from which the cryptocurrency exchange took at least $700.

French Lender Societe Generale Issues $112 Million Bond on Ethereum

France-based financial service mogul Societe Generale Group has managed to issue around $112 million worth of bonds in the form of a security token which was based on the public blockchain of Ethereum. Reports have it, though, that no outsider buyers were involved.

Saudi British Bank Launches Ripple-Powered Instant Cross-Border Transfer Service

The Saudi British Bank (SABB) has partnered up with Ripple, launching an instant cross-border transfer service. The move is part of its plan to enrich customer experience and to further its digital transformation.

Craig Wright Dubs Binance a ‘Money-Laundering Bucketshop’, Calls John McAfee a Conman. Infamous Craig Wright, known for his claims of being Satoshi Nakamoto, has fired shots against major industry proponents including Binance’s Changpeng Zhao and John McAfee. He said Binance is “basically” a money-laundering organization while calling McAfee a conman.

Nike Has Filed a Trademark Application For CRYPTOKICKS. One of the world’s largest and most popular shoemakers, Nike, has filed a trademark application for CRYPTOKICKS. The documents reveal that the company intends to create its own cryptocurrency, as well as associated services.

Jaguar Land Rover to Implement a IOTA-Powered Car Wallet. Major car manufacturer Jaguar Land Rover will be implementing a new “smart wallet” technology powered by IOTA which will allow drivers to earn cryptocurrency as they drive. The rewards will be given for sharing information such as potholes and traffic jams and be used to pay automatically for parking, electric charging, and tolls.

BMW Presents Blockchain-Based Odometer Fraud Prevention App VerifyCar Developed With VeChain. BMW has presented a new blockchain-based app called VerifyCar which is geared towards preventing odometer fraud. The product is developed by VeChain and it aims to tackle the issue which concerns around 33% of second-hand cars.

Lightning Labs Launches Desktop App on Bitcoin Mainnet. The company behind the Lightning Network – Bitcoin’s scaling solution, Lightning Labs, has released its very first desktop app on Bitcoin’s blockchain. Previously, the app was only working on bitcoin’s testnet, but now users will be able to use it to send and receive real money.