Q3 Ends with BitMEX Fiasco and KuCoin Hack, More to Come? The Crypto Weekly Market Update

To say that a lot has happened over the past seven days would be an understatement. Starting off with Bitcoin’s price, it’s currently trading at around $10,500, down $150 over the week.

Everything was going relatively well for BTC. It peaked above $10,900, giving many people hopes that we will finally see a breach above $11,000 and a restart to the bull run. However, it was yesterday when things took a turn for the wors.

As CryptoPotato reported, the US Commodity and Futures Trading Commission (CFTC) charged the owner-operators of BitMEX with illegally running a derivatives exchange. Needless to say, BitMEX is one of the largest cryptocurrency derivatives exchanges and, not surprisingly, the price lost about $400 on the news.

The CTO of the exchange, Samuel Reed, was reportedly arrested. BitMEX issued a formal announcement, saying that they strongly disagree with the Commission’s claims and that they will be fighting it with full force. Meanwhile, the exchange will continue running as per usual.

If that wasn’t enough, the President of the United States, Donald Trump, and his wife, Melania, have both contracted the COVID-19 virus. The markets didn’t respond well to the news, and Bitcoin’s price took another hit.

But that’s not all. Earlier in the week, one of the major cryptocurrency exchanges, KuCoin, was hacked. According to recent information on the matter, $280 million were drained from the exchange. And even though KuCoin’s CEO said that a $150 million hack is “small” for them and the insurance will cover it, that’s undoubtedly a lot of money, casting further doubts in the hearts of potential retail investors.

On a more positive note, Diginex became the first-ever company with a cryptocurrency exchange to be listed for trading on the Nasdaq exchange under the EQOS ticker.

In any case, it has been a very dynamic week for the field, which begs the question if more troubles are to come or if things have settled down?

Market Data

Market Cap: $336B | 24H Vol: 109B | BTC Dominance: 58%

BTC: $10,546 (-1.26%) | ETH: $344.81 (-3.81%) | XRP: $0.232(-2.58%)

The BitMEX v CFTC Case: The Good and the Bad For The Crypto Industry. The US CFTC has charged the owner-operators of BitMEX with illegally running a derivatives exchange. Prominent members of the cryptocurrency community speculate on whether that’s good or bad for the industry going forward.

Will Bitcoin Drop Lower on Trump’s Positive Covid-19 Test News?. The President of the United States, Donald Trump, and his wife, Melania, have contracted COVID-19. Markets responded today with a quick dive, and Bitcoin followed suit.

First-Ever Company With Crypto Exchange Listed on NASDAQ. Diginex has become the first-ever company with a cryptocurrency exchange to have its stock listed for trading on Nasdaq. The ticker of the stock is EQOS, and this all took place after the company managed to raise $50 million in capital.

Twitter’s CEO Jack Dorsey: Bitcoin and Blockchain Are the Future of Twitter. The CEO of Twitter, Jack Dorsey, has said that Bitcoin and blockchain are the future of the social media platform. He said that the technology points to a future where content can exist forever, and it won’t go away.

KuCoin Exchange Hacked: $150 Million In Bitcoin and Ethereum Stolen. One of the world’s leading cryptocurrency exchange has been hacked. It’s worth noting that the exchange’s CEO has commented on the matter, saying that the amount is “small” and that their insurance will cover all of it.

Hodlnaut Awarded $6,000 in Costs As Court Rejects Craig Wright’s Appeal. In one of the most landmark cases for the cryptocurrency community, a Norwegian court has rejected Craig Wright’s appeal against the popular Bitcoin proponent going by the Twitter handle Hodlnaut. Reportedly, Wright now owns $66,000 and still hasn’t paid Hodlnaut out.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot – click here for the full price analysis.