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Bitcoin Price Rises as China and US Back on Trade War Track: Bloomberg

  • Yuri Molchan
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    Bloomberg reports that as Chinese yuan is going down on charts, the Bitcoin price is rising as investors are hedging their risks against the RMB plunge

Bitcoin Price Rises as China and US Back on Trade War Track: Bloomberg
Contents

As the US and China are getting back to the trade war track, the yuan rate is plunging, making Bitcoin price go up again.

After Bitcoin had dropped below the $10,000 level recently and had stayed there for a while, the other day BTC got back above the crucial $10,000 mark. At press time, BTC is exchanging hands at $10.389.

Image by CoinMarketCap.com
Image by CoinMarketCap.com

Bloomberg: Bitcoin rises as yuan drops 

An analysis made by Bloomberg states that Asian investors have been buying BTC with a large premium on exchanges, such as Huobi and that those investors are mainly Chinese. 

Dr Hileman from the London School of Economics, who is also the head of Blockchain.com’s research team, said:

There’s corroborating evidence for this, in that people in Asia were paying more for Bitcoin than elsewhere when the yuan fell.”

You can see it in the premium price paid sometimes for Bitcoin in exchanges like Huobi that primarily cater to Chinese.”

Apart from the trade war effect that is pushing Chinese investors towards Bitcoin, the fact that earlier this summer a local court ruled that Bitcoin is a virtual asset also added to the popularity of BTC in this country.

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Telegram Releases DLT Explorer for $1.7 Bln TON Platform and Node Software on Testnet

Telegram Releases DLT Explorer for $1.7 Bln TON Platform and Node Software on Testnet

Bakkt is to launch Bitcoin futures

Analysts name the announcement about launching Bitcoin futures trade on September 23 made by Bakkt earlier as another reason for the surge of the Bitcoin price.

Yesterday, U.Today reported that Bakkt had kicked off its crypto custody service dubbed ‘Bakkt Warehouse’ ahead of the BTC futures launch.

Cover image via 123rf.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
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    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
Contents

On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

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"Crypto Wizard" Arrested for Taking Part in $16 Mln Cryptocurrency Scam

A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

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Canadian Police Shed Light on New Bitcoin ATM Scam

Canadian Police Shed Light on New Bitcoin ATM Scam

Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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