Kripto Tether - dituduh menyebabkan kerugian $10 bilion

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Ms Senorita

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Mata wang kripto telah mengalami kejatuhan selepas Peguam Negara New York mencetuskan keraguan terhadap kestabilan Tether, mata wang virtual yang memainkan peranan penting dalam perdagangan pertukaran kripto di seluruh dunia.

Bitcoin menurun 6.4 peratus kepada $ 5,145.33 pada jam 9:55 pagi di Hong Kong, manakala nilai mata wang kripto yang dinilaikan oleh CoinMarketCap.com turut mengalami kejatuhan sebanyak kira-kira $ 10 bilion. Tether, yang di kenali sebagai ‘stablecoin’ oleh Pusat Siasatan Polis di New York, merosot 1.9 peratus kepada $ 0.99. Secara umum, dagangan berada pada jumlah rendah sekitar $ 1.

Syarikat-syarikat seangkatan Tether dan Bitfinex, merupakan salah satu syarikat pertukaran kripto terbesar di dunia, terlibat menyembunyikan "kerugian sebenar" kepada $ 850 juta pelanggan yang terlibat dan dana korporat, Peguam Negara New York Letitia James mendakwa dalam satu kenyataan pada Khamis. Eksekutif-eksekutif didakwa telah terlibat dengan "percanggahan transaksi korporat" dimana Bitfinex sendiri telah memberikan akses lebih daripada $ 900 juta tunai dana Tether, yang mana (Tether) berulang kali telah memberitahu para pelabur bahawa syiling tersebut disokong penuh antara satu sama lain, ujarnya.

Jurucakap Bitfinex, Kasper Rasmussen, enggan memberi sebarang jawapan dari pesanan untuk mendapatkan komen. Juga tiada respon kepada pesanan yang ditinggalkan menerusi e-mel Bitfinex kepada media dan agensi luar perhubungan awam.

Meskipun telah lama keraguan menjadi tanda tanya sama ada Tether disokong sepenuhnya oleh pemilik saham ekuiti, kebanyakan pasaran tidak mengendahkan terhadap kebimbangan tersebut dan hanya mengandaikan syiling seolah-olah bernilai $ 1. Kestabilan Tether telah membantu menjadikan ia sebahagian besar daripada ekosistem mata wang kripto global, melalui pedagang yang menggunakannya kira-kira 28 peratus daripada semua transaksi mata wang virtual yang dikesan oleh CoinMarketCap.com sepanjang 24 jam yang lalu – kedua dari Bitcoin.

Hilangnya kepercayaan terhadap ‘stablecoin’ akan menjadi tamparan hebat kepada pelabur yang bergantung kepada kecairannya yang kebanyakannya mahir dalam pengawalan pertukaran kripto dunia. Ia juga akan menjejaskan usaha dari jangkaan peningkatan harga pasaran untuk menarik institusi pelaburan. Walaupun beberapa pengurus wang besar dan bank-bank di Wall Street telah menceburi ke dalam dunia kripto, ramai dari mereka telah memberi panduan yang jelas berikutan kebimbangan tentang peraturan yang kurang ketat, manipulasi pasaran dan penipuan.

Penerimaan arus perdana yang agak perlahan daripada jangkaan menyumbang kepada 74 peratus kejatuhan Bitcoin pada tahun lepas, namun ia telah pulih sedikit pada 2019. Siasatan New York harus dihentikan, menurut Stephen Innes, Ketua Perdagangan di SPI Asset Management.

"Tuduhan terbaru ini bukan sahaja mempersoalkan kredibiliti Tether, malah memberi keburukan kepada seluruh industri," kata Innes. "Walaupun pasaran kekal kepada tahap sokongan diparas psikologi utama $ 5,000, disebabkan gelombang pesimisme yang melanda pasaran pagi ini, ia tidak mengejutkan saya jika sokongan utama membenarkannya”.

===========================================


Cryptocurrencies Lose $10 Billion on Tether Cover-Up Allegations

(April 26): Cryptocurrencies tumbled after New York’s attorney general cast fresh doubt on the stability of Tether, a virtual currency that plays a central role in trading on crypto exchanges around the world.

Bitcoin sank 6.4 percent to $5,145.33 at 9:55 a.m. in Hong Kong, while the value of cryptocurrencies tracked by CoinMarketCap.com dropped by about $10 billion. Tether, the so-called stablecoin at the center of an investigation by New York’s top cop, declined 1.9 percent to $0.99. It typically trades in a tight range around $1.

The companies behind Tether and Bitfinex, one of the world’s largest crypto exchanges, engaged in a cover-up to hide the “apparent loss” of $850 million of co-mingled client and corporate funds, New York Attorney General Letitia James alleged in a statement on Thursday. Executives allegedly cooked up a series of “conflicted corporate transactions” in which Bitfinex gave itself access to up to $900 million of Tether’s cash reserves, which Tether repeatedly told investors fully backed its coin one-to-one, the attorney general said.

Kasper Rasmussen, a spokesman for Bitfinex, didn’t respond to a message seeking comment. There was also no response to messages left with a Bitfinex email address for the media and an outside public-relations agency.

While skeptics have long doubted whether Tether was fully backed by reserves, markets have mostly shrugged off those concerns and treated the coin as if it were worth $1. Tether’s stability has helped it become a major part of the global cryptocurrency ecosystem, with traders using it for about 28 percent of all virtual currency transactions tracked by CoinMarketCap.com over the past 24 hours -- second only to Bitcoin.

A loss of faith in the stablecoin would be a major blow to traders who rely on it for liquidity on many of the world’s lightly regulated crypto exchanges. It would also undermine efforts by market bulls to attract institutional investment. While some large money managers and Wall Street banks have dipped their toes into the crypto world, many have steered clear because of worries about lax regulation, market manipulation and fraud.

Slower-than-expected mainstream adoption contributed to last year’s 74 percent tumble in Bitcoin, though its price has recovered somewhat in 2019. The New York investigation could put a stop to the recent rally, according to Stephen Innes, head of trading at SPI Asset Management.

“These latest allegations not only bring Tether’s credibility into question, they cast a dark cloud over the entire industry,” Innes said. “While the market remains tentatively supported above the key psychological $5,000 mark, given the waves of pessimism hitting the market this morning it wouldn’t surprise me if this major support level gives way.”

Sumber : the edge markets
 
Update # 2
Kontroversi wang kripto melonjak naik kesan dari larangan perdagangan oleh China

cryptocurrency-bitcoin.jpg


PORTLAND : Pelabur-pelabur wang kripto sebaiknya jangan ambil peduli tentang China, meskipun setelah pengawal selia China mengambil tindakan tegas menghentikan aset digital.

Dalam beberapa bulan kebelakangan ini, perdagangan wang kripto yang diniagakan terus di antara peniaga di China telah naik melonjak, setelah peniaga-peniaga yang menjadi perhatian Cina mula membeli hampir kesemua Bitcoin mereka dengan syiling stabil Tether, menurut kajian oleh penyelidik Chainalysis Inc. Tether digunakan dalam 99% dagangan Bitcoin yang menjadi perhatian di China tahun ini, hampir keseluruhannya menggantikan yuan, sementara perdagangan Bitcoin di pasaran seperti Jepun dan Korea masih dilakukan melalui mata wang yang diterbitkan kerajaan yang tidak disokong oleh komoditi fizikal (fiat), menurut hasil penyelidik.

Lebih kurang 40% daripada pertukaran 50 teratas kripto dari segi aktiviti rangkaian Bitcoin terletak di rantau Asia Pasifik, menurut Chainalysis. Pada separuh pertama 2019, pertukaran ini menyumbang kepada 35% daripada semua yang diterima oleh Bitcoin . Pertukaran di rantau ini juga mendominasi perdagangan dalam opsyen dan niaga hadapan, dengan hampir 90% daripada 2.36 bilion kontrak yang telah didagangkan di seluruh dunia.

Modal pasaran Tether melonjak

"Orang ramai sepatutnya memberi perhatian lebih kepada pertumbuhan harga yang besar di bursa Asia," kata Philip Gradwell, Ketua Ekonomi di Chainalysis yang berpangkalan di New York. "Mungkin ada banyak cairan di sana, contohnya, yang disediakan oleh broker-broker OTC. Ia boleh bergerak dengan pantas. "

Binance, bursa saham kripto terbesar di dunia, baru sahaja melancarkan perkhidmatan dagangan yuan jaringan ‘peer-to-peer’ (P2P) di China.

Tether mula menguasai tumpuan dagagan pada 2018, sejurus selepas kerajaan China melarang rakyatnya menukar yuan kepada wang kripto secara langsung melalui laman web dalam talian dan menutup pertukaran wang kripto. Sejak larangan yang dikuatkuasakan pada 2017, kebanyakan dari mereka telah bertukar yuan kepada Tether melalui dagangan peer-to-peer (P2P) atau melalui kaunter, dimana ia adalah sah di China. Hanya dengan cara tersebut, mereka boleh menggunakan Tether untuk membeli Bitcoin dan syiling yang lain.

Sebahagian darinya berterima kasih kerana wujudnya larangan tersebut, modal pasaran Tether telah meningkat tiga kali ganda sejak awal tahun 2018, meskipun syarikat swasta yang berpangkalan di Hong Kong seangkatan Tether menghasilkan lebih banyak syiling. Mekanisme tepat kepada penerbitan syiling itu tidak begitu jelas. Pada awal tahun ini, Tether menjadi wang kripto yang paling banyak digunakan di dunia, mengatasi Bitcoin, mempunyai modal pasaran hampir 38 kali lebih besar, menurut CoinMarketCap.com.

Sejak pengharamannya di China, perdagangan kripto yang didagangkan terus antara peniaga telah meningkat dengan pesat. Hanya 10 broker yang menggunakan langkah tersebut di Asia yang yang telah dijejaki oleh Chainalysis menerima Bitcoin sebanyak US $ 877 juta pada tahun yang berakhir pada bulan September, naik 52% dari 12 bulan sebelumnya.

"Perubahan tersebut amat menakjubkan," kata Kim Grauer, Ahli Ekonomi Kanan di Chainalysis, dalam temu bual melalui telefon.

============================================================================================================


Controversial crypto coin’s rise fueled by China trading ban

PORTLAND (Oct 15): Cryptocurrency investors better not take their eyes off China, even after regulators there started to crack down on digital assets.

In recent months, over-the-counter crypto trading in China has exploded, just as Chinese spot traders began buying nearly all of their Bitcoin with the stablecoin Tether, according to a study by researcher Chainalysis Inc. Tether was used in 99% of Bitcoin spot trades in China this year, almost completely displacing the yuan, while Bitcoin trading in markets like Japan and Korea is still mainly conducted through fiat, the researcher found.

About 40% of the top-50 crypto exchanges in terms of Bitcoin on-chain activity are located in the Asia-Pacific region, according to Chainalysis. In the first half of 2019, these exchanges accounted for 35% of all Bitcoin received. The region’s exchanges also dominate the trading in options and futures, with nearly 90% of the 2.36 billion contracts traded globally.

Tether's Market Cap Explodes

“People should be paying more attention to the price formation on the large Asian exchanges,” said Philip Gradwell, chief economist at New York-based Chainalysis. “There’s probably going to be a large amount of liquidity there that, for example, these OTC brokers will be providing. It can move very fast.”

Binance, the world’s largest crypto spot exchange, just launched a peer-to-peer yuan-trading service in China.

Tether began to dominate spot trading in 2018, right after the Chinese government prohibited its citizens from exchanging yuan for cryptocurrency directly through online sites and closed crypto exchanges. Since the 2017 ban, many people have been exchanging yuan for Tether via peer-to-peer trades or over the counter, which is legal in China. They would then use their Tether to buy Bitcoin and other coins.

Partly thanks to that rising demand, Tether’s market capitalization has tripled since the beginning of 2018, as the private Hong Kong-base company behind Tether issued more coins. The exact mechanism of the issuance is unclear. Earlier this year, Tether became the world’s most used cryptocurrency, surpassing Bitcoin, which has a market cap that’s nearly 38 times greater, according to CoinMarketCap.com.

Since the ban in China, over-the-counter crypto trading has been rising by leaps and bounds. Just 10 over-the-counter Asian brokers Chainalysis tracked received US$877 million of Bitcoin in the year ended in September, up 52% from the prior 12 months.

“The size is just kind of astonishing,” Kim Grauer, senior economist at Chainalysis, said in a phone interview. - Bloomberg


Sumber : the edge markets

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Ms Senorita

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Kontroversi wang kripto melonjak naik kesan dari larangan perdagangan oleh China

cryptocurrency-bitcoin.jpg


PORTLAND : Pelabur-pelabur wang kripto sebaiknya jangan ambil peduli tentang China, meskipun setelah pengawal selia China mengambil tindakan tegas menghentikan aset digital.

Dalam beberapa bulan kebelakangan ini, perdagangan wang kripto yang diniagakan terus di antara peniaga di China telah naik melonjak, setelah peniaga-peniaga yang menjadi perhatian Cina mula membeli hampir kesemua Bitcoin mereka dengan syiling stabil Tether, menurut kajian oleh penyelidik Chainalysis Inc. Tether digunakan dalam 99% dagangan Bitcoin yang menjadi perhatian di China tahun ini, hampir keseluruhannya menggantikan yuan, sementara perdagangan Bitcoin di pasaran seperti Jepun dan Korea masih dilakukan melalui mata wang yang diterbitkan kerajaan yang tidak disokong oleh komoditi fizikal (fiat), menurut hasil penyelidik.

Lebih kurang 40% daripada pertukaran 50 teratas kripto dari segi aktiviti rangkaian Bitcoin terletak di rantau Asia Pasifik, menurut Chainalysis. Pada separuh pertama 2019, pertukaran ini menyumbang kepada 35% daripada semua yang diterima oleh Bitcoin . Pertukaran di rantau ini juga mendominasi perdagangan dalam opsyen dan niaga hadapan, dengan hampir 90% daripada 2.36 bilion kontrak yang telah didagangkan di seluruh dunia.

Modal pasaran Tether melonjak

"Orang ramai sepatutnya memberi perhatian lebih kepada pertumbuhan harga yang besar di bursa Asia," kata Philip Gradwell, Ketua Ekonomi di Chainalysis yang berpangkalan di New York. "Mungkin ada banyak cairan di sana, contohnya, yang disediakan oleh broker-broker OTC. Ia boleh bergerak dengan pantas. "

Binance, bursa saham kripto terbesar di dunia, baru sahaja melancarkan perkhidmatan dagangan yuan jaringan ‘peer-to-peer’ (P2P) di China.

Tether mula menguasai tumpuan dagagan pada 2018, sejurus selepas kerajaan China melarang rakyatnya menukar yuan kepada wang kripto secara langsung melalui laman web dalam talian dan menutup pertukaran wang kripto. Sejak larangan yang dikuatkuasakan pada 2017, kebanyakan dari mereka telah bertukar yuan kepada Tether melalui dagangan peer-to-peer (P2P) atau melalui kaunter, dimana ia adalah sah di China. Hanya dengan cara tersebut, mereka boleh menggunakan Tether untuk membeli Bitcoin dan syiling yang lain.

Sebahagian darinya berterima kasih kerana wujudnya larangan tersebut, modal pasaran Tether telah meningkat tiga kali ganda sejak awal tahun 2018, meskipun syarikat swasta yang berpangkalan di Hong Kong seangkatan Tether menghasilkan lebih banyak syiling. Mekanisme tepat kepada penerbitan syiling itu tidak begitu jelas. Pada awal tahun ini, Tether menjadi wang kripto yang paling banyak digunakan di dunia, mengatasi Bitcoin, mempunyai modal pasaran hampir 38 kali lebih besar, menurut CoinMarketCap.com.

Sejak pengharamannya di China, perdagangan kripto yang didagangkan terus antara peniaga telah meningkat dengan pesat. Hanya 10 broker yang menggunakan langkah tersebut di Asia yang yang telah dijejaki oleh Chainalysis menerima Bitcoin sebanyak US $ 877 juta pada tahun yang berakhir pada bulan September, naik 52% dari 12 bulan sebelumnya.

"Perubahan tersebut amat menakjubkan," kata Kim Grauer, Ahli Ekonomi Kanan di Chainalysis, dalam temu bual melalui telefon.

============================================================================================================


Controversial crypto coin’s rise fueled by China trading ban

PORTLAND (Oct 15): Cryptocurrency investors better not take their eyes off China, even after regulators there started to crack down on digital assets.

In recent months, over-the-counter crypto trading in China has exploded, just as Chinese spot traders began buying nearly all of their Bitcoin with the stablecoin Tether, according to a study by researcher Chainalysis Inc. Tether was used in 99% of Bitcoin spot trades in China this year, almost completely displacing the yuan, while Bitcoin trading in markets like Japan and Korea is still mainly conducted through fiat, the researcher found.

About 40% of the top-50 crypto exchanges in terms of Bitcoin on-chain activity are located in the Asia-Pacific region, according to Chainalysis. In the first half of 2019, these exchanges accounted for 35% of all Bitcoin received. The region’s exchanges also dominate the trading in options and futures, with nearly 90% of the 2.36 billion contracts traded globally.

Tether's Market Cap Explodes

“People should be paying more attention to the price formation on the large Asian exchanges,” said Philip Gradwell, chief economist at New York-based Chainalysis. “There’s probably going to be a large amount of liquidity there that, for example, these OTC brokers will be providing. It can move very fast.”

Binance, the world’s largest crypto spot exchange, just launched a peer-to-peer yuan-trading service in China.

Tether began to dominate spot trading in 2018, right after the Chinese government prohibited its citizens from exchanging yuan for cryptocurrency directly through online sites and closed crypto exchanges. Since the 2017 ban, many people have been exchanging yuan for Tether via peer-to-peer trades or over the counter, which is legal in China. They would then use their Tether to buy Bitcoin and other coins.

Partly thanks to that rising demand, Tether’s market capitalization has tripled since the beginning of 2018, as the private Hong Kong-base company behind Tether issued more coins. The exact mechanism of the issuance is unclear. Earlier this year, Tether became the world’s most used cryptocurrency, surpassing Bitcoin, which has a market cap that’s nearly 38 times greater, according to CoinMarketCap.com.

Since the ban in China, over-the-counter crypto trading has been rising by leaps and bounds. Just 10 over-the-counter Asian brokers Chainalysis tracked received US$877 million of Bitcoin in the year ended in September, up 52% from the prior 12 months.

“The size is just kind of astonishing,” Kim Grauer, senior economist at Chainalysis, said in a phone interview. - Bloomberg


Sumber : the edge markets
 
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