One week in review:
Nov. 18–24 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1 Binance and Bithumb deny reports of Chinese police raids | | | Heads were turned this week when reports suggested that Binance and Bithumb, two major crypto exchanges, have closed their offices in Shanghai following raids by Chinese police. However, not everything is as it seems, with both companies claiming that the rumors aren't true. Binance has said such a police operation would actually be impossible because it doesn't have offices in the city, while Bithumb insisted that its Shanghai team is continuing to operate "steadily without pause." | | #2 Shenzhen identifies 39 crypto exchanges defying crypto ban | | | Despite unflinching denials from Binance and Bithumb, China is keeping a watchful eye on crypto exchanges that are operating illegally in the city of Shenzhen. Authorities there have reportedly identified 39 platforms that have fallen afoul of the country's trading ban. However, it's unclear what consequences these businesses would face. | | #3 Bitcoin crashes back to $7,400, completely wiping out the October rally | | | After facing a slow grind down to $8,000 in recent days, BTC/USD finally succumbed to bearish pressure and fell into the low $7,000s — levels seen prior to Bitcoin's 42% price rise on Oct. 25. It is believed that the rumored Binance raid in China was a contributing factor toward the precipitous drop. Altcoins weren't immune from the bloodbath in the crypto markets either, with some showing losses close to 10% on Friday. | | #4. Prediction of the Week Bitcoin may hit $4,500, but miners have mostly capitulated, analysts say | | | In light of the Bitcoin beating this week, there's been no shortage of crypto pundits offering their take on what's going to happen next. Well-known statistician and crypto analyst Willy Woo thinks that BTC has almost reached rock bottom for 2019 — but warned that markets could yet sink to as low as $4,500 before "the halving" next May. Flib Flib even said he is "totally back in cash" because the BTC slump is showing no obvious signs of reversal. Another respected analyst Peter Brandt also believes that Bitcoin prices will get worse before they get better — and revealed that he believes a floor of $5,500 may be possible. | | #5. FUD of the Week Canada: Thieves steal $4,000 from Bitcoin ATM, leave $50,000 untouched | | | It's a story we've seen time and time again: thieves targeting a Bitcoin ATM. A couple of criminals in Canada decided to do just that this week, targeting the Simply Delicious Food Market in British Columbia. They managed to swipe $4,000, but in a rather epic blunder, they forgot to check the second canister, in which there was $50,000 lying inside. Police were on the scene within 15 minutes, but the two men had already escaped. Nonetheless, investigators appear confident that they will track the perpetrators down. The store owner says their getaway car was caught on camera, including the license plate. | | #6. FUD of the Week R3 CEO: Facebook's announcement of Libra was "ridiculously stupid" | | | As skepticism surrounding Facebook's Libra stablecoin continues to grow, one blockchain firm has opted to ridicule the embattled social network. R3 said the company's decision to announce its foray into crypto over the summer was "ridiculously stupid" and "really naive." Its CEO, David Rutter, said the tech giant was misguided in believing that it would be able to easily enter the world of financial systems when other market participants have been working on such an ambition for years. Speaking in London, Rutter added: "The way they rolled it out… Yeah, you know it was just so... It was just so in your face. There's a lack of understanding." | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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