4 possible reasons Bitcoin dropped to 6.500 USD, another lawsuit against Bitfinex & Tether and Ripple completes 50M USD investment
Your daily overview of interesting, important and market moving cryptocurrency news. Brought to you by the Crypto2Cash team
4 possible reasons Bitcoin dropped to 6.500 USD
Bitcoin’s price drop to 6.500 USD is a result of geopolitical and financial factors, according to a VanEck executive:
- China is reportedly cracking down on crypto exchanges
- U.S. investors could be deliberately forcing the market lower in order to record negative performance for their end-of-year tax obligations
- Liquidity on Bitcoin trading platforms is facing a significant squeeze
- Lots of recent product development is funded with crypto
Another lawsuit against Bitfinex, Tether
Bitfinex and its sister firm Tether face the second lawsuit in six weeks.
This lawsuit is almost a copy of the first, both accusing Bitfinex of using Tether to manipulate the Bitcoin price.
Both companies unequivocally deny these claims, calling the claims ‘without merit’ and ‘bogus’.
Ripple completes 50M USD investment
In June, Ripple and MoneyGram entered into a 2-year-strategic partnership to collaborate in cross-border payments and foreign exchange settlements with digital assets.
Ripple has made a final $20 million equity investment in MoneyGram as part of the original $50 million equity investment commitment.
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