Altcoins News
By Dan Saada
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According to Cipher Trace, fraud-related cryptocurrency transactions and theft of tokens from exchanges have increased during the first quarter of the year, to nearly $1.2 billion.
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With an increase in the crime rate, the market has slowed down. The price of the tokens have plunged, and business activity has disrupted.
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While the price of the Bitcoin crashed in the year 2019, several experts are arguing that the news is not all bad.
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Optimistic analysts state, the market is known for its volatility, and this is the not the first of its kind crash seen in the market.
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The speculative activity in the cryptocurrency industry has led to a massive movement of the prices over the past two years.
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Jason Potts, RMIT University Professor in Economics stated, “There was a run-up of strong speculative interest in Bitcoin in late 2017, which has fortunately now dissipated.”
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The professor opines that the Bitcoin market will be far stable in the year 2019. The cryptocurrency technology is in its early stages of technological innovation.
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Lee Smales, Associate professor in finance, opines that there will be a point in time when the prices will not rise.
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The quarterly report of Cipher has to state that the theft and scam rates value is at $356 million.
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Dave Jevans, CEO of Cipher Trace stated, "Crypto crime has gotten worse because regulations are still weakly enforced.
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In several areas around the US, the regulations are poor. Problems related to theft and fraud have increased due to greed and mismanagement in these areas.
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Anti-Phishing Working Group focuses on solving cybercrimes. Jevans chairs the organization.
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The cross-border payments from US exchanges to those exchanges offshore are not under the purview of US authorities; therefore, there is a major gap in the regulatory environment…
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About 164 million Bitcoin transactions were analyzed. The analysis revealed that the cross-border payments to offshore exchanges have increased by over 46% in the past two…
The Currency Analytics
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