The [US Feds](/news/article/us-fed-crypto-rates-hike) announced Monday that it had [seized approximately $3.36 billion worth of Bitcoin stolen](https://www.nbcnews.com/now/video/feds-announce-seizure-of-3-36-billion-in-stolen-bitcoin-152877125774) during an unannounced 2021 raid on James Zhong's home.

Zhong pled guilty on Friday to one count of wire fraud, with a maximum prison sentence of 20 years.

According to the Feds, on November 9, 2021, US authorities seized approximately 50,676 Bitcoin, valued at more than $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia. It is the Feds' second-largest financial seizure to date, following its February announcement of $3.6 billion in allegedly stolen [cryptocurrency](/news/article/impact-of-cryptocurrency-on-society) linked to the 2016 hack of the [crypto](/news/article/crypto-hacks-peak-hacktober) exchange Bitfinex.

The raid was part of an investigation led by the United States Attorney's Office in Manhattan into the whereabouts of thousands of missing coins linked to Silk Road founder Ross Ulbricht. 

[Bitcoin](/news/article/bitcoin-prime-review) was trading more than $60,000 at the time of seizure, boosting the worth of the loot for investigators by billions of dollars. The digital currency is currently worth around $21,000. As per current data, the seizure is worth just 1 billion dollars. 

## How much Bitcoin, other crypto and cash was stolen? 

Zhong began his criminal behaviour in 2012 when he defrauded Silk Road, a website known for trading drugs and cryptocurrencies, out of more than 53,000 Bitcoin. According to court documents, he set up a series of Silk Road accounts to mask his identity. He carried out 140 transactions quickly to trick the platform into releasing Bitcoin into those accounts. Zhong then transferred the [digital currency](/news/article/cbdc-uk) into other accounts under his control.

Prosecutors claim that 50,000 Bitcoin were found in an underground safe and a single-board computer in a popcorn tin beneath a pile of blankets in Zhong's bathroom cabinet. He has since surrendered over 1,000 more coins and agreed to assist prosecutors in accessing the remaining coins and providing technical assistance.

Zhong agreed to sign over his 80% business ownership to the government as part of his plea deal for the Silk Road fraud. According to the forfeiture order, prosecutors also seized 25 Casascius coins worth 174 Bitcoin and $661,900 in cash. On Friday, Zhong was set free after posting a $310,000 bond.





Feds seize $3.36B Bitcoin stolen in crypto scam

[Bitcoin Prime](https://www.business2community.com/cryptocurrency/bitcoin-robots/bitcoin-prime-review) is a cryptocurrency bot. It is a trading service that automatically analyses the cryptocurrency markets for trading opportunities. Read on for a Bitcoin Prime review.

Bitcoin Prime executes trades on users' behalf when it discovers potentially profitable situations. According to the website, up to 90% of their deals are profitable under favourable market circumstances. 

The platform's performance is shown by its AI system, which detects and responds to price trends. While it does not disclose the intricacies of its algorithm, it searches for many of the tried and proven technical patterns that traders worldwide use to earn money.

It is available for free. All users need to begin is a $250 down payment. The platform generates revenue by charging a 2% fee on successful accounts. However, investors will not pay a commission until their trading account earns money.

## Bitcoin Prime review - How the platform works 

The [platform](https://bitcoinprimeapp.com/) monitors price changes in 14 major cryptocurrencies, including Bitcoin, BTC Cash, Ethereum, Litecoin, Bitcoin Gold, ZCash, Dash, Ethereum Classic, [Cardano](/news/article/cardano-hard-fork), IOTA, EOS, NEO, Binance Coin, and Ripple.
 
Bitcoin Prime initiates a transaction when the algorithm identifies a price pattern. Furthermore, it will place an order in the user's [brokerage](/news/article/genesis-crypto-claim) account and track the deal as it progresses. When the time comes to close the position, it will issue the order, and all money, including any gains, will be refunded to their account (minus a 2% commission for profitable accounts). The algorithm also learns from successful and unsuccessful transactions to trade more consistently and successfully in the future.

[Bitcoin](/news/article/bitcoin-dropping-price-us-news) Prime promises to be open for business every hour of every day. While trading on the system requires little effort, users need to tweak the algorithm's settings to be effective in different market circumstances. One of the good features of the platform is that it offers a plethora of instructional resources and a sample account to allow you to understand how the algorithm works.

Most importantly, investors' monies are in third-party broker accounts. It can issue trading orders using the funds in your account but cannot directly access your cash. Because only you have access to your money, this might give some security when utilising this service. Users can withdraw funds at any moment and receive a payment within a few hours. 

## Bitcoin Prime - Is it worth the investment?

Bitcoin Prime is legitimate and has received positive feedback from sites such as Trustpilot and testimonials.

However, we highly advise potential investors to do their homework and weigh the possible hazards before joining up and depositing money into the platform.


Bitcoin Prime Review - Fraud or Legit?

Bitcoin Rejoin is an automated crypto trading platform that advertises itself as able to generate a 90% winning rate.

For many beginner crypto investors, the platform's success rate is a major reason to use it. However, for those who've been in the crypto market for a minute, the market's volatility makes the platform's claim a huge red flag. So, is it legit or a scam?

## How it works

[Bitcoin Rejoin](https://bitcoinrejoin.io/) uses Artificial Intelligence (AI) and other complex algorithms to find and execute trades on behalf of users. 

According to its team, its Bitcoin robot software is 0.0001% faster than any other automated trading bot in the market. It, therefore, identifies profitable market positions more quickly and executes them rapidly.

It is also designed to set buy and sell limits, stop loss, and take profit orders, among other functions. Profits made are directly deposited into investors' accounts.

A plus is that it is not entirely autonomous. Those who wish can choose to have some control by changing certain parameters to their preferences.

## Key features

Many of its features make it enticing to use. Some of these features include;

•	Automated trading: Exceptional trading skills are not a requirement to use and profit from it. It does everything on behalf of the user, from finding to executing profitable trades. It requires very little supervision and also works 24/7.

•	Multiple assets: Users have access to multiple digital assets to earn from. They can trade popular cryptocurrencies like [Bitcoin](/coins/btc), [Ethereum](/coins/eth), Litecoin, and Ripple. It also offers crypto CFDs.

•	Demo account: Users must deposit a minimum of $250 or euros to use it. However, there is a demo account for those who wish to test its capabilities before spending any real money.

•	Fees: There are no deposit or withdrawal fees, transaction fees, account maintenance fees, commissions, or any hidden charges.

The platform also promises daily rewards and guarantees instant withdrawals. There is 24/7 customer support to assist at any time.

## Is it legit or a scam?

There are a few reasons to approach the service as a scam.

•	A promise of high returns: It assures users a 90% success rate. The cryptocurrency market does not guarantee results. Its volatile nature makes it one of the most highly unpredictable markets. Promising users' returns is a clear red flag.

•	Shady reviews: A quick Google search about the platform reveals many articles questioning its 
legitimacy. There is reason to worry about any service provider with questionable services.

•	Unknown team: While the crypto space thrives on anonymity, not knowing anything about the team behind Bitcoin Rejoin is another red flag.

If the service is not a scam, then it stands out as worth checking out if you are interested in trading digital assets.

## Conclusion

Bitcoin Rejoin may look like a legitimate automated digital assets trading platform, but there are many reasons to be wary of it. Before committing your hard-earned money to the platform, do your research. Not many automated crypto trading platforms are worth using.



Bitcoin Rejoin: Legit or a Scam?

[BitMiner](https://bitminer.io/) is claimed to be a Bitcoin mining pool that provides its services for free. It claims to have mined more than 3,109 Bitcoins since its initial launch, which is quite an impressive feat in [Bitcoin mining](/news/article/free-bitcoin-mining). The platform claims itself as the "ultimate mining pool". In addition to the free version, it offers four different premium memberships.

The platform is listed under [“not recommended websites” by newsonlineincome.com](https://newsonlineincome.com/what-is-bitminer-is-bitminer-a-scam-noi/). This free [Bitcoin mining pool](/news/article/norway-bitcoin-mining) is the sister site of StartMiner, which itself is considered as a Ponzi scheme.

## Popularity

The affiliated websites that advertise the platform cause the site's popularity. 

Affiliate websites like [startminer.com](https://www.startminer.com/) and btcprominer.life run by the same business, BitMiner Cloud Eu LTD, bring in about 12.5% of visitor traffic. The majority of the other traffic comes from shady YouTube channels or false reviews with affiliate links that can be found on Google.

## Red flags

BitMiner generates a plethora of warning signs. The company's inability to pay its financial obligations and the fact that the site was created by the same scammer who developed StartMiner are obvious red flags. 

Enter "BitMiner reviews" into any search engine to find more alarming warning signs. You'll find many forum posts and articles alleging that investors haven't been able to withdraw their money.

## Conclusion

As per my research, BitMiner is probably considered a [scam](/news/article/bitcoin-doubler-scam). The website refuses to process withdrawal requests while the company behind the website is in financial distress. According to research, when the platform was first launched, it served as a legitimate [mining](/news/article/best-crypto-miner) pool operation. Several complaints were reported within a few months, mainly about the lack of withdrawals.

Withdrawal requests were initially dispersed when the site was first developed due to a steady stream of new depositors. However, as the stream of new depositors slowed, so did withdrawal request acceptance. So, it can be said, Bitminer is likely to be a ponzi scheme.




BitMiner: A Ponzi Scheme?

The cryptocurrency market is expanding, with various companies providing related financial products. In particular, automated [trading bots](/news/article/bitcoin-motion-trading-bot-scam) have gained much popularity. However, they are also one of the most significant sources of [crypto scams](/news/article/crypto-hacks-peaking-october). That’s why investors are always doubtful about trusting one with their assets, and rightly so.

One emerging name among the automated trading platforms is [Bitcoin Storm](https://bitcoin-storm.app/). Like many similar platforms, it also faces questions about its legitimacy. To answer these questions, here is a thorough review of the program.

## A quick overview of Bitcoin Storm

Bitcoin Storm is a crypto trading platform, similar to [eToro](/news/article/etoro-uk-review), that has eased the trading process for investors. It introduces an automated system to help you decide when to buy or sell crypto. In simpler words, it is an analytical bot that can read or predict market behaviour. 

Through its analytics, you do not have to constantly track the price charts and the news to make investment decisions. It also offers brokerage services. So, you can get [BTCs](/coins/btc) or altcoins at lower prices without requiring substantial upfront investments. And then, by leveraging its market analysis, you can sell them to earn profits.  

## What services and features does it offer?

1.   Automated market analytical tool
One of the platform's best services is providing crypto trading signals. It uses an automated market analytical tool built on advanced technology. It eases and assists the buying and selling decisions by offering deeper market analysis.
Based on these signals, you can also develop an investment strategy. It is also suited for all investors, whether experienced or novice.

2.    Multiple cryptocurrencies and payment options
Though its name might suggest that it only supports BTC, you will have numerous other options too. It is compatible with popular coins like [ETH](/coins/eth), [BNB](/news/article/bnb-chain-security-system), and others. It also allows multiple payment options. These include both credit/debit cards and bank transfers. 

3.    Instant registration
Instant registration is another feature of the platform. It only demands basic personal details such as your name, phone number, and email address. You must also provide your bank details, and you will be all set to use the platform. The entire procedure hardly takes 30 minutes.

4.     Affiliated brokers
Various regulated brokers are affiliated with this platform. They monitor the trade activities on the platform and ensure transparency.

5.     Efficient and low-cost trading
Where it makes crypto trades effortless, it also proves to be a low-cost and efficient option. It only charges 0.01% fees as commission. Additionally, there is no registration fee or other hidden charges. In fact, it is 0.01 sec faster than its counterparts.

## Is Bitcoin Storm legit?

This trading bot assists you in making trade decisions. It charges minimal fees and maintains transparency. Moreover, it offers an accuracy of 99.4%, which assures that it can be a trustworthy platform. The platform also has an award from the [US Trading Association](https://www.taforum.org/) in the category of trade software. 

These indicators speak volumes about whether you can trust your assets with this app or not. However, conducting your research and investing according to your risk tolerance is advisable.



Bitcoin Storm Review: Is it Legit?

Bitcoin dropping in price has become a familiar feature of the cryptocurrency markets in 2022, but news from the US may indicate a reversal of fortune.

[BTC](/coins/btc) is the most traded crypto in the world, accounting for a sizeable portion of the crypto market. The birth of Bitcoin marked the beginning of an entirely new asset class and a significant shift away from forms of centralised control.

[Bitcoin dropping](/news/article/bitcoin-price-crash-celsius) in price has been regular since it reached its all-time high on 10 November 2021. The crypto winter resulted in Bitcoin dropping below $19k last week.

However, with US equities rising at the opening of Wall Street on 17 October, [Bitcoin moved closer to $20,000](https://cointelegraph.com/news/bitcoin-price-edges-closer-to-20k-as-way-worse-us-data-boosts-stocks).

## Stocks rise as the US dollar falls

BTC/USD reached $19,518 on Bitstamp, up 3.5% from the weekend's lows, according to [Cointelegraph](https://cointelegraph.com/) Markets Pro and [TradingView](https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE) data.

The pair rose alongside stocks, with the S&P 500 and Nasdaq Composite Index gaining 2.7% and 3.2%, respectively, within the first thirty minutes of trading.

The action was combined with weak US economic data in the form of the Empire State Manufacturing Index, which fell to -9.1 in October, well below the -4.3 forecast and the -1.5 reading in September.

"According to the October survey, manufacturing activity in New York State decreased," the New York Federal Reserve summarised in a commentary on the data.

An eight-point decline brought the general business conditions index to -9.1. 
Michal van de Poppe, the founder and CEO of the trading company Eight, responded by stating that the outcomes were "way worse than expected".

He [predicted](https://twitter.com/CryptoMichNL/status/1581987848630435840), "Top on Yields & $DXY on the horizon. Bitcoin to rally".

As a result, the US dollar index (DXY) continued to retrace its day's gains, targeting 112 and falling 0.65%.

## Research reinforces approaching volatility

While traders were already predicting some relief to hit crypto markets on weekly timeframes, other perspectives emphasised that nothing had changed for [Bitcoin](/news/article/bitcoin-price-uk).

"It is very unusual for BTC markets to reach such low realised volatility, with almost all prior instances preceding a highly volatile move," on-chain analytics firm Glassnode explained in the latest edition of its weekly newsletter, The Week On-Chain.

Researchers, including lead analyst Checkmate, argued that the market had reached a tipping point alongside a chart of Bitcoin's realised volatility.

Glassnode concluded that, while the fuel for a potential price breakout was present, such as BTC-denominated futures open interest reaching new all-time highs, there was "little discernible directional bias in futures markets".

"Volatility is likely on the horizon, and Bitcoin prices are not known to remain static for long," according to the newsletter.



	


person sat at laptop as bitcoin price drops

Bitcoin Dropping Price Halted by US News?

The use of cryptocurrency trading bots has proliferated widely by experienced and novice crypto traders. Like a trading bot on a traditional financial market, crypto trading bots are used to execute potentially profitable trades automatically.

As these platforms are so common in the cryptocurrency industry, many cryptocurrency trading bot scams exist. However, numerous websites have verified that the one we are discussing today: The Bitcoin Motion trading bot, is a scam you must avoid at all costs. 

The scam works by luring people with promises of easy returns on Bitcoin for a simple fee of $250. They claim that investors have a dedicated account manager on call that they can reach and can withdraw at any time. This was proven to be fake. Luckily, helpful websites exist created by teams of people who care about informing the general public about crypto trading bot scams. 

One way to find out about scam crypto trading bots like Bitcoin Motion is [Scam Crypto Robots](https://scamcryptorobots.com/bitcoin-motion-review-scam/). According to this website, Bitcoin Motion trading bot users reported being unable to withdraw their money from a broker entitled “Coin Central Invest”, a registered business in Sophia, Bulgaria. Shady doesn’t even begin to describe it. 

This Bitcoin Motion scam has even gone so far as to use the names of celebrities like Elon Musk and create fake videos of him “endorsing” it. 

According to the Scam Crypto Bots site, all five of the Bitcoin Motion websites it found were discovered to be fake scams. 

However, after all this, it begs the question…

## Do real crypto trading bots exist? 

There are multiple ways to recognize a fake or scam crypto trading bot. 

1. They promise guaranteed returns
Markets are unpredictable. Therefore, how can anyone promise guaranteed returns? Advertising such promises are illegal in traditional financial markets.

2. Free
Rarely is a proper trading algorithm going to be free. The best one can hope for is a simulation or demo from a real trusted brokerage. 

3. Disclosure 
Who are the people behind the company? Who developed the bot? Is the info available on their software? Do they have any documentation or whitepaper of their procedure? 

Bitcoin Motion has been proven to be a scam and is re-used on a white-label basis by multiple shady agencies. Be aware, and protect your money. 

Be very careful when looking to trade cryptocurrency online. Reliable blue chip exchanges like [Coinbase](https://www.coinbase.com) are secure and are your best bet when investing in crypto. Real crypto trading bots do exist, such as Pionex. Such companies undergo heavy scrutiny, and a good way is to read the many reviews online. 

The basic steps you can take to protect yourself from crypto fraud are first to ensure the following:

1. Is my wallet protected?
Is your wallet legitimate in the first place? Also, if any company or individual asks for your wallet key to participate in an investment opportunity, it is probably a scam. Never give away your private crypto wallet key.

2. Watch your wallet
Makes sure you are constantly watching for strange transactions or security alerts from your wallet. If it’s your first time using a crypto wallet, only transfer a small amount of money as a test. 

3. Don’t rush! 
Take your time learning the world of crypto and read up on the legitimacy of any project you are interested in. Do your due diligence, and never believe anyone promising free money.

Ultimately, if something looks shady in the cryptocurrency world, it probably is. 

At best, the Bitcoin motion scam will take your $250. At worst, scammers will steal your financial records or identity. 



Exploring the Bitcoin Motion Trading Bot Scam

Avalanche bridging is mainly known for connecting ERC-20 tokens between Avalanche and Ethereum. But now, its cross-chain ability has expanded to several blockchains other than [Ethereum](/news/tag/ethereum). The latest addition to the list of network's compatible tokens is Bitcoin. 

Now, the platform allows [cross-chain support for transferring Bitcoins](https://medium.com/avalancheavax/avalanche-bridge-adds-native-bitcoin-support-6306236fb506). This means you can trade BTCs and get exposure to Avalanche's ecosystem. Let's look at how your native BTC can be bridged to the AVAX platform!

## What's Avalanche bridging?

Avalanche bridging is the capability of the network to work as a cross-chain. It allows the trading of different ERC-20 and ERC-721 tokens on the platform. The contract chain or C-chain of AVAX enables the support for multiple tokens. This has enabled the platform to grow as a diversified ecosystem for DApps.

The bridge was launched last year and developed using the web3 infrastructure of ChainSafe. However, it was limited only to the Ethereum blockchain. But, several other network tokens now enjoy compatibility with the [AVAX](/news/article/avax-vs-solana) network.

## Avalanche bridging for Bitcoin (BTC)

AVAX blockchain recently also initiated support for native Bitcoin through Bridge. Now, [BTC](/coins/btc) holders can also experience different services of the AVAX ecosystem. On Avalanche they can enjoy secure BTC transactions along with the opportunity to earn better yields. 

Like other tokens, Bitcoin is also represented as an ERC20 on the c-chain. The symbol for this token is 'BTC.b,' which indicates that it is bridged from the Bitcoin blockchain. These tokens are backed by BTCs locked in the Bridge enclave. 

It uses the innovative technology of Intel SGX (Software Guard Extensions). It is cutting-edge tech that helps solve various challenges of cross-chain transfers making the bridge tamper-proof and highly secure for BTC transactions. 

## How to bridge Bitcoin to Avalanche?

The first step for Avalanche bridging of BTC is to install the [Core Wallet extension](https://chrome.google.com/webstore/detail/core/agoakfejjabomempkjlepdflaleeobhb) on your browser. Next, open the Core app and click the 'plus' button on the right. Here you will find different options, look for the 'bridge' one and click it.

![avalanche 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/avalanche_1_8acb4650a3.png)
 
Now, you can change the blockchain to Bitcoin from the dropdown menu. After that, you can transact BTCs to your Core wallet. You can do that by clicking on the 'add Bitcoin' option under the selected blockchain. It will show your BTC address on which you can receive payments. Note it down and send BTCs to it.

![avalanche 2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/avalanche_2_347e71b7f1.png)
 
Once you have sent the amount to your Core address, add it for bridging. After that, click on 'Transfer' to convert your tokens into bridged ones. And finally, you will be ready to use them on the AVAX blockchain. For further clarification, you can follow [this tutorial](https://www.youtube.com/watch?v=JG1y_aFeMJc&t=25s).

## In a nutshell

The Avalanche network's introduction of cross-chain features for Bitcoins through its bridge will help users experience innovative DeFi projects on the AVAX blockchain. Using the Core wallet, you can easily convert your BTCs into ERC20 bridged tokens. The SGX technology is one of the unique features, making it a complete platform for native BTC transfers.  



Everything to know about Bitcoin Avalanche bridging

The United Kingdom's interest in [Bitcoin](/news/article/btc-crashes-below-$19k) will grow "very quickly," as fiat currency volatility makes BTC appear to be a stablecoin. That was the conclusion of a strategy adviser at investment firm VanEck, who was one of many this week to [highlight](https://twitter.com/gaborgurbacs/status/1574467136168366094) the cryptocurrencies' appeal over the pound. The GBP weakness comes on the back of UK tax cuts and a 0.5% change in interest rates.

The strength of the US dollar has come at the expense of trading partner currencies, most notably the euro, pound, and Japanese yen. The pound's demise accelerated this week, with GBP/USD reaching a record low of nearly $1.03. The Bank of England has avoided interventions thus far, as nerves are fraying as purchasing power suffers a double blow from currency weakness and inflation at four-year highs. 

At one point, the pound was down nearly 25% yearly in dollar terms. While [TradingView](https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE) data shows that [BTC](/news/article/bitcoin-drop) outperforms it by 56%, the longer the time horizon, the more appealing a BTC hedge becomes.

[According](https://twitter.com/jbutterfill/status/1574750120222023680) to CoinShares head of research James Butterfill, trade volume for the GBP/BTC pair on exchanges Bitstamp and Bitfinex reached a massive $881 million on Sept. 26 — an increase of more than 1,150%. He added, "when a FIAT currency is threatened, investors begin to favour Bitcoin."
 
![Untitled design (21).png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Untitled_design_21_f830b5b06a.png)

## Bitcoin Price UK - G20 realising the need for a BTC hedge

Meanwhile, Gurbacs acknowledged that, while he "might be overly optimistic about the UK," G20 countries could still implement a major policy shift regarding BTC acceptance. "Bitcoin, like gold, could be used as a hedge against their policies. Which is worth a small percentage allocation and support," he added. 

Aside from the pound, data show that the major fiat currencies are suffering more from a rising dollar than emerging market currencies (EMs).

![Untitled design (22).png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Untitled_design_22_572b9c4feb.png)









Bitcoin price and trade volume has increases in UK

Bahrain is set to trial its first Bitcoin payment solution. The Central Bank of Bahrain (CBB) approved [OpenNode’s](https://www.opennode.com/) proposal for setting up a BTC payment infrastructure in the country. It is a BTC payment processor testing its infrastructure at the CBB’s [Regulatory Sandbox](https://www.cbb.gov.bh/fintech/). 

Lately, this gulf state has been working on transitioning its economy to rely more on blockchain and crypto. This move may further help its economy to reap [cryptocurrency benefits](/news/article/impact-of-cryptocurrency-on-society) and provide a better environment for doing business via cryptocurrencies.
  
## OpenNode to test BTC framework at Central Bank of Bahrain

On Tuesday, in a formal [press release](https://www.prnewswire.com/news-releases/opennode-to-test-bitcoin-payments-in-bahrain-301622510.html), the company announced that it would be providing a payout solution for Bitcoin in the country through the Central Bank of Bahrain. In 2017, CBB set up a regulatory sandbox for FinTech startups to bring regularised financial innovation to the country. Now, OpenNode will be using it to test its Bitcoin payment framework. 

According to the press release, the company identified no solution for BTC processing in the Middle East. However, there is a ‘growing interest’ in crypto among the investors in the region. 
The firm decided to establish its infrastructure in Bahrain to strengthen its economy further. Moreover, the firm intends to prove how Bitcoin means ‘better business’.

## Remarks from OpenNode’s CEO

Afnan Rahman is the Chief Executive Officer and the co-founder of the firm. While sharing his views on this trial, he declared it a “watershed moment for the people of Bahrain, the Middle East, and the Bitcoin Economy as a whole.”
Further, Rahman mentioned that his company is a leading solution for Bitcoin infrastructure, serving different governments, countries, and financial institutions to embrace BTC settlements for business. Also, he claimed that their framework provides a standard lightning network for transactions. 

## From petroleum-reliant economy to crypto economy

The Kingdom of Bahrain is a Persian Gulf state whose economy mainly relies on oil and gas. However, it aims to transform its economy through tourism and technological innovation. This also includes relying on blockchain technology and cryptocurrencies. 

Previously, the country made several attempts to reshape its economy into a crypto-friendly one. This included registering several exchanges like [Binance](/news/tag/binance-tag). It also listed CoinMENA, a crypto exchange compliant with the Sharia laws.
  
Moreover, its regulatory sandbox is attracting many FinTech companies. This also includes [JPMorgan’s](/news/tag/jpm) crypto firm Onyx. With these steps, the country is seeking to become a pioneer in crypto and blockchain technology in the Middle East. 



Central Bank of Bahrain to get BTC payment solution

The freezing crypto winter continues as the [Bitcoin (BTC)](/coins/btc) crashes to $18,762. In the last 24 hours, its price has decreased by 5.85%. Since July, this has been the lowest point for Bitcoin, showing signs of a further downward slope. 

On September 6, it was traded at $19,930 and experienced a sudden plummet. This price correction caused the liquidation of $74 million from BTC futures on the exchanges. However, before the BTC crash, Bitcoin experienced a 2% gain on the same day. If that trend persisted, it would have taken it to over $20k.

![btc crash.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/btc_crash_c7827ab67e.png)

[Source](https://coinmarketcap.com/currencies/bitcoin/)

## BTC crash and altcoins tumbling

The BTC crash has affected the entire crypto market. Most of the altcoins are in a slump right now. Though Ethereum has gone through the Bellatrix upgrade, it also shows a downward trend. Currently, [ETH](/coins/eth) is down by almost 9%, and it’s worth only $1,517.89. 

Meanwhile, other altcoins are also experiencing the severity of crypto winter. Binance coin (BNB) is currently down by over 5% in the last 24 hours. Moreover, one of the highest performing cryptocurrencies, [Polygon’s MATIC](/coins/matic), is experiencing a 10% downward slope. 

Solana has also dropped by 5.5%, and Dogecoin has fallen by 6.46%. Polkadot and Cardano both have declined by 8% since yesterday. In sum, the entire market is in red.

## Crypto market crash: Why is it happening?

There are many macroeconomic factors behind the recent crypto collapse. However, one of the main reasons behind it is the USD rate. The USD has reached its 20-year highest mark. The dollar spot index of Bloomberg is showing a record surge. Meanwhile, the treasury bills are also strengthening because of quantitative tightening from the Fed.

On the other hand, the traditional market is also falling. The NASDAQ has declined by 0.7%, and S&P 500 also plummeted by 0.4%. Similarly, the price of gold has also experienced a drop. 

Since the cryptocurrency market depends on these macroeconomic factors and the traditional financial markets, it is showing signs of collapse. 




BTC crash: Price falls below $19K, lowest since July

A noticeable [Bitcoin](/coins/btc) price crash happened during the weekend, pulling Ethereum, Ripple and other altcoins with it. 

There were two main causes for the Bitcoin price crash; one resides in the announcement of the Celsius Network about halting all of its client withdrawals, while the other is that investors are pretty scared of the Federal Reserves’ next move.

Falling below $24,000 on Monday, Bitcoin found itself at its lowest level since December 2020, as traders are dumping crypto amidst a wider sell-off in risk assets.

The top cryptocurrency went down by 13.72% in the last 24 hours to $23,751.61 at the time of writing. In the last seven days, the Bitcoin price has fallen by 24.44%.

The brutal market downturn seems to have started with fresh inflation concerns about Federal Reserve acting more aggressively to contain soaring inflation. 

## Altcoins Take a Stumble

According to [CoinDesk](https://www.coindesk.com/), during the last 24 hours, Ethereum went down by 18.16% to $1,198, while BNB fell by 14.97%, Cardano by 13.57 and XRP by 11.89%. 

Also, Celsius Network, one of the biggest crypto exchanges said that “due to extreme market conditions”, it is pausing all withdrawals, Swap, and transfers between accounts. 

Even though Celsius founder Alex Mashinsky tried to tweet away the fears of the Luna crisis impacting the exchange by promising Celsius had “minimal exposure” to Luna and UST, we suspect that last month’s crash of Do Kwan’s Terra empire shook investors’ confidence within the crypto market whose market cap fell below the $1 trillion mark to 977 billion.

Edul Patel Co-Founder and CEO of crypto investment platform Mudrex,  commented the cryptocurrency market “has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. 

“Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” he said.


Bitcoin price crash amid ‘extreme market conditions’

The [crypto market is growing](/news/tag/bull market) daily, and more brokerages are emerging to handle crypto assets. One such brokerage which is looking to leave a mark is [BC Bitcoin](https://www.bcbitcoin.com/). It is a European-based platform which launched in 2017. 

It has limited options for fiat currencies. However, you can buy or sell a wide range of cryptos through the platform. It has not attracted much attention globally as yet. That’s why investors can be sceptical about its legitimacy. 

You can decide by evaluating the following features in this thorough BC Bitcoin review!

## Supported fiat currencies and cryptos

Currently, the platform offers its services to customers in Europe and UK. It accepts EUR and GBP deposits. However, you will not be able to buy or sell using any other fiat currency like USD, CAD, or AUD.

However, it allows you to deal with numerous cryptos. Over 180 coins and tokens have been listed on the exchange, including all the major coins like [BTC](/coins/btc), ETH, LTC, SOL, DOGE, etc.  

## BC Bitcoin trading fees

Using its services will cost you around 1% to 5% of the transaction amount. You can calculate the trading fees through the Buy Coin tab before the transaction. All you have to do is to enter the amount of crypto you want to buy/sell and choose your fiat currency.  

## Payment methods

In terms of payment options, it can be an impressive brokerage. It offers an array of payment methods that allow you to use its services efficiently. These options include credit and debit cards, faster payments, BACS, and instant SEPA. 

## Transaction speed

It can instantly transfer cryptocurrencies as it usually takes 5-10 minutes. Currently, the firm processes these transactions in one to two business days.  

## Security and regulations

To ensure the security of transactions, it follows a formidable verification process. So, if you want to use this service, you must comply with all the KYC requirements. You must provide your personal and financial details so BC Bitcoin can verify them. 
The exchange follows Lithuanian regulations as it is registered in this country. However, the UK’s FCA or any other European authority have not regulated the firm.   

## User experience

It offers you an excellent user experience. The platform guides you through the entire transaction procedure, which makes it easy to use. Moreover, it provides 24/7 customer support via different channels, including live chat, email, and phone. 

## Bottom Line

BC Bitcoin can be a viable crypto asset brokerage option in Europe. But it would not be the ideal choice in other parts of the world. Though it allows secure trading with over 180 coins, it only supports EUR and GBP fiat currencies. Moreover, you cannot get live insights as there is no price chart. Another dicey thing is that the UK’s FCA does not regulate it. 

On the other hand, BC Bitcoin’s trading fees and speed are not quite optimal. Various other options provide better speed with lower fees. 
 



BC Bitcoin review

Undoubtedly, [Bitcoin](/coins/btc) is the largest and most impactful cryptocurrency in the market. It has shaped the entire crypto market and blockchain industry. That's why many developers are introducing projects based on renditions in the Bitcoin protocol.
 
One such crypto is [Bitcoin Diamond (BCD)](https://www.bitcoindiamond.org/), launched in 2017. It is a fork of the BTC blockchain and is separate from the mainchain after the #495866 block. BCD aims to resolve issues like limited scalability, low transaction speed, and cost-intensive mining of BTC. 
 
But how does Bitcoin Diamond work? Let's take a look!

## Bitcoin Diamond (BCD) token

BCD token is one of the hard fork tokens of the BTC blockchain. It launched in November 2017, when the BTC's block reached its maximum capacity. Its creators modified the source code of Bitcoin and developed a separate chain. Introducing a new token enhanced security and scalability and provided better decentralisation. 

Also, its creators claim to offer lower transaction fees with greater efficiency than BTC. In addition, it solves the issue of the highly cost-intensive mining of BTC, as it allows mining through GPUs. There are currently 189,492,898 tokens in the market, whereas its maximum supply is 210,000,000 tokens.  
How does it work?

BCD mainly uses the Bitcoin Core but has several other features that help scalability, security, decentralisation, and mining through GPUs. The BCD chain differs from the BTC chain as it uses 8MB blocks and the Lightning Network as a layer-2 protocol for greater efficiency. It can process 100+ transactions in a second. Moreover, it encrypts the transaction amounts to improve decentralisation.

Though it also uses the Proof-of-Work (PoW) consensus mechanism, its algorithm is not the same. Instead of BTC's SHA-256 algorithm, it relies on the X13 PoW, which helps in making it compatible with various graphic user interfaces (GPUs) needed for mining. 

## Bitcoin Diamond (BCD) price

Bitcoin Diamond did not hold an initial coin offering (ICO). However, 10 BCD tokens were distributed to BTC holders for every Bitcoin. In the initial days, its price was around $60 and peaked at $104.84 on November 25, 2017. 

But since then, the coin has seen chiefly a downward trend. Its price is only around $0.1975, and it recently hit its lowest of $0.136 on June 13, 2022. 

![bitcoin diamond.jpg](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/bitcoin_diamond_94839ee77f.jpg)
 
([Source: Coinmarketcap, 2022](https://coinmarketcap.com/currencies/bitcoin-diamond/))

But since then, the coin has mostly seen a downward trend. Currently, its price is only around $0.1975, and it recently hit its lowest of $0.136 on June 13, 2022. 

## Bottom line

Bitcoin Diamond is one of the forks of the BTC blockchain. It uses a remodelled version of the Proof-of-Work mechanism to tackle the issues like scalability, security, decentralisation, and steep mining costs. This fork offers larger blocks and a lightning network for better efficiency. 

However, it has not gained much popularity compared to other forks like BCH, BTG, or BSV. The reason is that it has not performed well in terms of price so far. And its blockchain technology's use cases have not been quite as impactful. 

Bitcoin Diamond explained: how does it work?

One of the largest operators of [cryptocurrency ATMs](/news/article/bitcoin-atm), Bitcoin Depot, has decided to list by merging with a special purpose acquisition company (SPAC) on the Nasdaq exchange. Bitcoin Depot announced the merger with the SPAC GSR II Meteora Acquisition Group (GSRM) will be complete by the end of 2023.

Bitcoin Depot was founded in 2016 and is based out of Atlanta. Bitcoin Depot's services make it easy, fast, and convenient to exchange fiat currency for Bitcoin. 

The total price of the deal is forecast to be $885 million. The transaction estimates to raise around $321 million, which will be deposited into a trust account managed by GSRM and used to provide working capital for Bitcoin Depot.

The funds will provide working capital to expand the business's current and new products. 

## Over 7,000 Bitcoin Depot stores nationwide

Due to the planned listing during a market downturn, with investors' declining risk tolerance will make raising capital tricky. Bitcoin ATMs allow customers to purchase BTC or other cryptocurrencies with cash or debit cards. Cryptocurrencies are then sent instantly to the customer's [preferred wallet](/news/article/crypto-wallet-multiple-currencies).

You don't need to go to a cryptocurrency exchange platform to do all this! Scammers who post fake ads for goods on online marketplaces like eBay and Craigslist have been linked to the crypto ATM business.

Scammers direct victims to deposit cash at an ATM and then transfer cryptocurrency to a specified address. These fraudulent vendors take payment but never send out the purchased items. Across the United States and Canada, BTC Depot has a network of over 7,000 retail locations.

Eighty countries now host over 38,000 cryptocurrency ATMs. Bitcoin Depot, headquartered in Atlanta, claims to have 19.1% of the global crypto ATM market.

## Crypto ATM business network expansion

Bitcoin Depot's mission is to spread awareness of BTC to the broadest audience possible. Cryptocurrencies have simplified the processing of monetary transactions.

BTC Depot's CEO and founder Brandon Mintz said, "Today marks an important milestone for Bitcoin Depot." We see a lot of potential for expansion, and we think going public will help us get closer to our ultimate goal of offering a simple and safe way to buy cryptocurrency. 

In recent years, SPACs have gained much popularity as a method of public listing. The U.S. Securities and Exchange Commission (SEC) has warned that SPACs will be subject to increased scrutiny, which one must consider before investing.

Crypto ATM business Bitcoin Depot to list as SPAC 

Bitex Bitcoin provides a mobile and online platform for investing and trading in digital assets and a matching engine capable of processing up to 1 million transactions per second. The exchange also provides charting tools, order books, trade options, and a derivatives platform with quarterly futures contracts and margin trading. 

[Bitex Bitcoin](https://www.financialexpress.com/market/crypto-exchange-bitex-begins-providing-cryptocurrency-investment-disclosure-following-govt-mandate/2236916/), which was established in 2014, in Buenos Aires, Argentina, also provides financial services. Customers benefit from the company's services for cross-border payments, payroll, and billing clients overseas at the lowest possible cost, time, and effort. 

Bitex does not allow U.S. investors to trade on its exchange for foreign exchange control reasons.

In terms of the trading view on the bitex Bitcoin platform, it is similar to other brokerages.

On the [bitex platform's landing page](https://www.bitex.la/) on 10 June 2019, the price chart below displays the volume and the highest bid and ask prices. It displays the order book, or at least a part of it, and a price chart of the selected cryptocurrency and order history. There also two conveniently located  buy and sell boxes. 

![bitex.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/bitex_80029db772.png)


The Bitex trading platform offers a lot more than simply placing orders. For professionals, it provides complex charting and financial indicators. 

Users may also place spot and limit orders on all available trading pairs on Bitex for [Bitcoin](/coins/btc) and use the pre-existing 10+ indicators to customise charts to match their trading needs.

## Trading Fees of Bitcoin on Bitex 

Bitex charges a flat 0.50 % trading fee regardless of whether investors are makers or takers. This trading cost approach may appeal to investors who want to pick up existing orders from the order book. 

Bitex's flat trading costs of 0.50 % are higher than the industry average of 0.25%. In addition to trading costs, there is an annual 0.50 % "custody charge," regardless of trading activity or lack thereof.

## Bitex- withdrawal and deposit fees

Bitex withdrawal costs for Bitcoin are 0.0004 BTC. Wire transfers is available however credit cards are not. As a result, their withdrawal costs are reasonable.

## Bitex technology and security 

To stop the rise in fraud, the Bitex Bitcoin exchange platform utilises cutting-edge technology and the best development methods. In order to protect user privacy, all identity papers supplied to the exchange are securely kept in a remote database using the most robust encryption standards. Furthermore, to guarantee a secure experience, Bitex deploys various security methods such as 2FA, email verification, I.P. filtering, mobile verification, and manually verifying anomalous account activity and transactions. 








How Bitcoin is traded on the Bitex Bitcoin

A considerable degree of demand appears to have been built at the $20,000 level for Bitcoin after the drop last month, creating a floor. 

## Assessment of the Bitcoin drop

On Monday, blockchain research startup Glassnode released its latest "The Week On-Chain" [report](https://insights.glassnode.com/the-week-onchain-week-31-2022/), which assessed [Bitcoin's drop](/news/article/norway-bitcoin-mining) during the previous week. 

Analysts cited sideways growth in transactional demand, active Bitcoin drop addresses continuing in "a clearly defined downward trend”, and decreased network fees as reasons to dampen investors' enthusiasm about the 15% increase in BTC price over the last week. 

[According to CoinGecko](https://www.coingecko.com/en/coins/bitcoin), Bitcoin has been down 2% in the previous 24 hours, trading below $23,000 to $22,899. 

The features of a bear market seem prevalent, such as a decrease in on-chain activity and a shift away from speculative investors and toward long-term holders.

According to Glassnode, a drop in network activity might indicate a lack of fresh demand from speculative traders over long-term holders and investors who strongly believe in the network's technology. 

The present network demand pattern and the one developed in the 2018-2019 period were comparable, according to the research. Like the last cycle, network demand dwindled following the all-time high in BTC price in April 2021. Demand increased noticeably in the months running up to the following November when prices reached a new high. 

However, demand has been declining since last November, leading to a bitcoin drop, with a significant dip during the mass sell-off in May:

Network costs have entered "bear market territory" due to a lack of demand from anybody other than hardcore Bitcoin fans. Daily network fees hit 200 BTC when prices reached an all-time high last April. Over the last week, daily fees totaled only 13.4 BTC. 

If fee rates climb significantly, demand is increasing, which will assist in supporting future "positive structural shifts" in Bitcoin network activity:

## Optimism amid the Bitcoin drop

On a brighter note, capacity in Bitcoin Lightning Network (LN) public channels continues to reach new all-time highs. Despite the current weak market, total LN public capacity has reached 4,405 BTC, a 19% growth over the previous two months.



















Has Bitcoin's drop reached its floor?

Cardano is one of a few blockchain-based projects working on solving its scalability trilemma. Its developers have been working on a scaling solution called Hydra capable of solving its scalability problem without compromising on decentralization and security.

## What is Cardano’s Hydra?

Hydra is a layer 2 scaling solution designed to address Cardano’s scalability and security issues. It has been in the works for more than five years and is soon to be launched.

Hydra utilizes a process called isomorphic scaling to maximize throughput, minimize latency and reduce storage requirements on Cardano.
Isomorphic scaling works by processing transactions off the main chain while reserving the main chain as a secure settlement layer.

To participate in Hydra (the second layer), each pool on Cardano must create a Hydra head. Each Hydra head has Cardano’s functions. Network participants’ can easily run smart contracts, create dApps, vote, use micropayments and execute other functionalities on a Hydra head.

## Cardano  vs. Ethereum scalability method

Arbitrum is a layer 2 scaling solution that aims to speed up Ethereum’s transaction time and lower the blockchain’s high fees. 
The project supports the Ethereum Virtual Machine (EVM), enabling Ethereum Defi developers to integrate their decentralized applications with it without having to make any modifications.

Arbitrum uses a process called optimistic roll up to log batches of transactions submitted on the Ethereum main chain and executes them on inexpensive scalable layer-2 sidechains.

Compared, while both [Hydra and Arbitrum](https://twitter.com/_KtorZ_/status/1433505586361081856?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1433505586361081856%7Ctwgr%5Eb9c103dce1c89fd222e7e93110a91396bec47634%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.redditmedia.com%2Fmediaembed%2Fpgpvdi%3Fresponsive%3Dtrueis_nightmode%3Dfalse) are layer 2 scaling solutions, they use different techniques for scalability. Cardano’s method (Hydra) uses state channels while Arbitrum uses optimistic roll up to increase transaction speeds and low fees on the Ethereum blockchain.
Hydra also differs from Arbitrum in that its isomorphic scaling mechanism allows transactions running on a Hydra head to be mapped to layer one transactions and vice versa. 

## Cardano vs. Bitcoin’s scalability method

The Lightning Network is a layer-2 solution designed to make [Bitcoin](/coins/btc) transactions fast and cheaper. It allows off-chain transactions.
The Lightning Network uses smart contracts to enable off-chain payment channels between parties. Only when payment channels have been established can funds be transferred between a pair of users.

Compared, Cardano’s method (Hydra) can outperform Bitcoin’s Lightning network considering Hydra’s state channels, which allow for fast and cheaper transactions. Hydra heads also make Cardano more highly scalable than the Bitcoin blockchain. 

Unlike Cardano’s method (Hydra) the Lightning network was not co-designed with Bitcoin. Hydra was designed with special provisions in place to enable it to accommodate Cardano. It is, therefore, easy to move in and out of the system while still maintaining security properties.

## Bottom line 

While not the fast or the last scalable solution in the crypto space, Cardano’s method (Hydra) stands out as one of the best yet to be launched. If it does operate as expected then it can easily help Cardano with its scalability issues. The layer-2 solution seems to have what it takes to boost Cardano’s capabilities.



Latest Moni

Latest Bitcoin News

Read the latest Bitcoin news.

Feds seize $3.36B Bitcoin stolen in crypto scam

Bitcoin Prime Review - Fraud or Legit?

Bitcoin Rejoin: Legit or a Scam?

BitMiner: A Ponzi Scheme?

Bitcoin Storm Review: Is it Legit?

Bitcoin Dropping Price Halted by US News?

Flagstar to Buy Signature's Non-Crypto Assets

ShadowSwap Launches IFO Model to Enhance Core

Chain of Alliance: An Adventurous RPG Multiverse