Huobi, the third-largest crypto exchange by trading volumes, is seeking to fill a void in Russia’s cryptocurrency community.

This month, the exchange opened an office in Moscow, the first major crypto trading platform to have a physical presence in the country, notably with a Russian-language call center. But Singapore-based Huobi’s ambitions go further, into lending and renting space for Russian miners, shaping the country’s regulations and training local blockchain talent.

The call center alone may be a significant differentiator, however. Even though leading crypto exchanges like Binance, OKEx and Bitfinex now have Russian-language interfaces, getting real-time support in case of tech problems have been a headache for many users in Russia who don’t speak English, Chinese or Korean.

“None of the big exchanges would answer your request in Russian,” a Russian trader named Anton, who didn’t want to disclose his full name, told CoinDesk.

For several years, the void was filled by the now-defunct exchange BTC-e, which had not only a Russian support staff but a network of local over-the-counter (OTC) dealers who had been facilitating the purchases of cryptocurrencies in absence of regulated fiat on-ramps in the country.

But BTC-e was shut down by the U.S. FBI in July 2017. Subsequently, a new platform named WEX picked up its job until July, when fiat and crypto withdrawals were frozen.

Since then, there has been no mainstream platform offering comprehensive support for users in Russia. So now Huobi is stepping in aggressively.

Concierge service

Huobi’s 30-person Moscow office opened November 12. In addition to the call center, this site provides back office support for OTC trading and listing, and personal managers for big clients, Andrew Grachev, the head of the Russian office, told CoinDesk.

“If someone wants to start trading with $1,000, he can come to the office and register with the help of a personal manager,” Grachev said.

To attract as many new users as possible, Huobi Russia is offering commissions lower than 0.1 percent for users who trade more than 50 bitcoin in two weeks during November, the company’s website says. Also, users will get a monthly “cash back” reward, Grachev said: 20 percent of trading fees users pay on the exchange will come back to their account in the form of Huobi tokens, which then can be used on the platform to pay for services, or cashed out.

Initially, Huobi’s plans were even more ambitious: the exchange wanted to enable deposits in Russian roubles, but the local experts said it’s a bad idea.

“They consulted with us a lot, and in the end, I think, we made them feel disappointed,” Vladimir Demin, head of the Center of Digital Transformations at the Russian government-owned development bank Vnesheconombank (VEB), told CoinDesk. “They were interested in providing fiat operations, but we told them it’s impossible.”

However, Russian users will be able to buy cryptocurrency for roubles using the exchange’s Huobi OTC service, and seamlessly transfer it to their trading accounts, Grachev told CoinDesk. The OTC platform is online, but it has too few users from Russia so far, so Huobi plans to lure local OTC traders with commission rates lower than on other OTC platforms, Grachev said.

Regulatory consulting

With three bills related to blockchain, cryptocurrencies and initial coin offerings (ICOs) currently stuck in the Russian parliament, the State Duma, the local regulatory environment is unclear and arguably unconducive to the industry’s growth.

However, government-backed institutions are watching the field closely and launching various local  blockchain pilots for government services, like distribution of government-sponsored prescription drugs or land registry.

“We started from projects on blockchain without using tokens or cryptocurrencies,” Demin said. “But we understand that using this technology only in a non-token way is like jumping half-way over the abyss.”

In August, Huobi signed up with the VEB’s Center of Digital Transformations and has been providing expertise that will be adapted for Russia by local experts and used in the development of future regulation in the country, Demin said.

“We were looking at this field and Huobi came out as the most suitable partner as they are already working with the governments of Australia, Singapore, China,” he said, adding:

“We are consulting the Bank of Russia and State Duma to add some practical elements to those bills.”

Further expansion

In addition to opening the Moscow office, Huobi will train blockchain entrepreneurs attending a special program for blockchain startups at Plekhanov University of Economics, one of the top Russian universities.

The university is in the process of finalizing a contract with Huobi, Nadezhda Surova, head of the University’s Department of Entrepreneurship and Logistics, told CoinDesk.

Initially, Huobi came to the university in search of tech professionals, she said, and later an expert committee within the Russian government’s Ministry of Digital Development approved the partnership.

Huobi’s further plans in Russia include offering loans for miners to buy specialized mining chips, or ASICs, and space for them to rent, Grachev said. According to him, these services might become available as soon as the first quarter of 2019.

Coming to Russia is a part of larger expansion plans by Huobi: in August, the exchange announced plans to open offices in the Philippines, Russia, Taiwan, Indonesia, and Canada, South China Morning Post reported.

According to CoinMarketCap, Huobi’s total 24-hour volume (excluding no-fee trades and transaction mining) is $595 million, making it No. 3 among exchanges after Binance and OKEx.

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The issue of Islamic classification of cryptocurrency has been ongoing since the rise of bitcoin’s popularity, with debate over whether or not bitcoin and other cryptocurrencies are considered halal (permitted) or haram (forbidden).

This is due to the stringent guidelines regarding monetary classification laid out in the Muslim faith, with conditions forbidding usury (the act of lending for profit on interest) as well as currency backed by nothing considered to be of value. The fractional reserve banking practices which led to the 2008 global financial crisis and the collapse of the US housing market, for example, are completely forbidden by Islamic law, and Muslim bankers and financial professionals cannot engage in them in accordance with their faith.

CCN has covered previous cryptocurrency developments in Islam such as the first ever mosque in Britain to accept cryptocurrency for alms-giving and the declaration that bitcoin is halal, or Sharia-compliant, according to certain scholars. Today, further progress has been made with Swiss financial technology firm X8 AG becoming certified by Islamic scholars for its digital currency, a certification that will be necessary to accommodate the company’s planned expansion into the Middle East.

Many other fintech firms are applying for and pursuing Sharia-compliant recognition that will grant them access to the Muslim banking world, and Middle Eastern regulators and exchanges are equally open to attracting international business pending scholarly approval. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) conference of Sharia scholars met in Bahrain earlier this year with the classification of cryptocurrencies one of the major items on the agenda.

x8 cryptocurrency crypto

X8’s Ethereum-based cryptocurrency is backed by a basket of eight fiat currencies and gold, which helps the requirements for currency in terms of being backed by commodities or resources deemed to be inherently valuable. This distinction can be a shaky one — fiat currencies like the dollar are typically unbacked by gold these days and are simply deemed valuable by virtue of mainstream social acceptance and adoption, and indeed gold is valued higher than its utility as a conductor due to socially-held beliefs that it is a precious metal.

The Islamic requirement that cryptocurrencies are only valuable if society agrees may seem like a catch-22, but this is essentially a more formal version of the same process for Western valuation of cryptocurrency as well. In this case, X8’s cryptocurrency and related tokens have been certified by the Shariyah Review Bureau(SRB), an Islamic advisory firm licensed by Bahrain’s central bank.

X8 director and co-founder Francesca Greco said:

“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” adding the company would open a regional office in the Middle East later this month.”

Regional Gulf regulators have encouraged fintech innovation over the past few years but are still wary of cryptocurrencies, which Greco states is an opportunity for stablecoins to step in and fulfill their use case of reducing volatility. Equally, Switzerland has embraced blockchain with open arms, establishing the small city of Zug as one of the world’s leading blockchain hubs, collaborating with other nations on blockchain regulation, and rolling out blockchain voting prototype systems.

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On November 16, the Hong Kong-based blockchain startup Crypto.com announced that it is planning to issue its prepaid card, MCO Visa Card, in the United States. The company says the card has been approved for launch in partnership with its local bank partner Metropolitan Commercial Bank. Its metal cards promise up to two percent token rewards with its native MCO token, airport lounge access (select cards), tap-and-pay functionality, as well as competitive interbank rates.

Convert crypto to fiat with a few taps

According to Crypto.com, users of the MCO Visa Card can easily convert their crypto to fiat using the mobile wallet to be spent at over 40 million locations worldwide, online and offline. However, the company highlights that users need to exchange crypto to fiat currency first via Crypto.com’s Wallet before transacting.

The company began shipping cards to Singapore users in October, and says it currently has reservations for over 100,000 cards.

The blockchain startup says that the cards come with no annual or monthly fees, and no-fee ATM withdrawals.

The company’s official announcement quotes Mark DeFazio, President and CEO of Metropolitan Commercial Bank, who said that they are pleased to work closely with Crypto.com, as “the MCO Visa card is quite unique and provides a bridge between the traditional banking and cryptocurrencies in a safe and compliant way.”

Card reservations are made through a Crypto.com’s Card & Wallet App available for iOS and Android users.

More than a card

Crypto.com believes their product range will be useful for both crypto newcomers and experienced users. In addition to the MCO Visa Card, the company has created products that are geared towards making cryptocurrency more accessible to a broader group of customers.

Crypto.com’s Wallet is designed to securely buy, sell, send, store, and track a range of cryptocurrencies including Bitcoin, Ether, XRP, Litecoin, Binance Coin, and its own MCO Token. Crypto Invest is a tool to help democratize quant trading. Crypto Credit, which is not yet released, will allow customers to “spend crypto without selling.”

Crypto.com assures, that their App is easier to use than some other platforms. For example, buying cryptocurrency requires only a few taps compared to the complex process of other wallets, the company says. With Crypto.com’s Track Coin feature, users can track coins, compare exchange rates and prices, and sort coins by capitalization, performance, and volume.

Crypto.com Co-Founder and CEO Kris Marszalek said, “Our vision is to put cryptocurrency into every wallet, and the upcoming card roll out in the United States is a huge step in that direction. Our products are beautifully designed to connect the fiat and crypto worlds and drive mass market adoption.

About the project

The company was founded in July 2016. Crypto.com was formerly known as Monaco until its rebrand to Crypto.com in July 2018. The founders had raised $26.7 million during their token sale in June 2017. Crypto.com is headquartered in Hong Kong.

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Two cryptocurrency startups have agreed to register their initial coin offering (ICO) tokens as securities after settling charges with the U.S. Securities and Exchange Commission.

The SEC’s Friday announcement centered on two firms: CarrierEQ Inc., also known as Airfox, and Paragon Coin Inc., both of which conducted token sales last year. Airfox raised $15 million through its sale, while Paragon raised $12 million, according to statements.

The U.S. securities regulator contended that neither startup registered their ICOs as securities offerings, and neither qualified for registration exemptions. In addition to registering their tokens as securities, both companies will refund investors, file periodic reports to the SEC and pay $250,000 apiece in penalties.

The SEC’s statement noted that these two cases are the SEC’s “first cases imposing civil penalties solely for ICO securities offering registration violations.”

SEC Enforcement Division co-director Stephanie Avakian said that the agency has “made it clear that companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities.”

She added:

“These cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.”

The release further referenced the Munchee ICO, which the regulator halted last December. Like Airfox and Paragon, Munchee agreed to refund investors in its $15 million token sale, though the SEC did not impose additional fines at the time.

Friday’s announcement comes on the heels of the SEC revealing settled charges against Zachary Coburn, founder of the decentralized exchange EtherDelta, with running an unregistered securities exchange.

At the time, an individual familiar with the SEC’s thinking noted that the regulator is likely to focus increasingly on token trading platforms.

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Speaking before an audience at the Singapore Fintech Festival 2018, managing director and chairwoman of the International Monetary Fund Christine Lagarde made the case for digital currency.

Says Lagarde,

“A new wind is blowing, that of digitalization. In this new world, we meet anywhere, any time. The town square is back – virtually, on our smartphones. We exchange information, services, even emojis, instantly… peer to peer, person to person. We float through a world of information, where data is the ‘new gold’– despite growing concerns over privacy, and cyber-security. A world in which millennials are reinventing how our economy works, phone in hand.”

Lagarde outlines how new forms of money will make their way into everyday usage.

Integration
  • Through social media, readily available for online and person-to person use, including micro-payments
  • Will be cheap and safe, protected against criminals and prying eyes

Lagarde points out a number of signs indicating digitization.

Key signs of an emerging digital economy
  • Signs in store windows read “cash not accepted”
  • Bank deposits feeling pressure from new forms of money
  • E-money from AliPay and WeChat in China, PayTM in India, M-Pesa in Kenya

According to Lagarde,

“Even cryptocurrencies such as Bitcoin, Ethereum, and Ripple are vying for a spot in the cashless world, constantly reinventing themselves in the hope of offering more stable value, and quicker, cheaper settlement.”

Advantages of digital currencies
  • Reaching people and businesses in remote and marginalized regions
  • Backup means of payment
  • Low-cost and efficient alternative
  • Privacy
Disadvantages and risks of digital currencies  plus creative solutions
  • Despite risks to financial integrity, programmable money by central banks could allow regulators to “lift the veil of anonymity” if suspicions arose.
  • Despite risks to innovation by having central banks cover everything from digital wallets, to tokens, to back-end settlement services, new public-private partnerships would allow central banks to handle back-end settlement, while financial institutions and start-ups focus on client interface and innovation.
  • Despite risks to financial stability due to pressure on bank deposits, “the jury is still out on whether digital currencies would really upset financial stability.”

Lagarde says we should embrace change.

“My message is that while the case for digital currency is not universal, we should investigate it further, seriously, carefully, and creatively. More fundamentally, the case is about change – being open to change, embracing change, shaping change. Technology will change, and so must we. Lest we remain the last leaf on a dead branch, the others having decided to fly with the wind.”

The Singapore Fintech Festival, which took place on November 12-16, attracted over 250 global representatives from central banks and regulatory agencies, financial institutions, venture capital firms and fintech companies who made a wide range of presentations covering monetary policy, and the future of blockchain, digital assets and cryptocurrencies.

You can download the full speech here.

 

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Over the last 24 hours, the valuation of the crypto market has fallen from $185 billion to $181 billion, by around $4 billion.

On November 15, amidst one of the worst single-day corrections in all of 2018, the crypto market saw a wipeout of more than $27 billion. The market extended losses throughout the past two days.

Bitcoin Cash, even with the combined value of Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), has fallen by more than seven percent. Subsequent to the fork, the price of BCHABC, the original Bitcoin Cash chain with the roadmap set forth by bitcoincash.org, dropped by more than 15 percent to $250.

$4,800 the Bottom For Bitcoin?

Yesterday, on November 16, CCN reported that Crypto Rand, a cryptocurrency technical analyst and trader, said that the probability of a $4,800 to $5,000 bottom for Bitcoin (BCH) is increasing.

“Crypto Rand, a respected digital asset analyst, stated that a fall to the $4,800 to $5,000 range is possible, given that technical indicators have not shown any signs of a bottom,” the report read.

The Crypto Dog, another prominent analyst, said that a bottom at $4,800 has become more likely for BTC.

“Same target I’ve held since February of this year, I think there is a strong possibility that $4,800 is the bottom.

While both major cryptocurrencies and small tokens have started to demonstrate independent price movements by breaking its correlation with BTC, a further 12 percent drop from $5,500 to $4,800 could result in intensified downward movements for cryptocurrencies with lower daily volumes.

Currently, the daily trading volume of BTC is hovering at around $5 billion. In contrast, Ripple (XRP), Bitcoin Cash (BCH), and Stellar (XLM) are demonstrating volumes in the range of $100 million to $800 million, less than 16 percent of the volume of BTC.

If the most dominant cryptocurrency in the market continues to demonstrate weak momentum and massive sell-pressure, then digital assets with lower volume will inevitably fall with BTC.

On Thursday, almost immediately after the fall of BTC from $6,300 to $5,500, Josh Rager, an investor in various blockchain initiatives, said:

“$5,500 area currently holding up BTC, when (it’s only a matter of time) a daily candle closes below here it will head to $4,900 area Strong support between $4,300 to $4,600 – BTC will likely bounce very hard here – in my opinion, a good place to buy R/R regardless if it heads lower”

Overall Negative

The sentiment around cryptocurrencies has generally been negative this week, due to the sheer intensity of the crash of the market over the past several days.

For tokens and small market cryptocurrencies, the U.S. Securities and Exchange Commission’s accelerated investigations into token sales and initial coin offerings (ICOs) could lead to a large short-term drop in confidence from investors in the public market.

With Paragon and AirFox already ordered by the U.S. SEC to refund investors and pay a $350,000 additional fine, investors will likely avoid investing in tokens until regulatory frameworks around the space are properly established.

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A pair of institutional giants have just secured cryptocurrency-related patents.

Bank of America (BofA) won a patent for a crypto storage platform in enterprise accounts, while Amazon won patents for cryptography and distributed data storage.

Bank of America’s patent, submitted for approval in June 2014, describes how the enterprise account will aggregate, or safely store, customers’ crypto assets. The patent filing states,

“As technology advances, financial transactions involving cryptocurrency have become more common.

For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.”

The patent emphasizes the possibility of making transactions and converting currency within the account, negating the need for exchanges by “simplifying the purchase and exchange of currencies and cryptocurrencies and reducing the fees associated with doing so.”

In a report filed with the US Securities and Exchange Commission in February, BofA outlined how cryptocurrencies are a threat to traditional banking. As a hedge against fintech and its rapid transformation of legacy systems, BofA has been filing dozens of crypto and blockchain-related patents.

In June, Fortune reported the bank’s patent tally at that time. According to Catherine Bessant, BofA’s chief operations and technology officer,

“We’ve got under 50 patents in the blockchain/distributed ledger space. While we’ve not found large-scale opportunities, we want to be ahead of it. We want to be prepared.”

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Meanwhile, Amazon was just awarded two patents. The first, filed in April, adds security to users’ signatures by “protecting the integrity of digital signatures and encrypted communications.”

The patent states,

“…the signature authority provides a key-distribution service that distributes blocks of cryptographic keys to authorized signing delegates. An authorized signing delegate contacts the key-distribution service and requests a block of cryptographic keys.”

Amazon plans to base the encryption system on a structure known in the cryptography world as the “Merkle tree.” A Merkle tree is constructed by hashing paired data, then pairing and hashing results until there’s only one hash remaining: the Merkle root. The goal of the process is to securely and efficiently verify large bodies of data.

“The collection of one-time-use cryptographic keys is arranged in a Merkle tree, and hash values associated with the one-time-use cryptographic keys are used to cryptographically derive a root node of the Merkle tree which serves as a public key for the signature authority.”

Amazon’s second patent, filed in mid-December 2015, focuses on data storage that would utilize a “grid encoding technique.” Data would be collected in “shards” and be logically grouped together and distributed. The techniques are designed for extending grids in data storage systems.

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A recent Bitcoin scam on Twitter that compromised several major companies verified accounts came from a third-party app, tech news outlet the Next Web (TNW) reports Friday, Nov. 16, citing social media officials.

Speaking to TNW, a Twitter spokesperson confirmed that the attack came from an outside software provider and not from Twitter’s own system. However, the official refrained from naming the app.

The spokesperson reportedly explained that the attackers exploited a third-party marketing solution to launch a Bitcoin (BTC) giveaway from several verified accounts, including Google’s G Suite and major U.S. department store retailer Target.

The information was implicitly confirmed by Target. Its representatives told TNW that the hackers used a third-party marketing app, authorized to post content on Target’s behalf.

As Cointelegraph previously reported, on Wednesday, Nov. 14, hackers took overG Suite and Target accounts (800,000 and 1.92 million followers, respectively) and posted malicious cryptocurrency giveaway links. The message in G Suite’s account also falsely claimed that users could make payments in G Suite using cryptocurrencies.

Moreover, in early November several verified Twitter accounts, including those of film production firm Pathe U.K. and U.S. politician Frank Pallone Jr., were breached to pose as Elon Musk. Once hackers gained control of accounts, they changed the profile picture and name in order to pose as Elon Musk and offer scammy Bitcoin giveaways.

Bitcoin scammers have already posed as Elon Musk for several times, prompting the Tesla founder to seek help from Jackson Palmer, the creator of Dogecoin (DOGE), who claimed to have invented an anti-scam script.

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The cryptocurrency community expected a tight hash power battle between Bitcoin Cash (BCH) and Bitcoin Cash (SV) on November 15. But, with a decisive win and an anti-climactic result, BCH came out the winner.

Bitcoin.com, a company owned by Roger Ver, saw its hash rate spike to 4 exahash, easily surpassing the entire computing power on the Bitcoin Cash network prior to the hard fork.

With ViaBTC and Bitcoin.com’s hash power, Bitcoin ABC has been able to mine a significant amount of blocks after the fork, mining 32 more blocks than Bitcoin Cash SV (BSV).

BCH Was Never Losing to SV

Bitcoin SV, the camp of Craig Steven Wright, CoinGeek, and billionaire Calvin Ayre, was said to hold more than 57 percent of the hash power on the Bitcoin Cash network prior to the fork, and the possibility of a 51 percent attack as suggested by Craig Wright led investors to lose confidence in the short-term trend of BCH.

However, on Thursday, as the hash rate conflict between ABC and SV kicked off, it was evident within less than 30 minutes that the majority of hash power was on the side of ABC.

The Chinese mining community and Bitmain, the $15 billion cryptocurrency mining equipment manufacturer and mining pool operator, were not needed; solely with the computing power of ViaBTC and Bitcoin.com, ABC was able to defend its protocol against SV and the threats released by Craig Wright.

On November 15, Jiang Zhuoer, the CEO of BTC.TOP and a miner based in China, disclosed that Bitmain has more than 20,000 P hashrate, or 20 exahash. That is, twice of the hash rate of Coingeek, Craig Wright, and Calvin Ayre.

“Mining pools under Bitmain (such as BTC.com and Antpool) collectively have 15,000 P hashrate. With ViaBTC where Bitmain is a shareholder, the entity has 20,000 P hashrate altogether.”

More to that, rumors have suggested, as Zhouer explained, that more than 90,000 mining devices owned by Bitmain in Xinjiang could be used to defend ABC.

“Rumour has it that, Bitmain has 90,000 mining machines in Xinjiang to prepare for the hash war — but they are all meaningless rumours. If Bitmain is using the hashrate of BTC to start a hash war and this would be the epitome of ‘survival of the fittest.’”

Purely based on the discrepancy of computing power between Bitmain and the SV camp, Craig Wright, Coingeek, and Calvin Ayre had no chance of standing against ABC if Bitmain was to redirect its hash power to ABC, which was ultimately not needed.

Criticism Against SV

Emin Gun Sirer, a professor at the prestigious Cornell University, explained that the outcome of the battle between ABC and SV portrayed the necessity of a community, vision, technology, and other components to successfully launch and operate a blockchain network.

But, Sirer emphasized that SV had none of the factors that lead to the creation of a solid blockchain protocol.

“This point is at the heart of the main lesson from the BCH hashwar. One cannot assemble a good team just with money. To attract top notch talent, you need a strong, scientifically valid vision and novel, exciting tech, among other things. BSV has none of these.”

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Analysts from Bank of America Merrill Lynch have said that the crash in cryptocurrency and oil markets are indicators of a looming “flash crash” in markets, Reuters reported Nov. 16.

The strategists reportedly suggested that rising volatility across various asset classes and deleveraging, such as that which happened in oil markets over the past weeks, are signs of the evolution of a bear market.

On Nov.14, Bitcoin (BTC) price slumped below $5,400, while total market capitalization of all cryptocurrencies dropped as low as $174 billion. The price dive marked a new volatility record for markets this year, while the BTC volatility rate exceeded the index of seven on Bitcointicker for the first time since April 2018.

On Tuesday, Brent crude reportedly hit an eight-month low, making it the most extreme one-day fall in over three years. As a result of the current bear market, cash has outperformed stocks and bonds this year for the first time since 1992. The strategists reportedly said:

“Ingredients of flash crash rising … bond, FX, equity volatility all trending up, vicious deleveraging events, dislocation risk via abnormal spreads … triggers could be violent U.S. dollar move and/or shock macro data forcing abrupt GDP and earnings downgrades.”

The analysts told Reuters that, despite bearish signals, $122 billion has flowed into equities, $35 billion into money market funds, and $24 billion into bonds. At the same time, markets saw large outflows from corporate bonds, where investment grade corporate bond funds lost $2 billion and high-yield bond funds lost $2.3 billion.

The “last bulls standing” are high-yield corporate bonds and the U.S. dollar, according to the strategists. The U.S. dollar will purportedly rise by the end of the current year and continue climbing further in the first quarter of 2019 before falling.

Fundstrat analyst Rob Sluymer predicted that Bitcoin’s collapse on Nov. 14pushed crypto markets into a “deeply oversold” area, while “longer-term technical indicators aren’t so favorable.” Sluymer concluded that Bitcoin will be able to support a “multi-month rally,” but only after the “significant” damage done this week has been overcome.

Yesterday, a trader at eWarrant Japan Securities K.K. in Tokyo, Soichiro Tsutsumi, told Bloomberg that the loss of $6,000 support looks like a “dangerous sign” for industry players, especially the ones with “business models reliant on a client pool.”

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