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Bitcoin Price Plunges $1,500 in Three Minutes to Liquidate $100M from BitMEX

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In just over 12 hours after Bitcoin price broke past the $10,000 resistance level for the first time in over 20 days, the digital currency came down in despair and heartbreak for many. Before the price came down, Bitcoin saw a barricade of sell orders that dropped the crypto’s price to as low as $8,600 on major exchange BitMEX. 

Bitcoin Price plunge

However, the price of BTC on spot exchanges and some of the other derivative exchange platforms, managed to sustain the lows of $9,000. Unfortunately, on the BitMEX exchange platform the price came tumbling down by over $1,500 in a bearish rally that ended up liquidating quite a number of market participants.

According to data by cryptocurrency derivatives platform Skew.com, roughly $96 million in long positions were erased by the plunge. However, this is slightly lower than the previous $125 million BTC liquidation yesterday when Bitcoin’s price action wiped out $10,000, which signals that the market was leaning long before moving.

Bitcoin price

Bitcoin price next move?

Cryptocurrency and market analysts are yet to react to the next destination after the plunge, but what is clear is that Bitcoin price is below the crucial resistance of $10,500 in the meantime. Bitcoin’s price action has attempted to break past the $10,500 on two crucial occasions but the efforts have ended up futile.

The first attempt was when Chinese president Xi Jinping publicly endorsed blockchain technology, and the other time was during February’s surge to $10,500. Due to this fact of several unsuccessful attempts to mount past this price level, it strongly signals that the crypto is braced for a down trend.

BITMAX Crypto Exchange Platform Launches its Operations in Japan

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According to LINE Corporation and operator of LINE’s virtual asset and blockchain-related operations, LVC Corporation, BITMAX has gone live and will be available to Japanese users from today. BITMAX is one of the leading crypto exchange platforms that seek to cater to the trading needs of users searching for a modern and secure network to exchange virtual currencies.

After being granted the license to operate by the Japanese Financial Service Agency (FSA), BITMAX is scheduled to commence operations a few days from today. The launch of the BITMAX exchange platform in Japan will allow LINE’s 80 million users to exchange virtual assets such as Bitcoin and the LINE’s virtual asset Link. The operationalization of BITMAX expands LINE’s crypto exchange portfolio to two having launched Bitbox in Singapore in mid-2018.

https://twitter.com/XrpCenter/status/1173913265736474626

Following the approval, Japanese messaging giant, LINE’s unit becomes one of the few licensed crypto exchange platforms in the Asian country, which recently added Rakuten Wallet, as well as dominant players such as SBI VC Trade and Coincheck amongst other platforms.

BITMAX to Trade 5 Major Virtual Assets

As mentioned earlier, LINE’s LVC Corporation’s exchange platform, dubbed BITMAX, will allow the Japanese messaging giant’s 80 million users in Japan to purchase and sell multiple virtual assets.

According to reliable sources, the FSA has approved the trading of significant crypto assets on the platform that includes the number one crypto asset, Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Ether (ETH), and Litecoin (LTC) on the exchange platform.

According to FSA’s website, the registration process was completed on 6th September in the name of LVC CORP., which is mandated to oversee LINE’s virtual asset and blockchain operations.

Also, Takeshi Idezawa, LINE’s supreme leader, confirmed the message of the approval to the Tokyo Stock Exchange, as per the information reaching our desk.

As per a media communique that was recently shared with us, LINE boasts of having over 187 million global users using its platform monthly and is estimated to have 50 million users registered to its mobile payment service platform, LINE Pay.

LINE is a significant player in the industry as on July 2018; the company launched the Singapore-based global user-friendly virtual asset exchange platform dubbed BITBOX. BITBOX repurposed LINE’s back-end infrastructure for its Japanese based FSA-approved platform BITMAX.

At present, BITBOX is not accessible to Japanese investors due to a Japanese crypto exchange license requirement that was enforced during the April 2017 amendment of the country’s Payment Service Act.

LINE’s Default Virtual Token and MainNet

In the summer of 2018, LINE launched its native crypto asset, LINK, and has since continued working tirelessly to develop a token environment that is based in its service-oriented blockchain technology, LINK Chain.

LINE’s service-oriented blockchain platform, Link Chain, allows decentralized applications or DApps to be directly applied to LINE’s messaging platform making the whole operations more than just about the default virtual coin.

LINK’s default virtual currency, Link, was listed on the company’s crypto exchange platform BITBOX on October 2018 while crypto rumors going around indicate that BITMAX will also support Link trades on its platform.

At present, CT Japan has not communicated any information regarding FSA authorization of the Link token in the list of approved virtual assets on BITMAX exchange platform.

LINK looks lucky as there is significant market growth in the Asian country hungry for a regulated, trustworthy, and well-run crypto exchange platform. The demand is not even derived from the population but rather from the government, which seeks to protect its crypto-friendly citizens from unscrupulous entities that might pose a risk to their wealth.

The Japanese people’s and government’s approach towards virtual currency has always been friendly and positive. Japan were the first people in the world to liken cryptocurrencies to fiat currencies. However, the major crypto attacks on their borders have dented public confidence.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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