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Huobi Sued for Bitcoin loss

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 A bitcoin speculator sued the Huobi exchange to recover 400,000 yuan he lost while exchanging.

Wang Tieliang documented a claim against Huobi and its two patners in Beijing to negate his bitcoin exchanges on the trade. As per Wang’s statement, he deposited 1.4 million yuan to speculate on bitcoin in October of 2016. In any case, inside a couple of months, he couldn’t deal with the strain of the market to see himself losing cash, and he finally liquidated all out.

The offended party told the court that his exchanges at Huobi ought to be invalidate on the basis that bitcoin doesn’t exist:

Bitcoin does not exist and isn’t a lawful delicate. Marxism says that a product ought to have a price and value and bitcoin cannot be categorized as a product or commodity. Moreover, bitcoin isn’t a genuine money for it isn’t issued by the national bank (central bank). In this way, it shall not be utilized to exchange or as a payment technique.

Moreover the exchange stated that Wang doesn’t ubderstand what bitcoin is. Also, it’s not Huobi that exchanged with him, its different clients at the platform. Huobi just fills in as a third party that has been working legitimately. Huobi included that the price of bitcoin is chosen by the market, not by the plarform.

Another two Beijing-based organizations argued that they just enable Huobi to get clients’ deposits. Thus, they don’t have anything to do with Wang’s loss.

The Court Judgment

 The People’s Court of Haidian District, Beijing disqualified the claim, saying financial specialists (investors) should to be in charge of their own losses. The court judgment clarified:

At the point when clients exchange bitcoin they should completely comprehend relative risks and rewards concerning it. They should invest only  the sum of money they can stand to lose and attempt all obligations.

The court judge noticed that bitcoin isn’t a commodity. It has no use value. The PBOC has no privilege to characterize bitcoin as a virtual item. Also, Huobi has no privilege to exchange bitcoin. It can just offer exchange or trading services.

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6K support loosing strength

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$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top

Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.

Take a Look at the one week chart of Bitcoin at Bitfinex

According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.

Low volumes 

Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin  to rebound or reach All-Time-High levels in near future.

$6000 support history 

$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to  $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.

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Crypto Market cap reached $275 billion

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Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

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Switzerland merging Cryptocurrencies with conventional banking

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Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

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