My understanding is that Bitfinex (a major exchange) can't process USD withdrawals so people are buying up cryptocoins with their balances, driving up prices. It is being compared to the situation at MtGox.
Many of the other alts have most of their volume on the exchange Poloniex which claims to be US based but offers no transparency on their operations. They offer margin trading. The fincen registration number listed on their terms page is not valid. The office address listed is for a corporation registration company in Delaware.
IMO the whole thing is a powder keg. At least it's exciting to watch.
Many of the other alts have most of their volume on the exchange Poloniex which claims to be US based but offers no transparency on their operations. They offer margin trading. The fincen registration number listed on their terms page is not valid. The office address listed is for a corporation registration company in Delaware.
IMO the whole thing is a powder keg. At least it's exciting to watch.