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Cryptocurrencies finish mixed this week as US regulators approve two stablecoins, Morgan Stanley considers launching Bitcoin swap product, and ethereum touches 13-month low

Sep 14, 2018

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Top 5 Cryptocurrencies sorted by 7 Day Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
EOS EOS USD$5.34 0.13% -2.29% 5.06% USD$4,838,810,097 USD$636,253,093
Dash DASH USD$191.34 -1.53% -2.2% 4.36% USD$1,591,986,329 USD$179,877,305
Monero XMR USD$113.97 -0.22% 0.79% 0.8% USD$1,869,880,967 USD$38,127,587
IOTA MIOTA USD$0.58 -0.76% -1.61% 0.76% USD$1,608,624,760 USD$31,395,365
Bitcoin BTC USD$6497.57 -0.04% -0.15% 0.43% USD$112,197,584,448 USD$4,077,069,071

Developments in Financial Services

  • According to a person familiar with the company, Nasdaq is preparing to add tools for predicting price movements of crypto assets to its Analytics hub. The U.S. stock exchange’s Analytics hub was launched last year and leverages machine learning and natural language processing capabilities to comb through social media and other alternative data sources.  
  • A Canadian Bitcoin fund, First Block Capital, Inc., has obtained mutual fund trust status that allows investors to deposit funds into self-directed registered accounts. This newly obtained status will allow investors to place crypto holdings in accounts such as Registered Retirement Savings Plans and Tax-Free Savings Accounts. Currently, the fund is only available to accredited investors.   
  • Citigroup is developing a structured product which will reduce investment risks for Hedge Funds and Asset Managers when they invest in cryptocurrencies.  Rather than owning the cryptocurrencies outright, investors will be able to buy Digital Asset Receipts which will act very similar to American Deposit Receipts.    
  • Chain, a blockchain start-up that received funding from notable financial institutions including Visa and Nasdaq, was acquired by Lightyear.io, a startup that has been building on the Stellar Protocol. The deal, announced Monday and closed last Wednesday, will cause the two entities to combine, forming Interstellar. Chain CEO Adam Ludwin will serve as Interstellar’s CEO while creator of XRP and Stellar protocols, Jed McCaleb, will serve as Interstellar’s CTO.   
  • Huobi Japan Holding Ltd, a subsidiary owned by Huobi Global, has acquired a majority stake in Japanese crypto exchange BitTrade, one of just 16 regulated crypto exchanges in the country. Acting President of Huobi Japan, Haiteng Chen, was named as the chairman of BitTrade while Chris Lee, who has held previous executive roles with OkCoin, was appointed as independent director. Reported Wednesday, Huobi Japan will, “aggressively work to scale up the platform.”   
  • Japanese telecom company, Softbank Corporation, has completed a proof-of-concept (PoC) for a blockchain that would allow peer to peer mobile payments across different carriers. Announced early Wednesday, the technology is the product of a partnership with blockchain startup TBCASoft, and Synchronoss, a publicly traded company that works with a communications protocol in Japan called Rich Communication Service.   
  • Morgan Stanley will begin to offer complex derivative products tied to the largest cryptocurency in the world, Bitcoin (BTC), as reported by Bloomberg Thursday morning. Investors will have the opportunity to bet long or short on BTC prices using Morgan Stanley’s new price return swaps. An anonymous individual said the investment bank is already prepared to launch Bitcoin swap trading and it is simply waiting for suffice interest from institutional clients. Morgan Stanley will charge a spread for each transaction. 
  • Paxos, a blockchain trust company, detailed in a press release the launch of a U.S. dollar backed stablecoin after approval by the New York State Department of Financial Services. Dubbed ‘Paxos Standard’, the stablecoin is backed 1:1 by the dollar and operates on an Ethereum based blockchain.   
  • Robinhood, the low-cost investing app that is popular with millennials, sells users’ data to other financial companies, according to their 2nd quarter SEC filing. The SEC filing reveals that Robinhood profits millions from selling its users’ data to high-frequency trading firms. A report on Seeking Alpha goes on to suggest that Robinhood’s sale of customer data may be a conflict of interest and bad for its customers.   
  • The SEC issued an order yesterday to suspend trading in Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF), two investment products that track cryptocurrencies.    
  • Singaporean crypto exchange, KuCoin, has invested US$3 million in Bitcoin Australia as part of plans of an international expansion into the Pacific country. Reported by the Australian Financial Review, the joint-venture should allow the two companies to benefit from a plethora of operating synergies.   
  • Tyler and Cameron Winklevoss, creators of cryptocurrency trading platform Gemini, have received approval from the New York Department of Financial Services to launch their own stablecoin. Trading began today for the ‘Gemini Dollar’, marking Gemini’s first cryptoasset after the firm’s Bitcoin ETF was rejected for a second time by regulators in July. 
  • United States crypto wallet and blockchain security firm, BitGo, has been awarded a state trust company charter from South Dakota’s Division of Banking, effectively making BitGo a qualified custodian for cryptocurrencies. As a result, BitGo will be subject to know-your-customer and anti-money-laundering regulations. CEO Mike Belshe went on to say that secure crypto custodians are, “a missing piece for infrastructure. Hedge funds need it, family offices need it, and they can’t participate in digital currency until they have a place to store it that’s regulated.”  

Regulatory Environment

  • According to Valdis Dombrowski, Vice President of the European Commission for digital currencies, cryptocurrencies are here to stay and regulators should focus on helping to build a healthy and transparent marketplaces for the emerging asset class.  Notably, Dombrowski believes ICOs are a legitimate form of alternative financing and expects capital raised through ICOs to exceed the USD$6bn raised in CY2017.  
  • After the Reserve Bank of India (RBI) filed an affidavit Wednesday in the Supreme Court to clarify its stance on cryptocurrencies, the central bank told courts that the constitution has not defined any legal system for virtual currencies. Due to provisions like The Coinage Act and The RBI Act, existing legal systems are not able to recognize cryptos as either a currency or money, meaning they are not a valid payments system.   
  • All crypto exchanges and banks with cryptocurrency services in Mexico will be required to receive a permit from the Bank of Mexico, according to a letter published in the Mexican government’s Diario Oficial de la Federacion. The letter goes on to say that companies interested in receiving a permit must submit to the Bank of Mexico a detailed business plan with a full description of their operation, the fees they plan to charge, and they system they will use to verify customer’s identities.   
  • The chief executive of the UK’s Financial Conduct Authority (FCA), Andrew Baily, said in a speech during the regulating body’s Annual Public Meeting that the financial regulator needs to take a balanced approach in, “nurturing the benefits of cryptos while narrowing out the risks.” Expanding, Baily said the FCA would work closely with the UK’s Treasury and Bank of England in coming up with appropriate responses to crypto regulation 
  • Cointelegraph released a report over the weekend detailing different approaches to cryptocurrency regulation by countries in the middle east. In the report, author Stephen O’Neal highlights Iran, Bahrain, Israel, Turkey, and the United Arab Emirates as countries that have established cryptocurrency legal framework while also exploring blockchain applications on a state level. Iraq, Jordan, Kuwait, and Lebanon have been the least innovative and accepting of cryptos in the Middle East, having yet to explore blockchain applications on a state level and yet to establish any form of legal framework.   
  • European Commission Vice President Vladis Dombrovskis stated after a meeting of the EU Economic and Financial Affairs Council (ECOFIN) on Friday that the council's take on cryptocurrencies is that they are here to stay, despite recent market turbulence.   
  • The Indian Supreme Court is listening to a case between cryptocurrency exchanges vs. the Reserve Bank of India (RBI).  The case revolves around the RBI’s decision in April 2018 to prohibit banks and financial institutions from providing services to cryptocurrencies exchanges.  
  • The International Monetary Fund (IMF) advised against the introduction of cryptocurrency as a legal tender in the Republic of the Marshal Islands. The Republic of the Marshall Islands passed a law concerning allowing cryptos to be legal tender this past February, citing a way to boost their local economy while becoming more connected with the global economy.   
  • Japan’s Financial Services Agency (FSA) hosted scholars, lawyers, government officials, and trading platforms in the financial watchdog’s fifth study group meeting on cryptocurrencies. According to a Reuters report, Japan’s FSA is looking to add 12 more members to its team by 2019 to better respond to growth of the cryptocurrency exchange industry. According to a document released after Wednesday's meeting, the FSA is currently reviewing 16 cases for licensed crypto exchanges with 160 more public companies planning to submit applications.  
  • Malta has been very successful in its goal of becoming a cryptocurrency haven. Prime Minister Joseph Muscat, who has been very bullish on cryptocurrencies, has slashed layers of regulation in an attempt to make it easy for blockchain and cryptocurrency entities to set up shop in Malta. Large crypto exchanges OKEx and Binance are among the standouts that have already moved operations to Malta.   
  • An official from South Korea’s Financial Supervisory Service (FSS) called for greater international cooperation between regulators in tackling crypto and ICO regulation. Governor of the FSS, Yoon Suk-heun, made this statement on Friday, September 7 during the 20th Integrated Financial Supervisors Conference, attended by officials from 15 countries.   
  • Russia’s parliament, the State Duma, will hold a second hearing for its package of cryptocurrency regulation next month. Although the State Duma passed three bills with overwhelming majority back in May, politicians decided to hold a second meeting with revisions to the bills, made after meeting with consultants. The meeting is likely to take place in early October, according to the head of Russia’s central bank, Alexey Guznov.   
  • The Supreme Court of India has sent a delegation of government officials to Japan, the UK, and Switzerland with a task of studying cryptocurrency regulations in other markets that possess digital asset exchanges. This comes as India’s Supreme Court is fielding the crypto exchange industry’s case against the Indian central bank’s heavy-handed crypto regulation.   
  • A U.S. federal judge, Raymond Dearie, ruled Tuesday that a criminal case against two allegedly fraudulent initial coin offerings falls under securities laws. As reported by Bloomberg, Zaslavskiy has been accused of selling tokens that represented shares in a real estate venture and a separate diamond business, however, neither of these ventures actually bought the asset customers believed to be investing in.  
  • A variety of blockchain funds, exchanges, and startup have come together to form the Blockchain Association, a lobbying group for the crypto industry. Reported Tuesday, some founding members include Coinbase, Polychain Capital, Protocol Labs, and Digital Currency Group. One of the association’s first hires is Kristin Smith, former Senate aide. The Blockchain Association will specifically focus on lobbying for tax laws and know your customers/anti-money laundering regulations.   

General News

  • After stablecoins Gemini Dollar and Paxos Standard were approved by regulators earlier this week, a University of Berkeley professor said stablecoins are not viable just because they are pegged to reserves of fiat currency. The professor expanded further, saying just because stablecoins remove speculation and volatility does not make them viable.   
  • AirSwap, a decentralized cryptocurrency trading platform announced a new partnership Tuesday that will tokenize New York’s real estate markets. AirSwap will partner with FINRA-registered broker dealer Propellr. In a statement, AirSwap said their main goal is to reduce time to complete secondary market transactions of private securities from months to days.  
  • Anthony Di Lorio, one of cryptocurrency’s most prominent entrepreneurs, is launching a new ‘all-in-one' crypto wallet aimed at becoming the most versatile app in the crypto ecosystem. Dubbed Jaxx Liberty, De Lorio launched the wallet today after several months of beta testing and called it, “almost like an app store” where users, “do not have to send money outside of a single system.”  
  • Austin, Texas is working on a blockchain-based identification system that is geared towards helping homeless individuals keep track of important documents, like birth certificates, social security cards, and other identification documents. City officials cited that in the past, they have had difficulty providing aid to homeless people, as lack of identification has been one of the biggest deterrents. The city of Austin has been working closely with the University of Texas’ Dell Medical School and Austin-Travis County’s Emergency Medical Services on the project.  
  • Australia’s New South Wales (NSW) government is scheduled to launch a state-wide test of a blockchain system that digitizes citizen’s diver licenses. The pilot program will involve over 140,000 license holders and will serve as a test to the full program rollout, planned for 2019.    
  • The Australian Trade and Investment Commission (Austrade), the country’s trade agency, and the Australian Digital Commerce Association are jointly sending a delegation of domestic blockchain startups to visit some of China’s largest fintech companies this week. China is one of the world’s leaders in innovative blockchain technology, having filed over 10% of the world’s blockchain patents.   
  • A survey conducted by HiveEx found that about 13.5% of Australians own cryptocurrency, a huge jump from January’s 5%. According to the study, about half of Australians bought cryptocurrencies as an investment while 34% did so due to ‘fear of missing out’.   
  • The Bank of Russia announced Tuesday of an allegedly successful experiment in new token issuances. Russia’s deputy director of the financial development department of the bank, Ivan Semagin, told attendees of the Eastern Economic Forum in Russia that the regulator, “had tested an experimental ICO based on the existing infrastructure.” However, Semagin did cite legal issues in the experiment.   
  • After Bitcoinist reported Tuesday that investment bank State Street will back stablecoin Gemini Dollar, the Bitcion Foundation’s Charlie Shrem said solid stablecoins are going to serve as a bridge for mainstream investors that will span decades. Shrem elaborated, saying stablecoins’ biggest accomplishment is eliminating the risks associated with high volatility digital coins.   
  • Blockchain research firm and accelerator Cryptic Labs has onboarded two Nobel-winning economists to their Board of Advisors. Announced via press release Monday, the firm stated that Dr. Eric S. Maskin and Sir Christopher Pissarides will “provide insights in incentive mechanisms, game theory, and macro-economic policies.”  
  • Brave browser, an open-source blockchain-powered browser developed by Mozilla co-founder Brendan Eich, has filed a privacy complaint in Ireland and Britain against Google. Brave’s complaint states that Google and the online advertising industry practice “wide-scale and systematic breaches of the data protection regime.”  
  • A Canadian town in the Ontario Province is paying hackers a ransom in Bitcoin in order to get its computer network working again. The town of Midland had its computer systems breached and infected with ransom malware that encrypted files at the beginning of this month. Although critical services, like waste management ad fire response, were not affected, the town has begun paying the hackers Bitcoin in exchange for the decryption keys.   
  • Canadian cryptocurrency and blockchain researcher, Kevin Rooke, cited the growth in user-base fintech firms that have adopted cryptocurrency applications in a tweet Sunday.  Highlighting the tweet, Rooke discussed Square Cash, a company that adopted cryptocurrency technology in November 2017, and since has seen its user base triple from 3 million to over 9 million.   
  • Chinese traders are circumventing the Chinese government’s ban on cryptocurrency trading with the use of virtual private networks (VPNs).  According to the South China Morning Post, Chinese traders are using stablecoin Tether to enter and exit cryptocurrency markets.    
  • CoinDesk is reporting that there is a new major competitor for Bitmain.  Bitewei, a Shenzhen-based mining chip manufacturer led by the former director of design at Bitmain, Yang Zuoxing, raised CNY40 million (USD$20 million) to bring to mining hardware to market.  Bitewei and Bitmain have been battling over the past 2 years in regards to intellectual property designed by Yang.    
  • Coindesk reported Monday that it learned that Icon and Protocol Labs, developers of Filecoin, have displayed interest in the acquisition of BitTorrent, in addition to the interest displayed by Tron and Neo. However, Tron eventually prevailed in acquiring BitTorrent, first announced in June.   
  • Coinmarketcap may allow users to vote on what assets to track after Bitcoinist reported a scandal with exchange platform Binance involving extremely high listing fees and lack of adherence to decentralized principles. Coinmarketcap was also forced to remove South Korean crypto exchanges from price data after excessive volatility in local markets last January. Coinmarketcap may see user voting as a solution to these scandals.  
  • Cryptocurrency exchange OKCoin announced Wednesday of an expansion of token-to-token trading into twenty new US states. Vice President of Marketing at OKCoin, Jim Nguyen, said that OKCoin has worked closely with state regulators to abide by federal and state laws in solidifying this expansion.   
  • Cryptocurrency exchange, Seed CX, raided about USD$15 million in its Series B funding round, Coindesk reported Wednesday. Seed CX offers trading and settlement services for derivatives and spot markets under the Commodity Futures Trading Commission’s authority. After the Series B round, Seed CX’s total funds raised has reached USD$25 million.   
  • Data from Coin Dance reveals that cryptocurrency trading volume has spiked in not only Venezuela, but Argentina as well. Argentinian users exchanged 6.9 million pesos with digital assets in the week ending September 9th, setting a record for the region. Venezuela had its second highest week, in terms of crypto trading volume, exchanging almost 295 million bolivars.   
  • Despite cryptocurrencies being banned in Zimbabwe, citizens are running towards cryptos as the country is faced with a shortage of foreign currency and surrogate currency, called bond notes. As a result, many Zimbabweans have begun to use cryptocurrencies like bitcoin as means of payment.   
  • FOAM, a decentralized application (dapp) that aims to build a reliable world map using smart contracts, went live Thursday morning. CEO Ryan John King discussed FOAM, saying that people believe location and GPS is a solved problem, but the mapping services so many people use every day is controlled by the governments and military organizations, and is ultimately vulnerable and unreliable. FOAM’s solution is to put the work of cartography on the shoulders of individual users using a cryptographic technique called proof of location.   
  • Ether (ETH) shorts reached a new high today with 248,247 shorts after setting a record high last Friday with 247,611 shorts. This shorts record comes as ETH touched a 13-month low of about USD$170.41 today. According to Coindesk, ETH shorts have risen 200% in the last four weeks.   
  • Ethereum developers and miners are heading towards a conflict ahead of the Constantinople software upgrade in October 2018.  The new upgrades will drop the amount paid to miners from 3 ETH to 2 ETH per block mined.  While the absolute amount is not significant, the costs of the mining ASICs mining hardware combined with the fact that 6,000 ETH blocks are “mined” per day, the loss of income to miners could be significant.  
  • Experts are concerned with the impact stablecoins could have on cryptocurrency markets, according to a report by Bitcoinist. Mainly, experts are concerned of the impact partially collateralized stablecoins could have, which are stablecoins not backed fully by reserves. Another point of concern surrounds stablecoins pegged directly to fiat currencies, as the concept strays away from the decentralized ideal cryptocurrencies were founded on.   
  • The Financial Industry Regulatory Authority (FINRA) charged a crypto broker in Massachusetts with securities fraud for an unregistered token sale. The company under scrutiny, Rocky Mountain Ayre, allegedly sold unregistered securities in the form of HempCoin. FINRA has also filed a legal complaint that accuses Rocky Mountain Ayre of misleading investors.  
  • IBM announced Thursday that it has joined a decentralized cross-blockchain registry initiative, known as the, “Yellow Pages for Blockchain Projects.” The initiative, known as Unbounded Registry, is led by blockchain startup HACERA and aims to “provide a decentralized means to register, look up, join, and transact across a variety of blockchain solutions.” Other members of this initiative include some big players, like Huawei, Batavia, Hitachi, and the Australian Blockchain Association.   
  • In a research report conducted by Diar, it was found that ICOs have continued to hold an average of 38% of their initially raised ETH funds. With ETH’s price falling nearly 50% in the first two weeks of August and ETH currently sitting at 1-year lows, crypto analysts have feared of that ICOs would sell their ETH reserves. The study conducted by Diar concludes that the 38% level of ETH reserves is healthy.  
  • Initial Coin Offerings (ICOs) have sold three times as much Ethereum (ETH) in the past ten days as they did in the entire month of August, according to research by TrustNodes. Over USD$33 million of ETH tokens were sold, with more than half of that coming on September 4, which was followed by a sharp decline in crypto markets.   
  • Large Japanese financial company, SBI Holdings, is preparing to launch a payments application for both iOS and Android that would be powered by Ripple’s distributed ledger technology. The application would enable customers to execute transactions 24-hours a day by using either a phone number or QR code, with the main goal being to eliminate time constraints associated with traditional banking methods.   
  • Lightning Labs developer, Alex Bosworth, has been working with a technology known as ‘atomic swaps’ that allows for transactions between a native cryptocurrency and another cryptocurrency (on a different blockchain) that enables the transaction to occur with no middle man. Bosworth discovered that by leveraging this technology, he can perform transactions between on-lightning network and off-lightning network cryptos, a breakthrough now known as, ‘submarine swaps’. The technology is now being tested on live lightning networks.  
  • Michael J. Casey, the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT, said today that he believes Bitcoin may be the economic solution Argentina needs. Casey elaborates, saying Argentina’s central bank should place up to one percent of its national reserves in Bitcoin. The reserves would allow for Argentina to stray away from previously detrimental U.S. Dollar dependent policies and help diversify Argentina’s reserve holdings.  
  • Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital Capital Management, said in a tweet Thursday that he believes the crypto market has reached a bottom. In explaining his reasoning, Movogratz cited that yesterday, the market touched a low seen late in 2017 and immediately rallied. Novogratz believes the crypto market is retracing its breakout that caused the cryptocurrency boom in late 2017/early 2018.   
  • Oak Ridge Institute for Science and Education fellow, Benjamin Trump, published a paper reviewing the state of cryptocurrency “forks” after investigating over 800 soft and hard forks from Bitcoin. The study suggests that stability in cryptocurrencies are hurt mainly by hard forks. Trump also argues that governance challenges seen in cryptocurrencies can have an effect on people’s trust in cryptocurrencies, hurting its capacity to serve as a reliable vehicle of exchange.   
  • Paris Saint-Germain (PSG), a French soccer club, is partnering with blockchain platform Socios.com to launch a token ecosystem geared towards fans of the soccer club. Announced Tuesday, PSG will launch a Fan Token Offering that gives fans voting rights along with VIP status and other rewards, depending on their fan activity.    
  • A report released by the National Academies of Sciences, Engineering, and Medicine (NASEM) recommends that blockchain and internet-based voting systems should not be used until those systems can be verified as secure. The report expands, saying although a blockchain’s immutable ballot box may seem promising, blockchain voting technology does little to solve the fundamental security issues of elections.   
  • A research report released by consulting firm GreySpark Partners studied the ICO market and concluded that as many as 890 token sales since 2017 (nearly half of all ICOs) did not raise any funds at all. The report also indicated that 743 token sales reached the milestone of US$1 million.  
  • Researchers from China’s Xi’an Jiaoton University published a report Wednesday saying at least 4 in 5 altcoins have stolen and plagiarized about 90% of their code. The report examined 488 digital currencies and found the code underpinning 405 digital coins (83%) yielded a ‘similarity score’ of between 90% and 100%.   
  • Ripple Labs, Inc. announced on Monday that it has reached a settlement of ‘all outstanding litigation’ between itself, R3 HoldCo, R3, and XRP II. The legal dispute between the three entities began in September 2017 when R3 claimed Ripple had violated a previously agreed upon purchase agreement between the two companies for XRP tokens. Included in the agreement was an option enabling R3 to buy up to 5 billion XRP tokens at a price of $0.0085 before the end of 2019.   
  • Seasoned blockchain researcher, Vlad Zamfir, claims to have created code for a successful proof-of-concept idea at Ethereum’s hackathon, EthBerlin. Zamfir worked with several other developers, including Tim Beiko and John Marlin, in creating code demonstrating how Ethereum shards could one day circulate on the blockchain. Sharding is an experimental scaling solution that alleviates the strain of a grown network by breaking the blockchain into smaller units, known as shards.  
  • Short orders on ether (ETH) hit an all-time high during Friday’s trading session, according to cryptocurrency exchange, Bitfinex. Late Friday night, the number of shorts on ETH reached 208,680, surpassing the second largest cryptocurrency’s previous high of 202,854. 
  • Sonny Singh, Chief Commercial Officer of crypto payments processor, BitPay, said in an interview with Bloomberg Wednesday that he believes altcoins will never come back while Bitcoin will see a rebound in 2019. Singh believes cryptocurrency markets are at a point where they need a ‘defining moment’ to breakout, and that defining moment will be when large institutions like Goldman Sachs and Morgan Stanley truly get involved with cryptocurrencies. 
  • The South Korean Central Bank, Bank of Korea (BOK), continues to be worried about the premium in cryptocurrency prices on South Korean cryptocurrency exchanges, referred to as the “Kimchi Premium”.  The BOK is calling for continued vigilance in order to keep a lid on premiums paid for digital currencies on South Korean exchanges vs. those prices paid on global exchanges.  
  • A study conducted by Coin Telegraph reveals that Bitcoin mining energy consumption is not as intensive in summer months compared to the rest of the year. The study attributes more expensive electricity costs in summer months as the reasoning for crypto mining seeing less energy consumption growth over that same time-period. Bitcoin’s Proof of Work validation process has faced criticism in the past, as Bitcoin mining uses about as much electricity as country’s like New Zealand and Columbia.   
  • The Supreme People’s Court of China ruled that blockchain records will be accepted as legal evidence in court. This detail comes after the Supreme People’s Court of China posted a publication of new rules stating that blockchain records will be admissible during legal disputes on China’s new ‘internet courts’ system.    
  • The Trustee for Mt. Gox announced corporate creditors can also enter claims to claw back trapped Bitcoin.  The online filing system was first opened to individual users on August 23rd.  The Trustee will be submitting a statement of approval or rejection to a Tokyo district court for a final decision by January 24, 2019.  
  • US-based venture capital firm, Ribbit Capital, has a goal of raising USD$420 million for its fifth venture fund after the company attracted USD$300 million last year. Founded in 2012, Ribbit’s portfolio is comprised of cryptocurrency industry leaders like crypto exchange, Coinbase, crypto and stock trading platform, Robinhood, and finance company Credit Karma.   
  • The United States Securities and Exchange Commission (SEC) reported Tuesday that it issued cease and desist orders to two companies in the cryptocurrency space. The SEC claims Crypto Asset Management, LP and its principal, Timothy Enneking, has marketed itself under false pretenses in raising USD$3 million in 2017. The SEC also claims TokenLot and its owners, Lenny Kugel and Eli L. Lewitt, have acted as unregistered broker-dealers. Crypto Asset Management will pay a USD$200,000 fine while TokenLot will pay USD$471,000 in fines.  
  • Wave’s value spiked 45% on Monday after the company announced it would launch a new smart contract protocol for their blockchain. Wave’s smart contract protocol will launch one week after the mining community consensus reaches 80% and will begin with the release of Smart Accounts that feature signature wallets, atomic swaps, token freezing, whitelist voting, and data oracles.   
  • WeChat, a popular messaging app, is furthering its efforts to block accounts related to cryptocurrencies. On Monday, WeChat blocked Bitmain’s account, which distributes content related to sales for the bitcoin mining giant. On top of that, over the weekend WeChat begun banning accounts related to crypto technical analysis and price prediction.   
  • Within the last week, two separate crypto-related companies, Robinhood and Huobi, made steps towards going public via initial public offering.  
  • Joint research conducted by the World Economic Forum and Bain & Company indicates that by deploying a blockchain focused on trade financing, global businesses could generate an extra USD$1 trillion that would otherwise be missed out on. The research explains further, citing issues in trade finance that largely arise due to limited access to credit and loans for small and medium sized enterprises in emerging markets.  

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://cointelegraph.com/news/paris-saint-germain-soccer-club-to-launch-fan-token  
https://cointelegraph.com/news/ripple-labs-and-r3-consortium-reach-settlement-in-xrp-token-litigation  
https://www.ccn.com/s-koreas-central-bank-sweats-over-kimchi-premium-in-cryptocurrency-prices/  
https://www.coindesk.com/the-bank-of-russia-says-its-ico-experiment-was-a-success/  
https://www.ccn.com/uk-regulators-chief-wont-rule-out-roles-for-cryptocurrencies-warns-of-risks-anyway/  
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https://www.ccn.com/icos-arent-cashing-out-their-cryptocurrency-warchests-yet-research/  
https://cryptonews.com/news/russia-to-debate-crypto-laws-next-month-putin-wants-strict-r-2592.htm  
https://cointelegraph.com/news/malta-stock-exchange-signs-mou-with-binance-to-launch-security-tokens-trading-platform  
https://www.coindesk.com/us-judge-rules-ico-frauds-fall-under-securities-law/  
https://cointelegraph.com/news/the-crypto-ipo-race-is-on-from-mining-companies-to-exchanges  
https://www.ccn.com/decentralized-crypto-trading-platform-airswap-strikes-deal-to-tokenize-ny-real-estate-market/  
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https://cointelegraph.com/news/crypto-industry-leaders-establish-washington-based-lobby-group  
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https://www.coindesk.com/bain-capital-leads-15-million-funding-round-for-regulated-crypto-exchange/  
https://www.coindesk.com/ether-shorts-hit-another-record-high-as-price-sinks/  
https://cointelegraph.com/news/not-viable-berkeley-professor-takes-dim-view-of-stablecoins-in-new-critique  
https://cointelegraph.com/news/huobi-buys-majority-stake-in-japanese-licensed-crypto-exchange-bittrade  
https://www.ccn.com/is-india-ready-to-legalize-crypto-officials-visit-japan-uk-to-study-policies/ 
https://cointelegraph.com/news/mexican-state-bank-announces-stricter-rules-for-crypto-exchanges  
https://cointelegraph.com/news/crypto-exchange-okcoin-expands-trading-to-20-more-us-states  
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https://www.coindesk.com/japans-fsa-expands-crypto-team-to-handle-exchange-license-reviews/  
https://www.bloomberg.com/news/articles/2018-09-13/morgan-stanley-said-to-prepare-bitcoin-swap-trading-for-clients  
https://www.coindesk.com/mt-goxs-corporate-creditors-can-now-file-claims-for-bitcoin-refunds/  
https://www.coindesk.com/blockchain-could-boost-trade-finance-by-1-trillion-wef-research-says/  
https://cointelegraph.com/news/fintech-investor-ribbit-capital-sets-420-million-goal-for-its-latest-fund  
https://cointelegraph.com/news/blockchain-can-add-1-trillion-to-world-trade-by-2028-says-world-economic-forum  
https://www.ccn.com/current-legal-system-cant-recognize-bitcoin-indias-central-bank-tells-supreme-court/  
https://bitcoinist.com/not-just-venezuela-bitcoin-south-america/  
https://news.bitcoin.com/faced-with-cash-and-forex-shortages-zimbabweans-turn-to-bitcoin-even-when-its-banned/ 
https://www.coindesk.com/foam-is-live-decentralized-world-map-launches-on-ethereum/  
https://cointelegraph.com/news/us-blockchain-security-co-bitgo-gets-regulators-green-light-to-become-crypto-custodian   
https://bitcoinist.com/austin-introduces-blockchain-id-management-system-to-help-homeless-population/  
https://www.coindesk.com/ethereums-vlad-zamfir-claims-breakthrough-in-blockchain-sharding/  
https://cointelegraph.com/news/blockchain-browser-brave-files-adtech-complaints-against-google-for-user-data-practices  
https://bitcoinist.com/coinmarketcap-new-listing-vote/  
https://cointelegraph.com/news/ibm-joins-decentralized-yellow-pages-for-blockchain-projects  
https://cointelegraph.com/news/trustnodes-icos-sold-160-000-ethereum-over-the-past-10-days  
https://cointelegraph.com/news/study-hard-forks-constitute-threat-to-cryptocurrency-stability  
https://cointelegraph.com/news/bitpay-cco-predicts-altcoins-to-never-come-back-bitcoin-to-rebound-in-2019  
https://www.coindesk.com/sbi-to-roll-out-ripple-dlt-based-payments-app-on-ios-android/  
https://cointelegraph.com/news/galaxy-digital-ceo-mike-novogratz-calls-crypto-price-bottom  
https://bitcoinist.com/no-such-thing-as-a-free-lunch-robinhood-user-info-sold/  
https://cointelegraph.com/news/bitcoins-energy-consumption-in-summer-rise-or-fall  
https://www.coindesk.com/blockchain-developers-and-converts-swarm-r3s-cordacon/