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Cryptocurrencies mixed this morning as NY Attorney General publishes report detailing lack of market oversight within US crypto exchanges

Sep 19, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$6304.76 -0.63% -0.14% 0.18% USD$108,920,983,795 USD$4,353,075,387
Ethereum ETH USD$206.1 -1.13% 1.46% 19.19% USD$21,033,575,309 USD$1,675,850,669
XRP XRP USD$0.32 -1.87% 6.36% 21.46% USD$12,598,681,619 USD$638,751,061
EOS EOS USD$5.01 -0.93% 1.03% 3.49% USD$4,538,926,488 USD$606,518,056
Bitcoin Cash BCH USD$424.2 -1.01% -1.27% 0.61% USD$7,362,664,194 USD$327,132,012

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
XRP XRP USD$0.32 -1.87% 6.36% 21.46% USD$12,598,681,619 USD$638,751,061
Cardano ADA USD$0.07 -3.22% 4.9% 9.98% USD$1,801,454,425 USD$91,434,320
TRON TRX USD$0.02 -1.85% 1.83% 10.01% USD$1,267,675,612 USD$112,497,157
NEM XEM USD$0.09 -1.22% 1.46% 5.87% USD$786,783,829 USD$7,652,249
Ethereum ETH USD$206.1 -1.13% 1.46% 19.19% USD$21,033,575,309 USD$1,675,850,669

Crypto News

  • According to an industry analysis newsletter, Diar, a majority of Bitcoin (BTC) in circulation are stored in investment wallets. The newsletter reports that 55% of BTC are currently kept in wallets with an individual average wallet value more than USD$1.3 million. About one-third of these wallets have not been used since BTC’s price peaked in 2017, due to either lost private keys, lowering real supply, or simply strong resolve by cryptocurrency believers.  
  • Brazil’s antitrust regulator, the Administrative Council for Economic Defense (CADE), is reportedly inspecting six major national banks for alleged monopolistic practices in the cryptocurrency space, according to Reuters. The investigation was initiated by a formal request from the Brazilian Blockchain and Cryptocurrency Association after several complaints. The probe is specifically looking at whether or not the country’s largest banks closed the accounts of brokerages trading Bitcoin.  
  • Britain’s Parliamentary Treasury Committee published a report Wednesday where lawmakers called for the regulation of the domestic cryptocurrency market, calling it the “Wild West”. Lawmakers claimed that investors are afforded very little protection from a variety of risks with no formal recourse for consumer compensation. The report highlights several problems in the cryptocurrency market, including volatile prices, hacking concerns, and money laundering issues.  
  • Dunamu, the operator of major South Korean crypto exchange Upbit, is planning on opening a Singapore-based crypto exchange next month. According to local news outlet Yonhap News, Dunamu has already opened a branch in Singapore this past February as a part of its push into Asian markets. The firm is hoping the crypto exchange will go live as early as October.  
  • Former Linkedin data executive, Michael Li, has joined notable US crypto exchange and wallet provider, Coinbase, as the VP of Data. This continues a streak of significant hiring's from Coinbase, which has hired executives from Amazon, Microsoft, and Pershing in the last month.  
  • Germany’s Finance Minister, Olaf Scholz, does not believe cryptocurrencies can replace traditional fiat currencies, according to Cointelegraph. Scholtz spoke at a citizen's dialogue at the German-Dutch Army Corps in Münster, saying in reference to cryptos, “I would doubt today, whether it has a perspective as a currency model.” Scholz also believes cryptos should be closely guarded by regulators, citing concerns of terrorist financing, money laundering, and other criminal activities.  
  • Kraken, a major crypto trading exchange, announced via blog post that the exchange would introduce OTC block trading for those willing to make transactions above USD$100,000. Traders were invited to begin using the service right away. Kraken reported an immediate spike in trading volume with volume in the 24-hour period after the announcement doubling from its average.  
  • The CEO of popular cryptocurrency trading platform ShapeShift, Erik Voorhees, said that Bitcoin’s price drop will be beneficial in building a market foundation and infrastructure. Voorhees expanded by saying bear markets pave the way for “builders” to come and establish market foundation.  
  • The Monetary Authority of Singapore (MAS) believes that no token it has seen could be classified as a security. While participating in a fireside chat at CoinDesk’s Consensus Singapore 2018 conference, Damien Pang, head of the MAS technology infrastructure office for fintech and innovation, discussed, “A Guide to Digital Toke Offerings”, which was framework published in 2017. He went on to describe that all tokens he has seen fall into the three categories of tokens laid out in the framework, which are utility tokens, payments tokens, and securities tokens.  
  • The NY Attorney General’s (AG) office published a report last night which suggests cryptocurrency exchanges are plagued by poor market performance, conflicts of interest and limited customer protections.  The NY AG’s office has asked the NY Department of Financial Services to review whether there are three exchanges operating unlawfully in the state.   The report highlights conflicts of interest such as trading platforms trading for their own account without offering clients transparency or disclosure into/of these trades. 
  • Tim McCourt, managing director and global head of equity products and alternative investments at CME Group, said that bitcoin futures are not to blame for the crypto bear market in 2017. While speaking at Coindesk’s Consensus Singapore 2018 Event, McCourt said, “We are just a small part of the market.” McCourt went on to discuss that the bitcoin futures market has been growing, especially within Asia, which is now responsible for half of bitcoin futures trading on CME.  
  • Trading legend and founder of high-speed trading firm DRW, Don Wilson, said while at Coindesk’s Consensus Singapore 2018 conference that bitcoin derivatives trading in Asia hours is almost equal to the volume seen in the US. Wilson went on to add that this trend is abnormal, especially when compared to other financial instruments. Specifically, Wilson referenced that Japanese yen-dollar trading volume is significantly lower in Asia.  
  • Veteran Bitcoin analyst, Willy Woo, is insisting that Bitcoin is still in the midst of a bearish trend. In supporting his claim, Woo cited Bitcoin’s NVT ratio, which he explained should peak during a bear market and return to its normal range before the next accumulation phase, something that has yet to happen. Woo said another way to determine the end of the bear market is when BCT’s price crosses above its 200-day moving average.  

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

Sources:

https://cointelegraph.com/news/report-majority-of-circulating-bitcoins-stored-in-investment-wallets 
https://cointelegraph.com/news/reuters-brazils-antitrust-agency-launches-probe-into-major-banks-regarding-crypto-trade 
https://www.ccn.com/enough-feeble-warnings-regulate-wild-west-crypto-market-uk-lawmakers/ 
https://cointelegraph.com/news/upbit-crypto-exchange-operator-to-open-singapore-based-crypto-exchange-next-month 
https://cointelegraph.com/news/former-linkedin-data-executive-joins-coinbase-as-vp-of-data 
https://cointelegraph.com/news/german-finance-minister-doubts-crypto-can-currently-replace-traditional-currencies 
https://bitcoinist.com/kraken-introduces-block-trading-otc-option-for-trades-of-100000-or-more/ 
https://www.ccn.com/shapeshift-ceo-bitcoin-drop-beneficial-in-building-market-foundation/ 
https://www.coindesk.com/singapore-central-bank-no-tokens-weve-seen-are-securities/ 
https://www.newsbtc.com/2018/09/19/new-york-attorney-general-crypto-exchanges-subject-to-market-manipulation/ 
https://www.coindesk.com/dont-blame-bitcoin-futures-for-bear-market-cme-exec-says/ 
https://www.coindesk.com/trading-legend-don-wilson-asian-demand-high-for-bitcoin-futures/ 
https://www.ccn.com/bitcoin-still-in-the-middle-of-a-bear-market-analyst/