Cryptocurrencies plunged overnight with Bitcoin below USD$6,300 and Ethereum sub-USD$200
Oct 11, 2018
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- A report published by technology news site, The Information, reveals that multiple ivy league schools and other prestigious universities have invested in at least one cryptocurrency fund. While citing an unnamed source, the report detailed that Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology, and the University of North Carolina have all invested funds into the cryptocurrency space. Earlier this week, Yale was revealed to have invested funds from their endowment into cryptocurrencies.
- A study conducted by Chainalysis, a blockchain research firm, concludes that ‘whales’ are not the cause of volatility in Bitcoin. The study looked at the 32 largest Bitcoin wallets, which combined hold roughly 1 million Bitcoin (USD$6.3 billion). Chainalysis’ study revealed that only about 1/3 of Bitcoin ‘whales’ are active traders. The study reads, “Bitcoin whales are a diverse group, and only about 1/3 of them are active traders. And while these trading whales certainly have the capability of executing transactions large enough to move the market, they have, on net, traded against the herd, buying on price declines.
- Cryptocurrency exchange, eToro, announced a massive slash in transaction fees for trading digital assets on their platform. This is part of an ongoing effort by eToro to increase awareness of the potential of cryptocurrencies and to make investing in digital assets more accessible to retail investors. While speaking in regards to the transaction fee cut, eToro EO, Yoni Assia, expressed that he wants to make it, “as simple and accessible as possible”, for investors to trade cryptocurrencies.
- India’s government is reportedly set to explore a state-backed cryptocurrency, according to a report by Quartz. In its report, Quartz cites a senior government official who is part of an inter-governmental panel tasked with reviewing and proposing regulations for cryptocurrencies. According to Quartz, the senior official said, “We are evaluating the government-backed cryptocurrency and crypto-token.” This report comes just weeks after the Reserve Bank of India refuted claims of a cryptocurrency and blockchain internal research unit.
- The South Korean Government is set to make a final decision in November regarding the legality of initial coin offerings (ICOs) in the country. While speaking to lawmakers during the National Assembly’s annual audit on government actions, South Korea’s head of the office for government policy, Hong Nam-ki, said that regulators in the country have been reviewing the topic of ICOs in recent months. Nam-ki also added that South Korea's Financial Services Commission has been conducting surveys on ICOs since September.
- United States Customs and Border Protection (CBP) is evaluating plans to implement blockchain technology in its operations by the end of the year. While meeting on October 3rd, members of the Commercial Customs Operations Advisory Committee discussed emerging technologies, specifically the role blockchain technology could play in its supply chain management. A potential blockchain system to track shipments around the world would play an integral role in the US CBP’s day-to-day, as part of the deal replacing the North American Free Trade Agreement requires a detailed shipment tracking system.
- Today on Capitol Hill, notable economist, Nourel Roubini, and Coin Center Director of Research, Peter Van Valkenburgh, are set to testify before the US Senate Committee on Banking, Housing, and Urban Affairs in a hearing titled, “Exploring the Cryptocurrency and Blockchain Ecosystem”. Roubini is known best for his predictions about the 2008 financial crisis. According to Roubini’s prepared remarks, which were published Wednesday, he plans to come out firing against cryptocurrencies, saying they are not a viable unit of account, means of payment, or store of value.
- XDEX, a cryptocurrency exchange launched by the largest investment firm in Brazil, XP Investimentos, is accepting pre-registrations while noting that users will not have an ability to send Bitcoin to and from their personal wallets. XDEX promotes their website as a platform where investors can take part in commission-free trading of Bitcoin, however, it notes that there are fees for trading other cryptocurrencies like Ethereum. XDEX also boasts of a built-in transfer recognition system that connects it directly to banks and ensures speed and reliability when transferring from fiat currency to cryptocurrencies. The launch of XDEX comes amidst an investigation by Brazil’s antitrust watchdog, the Administrative Council for Economic Defense, into the country’s banks allegedly wrongfully closing the accounts of cryptocurrency exchanges and wallets.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio