Cryptocurrencies in freefall, BTC below $5,000, ETH sub-$150, XRP falls least
Nov 19, 2018
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- Huobi, a top global cryptocurrency exchange, announced the creation of a Communist Party branch to comply with obligations to the Chinese state. The news comes as Huobi appears to be advocating for closer ties with the Chinese government as it has launched a considerable international expansion this year. Chinese law requires that any company with more than three Communist Party member employees must establish its own Communist Party branch. Huobi is the first cryptocurrency industry member to launch a Communist Party branch, following giants like Baidu, Alibaba, and others.
- IBM and Columbia University have announced the launch of two blockchain accelerator program to assist startups trying to create innovation at scale. The two programs will fall under the Columbia-IBM Center for Blockchain and Data Transparency that was established this past summer. Each program will support ten different blockchain startups by offering a team of business mentors, providing technical support, access to IBM’s cloud technology resources, and access to Columbia's students and research community. The Columbia Blockchain Launch Accelerator will last eight weeks and is set to take place in New York City. The IBM Blockchain Accelerator will target later-stage companies globally and also last eight weeks.
- KPMG, the Netherlands-based Big Four auditor, released a report on cryptocurrencies last week concluding that institutional investors must join the crypto industry in order for it to “realize its potential”. Called, “Institutionalization of Cryptoassets,”, the report discusses why and how institutional investors should consider entering cryptocurrencies while detailing challenges that will be faced before institutional investors will fully support the emerging asset class. The report reads, “Institutionalization is the at-scale participation in the crypto market of banks, broker-dealers, exchanges, payment providers, fintechs, and other entities in the global financial services ecosystem. We believe this is a necessary next step for crypto to create trust and scale.”
- Rod Rosenstein, the US Deputy Attorney General, called for international cooperation in investigating crimes that are conducted using cryptocurrencies as a medium at the annual meeting of Interpol’s General Assembly. While Rosenstein acknowledges some positive use cases for cryptocurrencies, he went on to declare, “we must not allow cybercriminals to hid behind cryptocurrencies.” Rosenstein discussed that notable global cyber attacks like the WannaCry ransomware attack leveraged cryptocurrencies in their criminal activity. “We must work together to make clear that the rule of law can reach the entire blockchain,” Rosenstein added.
- The Cyberspace Administration of China (CAC) is calling on the country’s regulators to “accelerate” the development of blockchain industry standards, as per a document published last week. The document, authored by the Ministry of Industry and Information Technology’s Zhou Ping, argues that the development of blockchain industry standards is crucial to guide the selection and application of blockchain systems across diverse domestic industries.
- The Russian Authors’ Society (RAO), a major non-government organization, is launching a blockchain-based platform geared toward intellectual property-secured loans. According to a report by Russian news outlet TASS, RAO CEO Alexander Sukhotin revealed that the platform, dubbed CoFi, is in its final development stages and will launch in the first quarter of 2019. The platform has a goal of matching intellectual property right holders with investors that are ready to provide loans.
- The US Federal Election Commission (FEC) released a draft opinion dated November 13th, 2018 saying that cryptocurrency mining as a way to support election campaigns is permissible. Although some companies and firms were vying for cryptocurrency mining to support political campaigns to be considered a form of volunteering, it appears that the FEC is leaning towards considering cryptocurrency mining to support political campaigns as contributions.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio