Cryptocurrencies soar despite SEC Commissioner's negative comments on Bitcoin ETFs
Nov 28, 2018
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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- Cryptocurrency prices reversed overnight and are posting significant gains as the price of Bitcoin (BTC) is up 8.43% in the last 24 hours to trade above the USD$4,000 price level. Notably, Monero (XMR) and Stellar (XLM) are the top performers among the largest coins, posting gains of 12.17% and 11.63% in the last 24 hours to trade at USD$59.44/token and USD$0.1559/token, respectively. Among the top 100 cryptocurrencies by market capitalization, only 4 are trading negative in the last 24 hours.
- CLS, a currency trading utility unit, has gone live with its blockchain-based payment netting service, in partnership with IBM, that has been in development for more than 2 years. Among the first companies using the platform, dubbed CLSNet, at its launch are investment banking giants Goldman Sachs and Morgan Stanley. Six other financial institutions, including the Bank of China (Hong Kong), have also committed to joining CLSNet in the next few months. “We have matched and confirmed the first transactions and successfully issued a netting report to the counterparties,” said Ram Komarraju, Managing Director for Technology at CLS.
- Jon Clayton, Chairman of the US Securities and Exchange Commission (SEC) remarked while speaking at CoinDesk’s Consensus: Invest conference that he does not believe a cryptocurrency ETF can be approved until market manipulation concerns are addressed. “How that manipulation issue gets addressed, I don’t have a particular path. But it needs to be addressed,” said Clayton, adding, “The prices retail investors are seeing are the prices they should rely on, and free from manipulation -- not free from volatility, but free from manipulation.”
- Nasdaq, the world’s second-largest stock exchange, is partnering with VanEck, a US investment firm, to launch a suite of, “transparent, regulated, and surveilled,” digital assets products, as per a tweet by VanEck’s director of digital asset strategy Gabor Gurbacs The joint partnership’s announcement comes just a day after Bloomberg reported that Nasdaq could launch Bitcoin (BTC) futures trading as early as 1Q2019. In his tweet, Gurbacs detailed that new products will leverage Nasdaq’s SMARTS Market Surveillance system in addition to VanEck’s MVIS digital asset pricing indices.
- Texas’ Securities Commissioner has issued an Emergency Cease & Desist Order (C&D) pertaining to My Crypto Mine, a cryptocurrency investment firm, and its principal Mark Steven Royer. As per a post on the state security regulator’s website, My Crypto Mine and Royer offered tokens to investors through a scheme called “BitQyk” on behalf of white-collar criminal Bruce Bise and disbarred attorney Samuel Mendez in May 2017. Royer assured investors that the token, worth USD$0.02 at the time, would rise to as high as USD$3.00, “in the indefinite future.”
- The Star, a Malaysian news outlet, is reporting that Malaysia will institute regulations pertaining to cryptocurrencies and Initial Coin Offerings (ICOs) in 1Q2019. The report quotes Malaysian Finance Minister Lim Guan Eng, who said on Wednesday that the country’s Securities Commission (SC) offered him an updated timeline for cryptocurrency regulation. On Monday, news outlets quoted Eng saying, “I advise all parties wishing to introduce Bitcoin-style cryptocurrency to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on the financial mechanism.”
- The US Commodity Futures Trading Commission’s (CFTC) fintech innovation hub LabCFTC has published a “Primer on Smart Contracts” which discusses the blockchain-enabled technology’s functionalities, risks, and the CFTC’s role in the technology. The Primer on Smart Contracts is LabCFTC’s second fintech educational piece, the first of which came in October 2017 and pertained to virtual currencies. While the educational publication acknowledges the high potential of smart contracts, it goes on to discuss several risks and challenges regulators face when dealing with the technology -- specifically, the publication highlights operational, technical, and cybersecurity risks in addition to risks of fraud and manipulation.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio