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Cryptocurrencies plummet overnight, SEC delays BTC ETF decision to February

Dec 07, 2018

 

 

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$3428.13 0.05% -8.79% -15.75% USD$59,688,014,510 USD$6,467,127,290
Ethereum ETH USD$87.0 1.03% -12.71% -24.05% USD$9,017,618,163 USD$2,287,991,468
EOS EOS USD$1.71 0.26% -21.17% -40.83% USD$1,545,873,471 USD$865,929,557
XRP XRP USD$0.3 0.18% -9.35% -16.52% USD$12,242,362,579 USD$646,201,142
Litecoin LTC USD$25.31 0.21% -11.46% -21.72% USD$1,505,190,132 USD$459,799,258

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
TRON TRX USD$0.01 -0.53% -3.91% -7.87% USD$870,070,563 USD$101,769,169
NEM XEM USD$0.07 -0.06% -6.11% -7.96% USD$620,198,079 USD$12,390,927
Bitcoin BTC USD$3428.13 0.05% -8.79% -15.75% USD$59,688,014,510 USD$6,467,127,290
XRP XRP USD$0.3 0.18% -9.35% -16.52% USD$12,242,362,579 USD$646,201,142
Monero XMR USD$44.86 -0.24% -11.31% -22.9% USD$745,934,913 USD$17,878,894

 

Crypto Market Recap

  • Cryptocurrencies plummeted overnight as the price of Bitcoin (BTC) is down 9.77% in the last 24 hours to USD$3,432.05. Most major cryptocurrencies are observing double-digit losses this morning with Bitcoin SV (BSV) being the outlier, up 14.20% in the last 24 hours to USD$105.85. Gains by BSV paired with a 12.10% rout in Bitcoin Cash ABC (BCH) have caused BSV to overtake BCH for the spot as the sixth largest cryptocurrency by market capitalization. Among major cryptocurrencies, EOS (EOS) is the worst performer, down 21.39% in the last 24 hours to USD$1.71.

Crypto Developments in Financial Services

  • A consortium of international banks, including Commerzbank, ING, Natixis, and Rabobank, have completed a live commercial paper transaction based on R3’s Corda blockchain platform, according to a report by news outlet Finextra. The commercial paper transaction saw Natixis issue 100,000 euro notional with Rabobank acting as the investor and ING serving as the dealer and escrow agent. The commercial paper transaction was completed on R3’s Corda-based Euro Debt Solution.  
  • Binance, the world’s largest cryptocurrency exchange by daily trading volume, announced the launch of a multi-account feature aimed specifically at institutional cryptocurrency traders. The feature will allow institutions to set up multiple trading accounts for each firm, with options to grant different levels of access and control to each account. A single institutional account with Binance will now be able to have 200 sub-accounts under its umbrella. To be eligible for the institutional multi-account features, users must have a Binance Coin (BNB) balance of at least 1,000 with a minimum of 4,500 Bitcoin (BTC) trading volume in the last 30 days.

Crypto Regulatory Environment

  • The United States Securities and Exchange Commission (SEC) is postponing its decision on nine Bitcoin (BTC) exchange-traded fund (ETF) application, as per an official release by the regulator. For its decision on the BTC ETF applications submitted by investment firm VanEck and blockchain company SolidX, the SEC has set a deadline for February 27th, 2019. “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the official release reads. 
  • Two United States Congressmen, Representative Darren Soto (Democrat) and Representative Ted Budd (Republican), have introduced two bipartisan bills with an aim of preventing cryptocurrency price manipulation and to facilitate the adoption of cryptocurrencies. The two bills, titled, “The Virtual Currency Consumer Protection Act of 2018,” and the, “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018,” have a combined goal of making the US a, “leader in the cryptocurrency industry.” At their core, the bills urge regulatory agencies like the Commodity Futures Trading Commision (CFTC) and the US Securities and Exchange Commission (SEC) to outline a clear roadmap for cryptocurrency regulation. 
  • Malaysia’s Securities Commission (SC), the country’s financial regulator, and the Bank Negara Malaysia (BNM), the country’s central bank, have issued a joint statement confirming that they will soon implement legislation pertaining to cryptocurrencies and Initial Coin Offerings (ICOs). This news comes after a Malaysian senior government official made comments in late November that the crypto sector could be regulated as soon as 1Q2019. “The SC will regulate issuances of digital assets via Initial Coin Offerings (ICOs) and the trading of digital assets at digital exchanges in Malaysia,” the statement reads, adding, “Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection.” 
  • United States’ cryptocurrency regulation needs a, “more nuanced approach,” according to two university professors who conducted academic research into the space. Carol Goforth from Oxford University and Clayton N. Little from Arkansas School of Law believe that the problem with the US’ cryptocurrency regulation comes from three separate regulatory bodies, the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Internal Revenue Service (IRS), trying to govern cryptocurrencies, but each from a different perspective. “Because different agencies in the US have different regulatory powers and responsibilities, each agency has tended to classify the very same assets differently in order to assert jurisdiction,” claims the academic paper.

 

 

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

Sources:

https://coinmarketcap.com/ 
https://www.finextra.com/newsarticle/33081/r3s-corda-to-the-fore-in-euro-debt-issuance-and-club-loan-markets 
https://cointelegraph.com/news/four-international-banks-complete-commercial-paper-transaction-on-r3s-corda-platform 
https://www.coindesk.com/binance-launches-multi-account-feature-for-institutional-crypto-traders 
https://medium.com/binanceexchange/binance-introduces-sub-account-support-d7bf2f95e28c 
https://cointelegraph.com/news/malaysia-finance-regulator-central-bank-say-cryptocurrency-regulation-being-put-in-place 
https://www.sc.com.my/post_archive/joint-statement-on-regulation-of-digital-assets-in-malaysia/ 
https://cointelegraph.com/news/malaysia-plans-to-enact-crypto-regulation-in-q1-2019-finance-minister-reports 
https://www.sec.gov/rules/sro/cboebzx/2018/34-84731.pdf 
https://cointelegraph.com/news/sec-delays-decision-on-bitcoin-etf-sets-deadline-for-late-february 
https://www.coindesk.com/sec-again-delays-decision-on-vaneck-solidx-bitcoin-etf 
https://www.coindesk.com/us-congressmen-introduce-two-bills-to-prevent-crypto-price-manipulation 
https://soto.house.gov/media/press-releases/rep-soto-members-introduce-bipartisan-bills-preventing-virtual-currency-price 
https://cointelegraph.com/news/us-needs-more-nuanced-cryptocurrency-regulations-academic-paper 
https://www.law.ox.ac.uk/business-law-blog/blog/2018/12/us-law-crypto-money-property-commodity-and-security-all-same-time