Cryptocurrencies fall lower, Bakkt raises $183 million in first funding round
Dec 31, 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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Crypto Market Recap
- Cryptocurrency prices fell broadly lower in afternoon trading as the price of Bitcoin (BTC) is trading 3.53% lower in the last 24 hours to USD$3,731.85. Among major cryptocurrencies, NEO (NEO) and NEM (XEM) are the worst performers, down 6.65% and 6.61% in the last 24 hours to USD$7.50 and USD$0.06416, respectively. Binance Coin (BNB) and Waves (WAVES) are the only major positive coins in the last 24 hours, up 1.70% and 1.15% in the last 24 hours to USD$6.08 and USD$3.14, respectively.
Crypto Developments in Financial Services
- Bakkt, a digital assets platform venture launched by the owner and operator of the New York Stock Exchange (NYSE), announced that it secured USD$182.5mm in its first funding round. Launched by Intercontinental Exchange (ICE), Bakkt aims to create an institutional investor-centric digital assets trading platform. Notable firms to fund Bakkt include Galaxy Digital, Microsoft’s venture capital arm, Pantera Capital, and Boston Consulting Group. Bakkt detailed further in its announcement that, “We have filed our applications and the timing for approval is nor based on the regulatory review process.” Bakkt detailed in a separate announcement today that it will provide an updated launch timeline in early 2019.
- Huobi Group is planning to launch a cryptocurrency exchange that will be entirely dedicated to EOS (EOS) in 1Q2019, according to an official press release. The exchange will specifically be launched by Huobi Pool, Huobi Group’s mining arm. The launch of an EOS exchange is the, “next logical step in our support,” as an EOS Block Producer (BP), according to Huobi Pool CEO Cao Fei. Huobi’s EOS exchange will offer several trading pairs against EOS, although the company did not detail specific trading pairs in its announcement.
Crypto Regulatory Environment
- The United Kingdom’s Financial Conduct Authority (FCA) is still in the process of probing 18 companies pertaining to the use of cryptocurrencies, according to a report by news outlet the Telegraph. The UK FCA revealed this in response to a Freedom of Information Act (FOI) request from the Telegraph, although it stressed that the regulator has closed a vast majority of its investigations into crypto-related businesses since May 2018. According to the Telegraph, 49 of 67 crypto-related inquiries have come to an end, be it through a confession of wrongdoings, a warning to individuals/companies involved, or due to a lack of sufficient evidence. The FCA refused to comment on any of the 18 ongoing probes.
- The Indian government is reportedly approaching cryptocurrency regulation with caution, as detailed in a report by tech magazine Quartz. An article published Monday quotes Pon Radhakrishnan, India’s Minister of State in the Ministry of Finance and Ministry of Shipping, who said, “In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.” Currently, the Indian government enforces a ban on banks offering services to cryptocurrency-related operations.
General Crypto News
- Most financial institutions will not use Bitcoin (BTC), that is, according to Stellar (XLM) Co-Founder and Chief Technology Officer Jed McCaleb. While interviewing with Yahoo Finance on Monday, McCaleb, who is also a notable founder of defunct Japanese BTC exchange Mt. Gox and a Co-Founder of Ripple (XRP), said that, “It doesn’t need to be the Bitcoin blockchain, but if it’s not a public chain, then you’re missing the point.” McCaleb went on to criticize broad crypto project activity, saying that, “Ninety percent of these projects are B.S. I’m looking forward to that changing.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio