Cryptocurrencies lose steam and turn lower, Bithumb seeks reverse merger
Jan 23, 2019
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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Crypto Market Recap
- Cryptocurrencies turned lower in the day’s trading after moving higher overnight as the price of Bitcoin (BTC) is down 0.33% in the last 24 hours, holding just above the USD$3,600 level. Bitcoin Cash (BCH) leads the gains seen in major cryptocurrencies today, up 3.50% in the last 24 hours to USD$133.74. IOTA (MIOTA), meanwhile, lags major coins in today’s trading, down 2.58% in the last 24 hours to USD$0.298865.
Crypto Developments in Financial Services
- Blockchain Exchange Alliance, the Singapore-based holding company that maintains a controlling stake in major cryptocurrency exchange Bithumb, is interested in being listed on US public markets through way of a reverse merger, according to a new CNBC report. The CNBC report notes that publicly-traded holding company Blockchain Industries has a binding letter of intent with Blockchain Exchange Alliance -- to be listed on US equity markets, Blockchain Exchange Alliance would have to acquire Blockchain Industries. If successful, the reverse merger would result in the first publicly traded cryptocurrency exchange in the US.
- Prior to arriving at the Davos World Economic Forum in Switzerland, President and CEO of Nasdaq Adena Friedman published a blog post on LinkedIn where she details that, “cryptocurrencies could still be a global currency of the future.” Friedman argues that the next phase of cryptocurrencies will define the asset class’ future. In addition to discussing cryptocurrencies, Friedman discussed unicorn IPOs, the future of AI technology, and environmental, social, and governance (ESG) investing ideals in her post.
- Ed Tilly, CEO of the Chicago Board of Exchanges (CBOE), explained in an interview with Business Insider that lack of a Bitcoin-based exchange-traded note (ETN) is preventing cryptocurrencies from truly growing. Tilly’s comments come amid the ongoing US government shutdown, which is another point of frustration for the cryptocurrency industry and the potential approval of nine Bitcoin (BTC) ETF applications being considered by the Securities and Exchange Commission. “I have two regulators that are not taking calls right now. That doesn’t mean there is nothing we are interested in. It means nothing is going to happen in this government shutdown.”
Crypto Regulatory Environment
- Pennsylvania’s Department of Banking and Securities (DoBS) published new guidance for the state’s local cryptocurrency industry detailing that crypto exchanges and service providers are not required to have a money transmission license to operate. The DoBS detailed in its announcement that Bitcoin (BTC) and other cryptocurrencies are not considered money in the state. As per the guidance released, “To date, no jurisdiction in the United States has designated virtual currency as legal tender.”
General Crypto News
- Bitfury Group, a notable blockchain technology firm, has unveiled a suite of tools for merchants and developers to facilitate wider adoption of the Lightning Network, an off-chain scaling solution for Bitcoin (BTC). New products related to the Lightning Network include an open-source Lightning Network-enabled BTC wallet, a hardware Lightning Network payments terminal, e-commerce software for merchants, various developer tools, and a public Lightning Network node to facilitate the creation of Lightning Network payment channels.
- The Institute for Fintech Research at Beijing’s Tsinghua University (THUIFR) is partnering with Ripple to offer the Blockchain Technology Research Scholarship Program (BRSP), a blockchain research scholarship. The research scholarship program aims to recruit the best graduate students in China to study global blockchain development and regulations in the industry. Head of Global Operations and Partnership at Ripple, Emi Yoshikawa, said on Twitter regarding the partnership that Ripple is, “excited to work with Tsinghua University Institute for Fintech Research and help develop the next generation talent for blockchain in China.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio