Cryptocurrencies are mixed as Kraken acquires European exchange for at least $100 million
Feb 04, 2019
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Crypto Market Recap
- Cryptocurrencies are broadly mixed this afternoon with the price of Bitcoin (BTC) slightly lower by 0.12% in the last 24 hours to USD$3,465.05. Binance Coin (BNB) is continuing to rally and leads major coins in gains today, up 6.35% in the last 24 hours to USD$7.15. TRON (TRX) and IOTA (MIOTA) are also posting notable gains this afternoon, up 5.59% and 3.29% in the last 24 hours to USD$0.027016 and USD$0.258900, respectively. Stellar (XLM) lags major coins in the day’s trading, down 1.80% in the last 24 hours to USD$0.080706.
Crypto Developments in Financial Services
- Kraken, a large cryptocurrency exchange based in the United States, announced the acquisition of Crypto Facilities, a cryptocurrency exchange and futures provider based in the United Kingdom, for at least USD$100mm. Although neither party revealed the exact value of the acquisition, they did say it was a, “nine-figure deal.” “We are excited to introduce eligible clients to these industry leading futures and index products,” commented Kraken CEO Jesse Powell in a press release on Monday, adding, “Over the coming months, our teams will continue to enhance and expand these offerings.”
Crypto Regulatory Environment
- Venezuela’s cryptocurrency industry members must follow the new regulatory framework outlined in a crypto bill that took effect on January 31st, 2019. Initially approved by the country’s Constituent National Assembly in November 2017, the document called, “Constituent Decree on the Integral System of Crypto Assets,” contains 63 unique articles that outline rules and definitions concerning crypto assets, blockchain mining, cryptography, and more. Most prominently, the new regulation requires domestic mining entities and cryptocurrency exchanges to obtain mandatory licenses from the country’s regulators.
- The United States Securities and Exchange Commission (SEC) is requesting help from blockchain analytics companies to develop a compressive system that analyzes blockchain data and implements risk monitoring and compliance enforcement procedures. As per an official statement by the SEC on January 31st, 2019, the regulatory agency is seeking a blockchain data company with a, “capability to derive insights from the available data,” including the ability to identify the owners of cryptocurrency addresses.
- Daniel Haudenschild, the newly elected President of the Swiss Crypto Valley Association (CVA), declared in an interview with major Swiss news outlet Swissinfo that the recent cryptocurrency bear market is damaging Switzerland’s position as a global blockchain hub. Haudenschild, who officially took office as President of the CVA on January 31st, 2019, said in the interview that his priority will be to, “heal divisions to prevent Switzerland losing any more ground to other countries,” in attracting global blockchain projects. Haudenschild went on in the interview to urge the country’s regulators to keep Switzerland an open and easily accessible option for blockchain investors.
- A new report published by Quartz discusses that an Indian government committee tasked with assessing the impact of cryptocurrencies on the county is concerned of the impact digital assets could have on the stability of the rupee. The article cites an anonymous source active in the cryptocurrency industry who said, “If Bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilizing the fiat currency is a major concern for the committee.”
General Crypto News
- “Amazon will have to issue a currency sooner or later,” said Binance CEO Changpeng Zhao on Twitter this weekend. Zhao is of the belief that the global online retail giant cannot avoid issuing its own altcoin in the future. Zhao also discussed crypto payment acceptance on Twitter this weekend, writing, “For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster, and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.”
- Jack Dorsey, co-founder and CEO of Twitter, discussed in an interview with popular podcast host Joe Rogan that he believes Bitcoin (BTC) will still be the Internet’s native currency. During the interview, Dorsey declared, “Bitcoin was something that was born on the Internet, that was developed on the Internet, that was tested on the Internet, it is of the Internet.” Dorsey also discussed his belief that the Internet is moving towards a system where data is created and is online permanently, which is, “what blockchain helps enable.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio