Cryptocurrencies trade directionless, SEC begins countdown to announce Bitcoin ETF decision
Feb 15, 2019
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
- Cryptocurrencies are broadly mixed in afternoon trading today as the price of Bitcoin (BTC) is down 0.10% in the last 24 hours to USD$3,622.54. Binance Coin (BNB) continues to be the crypto stalwart, up 5.86% in the last 24 hours to USD$9.17. TRON (TRX) and Stellar (XLM) also lead major coins in today’s trading with each up more than 2.50% in the last 24 hours. Maker is the worst performing cryptocurrency this afternoon, falling 5.51% in the last 24 hours to USD$505.99.
Crypto Developments in Financial Services
- Coinsquare, a major Canada-based cryptocurrency exchange, announced the acquisition of StellarX, a zero-fee decentralized payment network based on the Stellar network based in Bermuda. Coinsquare will now aim to seek regulatory approval for StellarX to operate and expand its services through Coinsquare’s compliance. In December 2018, Coinsquare acquired BlockE, a private Stellar wallet that will likely become the new anchor wallet for the StellarX exchange.
- Terry Duffy, CEO of derivative market CME Group, said that government involvement will be key to the success of cryptocurrencies while interviewing with Bloomberg on Thursday. Duffy told Bloomberg, “The key to the success of any currency, whether it’s fat or crypto, is going to be associated with the government. So I think the government needs to be more involved.”
Crypto Regulatory Environment
- The US Securities and Exchange Commission (SEC) officially began its review of a rule change proposal for NYSE Arca’s Bitcoin (BTC) exchange-traded fund on February 11th, according to an SEC document published today. As per the SEC document, NYSE Arca proposed that shares of the Bitwise Bitcoin ETF Trust list and trade under NYSE Arca Rule 8.201-E. The US SEC will now have 45 days, beginning February 15th, to review and make their decision regarding the rule change -- if deemed necessary by the SEC, the review period may be extended for up to 90 days.
- Luxembourg officially passed a bill that creates legal framework pertaining to securities issued on a blockchain. According to an official release published by the country’s Chamber of Deputies, the bill was passed on February 8th with 58 members voting in support of the legislation and only 2 voting against it. In its release, the Chamber of Deputies said, “The bill should provide greater certainty for investors and make the transfer of securities more efficient by reducing the number of intermediaries.”
General Crypto News
- Hyundai Commercial, the financial services subsidiary of South Korean auto manufacturer Hyundai, is partnering with IBM to increase efficiencies in its business model using blockchain. Specifically, the partnership will focus on employing Hyperledger Fabric blockchain technology to build a new supply chain financing system for Hyundai Commercial.
- Fold, a cryptocurrency payments startup, saw over 150 people use its Domino’s web-based portal to buy pizza this week. Through Fold’s web-based portal to Domino’s, users can purchase pizza and other items from the popular US-based chain using the Lightning Network, an off-chain Bitcoin (BTC) scaling solution. According to Fold product lead Will Reeves, “We’re trying to make bitcoin fun again and illustrate that lightning is at a point where it is mainstream-ready.” Fold plans to integrate shopping options at Starbucks, Whole Foods, Dunking Donuts, Target, and Uber in its web portal over the next 6 months.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio