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Cryptocurrencies Fall Sharply as US SEC Sues Kik for Alleged Unregistered $100 Million ICO

Jun 04, 2019

 

 
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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$7683.08 0.16% -10.33% -11.68% USD$136,302,237,218 USD$24,574,306,149
Ethereum ETH USD$238.03 -0.12% -9.04% -12.24% USD$25,315,980,687 USD$10,099,380,017
Litecoin LTC USD$100.53 0.17% -10.22% -12.2% USD$6,240,830,261 USD$4,213,871,441
EOS EOS USD$6.21 0.25% -13.59% -21.71% USD$5,701,604,667 USD$4,157,466,833
XRP XRP USD$0.4 0.54% -10.56% -10.51% USD$16,728,793,126 USD$2,543,656,451

 

 

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
VeChain VET USD$0.01 1.5% -4.72% -8.52% USD$398,267,263 USD$21,153,064
Ethereum ETH USD$238.03 -0.12% -9.04% -12.24% USD$25,315,980,687 USD$10,099,380,017
Stellar XLM USD$0.12 0.09% -9.79% -11.78% USD$2,333,603,472 USD$480,084,043
Litecoin LTC USD$100.53 0.17% -10.22% -12.2% USD$6,240,830,261 USD$4,213,871,441
Bitcoin BTC USD$7683.08 0.16% -10.33% -11.68% USD$136,302,237,218 USD$24,574,306,149

 

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Crypto Market Recap

  • Cryptocurrencies fell sharply in the red overnight and continued lower throughout the day with the price of Bitcoin (BTC) down 10.15% over the last 24 hours to $7,700. Bitcoin SV (BSV) continues to display little-to-no correlation with the broader market as the only coin among top 30 cryptocurrencies in the green, up 1.00% over the last 24 hours to $224.76. EOS (EOS) and Cardano (ADA) are among the biggest laggards today, each falling a little over 13% to $6.24 and $0.081626, respectively.

 

Crypto Developments in Financial Services

  • Open positions on the Chicago Mercantile Exchange's (CME) Bitcoin (BTC) futures product hit an all-time high, according to a report from CoinDesk on Monday. As per data release from the US Commodity Futures Trading Commission (CFTC), total open BTC futures positions in the week of May 27th through June 3rd is 5,190, a 7% w/w increase. The report from CoinDesk suggests that the increase in BTC futures activity could be a sign of growing interest among institutional investors.

 

Crypto Regulatory Environment

  • The US Securities and Exchange Commission (SHE) is suing Canadian startup Kik for allegedly hosting an unregistered $100 million initial token offering (ICO). According to an official announcement from the regulator on Tuesday, Kik violated Section 5 of the Securities Act of 1933 by raising $100 million through an unauthorized digital token sale that was non-compliant with US securities laws. As per comments made by SEC’s Division of Enforcement Co-Director Steven Peikin, Kik, “deprived investors of information to which they were legally entitled and prevented investors from making informed investment decisions.” 
  • The US Federal Bureau of Investigation (FBI) is calling on former users of defunct crypto exchange QuadrigaXZ to provide information regarding their experience with the exchange. According to an official announcement from the FBI published on Monday, “If you have questions or concerns about your QuadrigaCX account, or if you believe you are a victim, please complete the below questionnaire. Based on the responses provided, you may be contacted by the FBI and asked to provide additional information.” The questionnaire form from the FBI requests information such as usernames, transaction IDs, and whether they had access to the exchange’s hot wallets.

 

General Crypto News

  • Binance, one of the world’s largest exchanges by daily trading volume, has announced the launch of its Trust Wallet on the Binance DEX, the company’s decentralized exchange. Trust Wallet is an open source decentralized wallet that initially only offered support for Ethereum (ETH) and tokens based on the ETH network. Initially in the summer of 2018, Binance revealed intentions to list the Trust Wallet as the default wallet on its forthcoming decentralized exchange.

 

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

Sources:

https://bitcoinist.com/the-sec-officially-sues-kik-for-hosting-an-illegal-securities-sale/ 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/binance-launches-native-trust-wallet-on-binance-decentralized-exchange-dex 
https://cointelegraph.com/news/crypto-exchange-quadrigacx-missing-145-mln-after-death-of-founder 
https://cointelegraph.com/news/in-its-first-public-acquisition-binance-buys-decentralized-trust-wallet 
https://cointelegraph.com/news/open-positions-on-chicago-mercantile-exchange-bitcoin-futures-hit-record-high  
https://cointelegraph.com/news/sec-sues-kik-for-conducting-allegedly-unregistered-100-million-ico-in-2017 
https://cointelegraph.com/news/us-federal-bureau-of-investigation-calls-for-quadrigacx-users-to-provide-information 
https://forms.fbi.gov/seeking-victims-in-the-quadrigacx-investigation 
https://www.coindesk.com/open-bets-on-cmes-bitcoin-futures-hit-record-high 
https://www.coindesk.com/the-fbi-is-looking-for-quadrigacx-victims 
https://www.coindesk.com/the-sec-is-suing-kik-for-its-2017-ico 
https://www.fbi.gov/resources/victim-services/seeking-victim-information/seeking-victims-in-the-quadrigacx-investigation 
https://www.sec.gov/news/press-release/2019-87

 

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