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Cryptocurrency Morning Brief

Jun 11, 2018

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  • Coinrail, a cryptocurrency exchange based in South Korea, was hacked yesterday and sources say that the exchange may have lost up to USD$40mm. The exchange has suspended services after the “cyber intrusion” which resulted in a variety of ERC-20 tokens being stolen from the platform. Coinrail cited that NPXS, ATC, and the NPER token were targets of the hack. The general cryptocurrency market has sold off on this news, and the total market capitalization is down ~USD20bn
  • Lithuania has issued guidelines detailing whether ICOs will be recognized as securities. A defining feature that Lithuania’s Ministry of Finance outlined is whether a token “grants profits or governance rights” to investors. Additionally, the Ministry will analyze whether an entity’s token participates in secondary market exchanges and whether the ICO is a crowdfunding activity. The Ministry stated that there are corresponding laws that govern securities, crowdfunding and financial instruments already
  • The former Chair of the US Federal Deposit Insurance Corporation (FDIC), Sheila Bair, stated that the Federal Reserve needs to consider issuing a central bank digital currency. Ms. Bair stated that the “past 10 years are proof that current monetary tools are woefully inadequate to stimulate broad-based economic growth”. The former Chair also discussed how banking can be disrupted, which would put the Federal Reserve at risk
  • Argo Blockchain plans to raise GBP£20mm through an IPO on the London Stock Exchange (LSE). The company lets people mine cryptocurrencies via a subscription model with their smartphones and their computers. With the GBP£20mm equity issuance, Argo Blockchain will be valued at ~ GBP£40mm. Customers will be charged USD$25/month or GBP£18 to join the firm’s mining pools. Currently the firm offers mining services for Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), and Zcash (ZEC)
  • Fidelity is looking for fund managers to run its Bitcoin fund, which was launched last year. Two members of Fidelity’s crypto team have recently left for other opportunities. Internally, Fidelity launched Castle Island Ventures, a cryptocurrency focused venture capital firm. Recently, the firm announced that it is looking into developing its own cryptocurrency exchange with a digital asset custodial service for institutional investors
  • Coinbase has unveiled intentions of entering the Japanese market. The firm now provides services to 32 nations and caters to 20mm clients. The platform permits USD, EUR, GBP, CAD to convert to BTC pairs for trading. Japan currently has 16 cryptocurrency exchanges with 15 pending applications and reportedly, 100 more organizations aiming to enter the space
  • Cryptocurrencies remain lower yesterday after a hack on the Coinrail exchange. Bitcoin (BTC) traded as low as ~USD$6,700. Quantamize has updated its AI Machine Learning Crypto Signals, and 6 out of 30 cryptocurrencies have a rolling 3-Day signal of Buy.