Cryptocurrency Morning Brief
Jun 27, 2018
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- Facebook will be reversing prior actions and unban cryptocurrency advertisements on its platform. The original ban went into place in January. Advertisers will need to submit the type of content they will be displaying in advance. The company said it has been studying the best way to refine its advertisement policy so that the advertisements are safe to display for its users. There will still be an outstanding ban on binary options as well as initial coin offerings. Cryptocurrency ads will require a classification: cryptocurrency products and service, education on cryptocurrency, and cryptocurrency news or other.
- Data compiled by Investopedia using SEMrush’s platform shows that the following searches related to bitcoin have been the most popular as of late: bitcoin, bitcoin price, bitcoin value, bitcoin to usd, bitcoin mining. The article also posed that bitcoin searches picked up during times of geopolitical tension which may indicate individuals are looking to bitcoin as a safe-haven or an alternative to traditional currency. In some countries, Bitcoin is a more popular search than Gold. These countries are: Algeria, Brazil, Columbia, Ecuador, Kenya, Lithuania, Morocco, Slovenia and Venezuela.
- Cryptocurrency exchange Huobi Pro will be ending its trading services to Japanese investors starting next month. The suspension will take place July 2nd. Huobi Pro is currently the third largest cryptocurrency exchange by trading volume. The cryptocurrency exchange does not have a license with Japan’s Financial Services Authority (FSA). Web traffic tracking site Alexa indicates that 13.3% of visitors to Huobi Pro are from Japan.
- The US government is looking to sell 4,000 bitcoins that were seized during a crackdown on dark web marketplaces – currently worth ~USD$24,000. The government seized the bitcoins from Ryan Farace and Robert Swain who allegedly manufactured drugs and distributed them on the dark web. This is not the first time that the US government has confiscated and sold bitcoin’s – 80,000 bitcoins were seized and auctioned during the Silk Road crack down.
- Nobel Laurette Economist, Robert Shiller, had an interview with Bloomberg yesterday and noted that Bitcoin is a social movement and that its popularity is split across different lines. The economist called the Bitcoin phenomenon “generation and geographic”. Shiller discussed how Silicon Valley is more enthusiastic than the East Coast and that impressive cryptographic theory has emerged from computer scientists. However, Shiller mentioned how Bitcoin could be extinct in 100 years because of hard forks.
- The Hong Kong Monetary Authority (HKMA) is planning to work with regulators in Abu Dhabi to develop a cross-border financial system that will be built with distributed ledger technology (DLT). The HKMA signed a fintech co-op agreement with the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market. The chief fintech officer of the HKMA said that they are pleased to begin working with the FSRA. It is reported that the HKMA has already tested a Hong Kong Trade Finance Platform (HKTFP with Singapore.