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Cryptocurrency End of Day Recap

Jul 02, 2018

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  • Severe storms have hit many areas in China including: Sichuan Mianyang, Guangyuan, Chengdu, Aba and Meishan. Areas Sichuan and Aba are popular for being bitcoin mining hotspots because the area offers cheap electricity. As a result, USD$ miilions of mining equipment have been wiped out in the area. Also, the hash rate of Bitcoin suffererd a significant drop after the natural disaster because thousands of Chinese miners went offline. BTCmanager reports that 49% of the world's Bitcoin hash rate is depedent on the area of Sichuan in China.
  • The SEC has charged two Nevada residents with illegally profiting off stock sales form a blockchain startup. T.J. Jesky and Mark DeStefano allegedly made USD$1.4mm in 10 days by selling shares in Hong Kong-based UBI Blockchain Internet. The duo received 72,000 restricted shares of the firm's stock last October, which indicated that they were to be sold at a specific price - USD$3.70. Apparently, the individuals sold the shares at prices ranging from USD$21/share to USD$50/share. The SEC has stated that the two defendants have agreed to repay the USD$1.4mm and pay penalties of USD$188,682 and become subect to permanent injunctions.
  • Online luxury goods retailer, Fancy.com, is announcing a discount system for those who pay for their products using Bitcoin (BTC) or Bitcoin Cash (BCH).  Due to the fact that merchants don’t need to pay payment processing or fraud protection fees for cryptocurrency payments like they do for credit card payments, Fancy.com is offering a 3% discount on all purchases when BTC or BCH is used.  This is just yet another example of cryptocurrencies becoming increasingly adopted throughout the world.
  • Announced today - BTCC, previously one of China's top three cryptocurrency exchanges, has relaunched its operations again with its own native digital currency token. Last year, China introduced a ban on cryptocurrency exchanges and cryptocurrency activity. With the relaunch, BTCC will be offering crypto-to-fiat and crypto-only trading pairs. The cryptocurrency exchange will be charging zero fees int he first three months of its relaunch. The exchange lists that it is based out of the UK on its website.

Sources:

https://www.coinspeaker.com/2018/07/02/formerly-chinas-top-three-crypto-exchange-btcc-relaunches-with-its-native-token/

https://www.coindesk.com/sec-charges-2-in-illicit-ubi-blockchain-stock-sale/

https://btcmanager.com/chinese-bitcoin-miners-hit-with-heavy-losses-after-flood-damage/

https://news.bitcoin.com/luxury-shopping-marketplace-fancy-offers-discount-for-bitcoin-purchases/