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Cryptocurrency End of Day Recap

Jul 12, 2018

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  • CryptoDaily is reporting that the increased interest by the Chinese between September 2017 and February 2018 may have caused the price of bitcoin to skyrocket. Higher prices could have led to more interest by the Chinese investor population which is why authorities may have been worried that cryptocurrencies would challenge the Yuan. The Yuan accounted for 90% of Bitcoin trading back in 2017 and now accounts for less than 1% showing that China’s ban on trading has been effective.
  • The self-proclaimed decentralized exchange Bancor, has resumed operations after a reported USD$12mm hack. The exchange lost tokens of its own BNT as well as ETH and Pundi X tokens. The exchange noted that no tokens were stolen out of customer balances, but they were stolen out of BNT’s connector balance which serves as a reserve. The fact that the exchange had tokens stolen led to a well-known trader, Tone Vays, to claim that Bancor is another ICO scam.
  • Crypto exchange Cobinhood announced today that it will be supporting fiat trading with the USD$ next week. The firm is working with Epay, an online payment platform that allows users to buy fiat currency. Cobinhood founder Popo Chen believes that value investors are waiting on the sidelines for more price normalization to occur.
  • New York state is interested in having cryptocurrency miners use its cheap power supply. The state just approved a new rate structure for an upstate utility that will allow miners to run their operations and negotiate their power prices. The New York State Public Service Commission said that since the upper region of the state has an abundance of cheap electricity, there is an opportunity for economic development.