Here is a collection of the popular stories from the cryptocurrency and blockchain space this week.
Bitcoin drops Below $6,000, Market Cap Below $100 Bln
After months of staying relatively stable, the price of major cryptocurrency Bitcoin plunged below $6,000 this week. The sharp variation is believed to be due to the uncertainty surrounding bitcoin cash’s hard fork. Other cryptocurrencies, including Ethereum and Ripple, also experienced a major sell-off. For the majority of the fall, Bitcoin was trading comfortably around the $6,400 range.
Tokyo police arrest 8 over $68 Mln cryptocurrency pyramid scheme
Eight people have reportedly been arrested in Tokyo for running a cryptocurrency pyramid scheme that collected 7.8 billion yen ($68.
42 million) from thousands of investors in Japan. Police believe that the suspects tried to avoid prosecution by making transactions in cryptocurrencies, which does not fall under the country’s financial exchange law. Six of the suspects admitted to the allegations.
Colorado issues cease and desist order to 4 crypto startups over ICOs
The Colorado Securities watchdog issued cease and desist orders to four cryptocurrency startups asking them to stop promoting unregistered securities to residents of the state. The latest actions were taken over Initial Coin Offerings solicited by Bitcoin Investments Ltd. (also doing business as DB Capital), PinkDate, Prisma, and Clear Shop Vision Ltd. This brings the total number of cease-and-desist orders signed by Colorado Securities Commissioner Gerald Rome to 12.
Malaysian Universities using blockchain to Fight Counterfeit certificates
The Malaysian Ministry of Education launched an e-Scroll system for a consortium of Malaysian public universities to verify and validate degree certificates using a blockchain-powered web application.
The need for such a system has arisen due to the increasing number of fake degrees and how easily available they are via the Internet.
The system is developed and deployed by LuxTag, a blockchain-based anti-counterfeit and anti-theft solution provider.
Israel’s Central Bank advised not to issue digital currency in near future
The Bank of Israel has been recommended not to issue central bank digital currency (CBDC) in the near future. The recommendation comes from an interdepartmental team formed in November 2017 to explore the feasibility of issuing CBDC. The team was established by the Central Bank Governor Dr.
Karnit Flug. The team noted that it is necessary to continue examining the field and to follow developments around the world before there are proper grounds for a decision to recommend issuing digital currency.
Michigan Says No To cryptocurrency donations to political campaigns
The important ruling was made by Michigan’s Department of State while replying to a letter sent by a Republican candidate who lost in the midterm election. William Baker, who sought election to the Michigan House of Representatives to represent District 60, was defeated by incumbent Jon Hoadley (D).
Bitcoin and other cryptocurrencies are too volatile to qualify for such donations, according to the Secretary of State’s office.
German Crypto Exchange Bitcoin Group SE Buys Investment Bank Tremmel
German cryptocurrency exchange Bitcoin Group SE acquired investment bank Tremmel Wertpapierhandelsbank GmbH, aiming to significantly expand its service portfolio. The purchase price was not disclosed, but the company said it is in the lower seven-digit euro range. The closing of the deal is expected to be in the first semester 2019 and is subject to relevant regulatory approval.
With the acquisition, Bitcoin Group expects to obtain the use of Tremmel’s banking license, which will help to significantly expand its crypto-related offerings
McAfee warns of Russian cryptojacking malware WebCobra
U.S.
-based cyber security firm McAfee Labs has put out a warning about a new Russian cryptojacking malware called “WebCobra,” which uses the victims computing power to mine for cryptocurrencies such as Monero and Zcash. The malware is believed to to arrive via rogue Potentially Unwanted Program (PUP) installers.
McAffe says the WebCobra malware is observed across the globe, with the highest number of infections in Brazil, South Africa, and the United States.
Current Prices
Over the past one week, Bitcoin lost 12.3 percent or nearly $780, and was trading at $5547.37 on Coinbase.
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