A collection of the popular stories from the cryptocurrency and blockchain space this week.
Colorado Issues Cease-and-Desist Order Against 18 ICOs
Colorado’s Securities watchdog issued Cease and Desist Orders against four companies promoting unregistered and potentially fraudulent securities in the state in the form of Initial Coin Offerings (ICOs). Colorado Securities Commissioner Gerald Rome said he has signed orders to stop 18 initial coin offerings in the state of Colorado, saying that they violate the Colorado Securities Act. Two more orders are pending.
Bitcoin Drops Below $5,000
Bitcoin, the largest cryptocurrency, touched a new low in more than a year on Tuesday, reaching around $4,500. Other major cryptocurrencies, including ethereum and XRP, were also continuing their downfall, which started last week. bitcoin’s ongoing sell-off was due to technical levels and stop orders in the market.
The uncertainty surrounding bitcoin cash’s hard fork also added to the fall.
UK Regulator Considering Ban On Sale Of Cryptocurrency Derivatives
The Financial Conduct Authority or FCA, the U.K.’s finance regulator, is likely to ban the sale of cryptocurrency derivatives such as futures. At The Regulation of Cryptocurrencies event in London, FCA executive director of strategy and competition Christopher Woolard expressed concern that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues.
North Korea To Host International Blockchain And Crypto Conference Next Year
North Korea announced its plan to host the country’s first international blockchain and cryptocurrency conference next year. The conference will be conducted in the Pyongyang Science and Technology Complex from April 18 to 25, 2019.
North Korea invites any interested person from all countries, except from South Korea, Japan and Israel. Journalists are also not allowed to attend.
Norway Withdraws Electricity Subsidies For Bitcoin Miners
The move comes as sharp decline in the price of Bitcoin, the largest cryptocurrency, is forcing many btcoin mining operations to close down as they may no longer be profitable. Like other power-intensive industries, larger mining firms receive the same electricity tax discount, and until now paid a low rate of 0.
48 Norwegian oyra, per kilowatt. As of January 2019, this would increase to 16.58 oyra per kilowatt.
BBVA And Other Banks To Join EU’s Planned Blockchain Association
Major banks are joining the new proposed blockchain association by the European Commission, the EU’s executive body. The banks will subsequently join the launch of the International Association for Trusted Blockchain Applications or IATBA, a European platform to promote the use of blockchain. The association is expected to be set up as early as first quarter of 2019.
Binance Labs Invests $3 Mln In US OTC Crypto Trading Desk Koi Trading
Binance Labs announced a $3 million investment in US over-the-counter or OTC crypto trading desk Koi Trading.
The collaboration between Binance Labs and Koi Trading is likely to help rectify OTC trading difficulties globally. OTC trading, which began in China, is now booming outside the country as well.
Crypto-focused Silvergate Bank Files For $50 Mln IPO
Silvergate Capital, the parent of Silvergate Bank with a focus on digital currency industry, filed for an initial public offering, aiming to raise up to $50 million.
In a document filed with the Securities and Exchange Commission, the La Jolla, California -based emerging growth company said it plans to list on the NYSE under the symbol “SI.”.
Silvergate Capital reportedly filed confidentially on August 3, 2018.
SIX Swiss Exchange To List Multi-crypto-based ETP
SIX Swiss Exchange, Switzerland’s prominent stock exchange, will list a cryptocurrency exchange-traded product or ETP next week even as the crypto market is plummeting each day. It is touted as the world’s first ETP tracking multiple cryptocurrencies.
Current Prices
As of this writing, Bitcoin is down 3.87 percent or $172.
20 at $4295.
81 . Ethereum is declining 7.51 percent or $9.75 at $120.
73 on Coinbase.
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