Bears take charge of Bitcoin
Although usually we don’t witness much price action on the weekends in the crypto world, this week was different as Bitcoin which opened at $7500 on the day had declined $850 to hit a low on the day @ $6650. As see in the daily chart below, Sundays daily candle showed strong bearish momentum to the downside where the bears took charge on the day. Bitcoin retraces back up slightly to close on the day at $6770.
Cryptocurrency Exchange Coinrail Hacked
South Korean cryptocurrency exchange Coinrail said it was the victim of a hack on Sunday, with reported losses of about 40 billion won ($37.2 million) in cryptocurrency. Coinrail, a cryptocurrency exchange based in South Korea, said on Sunday its platform has been hacked, with other sources suggesting it lost cryptocurrencies totalling as much as $40 million in the attack.
Coinbase adds support for ETC
Coinbase adds support for ETC (announced on Twitter) price rallies up over 20% on the day because of this announcement. Binance immediately adds support for ETC trading pairs.
Bitcoin Price was Manipulated by Tether, Researchers Claim:
Market manipulators used Tether’s USDT token to artificially inflate the bitcoin price during 2017’s prolonged bull run. That’s according to new research from University of Texas finance processors John Griffin and Amin Shams, best known for identifying suspicious activity in the VIX last year. Writing in a 66-page report titled “Is Bitcoin Really Un-Tethered?,” Griffin and Shams argue that tether, which is meant to be considered a stablecoin that is allegedly backed by USD at a 1:1 ratio, has been repeatedly used to provide price support for bitcoin during market downturns. Report found at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066 ( Bitcoins price hits a low of the week declining to $6135.)
Bitcoin Is Controlled by China, Won’t Disrupt Banks: Ripple CEO Brad Garlinghouse
Brad explained that Bitcoin is actually controlled by China. “There are four miners in China that control over 50% of Bitcoin,” he said, according to financial publication TheStreet.
Ethereum not a security according to SEC
Top official William Hinman, director of the SEC’s division of corporate finance at the US Securities and Exchange Commission said that Ethereum is not a security according to federal guidelines. Speaking on Thursday at the Yahoo Finance All Markets Summit: Crypto, said that, at least “as currently structured,” ether will not be regulated as a security by the SEC.
Western Union says Ripple pilot no good
Western Union, the largest money transfer service in the world, made waves earlier this year when it confirmed that it had partnered with Ripple to conduct a blockchain trial involving the XRP cryptocurrency. However, six months into that test, Western Union CEO Hikmet Ersek said that the firm has yet to see any real cost savings that warrant overhauling its system to use XRP for cross-border payment settlement. Ripple had responded by saying: that Western Union has not seen tremendous improvement since it has only actually made 10 transactions using XRP.
SEC news on Ether paves the way for Ethereum Futures
A top executive at the first US exchange to list bitcoin futures contracts said that the Securities and Exchange Commission’s statement that ether will not be regulated as a security will help pave the way for exchanges to list ethereum futures. CBOE Global Markets President Chris Concannon made this comment in a statement quoted by Bloomberg, predicting that this regulatory clarity will make the Commodity Futures Trading Commission (CFTC) more likely to approve the listing of Ethereum futures.