CryptoCurrency : Cryptocurrencies mostly negative as ECB President Draghi says EU has no plans of issuing a unified digital currency
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* Bitcoin set another 2018-high for market domination yesterday with 56.9% of the total cryptocurrency market capitalizatoin, the highest percentage since December 16, 2017. Altcoins continued to lag yesterday with Ethereum’s price dropping 4% to USD$181 and Ripple’s price losing 2.4%. Tezos, however, rallied on the day of its official launch, gaining around 12%. Total crypto market cap now sits at roughly USD$191 billion, the lowest level since early November 2017.
* Cloudfare, a major US content delivery network (CDN), has designed and introduced a new decentralized content delivery gateway via its InterPlanetary File System (IPFS). The announcement, made via blog post yesterday, came during Cloudfare Crypto Week, a week devoted to new cryptography-powered technologies. Cloudfare’s IPFS Gateway would allow peer-to-peer sharing and an ability to download content without installing any form of special software.
* The founder of the world’s second largest cryptocurrency exchange, OKEx, was allegedly detained in China in relation to suspected digital currency fraud last Tuesday, according to local news outlet Sina News. Founder Star Xu was arrested after investors in WFEE Coin, a company where Xu is a shareholder, complained to police about the company’s alleged fraudulent practices. OKEx saw an almost 3% drop in trading volume over the 24-hour period following Xu’s arrest.
* The founding partners behind the blockchain fund backed by the government of Chinese city, Hangzhou, are planning to release a stablecoin pegged to the Japanese Yen. Members of Xiong’An Blockchain Fund have already begun work on the project, according to founding partner Yao Yongjie. The fund hopes to roll out the stablecoin by the end of this year or early 2019.
* Palestinians have flocked to cryptocurrencies like Bitcoin in order to invest abroad or shop online, according to a report by Coindesk. Ahmed Ismail, a financial analyst in Gaza, said there are at least 20 unofficial exchange offices dealing with cryptos in Palestine, while he himself helps about 30 clients invest abroad and shop online by purchasing Bitcoin.
* The People’s Bank of China issued a public notice reminding investors of the risks associated with cryptocurrency trading and initial coin offerings. The notice from China’s central bank was to “remind” consumers and investors of the risks in dealing with the asset class, which was banned in China about a year ago. Despite the ban, cryptocurrency trading activity is very much alive among Chinese citizens through use of offshore exchanges.
* The President of the European Central Bank (ECB), Mario Draghi, said that the ECB, “has no plans” of issuing a unified digital currency, while speaking in front of European Parliament. In citing reasons for why the ECB will not issue a digital currency, Draghi said that an EU digital currency would put the ECB and private banks in direct competition and it would cause the ECB to take on substantial operational costs and risks.
* Researchers have discovered that hackers stole the processing power of several different Indian government websites in order to mine cryptocurrencies. Citizen portals, including the municipal administration of Andhra Pradesh and Tirupati Municipal, were found to be infected by cryptojacking malware. Hackers were able to accomplish this by tricking victims into clicking links, or by loading JavaScript code through users’ browsers.
* Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, told CNBC that Ripple is making strides towards the commercial launch of its product, xRapid. xRapid is a real-time settlement platform designed specifically for speedy international payments, and CNBC believes Ripple could launch xRapid within the next month. Backed by XRP tokens, xRapid would minimize liquidity costs while speeding up transaction times for cross-border payments.
* The Securities and Exchange Commision’s (SEC) chief accountant said, while speaking in front of the AICPA National Conference on Banks and Saving Institutions, that digital assets do not change the need for companies to report financial activities. Wesley Bricker went on to say that it was time the US get up to speed on cryptocurrencies and digital assets.
* Sweden-based company, XBT Provider AB, will begin to list Bitcoin Exchange Traded Notes (ETN), according to Bloomberg. CEO Laurent Kssis said that clients have expressed interest in a number of cryptocurrency products in explaining the reasoning for XBT’s decision. XBT currently offers exchange traded products tracking Bitcoin and Ether in Sweden, however, the company is gearing up plans for expansion to other countries.
* While speaking at a forum Sunday, Major-General Khalil Ibrahim Al Mansouri, assistant commander of the criminal investigation department of the Dubai Police, warned that lack of awareness of risks associated with digital assets aids cybercriminals in carrying out fraud and money laundering. This warning came as the Dubai Police are currently investigating a Dh 300 million ($81.7 million) international fraud case involving digital assets.
**Sources:**
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