Leading cryptocurrencies, Bitcoin and Ethereum, are trending down Wednesday morning, while some altcoins including Ripple, are rising.
Overall cryptocurrency market capitalization was $198.37 billion and the Bitcoin dominance rate was 55.2 percent as of 10.55 am ET on CoinMarketCap.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
UK Treasury Committee Recommends Regulation For ‘Wild West’ Crypto-asset Market
A British parliamentary committee has called on the government to introduce regulation to protect investors from the current “Wild West” situation in the crypto-asset market. The Treasury Committee has made recommendations in a report published Wednesday on crypto-assets for its Digital Currencies inquiry.
NY AG Warns Crypto Exchanges Vulnerable To Manipulation
A report from the New York Attorney General have laid bare several problems with cryptocurrencies exchanges, including some leading ones such as Coinbase and Kraken. A probe by the AG’s office found that crypto exchanges were yet to implement strict measures to monitor and prevent abusive trading. Further, the report said serious conflict of interest was prevalent in these virtual trading platforms and that they are doing little to protect customer funds.
Abu Dhabi Financial Services Regulator Seeks Tough Regulation For Cryptos
Cryptocurrencies must be regulated tightly to prevent financial crime and to boost investor confidence, Richard Teng, head of the Financial Services Regulatory Authority of the Abu Dhabi Global Market said. In an interview to the UAE newspaper The National, Teng said it was not proper to regulate crypto exchange the same as traditional money services.
Blockchain-powered ‘Snapparazzi’ To Launch Media Sharing Forum
A blockchain-powered platform called “Snapparazzi” is set to be launched as a decentralized independent media sharing & advertising forum where users get paid for the media content they generate. The platform is expected to address the problem of incomplete media coverage.
Blockchain Solutions Can Fix Environmental Challenges: WEF
A new research by the World Economic Forum (WEF) says blockchain technology can be applied in more than 65 ways to address the world’s most pressing environmental challenges. The research report, titled “Building Block(chain)s for a Better Planet,” calls for new global platforms to incubate “responsible blockchain ecosystems” rather than just individual applications or companies.
As of 10.55 am ET, Bitcoin was down by 0.65 percent at $6,323.32 and Ethereum was lower by 0.61 percent at $209.73 on Coinbase.
by Jyotsna V