Bitcoin and its peers relatively had a lackluster week. After starting in red, they witnessed some recovery by Wednesday, that soon lost steam and cryptocurrencies were in the red Friday morning.
Sentiment was damped by the lack of major news from the blockchain week that concluded mid-week in New York. The much awaited rally in cryptocurrencies following the event never happened.
Here is a collection of the main stories from the world of cryptocurrency and blockchain this week, thus far.
Fed’s Bullard Says Dollar Not Threatened, Dorsey Says Bitcoin To Be Internet’s Currency
James Bullard, the head of the Federal Reserve Bank of St. Louis, insisted on dollar’s supremacy over emerging cryptocurrencies in an interview on the sidelines of the Consensus 2018 conference in New York. Meanwhile, Jack Dorsey, chief executive officer of both Twitter and Square, said the internet is set to have a native currency and the crypto community must help it happen. “I don’t know if it will be Bitcoin, but I hope it will be,” Dorsey said at the concluding day of the event. In corporate action against cryptos, Microsoft decided to disallow advertising for bitcoin and other cryptocurrency, cryptocurrency related products, and un-regulated binary options on Bing Ads, the advertising arm of its search engine Bing. The ban will be in place from late June or early July.
Goldman Sachs Backed Circle Raises $110 Mln; Chinese Mining Giant Files For IPO
Cryptocurrency startup Circle, which is backed by Goldman Sachs, closed a $110 million Series E fundraising round led by Chinese bitcoin mining giant Bitmain Technologies Ltd to develop a stablecoin called USDC. Elsewhere, the China-based Canaan Creative, the world’s second-largest Bitcoin mining hardware maker, filed an application for an initial public offering in the Hong Kong stock exchange. The IPO is reportedly for $1 billion.
Gemini Starts ZCash Trading; Etoro Launches Crypto Offerings In The US
Winklevoss brothers have announced that they will start accepting Zcash deposits on May 19, and trading on their Gemini exchange on May 22. Zcash, a “privacy coin” with a total market valuation of over $1 billion, is vying with Monero to become the dominant privacy-focused cryptocurrency. Israeli social trading platform eToro said it will officially launch cryptocurrency offerings in the U.S. later in 2018. And DX.Exchange, the first ever cryptocurrency exchange powered by Nasdaq, is set to launch in June. The Tallin, Estonia-based exchange operates on Nasdaq’s market matching technology, which is used by over 70 marketplaces across the world.
US Regulators Tout “Open-door Policies” For Token Sales; Thailand To Waive VAT
The heads of two US regulatory agencies have said their agencies had “open-door policies” for those trying to launch token sales. CFTC enforcement director James McDonald and SEC Enforcement Division Cyber Unit chief Robert Cohen made remarks during a panel discussion at CoinDesk’s blockchain conference ‘Consensus 2018’ in New York. In Thailand, the government has decided to waive the 7 percent value-added tax (VAT) for people trading in cryptocurrencies on exchange markets approved by the country’s securities watchdog.
S. Korea Targets Crypto Exchanges’ Corporate Accounts; India Top Court Allows CB Ban
South Korean financial regulators are tightening the noose on the country’s cryptocurrency exchanges. In the latest move, Financial Services Commission (FSC) has announced that it is widening its investigation into the cryptocurrency exchanges’ use of corporate accounts, which the regulators say, can lead to money laundering. India’s Supreme Court refused to stay the central bank’s ban on the country’s commercial banks from providing services to investors in digital currencies. Elsewhere, the Reserve Bank of Zimbabwe (RBZ) banned all banks and financial institutions in the African nation from transacting in bitcoin and other virtual currencies.
HSBC, ING Carry Out World’s First Trade Finance Transaction Using Blockchain
HSBC and ING Bank teamed up to successfully conduct the world’s first live trade-finance transaction using a blockchain for their mutual client, the American food and agricultural giant Cargill, thus demonstrating the commercial and operational viability of the distributed ledger technology for trade digitization. Meanwhile, Indian IT company Infosys partnered with seven Indian banks for a blockchain-based trade finance network.
ICON In Partnership With LINE To Build Dapps; Cambridge Blockchain Raises $7 Mln
ICON, a project aiming to build a decentralized network for independent blockchains, announced a massive partnership with Japan’s LINE Corp. for blockchain development. Cambridge Blockchain, Inc, an enterprise data management and digital Identity Startup, said it raised $7 million in Series A equity financing, led by HCM Capital, the venture arm of Foxconn Technology Group, the manufacturer of Apple’s iPhone. And major organizations see a “compelling business case” for the use of blockchain, according to a new Deloitte LLP survey.
HTC Plans To Launch New Blockchain-powered Phone ‘Exodus’
Taiwanese company HTC plans to make a new blockchain-powered Android phone, named Exodus. The phone, which might be the world’s second blockchain-powered smartphone, will support Bitcoin, Ethereum, and other major cryptocurrencies, reports said. It will have a universal wallet, secure hardware, and decentralised apps.
The crypto terms discussed this week were – ATH, Bitcoin Maximalist, STABLECOIN, ICO and Pump-and-Dump.
As of 10.34 am ET on Friday, Bitcoin was down 4.56 percent for the week at $8,070 and Ethereum was lower by 1.65 percent at $674 on Coinbase.
by Jyotsna V