The past week was not a great one for the entire Crypto market, here are some of the “Highlights” that CEDEX thought we should point out to you — our community!
• All of Top 100 Cryptocurrencies See Red Amidst CFTC Price Manipulation Probe:
Regulators requested data in order to investigate whether manipulation might be compromising prices in digital currency markets.
The probe followed the launch of Bitcoin (BTC) futures by CME Group in December last year. CME forms its Bitcoin (BTC) futures prices based on data from four crypto exchanges; Bitstamp, Coinbase, itBit and Kraken, where manipulative trading could reportedly have distorted the value of BTC futures. Investigators are going after trading schemes that can be used to manipulate the price of BTC futures that the government directly regulates.
• Coinrail Exchange Hacked, Loses Possibly $40 Million in Cryptos:
Coinrail, a cryptocurrency exchange based in South Korea, said on Sunday its platform has been hacked, with other sources suggesting it lost cryptocurrencies totaling as much as $40 million in the attack.
However, Coinrail only provided the names of some of the tokens that were taken in the alleged breach without disclosing the exact amounts at stake. These included the NPXS token from the Pundi X project, ATC from Aston and the NPER project’s NPER token.
However, a blog post published by Pundi X on Sunday suggested that the hacker may have stolen 1,927 ether, 2.6 billion NPXS, 93 million ATX and 831 million DENT coins, as well as significant amounts of six other tokens.
These assets in total were worth around $40 million at the time of the hack and have since dropped to around $30 million at press time, according to data from CoinMarketCap.
• SEC Chairman Jay Clayton Says Bitcoin Not a Security, Most ICOs Likely Are:
Jay Clayton, the chair of the US Securities and Exchange Commission (SEC), believes that Bitcoin(BTC) is not a security since it acts as a replacement for sovereign currencies.
Clayton, when speaking about the “incredible promise” of distributed ledger technologies driving efficiencies in markets, clarified during today’s CNBC interview his thoughts on cryptocurrencies that are “replacements for sovereign currencies: “Replace the dollar, the yen, the euro with Bitcoin. That type of currency is not a security.”
• Coinbase Acquires Financial Services Firm to Become SEC-Regulated Broker Dealer:
Leading US cryptocurrency trading platform Coinbase initiated the process to become a fully regulated broker dealer by the US Securities and Exchange Commission (SEC). According to an announcement published June 6, this is made possible by the acquisition of securities dealer Keystone Capital Corp. in addition to Venovate Marketplace, Inc., and Digital Wealth LLC.
With this move, Coinbase joins other platforms that are looking to trade blockchain-based securities under the regulatory purview of the SEC. Pennsylvania-Based Susquehanna recently amended their broker dealer license to trade cryptocurrencies and Bitcoin futures. The firm plans to offer digital currencies to a small group of clients, and aims to expand the service in the future.
- Deutsche Bank, Allianz, Auto1 Partner to Create Car Financing Blockchain Platform:
German insurance group Allianz and Deutsche Bank have partnered with Berlin-based car exchange Auto1 to offer auto financing using blockchain technology.
The new venture will offer insurance products and loan refinancing for car dealerships that buy Auto1’s vehicles.
The loan payment and refinancing confirmations will be recorded on a blockchain. The new process will ostensibly allow dealerships to immediately refinance their purchases, rather than using a paper-based process which can tie up their equity for over two weeks. Auto1 hopes that the new blockchain platform will help the company diversify its offerings and promote customer loyalty.
And, As always — Weekly Crypto Charts to display market status:
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