Cryptocurrency Daily News Bulletin, Jan. 11

January 11, 2018 1:47 pm Published by

Please note: Information on this post should not be construed as personal investment advice. Prices were correct at the time of writing.

General News

Korea.  According to Reuters, early this morning (GMT) Justice minister Park Sang-ki said the government was preparing a bill to ban trading on domestic exchanges. He was quoted as saying that “there are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.” This had a big impact on cryptocurrency markets, with Bitcoin prices down by 14%. Prices have recovered somewhat after the Presidential office hours later said a ban had not yet been finalized and is only one of the measures being considered. If a Bill is drafted, legislation will require a majority vote in the National Assembly, a process that could take months or even years. Similar reports have been published by organizations such as CNBC. Early versions of these reports did not include the qualifications to the Justice Ministers remarks. Organizations such as the BBC and The Guardian have also published articles stating that Korea is planning to ban cryptocurrencies.

There has also been speculation, particularly from within the crypto sphere, that this news has been misreported and that, in fact, the Korean government is planning to ban anonymous trading, rather than trading per se. This may mean, in others words, that exchanges that don’t meet new KYC requirements will be banned, but that others will be allowed to continue trading.

Several high-profile exchanges were raided by the Korean police this morning.
Warren Buffett. Warren Buffet declared yesterday that “I can say almost with certainty that cryptocurrencies will come to a bad end.” He added that “if I could buy a five year put on every one of the cryptocurrencies, I would be glad to do it, but I would never short a dime’s worth”. Charlie Munger, Buffet’s longtime partner at Berkshire Hathaway, also described the soaring values of Bitcoin and the other cryptocurrencies as bubbles.
Vibe. The live music-centric digital currency has seen its value increase from approximately $0.40 to $1.60. For more on Vibe’s rise see

Bitcoin (-1.85%)

(Mostly negative/unclear) When the ban on anonymous trading on Korea exchanges was announced (see ‘General’ section) Bitcoin’s price fell by 14%, but has since recovered ground.
(Negative) According to Reuters, the U.S. Senate’s financial services panel will hold a hearing next month with the country’s top markets regulators to discuss bitcoin amid rising concerns over the risks cryptocurrencies pose to the financial system.

Bitcoin Cash (+1.85%)

(Positive) Online gambling entrepreneur and billionaire Calvin Ayre has announced his next business venture to be cryptocurrency mining operations. According to Ayre the mining facility will dedicate its hashpower to the bitcoin cash blockchain only.

Ethereum (-9.74%)

(Negative) Marcin Noga, a security researcher at Cisco’s Talos security team, disclosed several serious vulnerabilities in several popular implementations of the Ethereum Client, several of which may be serious enough to disrupt the entire Ethereum network.

Ripple (-12.86%)

(Mostly positive) Jan 10, the Monetary Authority of Singapore (MAS) has revealed that it has held preliminary talks with representatives of Ripple Labs as part of the MAS’s “blockchain experiment.” However, the recent instability of XRP may damage its efforts to become involved in cross-border payments.

Tron (-5.70%)

(Unclear) Over the past 24 hours, Tron was responsible for 12% of the trade volume on Binance, one of the world’s most active crypto exchanges.
(Negative) Traders appeared underwhelmed with Tron’s announcement of its partnership with Baofeng. Justin Sun, TRON’s creator, revealed last week that he would announce a partnership with a publicly traded company. Because Sun is the protégé of Jack Ma, the founder of Alibaba Group Holding Ltd., many speculated the partnership was with BABA.

Zencash (-7.18%)

(Positive) January 10, ZenCash announced its collaboration with IOHK, a blockchain research and development company, to promote private and secure transactions for people globally. ZenCash and IOHK will collaborate on key research and development projects, including the creation of a protocol-level treasury model and a joint study on blockchain scalability.

NEO (-4.32%)

(Positive) NEO Founder Da Hongfei discussed regulation and the future of crypto currencies on Bloomberg’s “Daybreak.”

OmiseGo (-4.94%)

(Positive) McThai, the licensee to operate McDonald’s restaurants in Thailand,has partnered with Omise to provide a payment gateway for web and mobile ordering of McDonald’s in Thailand “to deliver a seamless experience for the growing number of online customers”.

PivX (+1.45%)

(Positive) PivX announced at approximately 5 am (GMT) that is will reveal its 2018 Roadmap this week., Robert Maxwell

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