Cryptocurrency Daily News Bulletin, January 25

January 25, 2018 12:44 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.



Korea. According to a report published by Yonhap at approximately 7am (GMT), Korea is considering imposing taxes on virtual currency transactions as part of its efforts to curb speculative investment in cryptocurrencies. Financial Minister, Kim Dong-yeon, reportedly told lawmakers that the government is “considering imposing taxes on virtual currency transactions as part of its efforts to curb excessively speculative investment in cryptocurrencies.”

Theresa May. In an interview this morning with Bloomberg, U.K. Prime Minister Theresa May has promised to consider clamping down on bitcoin. “In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously,” she declared, adding that regulation may be needed “because of the way they are used, particularly by criminals.”

Weiss Ratings. Weiss Ratings, a U.S. independent rating agency, released its first cryptocurrency grades yesterday. No cryptocurrencies were awarded an ‘A’ grade. Ethereum and EOS received ‘B’ grades, the highest grades awarded, while Steem, Cardano and NEO received B- grades. Litecoin and Bitcoin were given C+ grades. The report appears to have had relatively limited impact on the market, especially for better-established currencies. (See ‘individual currencies’ below for more details)

Arsenal Football Club. Arsenal has become the first major football club to sign a deal to promote a cryptocurrency. The club have linked up with Cashbet, an iGaming business.


Individual Currencies


Bitcoin (+0.47%)

(Negative) Bitcoin received a “fair” C+ rating in the Weiss ratings (see above) because it is “encountering major network bottlenecks, causing delays and high transactions costs.” The report also noted that “despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”

(Negative) A new piece of research has estimated that 25% of Bitcoin users and 44% of Bitcoin transactions are associated with illegal activity. The research was conducted by researchers associated with the University of Sydney, University of Technology Sydney, and Stockholm School of Economics Riga.


IOTA (-4.32%)

(Negative) January 24, IOTA received a 12-page scathing review from Multicoin, a cryptocurrency investment firm based in Texas. They suggest that IOTA is trading well above any real value it might have, that the project has no real product market fit and the network is centralized and unstable. Additionally, the argue, the approach taken by the IOTA team, like knowingly allowing critical vulnerabilities to exist in the software, presents many reasons to be highly concerned.


Ripple (-4.68%)

(Negative) Bloomberg has published a feature piece on Ripple, which expresses considerable scepticism about the likelihood of the project’s success.

(Positive) Two more payment firms – telecom company IDT Corporation and global currency exchange provider MercuryFX – have signed up to test xRapid, Ripple’s cross-border payments network.

(Mostly positive) Ripple sold $91.6 million worth of XRP in the fourth quarter of 2017, taking advantage of last year’s 29,631 percent price surge. In total, Ripple used XRP sales to bring in over $180 million last year, without having to give up any equity in the company.


Waves (+5.56%)

(Positive) New research shows that Waves is the second most mentioned cryptocurrency on social media.

(Positive) Simdaq, an integrated platform for “cryptotrading democratization and development,” which was one of Waves Lab’s first participants has launched its ICO today.

(Positive) Yesterday, Waves Platform announced that it has forged a strategic partnership with Kazakhstan’s International Financial Center Astana to create “an advanced ecosystem for financial technologies.”


Siacoin (-3.76%)

(Positive) New research shows that Siacoin has highest percentage of positive mentions of any cryptocurrency.


Ethereum (+3.25%)

(Mostly positive) Ethereum received a B rating in the Weiss ratings (see above) because, compared to Bitcoin, it benefits from more readily upgradable technology and better speed, despite some bottlenecks.


EOS (+4.66%)

(Mostly positive) EOS was one of two currencies to receive a ‘B’ in the Weiss ratings (see above).


NEO (+2.99%)

(Mostly positive) NEO was one of only three currencies to receive a ‘B-’ in the Weiss ratings (see above)


Rivetz (-0.60%)

(Positive) Rivetz have posted a new development roadmap on their website.


Funfair (-4.40%)

(Positive) Funfair has posted a company update this morning (GMT), which provides details of new staff members, new developments, and future plans.


–, Robert Maxwell

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