Cryptocurrency Daily News Bulletin, February 1

February 1, 2018 1:05 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.


India. During his budget speech today, India’s finance minister, Arun Jaitley, declared that “the government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.” India, which accounts for 10% of bitcoin transactions, does not currently regulate cryptocurrencies, but Jaitley’s announcement has led to speculation that the government may now restrict or outlaw dealing and trading. Others, however, have emphasized that Jaitley made no explicit mention of exchange trading and that his reservations about cryptocurrencies have been public knowledge for some time. News outlets started to report this news early this morning (GMT), which coincided with a sharp dip in prices across the market.

Bitfinex and Tether. Many news outlets, including the New York Times, have continued to devote significant attention to the allegations surrounding Tether and Bitfinex, after it was revealed yesterday that Bitfinex had been subpoenaed by the Commodity Futures Trading Commission in December See also yesterday’s bulletin.

Senate Committee Hearing. On Feb. 6, the Senate Committee on banking, housing and urban affairs is scheduled to hear testimony from SEC Chairman Jay Clayton and CFTC Chairman Giancarlo on virtual currencies. Both may recommend the creation of an oversight committee, which would devise regulations to manage the cryptomarket in the U.S.

Korea. In a landmark ruling, a South Korean court has ruled that cryptocurrencies have economic value, overturning an earlier court ruling which did not recognize digital currencies. The Suwon District Court recognized that bitcoin has economic value and can therefore be confiscated, according to local media reports.

Venezuela. Venezuela’s oil-backed cryptocurrency, the petro, is a step closer to reality following the release of the official whitepaper. The document outlines the token model and crowdsale mechanism that will be used to launch the ethereum-based project in February.


Individual Currencies


Tron (-9.24%)

(Positive) Early this morning, Justin Sun announced via Twitter that TRX has been listed on Cryptopia, the New Zealand-based exchange.


IOTA (-12.95%)

(Positive) Taipei, Taiwan is seeking to become a smart city by utilizing the power the blockchain. The city has chosen to partner with IOTA, the inventors of the Tangle technology for the Internet of Things, to provide a number of new technology features for residents.


NEM (-9.79%)

(Positive) Contrary to a Reuter’s report yesterday, the hackers who stole NEM during the Coincheck Hack last week have not attempted to sell their loot via exchanges. This correction comes from the NEM Foundation.


Bitcoin (-8.42%)

(Negative) Bitcoin’s 25% fall during January represents its worst monthly performance since January 2015, when it fell by 30%.

(Positive) Two months after launched a trial, Square, the prominent payments application, has enabled bitcoin buying and selling capabilities for most of its Cash App customers.


Maidsafe (-13.24%)

(Mostly positive) Maidsafe received some significant exposure after they were featured in a Guardian article published today.


Zcash (-4.42%)

(Positive) Grayscale Investments have publicly endorsed Zcash, arguing that it could be worth more than $60,000 in 2025, up from just under $400 today. Grayscale have also just issued a 20-page review of Zcash.


Bitshares (-3.24%)

(Negative) Stan Larimer, the ‘Godfather’ of Bitshares, has written a response to the recent news regarding AriseBank, which was shut down this week. Larimer attempted, not especially convincingly, to distance himself and Bitshares from Arise, while also disputing the SEC’s contention that AriseBank was a “outright scam” (see also previous bulletins).


Vertcoin (-8.74%)

(Positive) Vertcoin has been added to Indian crypto exchange, Instacrypto.


Verge (-11.39%)

(Positive) Yesterday, Verge was listed on GoDEX, a Taiwanese exchange.


–, Robert Maxwell


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