Cryptocurrency Daily News Bulletin, February 2

February 2, 2018 12:28 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. This week cryptocurrency prices in South Korea have tumbled back in line with those on overseas exchanges for the first time in several months. The evaporation of the ‘Kimchi Premium,’ as it became known, has had a noticeable impact on markets. This decline may have been caused by tighter regulations, which have reduced the number of foreigners selling on Korean exchanges.

DigixDAO. DigixDAO, which is backed by gold, but has long been overlooked by investors, has rocketed in value since the sharp downturn in the crypto market in the past few days. At the time of writing, it is up more than 40% in past 24 hours.

Coinbase. On January 31, San Francisco-based exchange Coinbase issued 1099-K tax forms to customers who have received cash above the required reporting threshold, which is more than $20,000 during the year. In November a court ruled that Coinbase had to report the personal data of account holders who bought, sold, sent, or received more than $20,000 between 2013 and 2015.

Bitfinex and Tether. Speculation about Bitfinex and Tether has continued in the past 24 hours, fuelled by the Commodity Futures Trading Commission’s investigation of Bitfinex, which was blamed for artificially lifting the price of Tether. Commentators have continued to raise the possibility that Tether coins, which are supposed to be backed USD, were in fact created without any such backing and were issued to artificially prop up Bitcoin prices (see Jan. 31 and Feb. 2 bulletins).

Coincheck Hack. In the early hours of this morning (GMT), Japan’s Financial Services Agency raided Coincheck offices, a week after the exchange lost about $500 million to hackers, hauling out documents and computers. According to a report from Nikkei, the raid was to examine whether the firm has the funds to fulfil its promise to compensate users whose assets were stolen. Coincheck has until Feb. 13 to submit a report suggesting how it will improve internal controls.

Australia. The Australian government is reportedly investigating how it could impose taxes on cryptocurrencies.


Individual Currencies


Bitcoin (-15.47%)

(Negative) Bitcoin prices on Korean exchanges have now fallen below average prices on most exchanges around the world, which marks a significant shift (see ‘Korea’ section above).

(Unclear) In the past 24 hours, trading volumes on BitMEX, a Seychelles-based peer-to-peer trading platform, which deals only in Bitcoin, have exceeded $2 billion, more than double the next largest trading volume for any other exchange. Trading on BitMEX accounted for approximately 17% of Bitcoin trading volume in the past 24 hours.


Lisk (-24.04%)

(Positive) Lisk announced this morning (GMT) that LSK has been launched on the Huobi exchange. Trading will start on Feb. 3.


Ethereum (-26.41%)

(Negative) BeeToken’s ICO has been hit by a phishing scam that enabled thieves to make off with $1 million in Ethereum.


EOS (-21.61%)

(Positive) EOS have announced the release of its alpha (trial) version of Dawn 3.0 protocol on Github.


Paragon (-18.79%)

(Negative) Paragon, which raised more than $70 million in its ICO, has been hit by a lawsuit launched by disgruntled investors, although no federal court has yet held that ICOs are subject to securities laws. Paragon’s ICO was not registered with regulators.


Waves (-20.28%)

(Positive) Waves have published their first monthly review, which contains details of technical updates, new business partnerships, crowd sales, media attention, competitions, community initiatives and social events.


Centra (-21.28%)

(Positive) Feb. 1, Centra announced that CTR will be listed on a “top exchange” on Feb. 9.


Stellar (-33.94%)

(Positive) Stellar have agreed a strategic partnership with LALA World. LALA is integrating with Stellar to facilitate its LALA Transfer business, which revolves around cross-border money transfer and remittance.


–, Robert Maxwell

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