Cryptocurrency Daily News Bulletin: December 7, 2018

December 7, 2018 1:47 pm Published by

General News

Binance has introduced a new sub-account feature for institutional trading. These sub-accounts will allow institutions to set up multiple trading accounts for each firm, with varying levels of access and control. A single institution may now have up to 200 sub-accounts.  

BitGo has brought long-time veteran of the trust company industry Richard J. Corcoran out of retirement to head the crypto security startup’s institutional custody business.

PayPal has reportedly launched a new internal crypto platform allowing employees to earn tokens by engaging in company initiatives. “Employees can access their tokens through the company’s internal website and continue earning more by participating in innovation-related programs and contributing ideas”. The tokens are only tradeable within PayPal.

R3: Four European banks – Commerzbank, ING, Natixis and Rabobank – have settled a live transaction for a short-term debt instrument on R3’s Corda platform.

Malaysia’s central bank and the securities regulator have announced their collaboration in implementing a regulatory framework for cryptocurrencies and ICO tokens.

Swiss Post, the country’s national postal service, and state-owned telecoms provider Swisscom have united to develop a blockchain platform using Hyperledger Fabric. The project, set for launch in Q2 2019, is focusing on corporates and government agencies desiring to digitize business processes in a “secure and verified” manner.

U.S. SEC has extended once again the decision on the nation’s first bitcoin ETF to Feb. 27, 2019. The proposal, first submitted by money manager VanEck and blockchain startup SolidX, cannot be delayed further according to SEC rules. Meanwhile, two congressmen from Florida and North Carolina have introduced bipartisan legislation aimed to help prevent cryptocurrency price manipulation. Representatives Darren Soto and Ted Budd jointly announced their two bills aimed at making the U.S. a “leader in the cryptocurrency industry.”

Cryptocurrencies

Bitcoin $3,416.49 USD (-10.85 percent) has once again hit a fresh 2018 low, falling to $3,300 as the number of shorts hit a 6-week high. A test of the $3,000 handle looks imminent and we should expect a rally off this level, otherwise the slow bleed continues towards the $2,400 support. Bitcoin whale activity continues as a total of more than 424,000 BTC – over $1.4 billion – has been sent to new wallet addresses.

Bitcoin SV $108.76 USD (19.39 percent) has taken over Bitcoin ABC in market cap, with the former seeing around $40 million more in trading over the past 24 hours. Bitcoin ABC has effectively lost 14 percent while SV has gained close to 20 percent.

Ethereum’s $85.22 USD (-16.01 percent) venture studio, ConsenSys, has confirmed that they are letting go of 13 percent of its staff, following the previous announcement by Joseph Lubin regarding the firm’s “re-focusing of priorities”. Meanwhile, ETH experienced a flash crash on GDAX earlier today, as ETH temporarily fell to $13 then rising back up to $85.

Stellar $0.110902 USD (-18.71 percent) wallet BlockEQ has been acquired by Coinsquare as it seeks to expand its offerings beyond cryptocurrency trading. Toronto-based Coinsquare revealed that it had paid $12 million CAD ($9 million USD) to acquire BlockEQ, a non-custodial wallet that allows crypto users to store XLM and other tokens that run on the Stellar network.

WN.com, Jamie Saarloos



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