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According to the chairman of the US SEC (Securities and Exchange Commission), Jay Clayton, ‘all ICOs (Initial Coin Offerings) are not fraudulent’. These remarks were made by Clayton, on 5th April, during a speech at Princeton University. Clayton also added that stamping out fraud in the cryptocurrency market is perilous to protect customers. As well as, the improved regulatory analysis will essentially benefit the industry by removing fraudsters from it and con artists who give the whole place a bad name. Since there’ve been many ICO fraud cases before, the remarks of Clayton became viral.

SEC Investigation

Jay Clayton’s Remarks

Clayton said:

“Is the approach taken in Washington by the SEC adversely affecting distributed ledger technology in other areas? My hope is that it’s actually helping because this technology is being used for fraud… And to the extent that it’s being used for fraud, history shows that government comes down harshly on that technology later.”

He also added:

“If we don’t stop the fraudsters, there is a serious risk that the regulatory pendulum – the regulatory actions – will be so severe that they will restrict the capacity of this new security.”

Clayton signalled about SEC investigations, in February 2018, that his agency would be investigating cryptocurrencies and at that time, he said:

“I believe every ICO I’ve seen is a security.”

However, a few weeks later, ICOs were again targeted by the SEC as it issued dozens of subpoenas to the tech-companies related to cryptocurrencies, and counsellors to explore how ICOs are organized.

ICOs Ceased for Scam

Fraud charges were filed against the co-founders of Centra Tech, Robert Farkas and Sohrab Sharma on April 2, by the Securities and Exchange Commission. Centra tech co-founders were accused of raising $32 million by vending unregistered securities throughout the Centra ICO, as it was promoted by Floyd Mayweather (boxing champ) and DJ Khaled (record producer).

According to public documents, the SEC is now looking forward to two bitcoin exchange-traded funds for listing on the NYSE Arca, which is the first “all-electronic” exchange in the US. The name of these two-bitcoin exchange-traded funds are:

  • The ProShares Bitcoin ETF
  • The ProShares Short Bitcoin ETF

 

SEC to Allow Cryptocurrency ETFs

Cboe president, Chris Concannon advised the agency to permit crypto ETFs and soon after that, the SEC consideration of bitcoin ETFs showed up. In a letter, that was sent to the SEC, on23rd March, Concannon sacked criticism that virtual currencies are extremely volatile to be treated like other dependable commodities.

Concannon wrote in the letter:

“Because of its innovative features as a digital asset, bitcoin has gained wide acceptance as a secure means of exchange in the commercial marketplace and has generated significant interest among investors.”

Concannon also added that there is sufficient reliable price info from the bitcoin futures market on CME and Cboe Futures Exchange that must alleviate the regulatory uncertainties about its impenetrability as an asset-tool.

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Top 5 Intriguing Bitcoin Conspiracy Theories

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We’re surrounded by all sorts of mysteries that are yet to be solved but, the biggest one yet is how the cryptocurrency king, Bitcoin, was created and why. Keeping that in mind, there have been various bitcoin conspiracy theories on the internet. Here are some of the ones that seem more legitimate than others.

  1. JPMorgan Was The Reason Behind The MT. Gox Collapse

It’s a fact that organizations such as JPMorgan don’t see much profit in bitcoin but, they’re all in for the technology that lies behind it. Mt. Gox drove bitcoin’s value to higher limits, while JP Morgan composed a price crash by selling over 8000 coins to drive the price back down.

Parallelly, JPMorgan was funding anti-bitcoin articles teamed up with mainstream media firms. To tell you the truth, all these concepts, do sound quite reasonable, however, it seems unreal to think that such an institution would intentionally crash the bitcoin price.

  1. Satoshi to Bitcoin Said To Be An AI

Has it ever occurred to you that Satoshi Nakamoto could be an artificial intelligence? Well, considering that the world has been on several hunts as to find out the persona behind the pseudonym that no one can actually think that it might be an AI created by a hidden government. While this theory does seem a little far off, it spurs up some really exciting discussions.

  1. China Invented Bitcoin:

Many seem to believe that the Chinese created Bitcoin as to wipe out their dependence on the US dollar. While it is a fact that China has been working with Russia and others to create a payment system, it is doubtful they would create bitcoin to substitute the US Dollar.

  1. Bitcoin Is A NSA Project:

This is a theory that has been quite popular on the web that how bitcoin was created as an experiment by the NSA. Claiming that Satoshi Nakamoto is actually a pseudonym behind the top-secret cryptocurrency project. Also, it is said that the NSA has access to the SHA-256 algorithm, which makes bitcoin a lot less secure than what it’s assumed to be.

  1. Major Governments Partake In Bitcoins “Arms” Race:

In 2013, a conspiracy theory had risen from the Bitcointalk forums. A user came up with the concept that major governments like US and China were buying bitcoins in bulk for themselves. Let’s not forget both these governments had first opposed the cryptocurrency when it emerged, which makes this theory quite believable.

Tags: Satoshi to Bitcoin converter

 

Story Credits: themerkle.com

Image Credits: google.com

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Bitcoin Struggles as Ripple Price Drops Once Again!

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Within the past 24 hours, the price of most of the cryptocurrencies has declined significantly in the global market.

Possible Aspects:

Ripple has once again dropped below the $49 billion region and has achieved a monthly low at $1.28. For many bitcoin investors, $10,000 mark was a psychological threshold, but the $1 mark of Ripple is also considered as a significant threshold that has led the price of Ripple to upsurge by 33-fold within few weeks. The market valuation of Ripple could possibly decrease further if the price of XRP or Ripple couldn’t withstand itself above $1. Also, Bitcoin struggles to maintain the gains that it recorded on January 25, although it has shown a 3% decrease in the price and is currently trading at $11,153.

Ripple has a huge following in the South Korean market and the extensive day by day exchanging volumes of XRP on UpBit and Bithumb, two of the country’s major cryptocurrency money exchanging platforms, it is almost impossible that the market valuation of Ripple would fall beneath $40 billion.

bitcoin struggles

Currently, the market cap of Ripple is not as much as half of Ethereum’s. Also, it is not expected that the market cap of Ripple would fall below the current levels unless something unexpected happens within a short period of time.

Ethereum’s native cryptocurrency Ether (with EOS) has recorded the lowest losses from the major cryptocurrencies, demonstrating a minor 2% decrease in market valuation.

The tenth most important and valuable cryptocurrency in the market NEM has experienced a startling 16% decrease in its price. The unexpected drop in the value of NEM was said to be set off by a possible security breach which occurred on a leading Japanese cryptocurrency exchange, CoinCheck.

Local Japanese media released reports on January 26, that all Japanese yen withdrawal and cash outs have been disabled by CoinCheck due to suspicious transactions. Also, some unverified reports as well claimed that $500 million worth of NEM was withdrawn from CoinCheck and it’s still unclear whether it was a group of users or a hacker that stole NEM from the exchange.

The cryptocurrency community is eagerly predicting an official statement from CoinCheck, however, it has not been confirmed yet if the exchange was hacked or not.

An abrupt flow of $500 million from a Japanese cryptocurrency exchange could have caused the market to fall. Many investors have suggested that another reason could be the closing of bitcoin upcoming contracts on CME Group, and institutional investors selling huge amounts of bitcoin to deliberately bring down the currency’s price to cash out short contracts.

Shorting of bitcoin and whales selling the digital currency to cash out short contracts could have persuasively contributed to the decrease in the market cap of bitcoin, and because bitcoin is considered as the reserve currency of the market, it looks clear that the rest of the cryptocurrency market fell with it as well.

Trend:

US-based residents are looking for tax returns and South Korean investors are anticipating the January 31 cryptocurrency exchange recommencement date; the global cryptocurrency market would probably improve instantly within the month February.

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Ethereum Sustains Momentum While Crypto-Market Still Remains Unstable

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According to a report, the cryptocurrency market has struggled to sustain its momentum, yet failed to do so, and dropped to $463 billion. Similarly, other major cryptocurrencies including the top cryptocurrency, bitcoin, has struggled to record gains.

Ethereum and Bitcoin:

Only Bitcoin, Ripple, and Bitcoin Cash are the ones amongst the 5 most valuable cryptocurrencies in the global market that have managed to record daily gains. Native cryptocurrency of Ethereum, Ether, has shown a slight upsurge in its value and has increased by 4% after seeing a plunge below $820. Ether still remains in the cryptocurrencies that have shown some upward momentum.

Ether has tended to follow the bitcoin price trend throughout its recovery time. However, in some periods, Ether moved in a different path from other cryptocurrencies including bitcoin. When the price of bitcoin hit the value of $12,000 last week, ICO tokens/ ERC 20 tokens and Ether didn’t perform well. But, Ether has performed a lot better than other cryptocurrencies this week, by moving in a diverse direction to the most leading cryptocurrency in the market.

ethereum momentum

Bitcoin is still priced above the $10,000 mark, and many experts have labelled it as the psychological threshold for both buyers and sellers. It is quite hard to assess the short-term trend of bitcoin at this time when bitcoin, the most leading cryptocurrency in the market, is experiencing massive ups and downs on a regular basis.

Bitcoin price doubled from its yearly low at $6,100 just one week ago and then breached the $12,000 mark later. Even in some regions like South Korea, bitcoin price surpassed the mark of $13,000. But today, the price of bitcoin is valued at $10,769, which shows signs that it would recover back to the $12,000 mark.

A cryptocurrency that is funded by the US dollar, Tether, is an imperative indicator of the short-term performance of the crypto-market. Many investors on most important cryptocurrency exchanges like; Bitfinex and Binance use Tether to hedge the cryptocurrencies worth during the time of volatility, especially when the market commences to drop.

The daily trading volume of Tether is $2.684 billion, on 27th February, which makes it the second most liquid cryptocurrency after Bitcoin. This large daily trading volume of Tether shows that a lot of traders are ambiguous about the short-term trend of most important cryptocurrencies, and are also evading the price of cryptocurrencies in the crypto-market to the US dollar.

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