Highlighting what went right, and what went wrong, in this week’s crypto news analysis.
There were too many top stories last week to highlight just the three below.
In addition to the BitPoint hack, Trump’s notable contributions to the crypto conversation, and possible legislation that would prevent companies like Facebook from becoming financial institutions; it should also be pointed out that Canada passed a law requiring crypto exchanges to register as MSBs, there was the whole Tangle in Taipei thing between Dr. Doom and BitMex’s CEO, Binance launched margin trading, and then started to burn their team’s tokens, and Tether accidentally created 5 billion USDT.
Crypto (clearly) never sleeps.
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Latest Industry News
Bitpoint locates $2.3m of stolen assets
- The Japanese exchange, which was hacked last week and lost $32m, said it has found $2.3m on exchanges that use its trading system
- $23m of stolen funds belonged to customers while $9.2 million belonged to the exchange. Hackers stole BTC, LTC, ETH and XRP from the exchange’s hot wallets
Trump’s tweets
- What he said (not a fan… highly volatile… price based on thin air…) is less important than the fact he said anything at all about crypto
- The timing is also relevant, less than a month after the Libra announcement (more on that below), and just days after the Fed chairman suggested BTC as a store of value
Draft US legislation would ban tech companies from banking
- The bill would ban, “establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value,”
- Companies with revenue exceeding $25bn would be fined $1m per day for violating the proposed law
Latest Coin News
BTC
- Price analysis: After weekend of high volatility, BTC drops below $10k
- BTC halving is less than 1 year away, will cut inflation to 1.8%
- Some countries are using blockchain to circumvent US sanctions
ETH
- Price analysis: Trading below SMA100 daily, a recovery above $235 is needed
- Loans issued on Ethereum blockchain exceed $150m in Q2
- TokenCard claims to be “the first ever Ethereum-powered banking alternative”
XRP
- Price analysis: Price recovers after strong sell off during Asian trading hours
- Ripple v Ethereum in the battle for price recovery
- Ripple SVP on VC podcast to talk about business model
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