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Crypto Daily Roundup - Feb. 8


Japanese regulators are expanding their probe into more cryptocurrency exchanges after the massive hack of Coincheck and they are also planning to penalize violators in their efforts to dampen the excessive speculation in digital currencies. And all the doom-and-gloom comments did not have any effect on Bitcoin bulls including the famous Winklevoss twins, who continue to predict more highs for the cryptocurrency markets.

Here is a wrap up of the main news from the cryptocurrency market over the last 24 hours.

Japan To Expand Cryptocurrency Exchange Probe

Japanese regulators plan to raid more cryptocurrency exchanges operating in the country as early as this week after the massive hack of Coincheck venue. The Financial Services Authority is planning on-site inspections on cryptocurrency exchange operators this week and may expand its probe to others, Reuters reported citing a source close to the matter. The country has several cryptocurrency exchanges, of which 16 are licensed under a law implemented in April 2017. On January 26, it emerged that 523 million NEM coins worth 58 billion yen or $531 million were stolen from Coincheck, a leading cryptocurrency exchange. Read more...

Australia To Ban Cryptocurrency Gambling

The Northern Territory Racing Commission, the Australian regional gambling regulator, is set to ban gambling using cryptocurrency in Australia. NTRC is against adding cryptocurrencies to Australian Gambling Websites.
The chairman of the NTRC has reportedly sent out an informal email to all sports bookmakers and betting exchange operators in the Northern Territory asking them to immediately cease and desist from transacting in cryptocurrency. The move comes days after Australian online gambling site Neds launched Australia's first dedicated bitcoin sports betting platform. Though the platform will allow bettors to deposit, wager and withdraw in the digital currency, it will not offer conversion into hard currencies. Read more...

ECB's Mersch Concerned of Liquidity Drain If Virtual Currencies Collapse

There must be a clear distinction between virtual currencies that are not backed by anyone, and fiat currencies that are legal tender and backed by whole economies, ECB's Executive Board member Yves Mersch said in an interview to Bloomberg. "If you increasingly have bridges between the virtual world and the real world and then there is a collapse in this virtual world, it could drain liquidity from the real world," Mersch said in the interview, the text of which was put up on the ECB website. "This then becomes a concern for the central bank." The ECB is also more concerned about the social and psychological effect they seem to have on the real economy, he added. Read more...

Winklevoss Twins Say Bitcoin Will Someday Be Worth 40 Times its Current Value

Cameron Winklevoss, one half of the famous twins credited to be the first bitcoin billionaires, told CNBC that Bitcoin disrupts gold and is a "very underappreciated asset". "We think that there's a potential appreciation of 30 to 40 times," he said. Bitcoin's market cap on Wednesday was $135 billion and forty times this would be over $5 trillion. Tyler Winklevoss, the other half of the twins, said the criticisms against cryptocurrencies are "just a failure of imagination". Read more ...

World Bank Chief Likens Cryptocurrencies To Ponzi Schemes

Jim Yong Kim, the president of the World Bank, said the vast majority of cryptocurrencies are basically Ponzi Schemes, Bloomberg reported. Speaking at an event in Washington on Wednesday, Kim said it was still not clear how these would work. However, he expressed hope that the blockchain technology, which underlies Bitcoin, could be used to track aid in developed countries more effectively and reduce corruption.

Current Prices

As of 6.04 am ET on Thursday, Bitcoin was up 3.81 percent at $8,507.22 and Ethereum was higher by 0.26 percent at $841.15 on Coinbase.

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