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Cryptocurrency Daily Roundup - Feb. 9


Forbes released its first-ever crypto-rich list and Ripple co-founder Chris Larsen emerged on the top. And Wikipedia's blockchain rival is attracting investment from crypto investors. On the regulation front, it is Hong Kong that is talking tough on Friday, with the securities market watchdog warning investors against the risks involved.

Forbes: Ripple's Chris Larsen Tops First-ever Crypto Rich List

Ripple co-founder Chris Larsen is the richest person in cryptocurrency market, according to the first-ever list of richest digital currency holders presented by Forbes. The list is based on estimated holdings of cryptocurrencies, post-tax profits from trading crypto-assets and stakes in crypto-related businesses as on January 19. Larsen's estimated crypto net worth is $7.5 billion to $8 billion, while he had at the January market peak a fortune of some $20 billion, based on his ownership of 5.2 billion XRP, the tokens of Ripple. His company controls 61 billion of the 100 billion XRP in supply. The value of XRP has crashed later by around 65 percent, still Larsen topped Forbes' crypto rich list, which gives account of the 20 wealthiest people in crypto industry.

Everipedia, Blockchain Rival to Wikipedia, Raises $30 Mln From Novogratz

Everipedia, which is a blockchain-based rival to the popular all volunteer-contributed online encyclopedia Wikipedia, has raised $30 million equity funding from former Wall Street macro trader Mike Novogratz's "crypto merchant bank". On February 8, Everipedia announced that it had received $30 million of funding from a group of strategic investors in a Series A led by crypto investor Novogratz's Galaxy Digital's $325 million EOS.IO Ecosystem Fund. The fund is jointly run by Galaxy Digital and Block.one, a blockchain software development company that is primarily focused on developing the EOS.IO ecosystem. Distributed Network Advisors, also known as DNA Fund, a blockchain and cryptocurrency advisory company, is also part of the latest investment in Everipedia.

Hong Kong's Watchdog Warns Cryptocurrency Exchanges, ICO Issuers

Hong Kong's Securities and Futures Commission has warned cryptocurrencies exchanges and issuers of initial coin offerings, or ICOs, that it will take regulatory action against those who violate laws and are repeat offenders. "We will continue to police the market and enforce when necessary," Ashley Alder, the SFC's chief executive officer said. The securities market watchdog also urged investors to be wary of the increased risk of extreme price volatility, hacking and fraud when investing in cryptocurrencies and ICOs, and using services of cryptocurrency exchanges.

Weiss Ratings Explains Why Did Bitcoin Fall So Far, So Fast

Weiss Ratings, an independent US securities rating agency which ranked Bitcoin below Ethereum last month, has returned with a new report to explain its decision to rate bitcoin a mere C+ grade. In a whitepaper titled "The Bitcoin Rating Controversy: Why We Give It a C+", Weiss Ratings tells readers to take a look at the crypto currency market to see what happened after the first Cryptocurrency Ratings was issued on January 24. Bitcoin plunged from $11,500 to below $6,000, or about 47 percent, within two weeks of the release of the report. However, the bitcoin is recovering after the testimony from the chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC) set a positive tone.

Survey Shows 20% Cryptocurrency Owners Used Credit Cards

About a fifth of cryptocurrency owners bought the cryptocurrencies using their credit cards, according to a survey conducted by cryptocurrency news service CoinDesk. The survey among 3,000 people revealed that about 20 percent of the respondents were desperate enough to buy cryptocurrencies and used credit cards as they may have been short of cash. The survey also noted that out of the 20 percent about half of them have paid back their credit card dues. The survey was conducted for CoinDesk's "Q4 State of Blockchain Report", which also states that the cryptocurrency market cap doubled from the third quarter of 2017 before hitting an all-time high of $600 billion.

Grayscale Unveils New Fund For Top Crypto Investments

Grayscale Investments, LLC, which handles cryptocurrency-based investment, announced the launch of a new crypto investment vehicle, Grayscale Digital Large Cap Fund LLC. The fund plans to hold the top digital assets by market capitalization and targets 70 percent coverage of the digital asset market. It will invest in large cap digital assets that will initially include Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. The new fund may also hold cash and assets arising as a result of a fork, airdrop or similar occurrence from time to time. The fund will be rebalanced on a quarterly basis to remove existing digital assets or include new digital assets in the Fund's portfolio.

Current Prices

As of 6.06 am ET on Friday, Bitcoin was down 3.58 percent at $8,220 and Ethereum was lower by 2.3 percent at $821.88 on Coinbase.

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