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Cryptocurrency Daily Roundup - Mar. 8


Cryptocurrency prices fell as sentiment was hurt by news that the US Securities and Exchange Commission asked exchanges to register with the agency and on speculation that a popular Bitcoin exchange Binance was hacked. Meanwhile, the curiosity regarding Bitcoin peaked last year, search data showed. Elsewhere, Ripple, the group behind the third largest cryptocurrency, joined a consortium of Japanese banks to develop a blockchain payments app.

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

Cryptocurrencies Down After SEC Asks Crypto Exchanges To Register

Bitcoin and other major cryptocurrencies were losing value after the Securities and Exchange Commission asked exchanges trading digital currencies to register with the agency. In a statement, the US regulator said, "If a platform offers trading of digital assets that are securities and operates as an "exchange," as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration." Bitcoin, which was trading around $11,000 for the past few days, fell below $10,000 following the news. Market sentiment was also hurt by the news of a large scale theft attempt at the cryptocurrency exchange Binance. The exchange said it was able to thwart the attack and all funds are safe. Read more...

Google Search For Bitcoin Wanes

Internet search on Google using the keyword Bitcoin is falling, data indicates. Google searches looking for Bitcoin has reached its lowest level since October, Google Trends show. An analysis of Google Trends graph prove that Bitcoin search volume and its exchange rate are strongly correlated. The maximum volume of Google search requests for bitcoin-related terms was recorded in the week starting on December 17 when the coin surged to its all-time high rate of nearly $20,000. But in the following weeks, the bitcoin exchanges witnessed a deep fall, slipping below the $7000 mark. Correspondingly, Google search volumes too went down. Read more...

Ripple, 61 Japanese Banks To Develop Blockchain Payments App

Digital payments company Ripple announced that its joining with a Japan Bank Consortium to develop MoneyTap, a mobile app powered by Ripple's blockchain technology, to speed up payments in that country. The new app will allow customers of the bank consortium, which is comprised of 61 banks, to settle transactions instantly, around the clock. In a statement, Ripple noted that MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium, which covers more than 80 percent of all banking assets in Japan, which is a huge market for blockchain and cryptocurrencies. Read more...

Venezuela's Opposition-controlled National Assembly Declares Petro Illegal

The Opposition-controlled Venezuelan National Assembly has declared its national cryptocurrency, the Petro (PTR), as illegitimate. In a statement issued on Tuesday, the President of the Commission of Finance and Economic Development of the National Assembly said the House believes the Petro is unconstitutional, and denounced the project as fraud, and a threat to potential investors. Rafael Guzman rejected the government's offer to civil servants to acquire Petro through savings banks as "forced demand of the PTR that the Executive intends to implement on Venezuelans." The legislature's disapproval of Petro comes at a time President Nicolas Maduro claims it will influence the future of the Venezuelan economy, production, and commerce. Meanwhile, the Venezuelan government announced a plan to auction its national cryptocurrency Petro to private firms via Dicom, the country's foreign exchange platform, in a few weeks. Read more...

Actor Ryan Gosling Shown As Graphic Designer For Fake ICO

Hollywood actor Ryan Gosling was shown as part of the team behind a cryptocurrency initial coin offering, or ICO, which was a scam, reports said. A stock image of the La la land actor was shown on the website of Miroskii, which described itself as a "decentralized bank," and was offering a cryptocurrency with a tag line "bank without any bankers," technology news website CNET reported. But, Gosling is not promoting any cryptocurrency. Miroskii's website was not accessible at the time of writing this report. Read more...

UK Company Linked To Stolen Bitcoins From Mt Gox

Nearly half of the stolen coins from the Japanese cryptocurrency exchange Mt. Gox ended up with one of its rivals based in the UK, BBC reported. The now defunct cryptocurrency exchange BTC-e, which was run by the London-based Always Efficient LLP, helped to launder 650,000 stolen bitcoins worth GBP 4.5 billion, an investigation by BBC Radio 4 found. The Tokyo-based Mt. Gox bitcoin exchange failed in February 2014. The exchange was the biggest at the time, handling around 70 percent of all Bitcoin about a year earlier. The collapse of the prominent bitcoin exchange wiped thousands of clients' as well as its own holdings of around 850,000 bitcoins, then worth nearly $500 million, owing to theft that went unnoticed for several years. Read more...

ConsenSys In Deal With Indian State To Set Up Blockchain Academy

India's southern state of Andhra Pradesh has signed a Memorandum of Understanding with the New York-based blockchain technology firm ConsenSys to incubate an innovation ecosystem for blockchain technology. As part of the deal, ConsenSys will also develop blockchain-based education programs by setting up a ConsenSys Academy. According to the MoU, blockchain technologies will be utilized in the areas of land titling, supply chain, identity platform, electronic health records, etc. in the state. ConsenSys is a venture production studio building decentralized applications and various developer and end-user tools for blockchain ecosystems, primarily focused on Ethereum. Read more...

Son Of Wu-Tang Clan Rapper To Launch 'Dirty Coin'

The estate of late Wu-Tang Clan rapper Ol' Dirty Bastard (OBD) is set to launch a new cryptocurrency "Dirty Coin" in partnership with business development firm Link Media Partners LLC in an Initial Coin Offering (ICO). There is currently no set date for the ICO. The Estate works to preserve the legacy of the late Wu-Tang Clan member Russell Tyrone Jones aka Ol' Dirty Bastard, who passed away in November 2004. Link Media Partners announced that the ODB token will be launched on the TAO Network Blockchain platform (XTO) and will trade on the AltMarket cryptocurrency platform, which will also be launched with Dirty Coin. Read more...

Current Prices

As of 6.22 am ET on Thursday, Bitcoin was down 5.2 percent at $10,015.95 and Ethereum was lower by 1.46 percent at $769.99 on Coinbase.

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