Blockchain Policy Development in China Concentrated in Three Cities

Beijing, Shanghai and Guangzhou — or BeiShangGuang — has become the most concentrated area of ​​relevant blockchain legislation and policy in China, reports local finance publication Securities Daily Dec. 7. The Chinese securities newspaper has analyzed blockchain-related policies introduced throughout the country in the recent years, and concluded that there are 32 blockchain-related policies within the country. Meanwhile, 11 projects are concentrated in three areas: Beijing , Shanghai  and Guangzhou. The publications states: “Blockchain technology [is aimed] to serve the real economy, focusing on the balance between innovation, regulation and…

Gemini Adds Support for Bitcoin Cash Trading and Custody on the ABC Network

Cryptocurrency exchange Gemini announced support for Bitcoin Cash (BCH) custody and trading today with a post on its official Medium blog, Dec. 8. Gemini, which is based in the United States, was founded in 2015 by the Winklevoss brothers. The exchange pointed out that, at the moment, it will “only be providing support for the Bitcoin ABC network” which is identified on the platform as “Bitcoin Cash with ticker: BCH.” Gemini declared that they “are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or…

Crypto Exchange Bithumb May Have Propped up Bitcoin Price: Analysts

The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. While there are numerous pressures that have weighed on bitcoin as it has taken step after step away from last year’s all-time high, research from CryptoCompare suggests that South Korean cryptocurrency exchange Bithumb may have contributed to the recent sell-off — at least indirectly. According to the firm’s latest CCCACG (short for CryptoCompare’s Aggregate Pricing Index), Bithumb led all crypto exchanges in daily volume from…

More Chinese Miners Selling Short Following Crypto Market Slump

Chinese miners are reportedly becoming the biggest short sellers both locally and internationally, following an increased number of hedging operations in the current bear market, Chinese crypto outlet 8BTC reported Thursday, Dec. 6. The severe cryptocurrency market decline in the last month has reportedly caused new generation miners to start hedging their coins to avoid market risks. At the same time, frequent hedging operations make miners the biggest short sellers of Bitcoin (BTC), according to 8BTC. Jin Xin, a Chinese miner who entered the industry in October 2017, reportedly said…

U.S. SEC Delays Decision on VanEck’s Bitcoin ETF Until February 2019

The U.S. Securities and Exchange Commission (SEC) has postponed its decision to approve or disapprove the VanEck/SolidX bitcoin exchange-traded fund (ETF). Per an official document published by the agency, the new deadline to review the VanEck proposal has been shifted to February 27, 2019, which the regulator claims would afford it the time needed to review the potential rule change further. The SEC stipulates that the commission must either approve or disapprove a proposal no later than “180 days after the date of publication of notice of the filing of…

TrueUSD Is Now a Base Pair on Binance

Malta-based cryptocurrency exchange Binance has added TrustToken’s TrueUSD (TUSD) as a base currency, expanding the stablecoin’s available trading pairs.  Adding to TUSD’s original BTC pair, Binance will add the following trading pairs: BNB/TUSD, ETH/TUSD, XRP/TUSD, EOS/TUSD and XLM/TUSD. The pairs, however, have not been integrated yet, and representatives from TrustToken told Bitcoin Magazine that more information regarding the integration will be revealed in a forthcoming blog post. The addition of TrueUSD as a quote currency offers more options to traders on the platform, who previously could only use Tether (USDT)…

BitGo Hires Trust Company Veteran as CEO of Its Custody Arm

BitGo has a new CEO for its custody business. The cryptocurrency solution provider has recruited Richard Corcoran as its new chief executive officer. Having retired some years back after over 30 years in the traditional banking and finance industry, Corcoran has come out of retirement to lead the BitGo Trust Company, BitGo’s crypto custody arm. BitGo received approval from the South Dakota Division of Banking in September 2018, empowering it to act as a qualified custodian of digital assets for its institutional investors. At the time it was launched, BitGo…

US SEC Fines Delaware-Based Digital Asset Fund and Issues Cease and Desist Order

The United States Securities and Exchange Commission (SEC) has issued a cease and desist order against CoinAlpha Advisors LLC in addition to ordering a $50,000 penalty, according to a filing published Dec. 7. Delaware-registered CoinAlpha Advisors LLC was reportedly established in July 2017 to act as the managing member of and manager to fund CoinAlpha Falcon LP, which was formed in October 2017. By May 2018, the fund had allegedly raised over $600,000 from 22 investors from at least five states, which purchased limited partnership interests in the fund in…

Bitcoin Sinks Below $3.4K, Ethereum Plummets to Double Digits

Friday, Dec. 7 — Crypto markets have today again taken a major downturn, with virtually all of the major coins by market cap seeing double digit losses. Some coins are down by over 20 percent, as data from Coin360 shows. Market visualization by Coin360 Bitcoin (BTC) has taken a steep hit of over 11 percent on its 24-hour chart, and is trading at $3,400 as of press time. Having attempted to reclaim ground above the $4,000 price point in early December — to briefly trade close to $4,300 — the…

US Needs ‘More Nuanced’ Cryptocurrency Regulations: Academic Paper

United States’ cryptocurrency regulations are creating a problematic image for the country as an innovator and it needs a “more nuanced approach.”  Two university professors have made this claim in an article Friday, Dec. 7, referring to a paper originally published Nov. 16. Discussing the current regulatory setup governing cryptocurrency, Carol Goforth of Oxford University and Arkansas School of Law’s Clayton N. Little blamed the “overlapping” authority of various regulators as hindering progress. The U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Internal Revenue Service (IRS) and…