This week in blockchain and crypto has seen talk on regulation continue to take center stage. It has also been a particularly interesting week as discussions around digital sovereign currencies continue to influence the space and as cryptocurrencies and exchanges expand their offerings across borders.
The Federal Reserve continues to actively looking and debating the issuance of a digital currency as fear of the dollar losing its status as the world’s reserve currency. A French central banker and the Bank of England Governor, Carney, have similarly expressed the need for a global regulatory framework on crypto assets.
U.S. law enforcement this week seized and shut down the largest child porn site by volume by analyzing bitcoin addresses and tracing the payments on the site. Apparently, one million bitcoin addresses were discovered, thanks to Chainalysis which worked with IRS and Homeland Security to reveal addresses and identification from the many exchanges associated with those accounts.
It was not very good news for Telegram this week as the controversial launch remains in limbo following United States Securities and Exchange Commission (SEC) insistence that Grams are securities and therefore cannot be allowed to launch. The regulator insists that Telegram has actually violated the U.S. securities law but also argues that a preliminary injunction should be granted to prevent Telegram from further violation. Telegram has hit back and is asking a federal court to deny the regulator’s motion to enforce a subpoena.
Binance exchange was on the news this week after it announced its raising its maximum leverage and margin on Bitcoin / Tether contracts to 125x. This comes after it was shown that Binance’s Bitcoin futures product was the only strong performer in a lackluster market this week, as trading volume on the cryptocurrency markets hit local lows.
Speaking of crypto, Bitcoin has continued to experience dips this week after dipping below the $8, 000 mark. According to analysts, Bitcoin is likely to experience further dips with some sources showing it going to a low of $7, 400. The price drop comes despite the announcement that Bakkt Bitcoin futures trading volume increased by 796%. The expected dip is seen as coming from the the U.S.-China trade war which is putting pressure on the crypto market.
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