Cryptocurrency News analysis
1.Cryptocurrency Market Gains Stability, Volume Still Low But More Bullish
The cryptocurrency market has started to gain some momentum and stability over the past 48 hours, with three consecutive daily buy candles recorded by bitcoin. Tokens such as OmiseGo and DigixDAO have seen notable increase in volume and price, but it is still unclear whether the market can initiate a new rally.
2.Billion in cryptocurrency has been stolen this year, and it was apparently easy to do.
$1.1 billion worth of cryptocurrency was stolen in the first half of 2018, and unfortunately for owners, it's pretty easy to do, according to cybersecurity company Carbon Black.
Criminals use what's known as the dark web to facilitate large-scale cryptocurrency theft. There are now an estimated 12,000 marketplaces and 34,000 offerings related to cryptotheft for hackers to choose from, the company said in a study released Thursday.
U.S. Cryptocurrency Regulators Show Unified Front To New York City Bar Lawyers
The murmur of New York City lawyers subsided as representatives of all three of the largest United States financial regulators were introduced onstage at a meeting of the city’s prestigious bar association, which serves 24,000 members.
One voice rose up above the crowd: “Chinese regulators are the most closed to cryptocurrency,” the voice said. “The United States is, well, confused.”
Facing the crowd of 200 now-silent lawyers, the regulators seemed steeled to present a unified front, even if the audience member’s comment fell on deaf ears.
After years of watching the $346 billion cryptocurrency industry and preparing from the sidelines, the regulators from the U.S. Securities & Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (Finra) recently released a flurry of guidance statements.
Cryptocurrency companies realize they can’t fight the government forever
There has been a persistent cat and mouse chase between regulatory bodies and cryptocurrency businesses pretty much since the inception of the industry. But despite some initial reluctance, crypto-companies are slowly starting to show more interest in working with governments.
In the US particularly, the cryptocurrency businesses are gradually starting to align themselves with regulatory bodies. Two of the largest cryptocurrency businesses in the US, Coinbase and Circle, recently announced plans to launch licensed cryptocurrency securities trading.
“No venture that began in the largely unchecked world of digital currencies has obtained such status with [US] regulators,” Jeremy Allaire, CEO of Circle told Bloomberg. “While getting a banking license would subject it to tough scrutiny, the move would winnow the field of regulators Circle must appease because federal laws would pre-empt a patchwork of state rules covering crypto.”
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