Bitcoin was approaching $7,000 Wednesday morning after remaining weak in recent days. Analysts from a leading bank warned that the Bitcoin asset bubble was already popping. The Texas securities watchdog found widespread fraud in cryptocurrency offerings, while the UK financial regulator is planning to come out with a framework for a cryptocurrency policy later in the year.
Here is a wrap up of main news from cryptocurrency and blockchain space over the past 24 hours.
BofAML Says Bitcoin Bubble Already Popping
Bitcoin is one of the biggest asset price bubbles in history and is already bursting, analysts at the Bank of America Merill Lynch, led by the chief investment strategist Michael Hartnett, said. Compared to past asset price bubbles, the bitcoin bubble has the greatest asset price appreciation by a significant margin, the bank warned.
Texas Regulator Finds Widespread Fraud In Cryptocurrency Offerings
Texas state regulator found widespread fraud in cryptocurrency offerings during an investigation of investment offerings that were tied to virtual currencies. A four-week investigation by the Enforcement Division of the Texas State Securities Board (TSSB), that began on December 18, reviewed investment offerings that were floated by promoters who appeared to be illegally and fraudulently using online advertisements, social media, and other public solicitations to attract Texas investors. Read more...
UK's FCA To Frame Cryptocurrency Policy Later This Year
British financial regulator Monday said it is planning to come out with a framework for a cryptocurrency policy later in the year. The Financial Conduct Authority (FCA) announced this as part of its detailed 'Business Plan' for the year 2018-19. "We will work with the Bank of England and the Treasury as part of a taskforce to develop thinking and publish a Discussion Paper later this year outlining our policy thinking on cryptocurrencies," the plan stated. Read more...
Winklevoss' Gemini Launches Electronic Block Trading Facility
Internet entrepreneur twins Cameron and Tyler Winklevoss owned cryptocurrency exchange Gemini is set to launch a fully electronic block trading facility for cryptocurrencies. It will go live at 9:30 am Eastern Time on Thursday April 12. In a blog post, Cameron, co-founder and president at Gemini, said the launch Gemini Block Trading is part of the company's mission to continue to improve and expand its platform. Read more...
Canadian Online Barter Community Bunz Launches Cryptocurrency BTZ
Bunz, a Canadian online bartering community, which was considered a cashless society, has launched its own cryptocurrency Bunz Trading Zone or BTZ, pronounced as "bits", with immediate, real world use. However, the company is facing backlash as the move is said to be against its policy of promoting a cash-free . Read more...
Venezuela Constituent Assembly Approves Decree On Cryptocurrencies
Venezuela's National Constituent Assembly has approved a Presidential Decree allowing the use of cryptocurrencies and validating its national cryptocurrency, the Petro (PTR), as the impoverished country's new "oil-backed" currency. Venezuela is the first country to create a state-backed cryptocurrency. The pro-government Assembly (ANC) has approved the draft Constituent Decree on Cryptoassets and the Petro, which was presented by Vice President Tareck El Aissami last week. Read more...
As of 8.43 am ET on Wednesday, Bitcoin was up 1.47 percent at $6,850.00 and Ethereum was higher by 4.57 percent at $415.65 on Coinbase.
by Jyotsna V