Bitcoin lost the momentum early Friday and dropped below $7,500 on Coinbase. While Ethereum was in the green, several other altcoins were also lower.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Chinese President Xi Jinping Calls Blockchain As Economic Breakthrough
Chinese President Xi Jinping has acknowledged blockchain 's role in the country's future plans, saying that it is constantly delivering breakthroughs. While speaking at Chinese Academy of Sciences' annual academic conference in Beijing, Xi noted that blockchain is a critical part of a technology revolution that China requires to thrive in the global economic competition. Read more...
Monster Products Files for $300 Mln ICO; Plans Blockchain Network
Monster Products Inc., a manufacturer of cables to carry audio signals, and headphones and speakers, is planning to raise as much as $300 million in an initial coin offering or ICO for Monster Money Tokens (MMNY), according to a filing with the U.S. Securities and Exchange Commission. In the filing, the San Francisco-based company said it will offer 300 million MMNY tokens.
Pantera's Morehead Says All Cryptos Very Cheap Now, Time To Buy
Dan Morehead, founder and CEO of Pantera Capital Management, told CNBC that all cryptocurrencies were very cheap now and hence, it is a good time to buy. And the regulatory vacuum is in favor of investors, he said. "Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we're hearing about come online, they'll already have their positions," Morehead added.
SEC Gets Court Order To Halt Fraudulent Titanium ICO
The U.S. Securities and Exchange Commission (SEC) has halted an ongoing fraud involving an initial coin offering (ICO) run by Titanium Blockchain Infrastructure Services Inc. that raised as much as $21 million from investors in and outside the U.S. The SEC obtained a court's temporary restraining order to halt the fraudulent ICO and for an emergency asset freeze. Read more...
Weiss Ratings Releases Ratings For 93 Cryptocurrencies
Weiss Ratings published the ratings for 93 cryptocurrencies, but none received an A rating. Only 14 made it to an overall score of B- or higher. Coins offered by EOS and Cardano received the highest scores and the lowest ratings went to Bitcoin Gold, Electroneum and ReddCoin.
Crypto Lexicon - ASHDRAKED
ASHDRAKED means to lose all your money by shorting a particular cryptocurrency. This term traces its origin to a Romanian crypto trader and programmer who was known by his Twitter handle Lord Ashdrake. The handle was highly active between 2014 and 2016, usually speaking against cryptocurrencies, especially Bitcoin. Read more...
As of 10.08 am ET on Friday, Bitcoin was down 1.58 percent at $7,417.01 and Ethereum was up 0.15 percent at $572.86 on Coinbase.
by Jyotsna V