Bitcoin and altcoins took a beating Sunday on news that a relatively small cryptocurrency exchange in South Korea was hacked. Concerns over probes in Bitcoin exchanges being conducted by US government agencies also impacted market sentiment.
Cryptocurrency market capitalization shrunk and fell below $300 billion for the first time since the middle of April.
Here is wrap of the main news from the cryptocurrency and blockchain space over the past few hours.
Cryptocurrencies Suffer After South Korean Exchange Hack, US Investigation
Bitcoin and other major cryptocurrencies were trading down following a crypto exchange hack in South Korea as well as a report in the Wall Street Journal about U.S. regulators' investigation of four major cryptocurrency exchanges regarding potential price manipulation. These include Bitstamp, Coinbase, itBit and Kraken. The Bitcoin sell-off began following the news on Friday, which reignited concerns about the security of lightly regulated crypto exchanges, Bloomberg noted.
US Regulators Seek Trading Data From Bitcoin Exchanges
Investigators from the US government, who are probing allegations of manipulation in Bitcoin market pricing, have sought comprehensive trading data from Bitcoin exchanges, the Wall Street Journal reported, citing people familiar with the matter. Bitcoin futures, which was launched on CME in December, derives their final value from prices at four bitcoin exchanges including Bitstamp, Coinbase, itBit, and Kraken.
Thai Market Regulator Finalizes New Cryptocurrency, ICO Regulations
Thailand's Securities and Exchange Commission or SEC has finalized the new rules to regulate cryptocurrencies such as Bitcoin, as well as fund raising through Initial Coin Offerings (ICOs) in the Southeast Asian country. The SEC has defined cryptocurrencies as "digital assets and digital tokens" under their regulatory jurisdiction. The law regulates both the trading and transacting of digital assets in the country.
Mastercard's Patents Use Blockchain To Secure Card Payments, Itinerary Bidding
Payments and company Mastercard Inc. filed a patent to use a public blockchain system for payment card verification. The company also won a patent for a system of itinerary bidding based on a blockchain network. According to a US Patent and Trademark Office filing, the patent application -Method And System For Payment Card Verification Via Blockchain- is for a public blockchain-assisted conveyance and retrieval of payment processes to verify and secure users' information.
As of 9.26 am ET on Monday, Bitcoin was down 6.34 percent at $6,765 and Ethereum was lower by 6.37 percent at $529.89 on Coinbase.
by Jyotsna V