BTC/crypto market view 05/31/2018
Good News
Regulations Round-Up: SEC hits Titanium, Israeli Crypto Law Delayed, BTC Trading Legal for Chinese Citizens
In recent regulatory news, the United States Securities and Exchange Commission (SEC) has taken action against the Titanium Blockchain initial coin offering (ICO) for allegedly making false claims; the enactment of Israel’s cryptocurrency regulations have been delayed; and a Chinese professor has discussed the current legal status of bitcoin trading in China, asserting that it is currently not illegal for Chinese citizen to trade bitcoin.
“It’s Not Illegal for the Public to Trade BTC” – Chinese Academic
According to a rough translation, Liu Xiaolei stated of the legality of China’s citizenry trading bitcoin: “In terms of supervision, the state [has] not [made] such a gesture [so as] to say it is not allowed.” Liu Xiaolei added that “everyone, especially the common people who do not understand this new technology […] should be reminded […] not to follow suit, because it is still a very risky investment.”
Bitcoin [BTC], Litecoin [LTC], Stellar Lumens [XLM] to get a lift with Nasdaq’s support?
Litecoin [LTC], Stellar Lumens [XLM], and Bitcoin [BTC] have a brighter side to look up to as one of USA’s largest stock exchange, NASDAQ announced support for these currencies. The exchange will make its debut to the digital asset market with some plans for the future to set up a crypto exchange.
The plans to develop the platform are underway, as the high-profile CEO, Adena Friedman stated, whereas no timelines have been released to date. This could raise the bar and change the entire crypto-sphere for a positive change.
High chances for Ripple (XRP) reaching $5 in the following months
4 strategic alliances that can shoot Ripple (XRP) to the moon, these are:
MUFG Bank & Krungsri && Mitsubishi Corporation (MC) && Standard Chartered
VeChain Makes a Comeback with a Strategic Partnership with DECENT.bet
Reddcoin penetrating the Indian market on a new exchange despite regulatory uncertainty
Tron Begins Transition to Its Own Blockchain
BTCC Plans Major Overhaul
A lot of cryptocurrency exchanges exist in this day and age. Not all of these trading platforms are created equal, as some suffer from outdated infrastructures. BTCC, one of the oldest trading platforms in this industry, is looking to upgrade its offerings in the near future. This is a positive development which will benefit all users in the long run.
LAPO Coin (LAX) – a Swiss Stable Cryptocurrency for Market Growth
Analyse: Who will buy a stable coin?
Not good news
BitBay: Poland’s Largest Cryptocurrency Exchange Announces Move To Malta
Banks Withdraw Support for BitBay
According to BitBay, banks in the country refused to offer their services. As a result, the platform is forced to move its business elsewhere to continue servicing its customer base. A portion of the statement on the platform’s website reads:
The activity of the BitBay exchange in Poland requires cooperation with Polish bank. Unfortunately, the last Polish bank ready to provide bank services undertook unilateral decision to finish the cooperation with BitBay with the effect at the end of May. In those circumstances, the continuation of providing high-quality services by BitBay exchange in Poland is no longer possible.
Verge (XVG): The case of copying ‘hack fix code’ and staying dishonest
Verge (XVG), an age-old currency in cryptocurrency time, seems to be a darling to controversy and headlines. From announcing blown up big bombs news of their partnership with Pornhub to the more recent headlines of copying hack fix codes and denying it, the cryptocurrency seems to be creating a space for itself in the market.
The secure incognito virtual currency that uses multiple anonymity-centric networks that utilize open source protocols based throughout the world has been a victim of two protocol hacks in a span of two months with the latest one being last week.
It took Verge developers about three days to bring the situation under control and fix the problem, which some critics say hasn’t been fixed at full, leaving the platform vulnerable for another attack through it might be harder to perform.
Like that wasn’t enough bad news for them, new information emerged claiming the ‘fix’ was copy pasted from an obscure digital currency that launched in November 2017. How does the Verge team react to this news? They try to spin the story and give conflicting information to look like they were the victims of this cyber-robbery.
Records from Github show SHIELDcoin, who claim to be the original owners of the code had implemented the ‘fix’ code around a month ago while Verge records show they did so about three days ago.
When price will be high of BTC as well as altcoin?
It's hard to say now. When a market ignores good news, you do not know where the bottm is. But for the last 2 days, it seems quite well, if this pump continues, let's hope it stands up $8000 first.