Crypto Markets Plummet, Goldman Sachs to Blame?
Today on September 5th, almost the whole crypto market showed an unexpected drop. The price of the first cryptocurrency for the last four days has been showing a confident growth, yet now it has lost its position around $7,350 and demonstrated just in two hours an incredible loss of more than $300, passing a psychological mark of $7,000.
A potential reason for the drop in Bitcoin price could be the decision coming from Goldman Sachs. The company planned to operate and trade crypto, however, due to the missing regulative framework and lack of governmental support, Goldman Sachs announced that they are not going to open a trading option with crypto. Such moves can affect investors since it is related directly to the trust to currencies.
ShapeShift Introduces Mandatory User Registration
ShapeShift, a popular platform for the immediate exchange of bitcoin and other cryptocurrencies, announced the launch of a membership program for users, which would involve personal data collection. The industry veteran ShapeShift has always been known for its business model, which does not require user registration. However, in the near future changes will be applied — registration, still voluntary today, will soon become mandatory.
WHY IS IT IMPORTANT?
- ShapeShift service was working for a long time without users registration. Now it is voluntary, but in the near future it will become mandatory. The company's CEO assured that the site will not begin storing funds of its users. How the platform will protect personal information he did not specify.
- The platform will present five levels of membership. The first one is open to everyone, the rest will provide an expanded list of benefits, and users will be able to access them depending on the volume of FOX tokens there are holding. The first 100 thousand participants of the bonus program will receive 100 platform tokens.
European Parliament Discussing ICO
Members of the European Parliament discussedthe proposals that will help develop common rules for ICO in the EU. If the new rules are approved, startups will be able to legally raise funds on the territories of all European states.
Also, the Brussels think tank Bruegel believes that the EU should adopt new rules for the regulation of the сryptoсurrency and ICO. This is reported by Reuters with references to a report prepared for the EU finance ministers. Regulation will help reduce the risks for the players of the crypto market and make the most of all the benefits of the blockchain, representatives of the center are sure. Specialists from Bruegel prepared a special document on this topic. The paper should be submitted to the ministers who meet on Friday and Saturday in Vienna.
WHY IS IT IMPORTANT?
- Representatives of the European Parliament assure that they plan to make ICO more accessible and successful for businesses.
- Earlier, the European Parliament approved a package of new measures to combat money laundering in the countries of the European Union, among which officials intend to strengthen control over bitcoin and other virtual currencies.
Belgium Updates Crypto Blacklist
Belgium updates its crucial list of illegal crypto companies with 28 new additions. Belgian Financial Services and Markets Authority (FSMA) has a public list of companies operating unlawfully in Belgium. FSMA warns investors against fraudulent sites. However, complains keep coming from victims.
FSMA adds companies to this list if they offer financial services without complying with legislation (not having an authorization, missing documentation etc.), or if FSMA identifies them as investment frauds.
Istanbul Stock Exchange Switches to Blockchain
Turkish state exchange Borsa Istanbul (BIST) has developed its own blockchain for customer data storage. The following announcement was made Wednesday morning on the exchange’s website. The blockchain platform that will store the new customers’ data and share documents in a decentralized network was created by the BIST’s IT department. It is also aimed to provide Know Your Customer (KYC) standards, register new customers and secure exchange of information and documents on a "fast, reliable and transparent platform."
WHY IS IT IMPORTANT?
- Thanks to the project developed using the "Know Your Customer" (KYC) format, the new customer information can be added to databases and be automatically synchronized with each other, updating the existing information and document management can be done via the financial Blockchain network.
- If the database is now controlled via the Blockchain network, it will ensure that all the human factor errors in the information entry will be prevented. This is one of the biggest advantages of the blockchain technology. At the same time, it will allow the creation of a fast, secure and transparent platform.
At 20:00 (GMT+1) total cryptocurrency market capitalization stands at $218,1 billion
Tether (+0,54%) showed the best growth in the top-10
Dropil (+6,57%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $16,5 (+3,9 billion per day)
Mining Profitability
- BTC $2,6 for 10 TH/s
- ETH $0,18 for 10 MH/s
- BCH $0,26 for 1 TH/s
- LTC $3,56 for 1 GH/s
- DASH $0,09 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 13 September PavoCoin
- 18 September eMusic
- 1 October Open Packaging Network
- 1 October Tiberius
- 2 October CryptoCasher