Okex CEO Allegedly Detained In China Over Fraud
The founder and CEO of OKCoin, an exchange service, and OKEx, the second biggest crypto exchange, Star Xu has reportedly been brought in for questioning in respect to suspicions of crypto fraud. Allegedly, Xu is detained at the moment in the police station of Shanghai Weifang Xincun and is expected to be let out within the next 24 hours, if no evidence backing up the suspicions come to light.
WHY IS IT IMPORTANT?
- OKEx is the second largest crypto exchange with a daily trading volume of over $700 million, and if any allegations turn out true about their CEO this could impact firstly the exchange, and secondly the market.
- China is a controversial place for a crypto exchange to operate in since they have banned digital currencies and ICOs, however, they are quite happy to implement and develop blockchian technology. The Malta-based OKEx exchange is deep in the Chinese crypto market bypassing the existing laws, which is convenient for the local crypto users.
Nasdaq Gambles on Crypto Prediction Tool?
The second largest stock exchange of the world, Nasdaq will create a special tool for institutional investors to analyze the behavior of cryptocurrency markets. A source familiar with the plans of the stock exchange reported this. Last year, the platform launched an Analytical Center. A tool for predicting the price movements of digital assets will now be added to this center.
WHY IS IT IMPORTANT?
- Official representatives of the exchange provide restrained comments on the issues of crypto tools. Bill Dague, the head of Nasdaq on alternative data, explained that Nasdaq is exploring cryptocurrency assets, but whether the product associated with cryptocurrencies will be launched is yet unknown.
- A source familiar with the plans of the exchange stresses that at present the testing of the tool is already underway. A full-fledged launch of the cryptocurrency functionality is scheduled for November.
- Earlier, there had already been a talk about launching cryptocurrency trade on Nasdaq. The media reported that trading will start already in the second quarter of 2019, and the Gemini platform will become a partner of the stock exchange. The possible emergence of instruments related to cryptocurrencies is another sign that Wall Street is interested in this sector.
Research: Difficult Times for ICO Have Come
In August, ICOs received the lowest financing for 16 months. According to an Autonomous Research study published by Bloomberg, ICO projects received $326 million in August, which is the lowest amount since May 2017. At the same time in January-March 2018 companies attracted an average of $3 billion each month. GreySpark Partners, a consulting company, published the results of ICO market research. It turns out that almost half of the projects since the beginning of 2017 failed to raise funds.
WHY IS IT IMPORTANT?
- Experts believe that in the future the number of large ICO projects will decrease. They associate this with a number of problems. One of them is that ICO creators make inadequate efforts, and the public is disappointed in the technical development of projects. It doesn't help that financial regulators in many countries have begun to show increasing attention to ICO due to the growing number of frauds.
- At the same time, experts predict the success of cryptocurrency hedge funds. Researchers stress that despite the January decrease in number, by September such funds have grown to 146. By comparison, in 2012 there were only nine cryptocurrency hedge funds. 0 Discuss 2 Share Tweet.
Canada Launches Bitcoin-Fund for Collective Investments
Canadian controlled bitcoin-fund First Block Capital Inc. received the status of a collective investment fund for its trust under the name FBC Bitcoin Trust. It will work as a collective investment fund for accredited customers. Thanks to the new status, investors will be able to place funds in the cryptocurrency in registered accounts, including TFSA, and accumulative pension accounts (RRSPs - Registered Retirement Savings Plan). The project will be implemented jointly with NEO.
WHY IS IT IMPORTANT?
- The clients of the Canadian trust have the opportunity to gain access to bitcoin without the need to buy this cryptocurrency or store it. Investments in this fund will be considered qualified investments in full compliance with the law. The trust has already been approved by regulators and has become the only legally operating product of its kind in the country.
Malta Intensifies Blockchain Efforts
Malta takes the most active steps in order to become one of the most advanced states in the world in terms of blockchain and cryptocurrencies. The Prime Minister of Malta, Joseph Muscat, said that the state wants to diversify the economy and double down on the blockchain industry. At the same time, politician specified that the state calculates all the risks of this process. Muscat stressed that Malta offers expedited approvals without unnecessary bureaucratic delays for digital players to create a shop on the island.
WHY IS IT IMPORTANT?
- In 2018, the state bodies of Malta took on the course for the economy's digitization and the settlement of the legal status of the country's cryptocurrency. The main difference from other similar initiatives the authorities of Malta call their wide and strategic interest in the blockchain as a whole, which is not limited to the organization of the turnover of cryptocurrencies.
- In mid July, the founder of the world's largest crypto exchange Binance billionaire Changpeng Zhao announced plans to open the first decentralized bank in Malta. Thus, Malta is trying to transfer the center of the crypto trading world to Europe and while, it seems that Asia is winning this battle. The legal framework developed by Malta puts many eastern countries that have not yet decided on crypto regulation at a disadvantage.
At 18:30 (GMT+1) total cryptocurrency market capitalization stands at $190,8 billion
Emercoin (+40,34%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $10,9 (+0,2 billion per day)
Mining Profitability
- BTC $2,1 for 10 TH/s
- ETH $0,14 for 10 MH/s
- BCH $0,21 for 1 TH/s
- LTC $3,03 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