SEC Aware Trading Bots Scourge Market
WSJ correspondents claim that the main obstacle to the resolution of the Bitcoin ETF (exchange trading fund) for the SEC is that traders use special trading bots that apply illegal algorithms. Cryptocurrency exchanges are subjects to such techniques as “ping-pong”, “spoofing”, anti-arbitrage “harassing bots”, and “pumps&dumps”.
The traditional securities and derivatives markets have strict trading rules established by the SEC and CFTC Commissions. All bots are subject to mandatory certification, and some trading algorithms are prohibited by law. Violations are punishable by a large fine for legal entities and an actual term of imprisonment for traders.
Study: Over Half of Crypto Exchanges – Unsafe
The new ICOrating study published recently came to a conclusion that 54% of cryptocurrency trading platforms have “holes” in the security system that can be used to carry out hacker attacks and breaks-ins. The ICOrating study assessed the security level of various cryptocurrency exchanges and revealed a number of shortcomings that are observed at many platforms, including several fairly well-known and popular ones.
"Over the years, digital thieves have stolen millions of dollars’ worth of cryptocurrency from various exchanges. Transactions and assets are not secured in any way, which makes investing in cryptocurrencies really hazardous. The largest cryptocurrency exchanges contain vast amounts of digital cash. These facts are really attractive for hackers," the report said.
Keep Calm and Embrace the Crypto Future
Wednesday’s red market might discourage investors from crypto, while nobody really knows why prices are fluctuating, opinion makers like Mike Novogratz and CFTC’s Christopher Giancarlo might be one of the reasons.
The chairman of CFTC, Christopher Giancarlo does not think that cryptocurrencies might one day dethrone the U.S. Dollar, but he considers that there are countries where crypto will prove to be more useful than local currencies. According to Giancarlo more than half of the fiat currencies are not worth the paper they are printed on and crypto might provide a solution in the next decade.
On another hand, there are people with a strong influence who believe in the future crypto economy, like Michael Novogratz. He points out that Coinbase, a cryptocurrency exchange, has a valuation of almost $8 billion, and that should mean, there is a strong traction for crypto among the people.
What Else:
- Bank of America's research showed that tech giants can get billions of dollars from blockchain adoption.
- The severe bitcoin bug attacks other cryptocurrencies.
- A pro-blockchain politician, Takuya Hirai, has been appointed as Minister of Science, Technology, and IT in Japan.
- John McAfee announced the creation of an alliance to fight corruption in the crypto community and calls for the support of coins that have decided to be delisted from corrupt centralized exchanges.
At 19:00 (GMT+1) total cryptocurrency market capitalization stands at $216,7 billion
- Bitcoin (TICKER: BTC.EXANTE) $6512 (-0,58%)
- Ethereum (TICKER: ETH/USD.BITFINEX) $221 (-2,34%)
- XRP (TICKER: XRP.EXANTE) $0,52 (-4,46%)
- Bitcoin Cash (TICKER: BCH.EXANTE) $515 (-3,01%)
- EOS (EXANTE: EOS.EXANTE) $5,56 (-1,18%)
Noah Coin (+30,79%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $13,5 (+0,2 billion per day)
Mining Profitability
- BTC $2,4 for 10 TH/s
- ETH $0,17 for 10 MH/s
- BCH $0,23 for 1 TH/s
- LTC $2,9 for 1 GH/s
- DASH $0,9 for 1 GH/s
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