Congressmen Introduce Bills Opposing Crypto Price Manipulation
The Republican Ted Budd and Democrat Darren Soto have joined hands across the aisle to put an end to cryptocurrency price manipulation. The two men have introduced a couple of bills that “direct the CFTC and other financial regulators to make critical recommendations for how to improve the regulatory environment for both the consumer and business development side.” The first bill, The Virtual Currency Consumer Protection Act, asks the CFTC to analyze current price manipulation and propose regulatory changes to prevent it in the future. The second, The U.S. Virtual Currency Market and Regulatory Competitiveness Act, wants the organization to conduct a study of the regulations of other countries to find “alternatives for current burdensome regulations that may inhibit innovation.” The new bill seems like a win for all parties involved.
CFTC Looking for Ethereum Know-How
The Commodity Futures Trading Commission (CFTC) is now looking for your Ethereum expertise. This week, the organization released a Request for Information (RFI) to learn more about the smart contract supernetwork. The RFI includes surprisingly relevant questions such as: “Does the Ethereum Network face scalability challenges? If so, please describe such challenges and any potential solutions.” and “Has a proof of stake consensus mechanism been tested or validated at scale?” Maybe these government officials know a little bit about blockchain after all
Coinbase Donates Cryptocurrencies To Venezuelans
Needless to say, Venezuela is going through one of its worst times as a nation. And president Nicolás Maduro has made it worse by increasing the fiat cryptocurrency Petro price from 3.6K Bolivar to 9K Bolivar. This too at a time, when there are hardly any wallets offering the conversion.
Now, the leading cryptocurrency exchange Coinbase has come to the Venezuelans’ rescue. The cryptocurrency exchange has announced that it will donate Zcash ($ZEC) of worth $10K to Venezuela as part of exchange’s GiveCrypto.org project.
Zebpay goes live in Europe
Once India’s largest cryptocurrency exchange, Zebpay, after exiting from Indian market this September citing unfavourable and unclear regulations, has now started its operations in European markets. Based out of Malta, the exchange is live now in 21 countries of the EU. In its official statement, the company said, “We are live with euro deposits/withdrawals and trading in 21 countries (Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, Sweden, Austria) in Europe.”
Saudi Arabia’s ICD Bank Announces Blockchain Powered Islamic Banking Solutions
Internationally, The Saudi media reported that the Islamic Corporation for the Development of the Private Sector (ICD) is planning to develop sharia-compliant blockchain product. ICD’s plan of rolling financial products powered by blockchain is to enable Islamic banks to manage their liquidity needs. With the proposed plan for developing blockchain solutions for an Islamic bank, ICD has already incorporated an agreement with I-FinTech Solutions (IFTS), a Tunis-based company. ICD is a branch of Islamic Development Bank Group which claim that the product penned with IFTS is solely designed to attempt liquidity management issues.
This week too Bitcoin continued its meltdown. The prices hit the high point of USD 3,647.33 and the lowest point of USD 3,191.30 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (20.02%), CoinBene (3.85%) and OEX (3.19%)
Among prominent news around Bitcoin, Tom Lee updated his estimate for what a fair price for bitcoin should be: Between $13,800 and $14,800.
XRP still is at second place as Ethereum continues to take a beating. On the top, this week the prices of XRP were at USD 0.316210 and towards the bottom, it quoted USD 0.282523. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (11.58%), ZB.COM (10.61%) and ZBG (5.73%)
For XRP this week, Ripple added Israel’s Largest Financial Services Firm GMT To Its Network
Ether, like BTC, is hit severely now and sits below USD 100 levels. Ethereum on the top, this week were at USD 96.26 and were at lows of USD 82.83. The markets that were more active, in volumes, with ETH across various pairs this week were OEX (8.71%), DOBI trade (7.71%) and RightBTC (6.62%)
Among news surrounding Ethereum, The creator of Ethereum, Vitalik Buterin, has just been awarded an honorary doctorate by the University of Basel.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on December 16 at 3:35 pm IST) were
- Veros – Showing a rise of 395.05%
- Swarm – Showing a rise of 141.85%
- ARBITRAGE – Showing a rise of 126.75%
- KWHCOin – Showing a drop of 93.20%
- HyperQuant – Showing a drop of 70.64%
- Octcoin Coin – Showing a drop of 62.32%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.