In the ongoing Mt. Gox bankruptcy case, the former CEO claimed he was innocent
Mt Gox was the number one cryptocurrency exchange with 70% market share. However, the exchanges fame dint last too long as it filed bankruptcy in 2014 and closed its operations. While the claim proceedings are still in process, in Tokyo court, former CEO of Mt Gox, Mark Krapeles has pleaded innocence for the exchange going bankrupt and customers losing their money. Karpeles is also facing charges for embezzling USD 3million from the exchange and also manipulating exchanges data
Hong Kong-based winemaker Madison plans to buy a Japanese crypto platform
Madison Holdings Group a Hong Kong-based wine company, this week announced that it has plans to buy a 67.2% stake of the Japanese crypto platform BitOcean. The platform which recently crypto license from Japan’s Financial Services Agency is still to begin its operations. Madison Labs, a subsidiary of the Madison Group will supposedly pay $15.12 Bn for the buyout.
Bitmain, Consensys, and Huobi to layoff employees
All has not been at best for the crypto industry over the past two months since the market nosedived. This has led to a lot of businesses especially in the crypto mining realign their business resulting a lot of layoffs. It all started with Consensys and now it’s Bitmain and Huobi that are laying off a lot of their staff members. While Huobi is letting of worst performers from its team if sources are to be believed Bitmain is laying off close to 80% of its staff.
Litecoin enters the ring as it sponsors a UFC fight
For coins, Litecoin has signed a sponsorship deal with UFC. This would be the first time an official cryptocurrency has partnered UFC. The fight which Litecoin is sponsoring is the UFC light heavyweight fight between Jon Jones and Alexander Gustafsson which is expected to grab over a million eyeballs. This sponsorship looks like a Litecoin awareness campaign and may be considered the first step towards a more elaborate partnership with the UFC.
Kuwait National Bank now on RippleNet
Ripple has found a new partner in the Middle East and this time it is The National Bank of Kuwait (NBK). NBK plans to launch its direct remit services over RippleNet. As explained in an official blog post by NBK, RippleNet (a decentralized network of banks and other financial institutions using Ripple Labs’ suite of financial products) will be used to provide “a frictionless remittance experience” for the bank’s customers and “fast cross-border money transfer solutions.”This service is currently available only to Jordan for now and soon will be available to other countries as well.
India hints of legalizing cryptos
India may soon find cryptocurrencies legalized. The second largest country by population is considered to be a big market for cryptocurrency and according to a local media outlet, the committee assessing cryptos feels that altogether banning cryptocurrencies may not be a really good idea. An undisclosed source that was a participant in the meetings has told the local media that, while debates are still being made, after two meetings it was very clear that completely banning cryptos may not be a really good idea and that the best way to deal with these new age “money” is by having a strong hold on their legalization within India.
The Christmas rally ends and Bitcoin again slides down below USD 4000. This puts Bitcoin back into a range between USD 3600 to USD 4200. The prices hit the high point of USD 4,271.79 and the lowest point of USD 3,642.63 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (21.77%), CoinBene (4.33%) and EXX (3.20%)
Among prominent news around Bitcoin, Wells Fargo Says Bitcoin Too Risky for Clients, Pays $575 Million Fine For Scamming Them
XRP still is at second place but Ethereum continues to get close to regain its spot. On the top, this week the prices of XRP were at USD 0.448477 and towards the bottom, it quoted USD 0.336282. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (9.74%), ZB.COM (8.31%) and Upbit (6.33%)
For XRP this week, XRP surged in value after Binance, the largest cryptocurrency exchange in the world by traded value, added the cryptocurrency as a base currency, meaning that all the other cryptocurrencies would be paired with it.
Ethereum is outperforming all top altcoins as it inches closer to take its No.2 spot. Ethereum on the top, this week was at USD 157.67 and were at lows of USD 115.65. The markets that were more active, in volumes, with ETH across various pairs this week were OEX (6.19%), OKEx (4.22%) and Binance (4.10%)
Among news surrounding Ethereum this week, Tuur Demeester, an altcoin cynic, Bitcoin proponent, and crypto investor called Ethereum (ETH) Is A “Science Experiment” At Best
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 30 at 3:35 pm IST) were
- E-Chat – Showing a rise of 272.51%
- StarChain – Showing a rise of 173.77%
- Coinsuper Ecosystem – Showing a rise of 105.86%
- PlayCoin(QRC 20) – Showing a drop of 46.57%
- PlayCoin (ERC 20) – Showing a drop of 45.74%
- BitcoinX – Showing a drop of 43.98%
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.