Top Trending Crypto News of the Week: The Bitwise Report, Bithumb, and Bitcoin ETF Among Major Newsmakers


Cryptocurrency news
Cryptocurrency news

Top Trending Crypto News of the Week: The Bitwise Report, Bithumb, and Bitcoin ETF Among Major Newsmakers

Key highlights

    • The bitwise report concludes 95% of the reported volumes in Bitcoin are fake
    • Bithumb hacked for millions of EOS and XRP
    • Coindelta exchange succumbs to Indian Government’s lack of crypto regulations
    • SEC delays Bitwise’s and NYSE Arca Bitcoin ETF Application
    • Indian Apex court differs Crypto Case hearing on request of the Government

 

 

The Bitwise report concludes 95% of the reported volumes in Bitcoin are fake

This week a Bitwise report literally shook the crypto industry. The report found that 95% of the trading volume in Bitcoin was fake, ginned up through techniques like “wash trading” where a person buys and sells an asset at the same time. The report analyzed 81 exchanges and concluded that the fake traffic was being generated by 71 of them, in order to lure in lucrative “initial coin offerings” and the associated fees, which can run to millions of (fiat) dollars.

Bithumb hacked for millions of EOS and XRP

The world woke to a Saturday with the news of another hack and this time it was Bithumb. The leading exchange faced its second  hack in less than a year and this time the hackers managed to steal 3 million EOS coins and 20 million XRP. The news broke late on Saturday morning (UST) as the crypto entrepreneur and analyst Dovey Wan relayed reports apparently coming from a security firm who were auditing for Bithumb.

Coindelta exchange succumbs to Indian Government’s lack of crypto regulations

Well, the Indian Policy paralysis towards cryptocurrency has taken another exchange down and this time its CoinDelta. It was reported by the founder using the medium channel that the exchange was shutting down operations on 30 March at 2 pm IST. The exchange’s statement on Medium read “It has been really difficult for us to operate Coindelta exchange for the last 6 months. The curb on the bank accounts by RBI has made us handicapped in order to provide seamless deposit and withdrawal services.”

SEC delays Bitwise’s and NYSE Arca Bitcoin ETF Application

The approval for two Bitcoin ETFs has yet again been delayed by the Securities Exchange Commission (SEC) in the US. On 29th March 2019, SEC released a press release of its letter to the Cboe BZX Exchange, Inc., and NYSE Arca and Bitwise citing the designation of a “Longer Period” of time for the pending decision. The notice read “The Commission finds it appropriate to designate a longer period within which to take such action on the proposed rule so that it has sufficient time… Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates May 16, 2019, as the date by which the Commission either approves or disapproves.”

 

Indian Apex court differs Crypto Case hearing on request of the Government

The final hearing of the crypto case at the Indian apex court has now been delayed to July on request of the government. According to a local analyst, this step has been taken as India’s general election are approaching and the voting due to take place in seven phases between April 11 and May 19. The results will be announced on May 23. As per law During election time in India, ‘aachar sanhita’ or code of conduct applies. Thereby no new law can be passed which means that the government is not expected to officially announce any regulation regarding cryptos or others.

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Top Trending Crypto News of the Week: The Bitwise Report, Bithumb, and Bitcoin ETF Among Major Newsmakers
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Top Trending Crypto News of the Week: The Bitwise Report, Bithumb, and Bitcoin ETF Among Major Newsmakers
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The bitwise report concludes 95% of the reported volumes in Bitcoin are fake Bithumb hacked for millions of EOS and XRP Coindelta exchange succumbs to Indian Government's lack of crypto regulations SEC delays Bitwise’s and NYSE Arca Bitcoin ETF Application Indian Apex court differs Crypto Case hearing on request of the Government
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Abhinav Agarwal

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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Abhinav Agarwal 89 Articles

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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