Crypto Daily Roundup – Jan 26

Cryptocurrency prices slumped on Friday after a major Japanese Bitcoin exchange halted client withdrawals. Trading cryptocurrencies is set to get a lot more easier and cheaper after zero-fee stock trading app Robinhood decided to add cryptos to its platform. And there was more news on the regulation front with the Russian government drafting a bill to regulate cryptocurrencies. At Davos, business and political leaders were going gaga about cryptocurrencies, but mostly about the concerns surrounding them.

Here is a wrap up of the main news from the crypto space in the last 24 hours

<b> 1. Crypto Prices Tumble On Friday After Japan’s Coincheck Halts Withdrawals </b>

There was a sell-off in cryptocurrencies on Friday after the news emerged that Coincheck, one of the leading Bitcoin exchanges in Japan, has halted client withdrawals. The exchange announced in a series of tweets that it is halting withdrawals of all coins except Bitcoin and has stopped deposits into NEM coins. The exchange did not explain the reason behind such a move. As of 4.30 am ET on Friday, NEM, which is ranked 10th on CoinMarketCap, was down 15.10 percent at $0.820637.

<b> 2. Robinhood Adds Cryptocurrencies To Trading Platform </b>

Free stock trading app Robinhood announced that it is adding 16 cryptocurrencies to its platform. These include the leading ones such as Bitcoin, Ethereum, Bitcoin Cash, Ripple and Litecoin, plus others such as Dogecoin, Monero and NEO. This month, users are allowed to add these cryptos to there watch-list for monitoring price trends and track news. Starting February, round-the-clock, commission-free cryptocurrency trading in will be allowed in Bitcoin and Ethereum on the platfrom to users in California, Massachusetts, Missouri, Montana, and New Hampshire.

<b> 3. Trading Technologies to Add Coinbase To Platform In March </b>

Trading Technologies International, known as TT, a leading electronic professional trading software provider, announced a deal with the cryptocurrency exchange Coinbase to provide cryptocurrency trading functionality and market access to the institutional traders. From March, TT will alow its customers to trade both spot and derivative markets side by side. Cryptocurrencies available on Coinbase’s GDAX cryptocurrency exchange – Bitcoin, Bitcoin Cash, Ethereum and Litecoin, will be available for trading. TT is connected to nearly 45 markets.

<b> 4. George Soros Says Bitcoin Price Propped Up By Dictators </b>

Billionaire investor and former currency trade George Soros said at the WEF Forum in Davos that the price of Bitcoin is being propped up by dictators who use these to “build a nest egg abroad”. He said crypotcurrencies are just speculation and cannot be equal to a fiat currency as they lack the stability in value. However, Soros was positive on the blockchain technology that underlies Bitcoin and said it is used by his Open Society Foundation to help migrants.

<b> 5. Nobel Laureate Shiller Calls Bitcoin Just “Interesting Experiment” </b>

The Nobel prize-winning economist Robert Shiller said at Davos that Bitcoin was only “an interesting experiment”, and cannot be the future of the financial system. “We’re over-emphasizing Bitcoin, we should broaden it out to blockchain, which will have other applications.”

<b> 6. UK PM To Look “Very Seriously” at Cryptocurrency Use By Criminals </b>

UK Prime Minister Theresa May said in an interview to Bloomberg in Davos that her government would be looking “very seriously” at the use of cryptocurrencies by criminals. Action on cryptocurrencies may be needed, she added. May also noted a surge in the use of Bitcoin.

<b> 7. Swedish Minister Unsurprised By Bank Banks On Cryptos: Report </b>

Per Bolund, who is Sweden’s minister for financial markets, told Bloomberg that he was unsurprised by the move by some banks such as Nordea to ban cryptotrading for staff, citing the volatility in the cryptocurrency market. The minister did not give a direct answer to the question whether the ban was legal, saying it was up to the labor market parties and legal experts to determine. Finance unions in Sweden and Denmark have called the ban ‘unlawful’, according to the Bloomberg report. The minister also drew attention to a political agreement reached in Europe in December, which requires EU members to subject virtual currency exchanges and wallet providers to anti-money laundering and counter-terrorist financing regimes.

<b> 8. Russia Drafts Bill To Regulate Cryptocurrency And ICOs </b>

The Russian finance ministry drafted a bill for the regulation of cryptocurrencies and initial coin offerings, or ICOs. The government had planned to ban cryptocurrencies as they could be used to launder money and finance terrorism. But the Finance Ministry later decided that the ban would only create conditions for its illegal use. “Trades with cryptocurrencies have become so widespread, a legal ban on such activity would lead to the creation of conditions for the use of cryptocurrencies as an instrument to service illegal businesses, launder criminal incomes, and finance terrorism,” the Finance Ministry said in a statement Thursday.

<b> Current Prices </b>

As of 4.31 am ET on Friday, Bitcoin was down 5.73 percent at $10,760.50 on CoinMarketCap. Ethereum was lower by 4.43 percent at $1,021.40.

The material has been provided by InstaForex Company – www.instaforex.com