This week, the total value of all cryptocurrencies, including bitcoin and the 1,300 others trading, is down more than 30 percent from its all-time high of $650 billion reached earlier this week. Speculators believe that this because of an overdue market crypto price correction.
The government of Belarus has passed new statutes aimed in part at encouraging the development of companies around cryptocurrency and blockchain. According to the state-owned media agency BelTA, on Dec. 22 Belarus President Alexander Lukashenko signed a digital economy development decree that legally enshrines the use of emerging technologies like blockchain, while also offering significant tax incentives in a bid to attract business activity. [CoinDesk]
Michael Novogratz, has delayed the launch of his cryptocurrency hedge fund Galaxy Digital Assets and believes Bitcoin could fall to $8,000. On an interview with CNBC, he stated “we were supposed to launch on December 15th and we paused. I didn’t like the market conditions as a starting point to take other investors’ money.” [Bitcoinist]
Former SEC chairman Harvey Pitt stated that the U.S. Securities and Exchange Commission (SEC)’s investigation over shady behavior in the cryptocurrency market will only continue. This Tuesday, the SEC halted trading of The Crypto Co. over manipulation concerns after a massive stock leap. Coupled with the SEC’s crackdown, the Financial Industry Regulatory Authority (FINRA) warned investors of bitcoin cold-calling scams. FINRA senior vice president for investor education Gerri Walsh stated “the most common scenario in which an investor can get duped is the pump-and-dump scheme.” Pump and dump is a form of securities fraud common among penny stocks, in which shareholders attempt to artificially inflate the price of stock through misleading statements. And lastly, The Chicago Board Options Exchange (Cboe) has petitioned the U.S. Securities and Exchange Commission (SEC) to launch six Bitcoin-based exchanged traded funds (ETFs). The exchange has been successfully trading Bitcoin futures since December 10th of this year.
NOTE: This is an emergent and evolving highly technical space. You should understand how involvement in this space impacts you and acknowledge all risks before participating or implementing any recommendations.