Daily Crypto Report: Bitcoin trading volume tops $11 billion; The lessons we need to learn from the fallen soldiers.
Bitcoin trading volume tops $11 billion for the 1st time in nearly a year
[Coindesk] Daily trading volume for the world’s largest cryptocurrency bitcoin exceeded $11 billion Friday, the most observed in a 24-hour period since April 25 of last year.
At that time, the average price of bitcoin was $8,845, while today the crypto asset is listed for less than half the price, currently trading at $3,951 as per CoinMarketCap. However, the return in volume is potentially a sign investors aren’t losing interest in bitcoin despite the less than favorable market conditions.
Interestingly, the amount of bitcoin trade volume had closely aligned with it’s price trend for years, but upon closer examination, the close connection ended during the latest market rout in November when trade volumes failed to sink along with the quickly depreciating broader cryptocurrency market.
Japan court hands Mt. Gox founder 2–1/2 years suspended sentence
[ChannelNewsAsia] TOKYO: A Tokyo court on Friday handed the founder of the now-defunct Mt. Gox bitcoin currency exchange a 2–1/2-year suspended sentence for his role in the loss of hundreds of millions of dollars worth of bitcoins and cash, Kyodo news agency reported.
The court suspended the sentence for Mark Karpeles for four years, finding the French national guilty of data manipulation but innocent on charges of embezzlement, Kyodo said.
Karpeles had pleaded not guilty on both charges.
Prosecutors had sought a sentence of 10 years against the 33-year-old Karpeles, it said.
Tokyo-based Mt. Gox once handled 80 percent of the world’s bitcoin trades but filed for bankruptcy in 2014 after losing some 850,000 bitcoins — then worth around half a billion U.S. dollars — and US$28 million in cash from its bank accounts.
In its bankruptcy filing, it had blamed hackers for the lost bitcoins, pointing to a software security flaw.
The collapse of Mt. Gox damaged the image of virtual currencies, particularly among risk-averse Japanese investors and corporations. But the bankruptcy also prompted Japan’s government to decide how to treat bitcoin, and preceded a push by local regulators to licence virtual currency exchanges.
Hong Kong Crypto Exchange Gatecoin Choked to Death by Banking Freeze
[ccn.com] In a statement, Gatecoin revealed that it has to ‘cease operation with immediate effect’. According to Gatecoin, its current predicament was triggered by problems it experienced with banking partners. This saw it turn to a French-regulated payments firm but it soon ran into problems with the payments processor.
Specifically, the payment service provider experienced delays in processing transactions resulting in Gatecoin’s operations being almost paralyzed for several months. The cryptocurrency exchange incurred substantial losses as a result.
Switching service providers did not help as the French-regulated payment institution still retained a significant portion of Gatecoin’s funds. Legal action has, however, not borne any fruit for the Hong Kong crypto exchange:
“After months spent trying to recover those funds, we commenced legal action against that PSP [Payment Service Provider] but were advised that it is unlikely that we would be able to recover the funds from them in full.”
Crypto Exchange Bittrex Cancels Its First ‘Initial Exchange Offering’
[CoinTelegraph] United States crypto exchange Bittrex has cancelled its first token sale, dubbed an Initial Exchange Offering (IEO), which it had been planning to host on its Malta-based counterpart, Bittrex International. The news was announced in an official statement published on March 14.
Earlier this week, Bittrex International had announced plans to host the IEO today, March 15, allowing investors to use Bitcoin (BTC) to purchase “XRD” tokens, developed by international gaming data blockchain project, Raid.
In yesterday’s announcement, the exchange outlined that it decided to cancel the IEO “as a result of significant changes in the business status of RAID.” Specifically, it explained that:
“A few hours ago [on March 14], OP.GG terminated its strategic partnership with RAID, which was a vital part of the RAID project. When [we] became aware of this significant event, we did not feel that it was in the best interest of our customers to move forward with the IEO.”
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