Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Crypto Rises; CFTC Tech Committee Discusses Regulations

Published 03/28/2019, 12:18 AM
Updated 03/28/2019, 12:18 AM
© Reuters.

Investing.com - Bitcoin broke through the key $4,000 level and other major coins also advanced on Thursday morning in Asia.

It was the second day in a row that cryptocurrencies traded in the green, pushing their market cap higher to nearly $143 billion.

On Thursday morning, Bitcoin added 0.96% to $4,025.2 by 11:40 PM ET (03:40 AM GMT).

Meanwhile, Ethereum gained 1.33% to $138.86, XRP went up 0.79% to $0.30794 and Litecoin rose 4.44% to $61.041.

There were notable reports on crypto regulation that provided fodder for investors.

The Technology Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC) discussed crypto regulation in a meeting on Wednesday.

Ethereum came into the spotlight. CFTC Commissioner Brian Quintenz said Ethereum’s shift from being based on a protocol known as “proof-of-work” (the same protocol as Bitcoin) to one known as “proof-of-stake” could pose regulatory concerns. These concerns include potential manipulation or falsification of the ledger that is the backbone of the blockchain technology that makes cryptocurrencies possible. Last year, the CFTC looked into how the technology behind the Ethereum blockchain is different from that of Bitcoin.

Swiss-based crypto mining firm Envion AG also attracted attention among traders after its ICO was deemed illegal by Swiss regulators. Under the Swiss Banking Act, all companies receiving deposits from the public must first obtain a banking licence.

The Swiss Financial Market Supervisory Authority (FINMA) said Envion’s ICO raised around $90.5 million from at least 37,000 investors without such a license. FINMA said it will continue to target startups that raise funds illegally through issuing tokens.

Envion is currently undergoing liquidation proceedings by the Zug bankruptcy authority. The startup claims to combine cryptocurrency mining with green power.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.