Key Weekly Highlights - MC Update 4/4

Key Headlines

  1. Australian exchanges tighten AML/CTS policies - AUSTRAC registration means stricter AML/CTS screening and suspicious activity monitoring with transactions over $10,000 to be reported - all user data needs to be stored for 7 years.

  2. Independent Reserve becomes the first Australian Exchange to be registered under AUSTRAC

  3. BitPay raises US$40Mn for Series B from traditional VC funding for equity - BitPay processes Bitcoin and Bitcoin Cash payments for merchants. They had to expand its Series B from US$30Mn to US$40Mn due to high demand.

  4. Q1 2018 was the worst quarter on record for Bitcoin - Historically Q2 has consistently outperformed Q1 according to CNBC Fast Money

  5. Bitmain, the largest producer of mining gear for Bitcoin out of China is releasing Ethereum ASIC Miner - application specific integrated circuit (ASIC) miners from Bitmain are set to be significantly more effective than traditional graphics cards.

  6. Centra - a fraudulent ICO gets shutdown - The SEC claimed the ICO was an unregistered securities offering, engaged in fraudulent conduct and made material misstatements and omissions designed to deceive investors

  7. Robinhood Launches Commission-Free Crypto Trading in 4 US States - Robinhood app allows BTC and ETH to be traded in California, Massachusetts, Missouri, and Montana.

  8. China declared cryptocurrencies a top priority for 2018 - The central bank has created a science and technology team aimed at tackling the new technology which has already applied for 22 new patents.

  9. Coinbase the largest exchange in the US is set to support ERC20 tokens - Coinbase released a blog post that said support for ERC20 is coming in the next few months.


The Market

  • This week Bitcoin bounced off ~US$6,300 to recover back to low US$7,000 with some promising upwards momentum.

  • The entire asset class saw the market cap move from ~US$300Bn down to ~US$245Bn, and bounce back to ~US$280Bn.

  • Total number of tracked crypto assets grows to 1600.

  • Bitcoin dominance remains mainly unchanged at 44.8% at the time of writing.

Egor Sidelska