Summary:
- US SEC creates a new FinTech-related division
- Head of Central Bank of Russia says cryptocurrency fever begins cooling
- Bitcoin (BITCOIN on xStation5) trades a notch below $6350
Major cryptocurrencies pulled back yesterday dragging the whole market lower. Dash (DASH on xStation5) weakened significantly over the past 24 hours with losses exceeding 3%. The capitalization of the entire cryptocurrency market stands a notch below $208 billion whereas the capitalization of the most famous virtual currency sits slightly above the $112 billion mark. Today’s newsflow concerns the new American SEC’s division and some remarks from the head of the Central Bank of Russia.
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BITCOIN fell down around 1% over the past 24 hours. However, the cryptocurrency has been almost flat since the midnight. On Thursday morning, BITCOIN trades a notch below its 8 and 33-period moving averages in the H4 chart (yellow and purple lines). Source: xStation5
The US Securities and Exchange Commission (SEC) announced on Thursday that it is launching a new FinTech-related division. The new initiative, called the Strategic Hub for Innovation and Financial Technology (FinHub), will interact with entrepreneurs and developers in topics such as distributed ledger technology and artificial intelligence. According to the SEC’s press release, the aforementioned FinHub will, for example, “publicize information regarding the SEC's activities and initiatives involving FinTech and engage with the public through publications and events”.
ETHEREUM dropped like other major coins. The cryptocurrency is trading a little above the $195 handle at press time. Source: xStation5.
Secondly, let’s move to Russia where the Forum of Innovative Financial Technologies FINOPOLIS is taking place in Sochi by the Black Sea. What’s interesting, Elvira Nabiullina, the head of the Central Bank of Russia, claimed that cryptocurrency fever has begun cooling. She indicates that failures of many blockchain projects and ICOs have made investors scratching their head over the future blockchain-based projects. On the other hand, Nabiullina labelled initial coin offerings (ICOs) as perfect method to raise funds. However, she also mentioned they are not enough protected against frauds. Let us note that the head of the Russian central bank has tended to voice some sceptical views regarding crypto-related projects.
DASH declined to below the $155 handle reaching the second lowest price level in October. The cryptocurrency is trading significantly below its 8- and 33-period moving averages on the H4 interval (yellow and purple lines) at press time.
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