What You Need To Know in Crypto : week 1

China Crackdown:

After banning all trading in ICOs last September, China has banned hosting cryptocurrency-related events in Beijin Chaoyang district, and possibly others. Nevertheless, trade still continues, so authorities have also identified 124 crypto trading platforms outside the country that see heavy use by PRC citizens. Authorities intend to block them using the Great Firewall, as they have done before.

In addition, this week many popular WeChat channels used by cryptocurrency enthusiasts were permanently shut down, including those used by Coindaily, Huobi News and Huobi Research Institute, Jinse.com, BiShiJie News Flash, deepchain, TokenClub, CoinDaily, Wujie Blockchain, and Dapao.

Alipay has also blocked accounts being used for over-the-counter bitcoin trading, forcing investors to turn to Hong Kong markets.

Regulation Incoming:

In positive news, however, the US SEC has vowed to review its decisions on the nine bitcoin-based ETFs which were previously rejected. Many are optimistic that this represents a step forward towards legitimacy.

The central bank of Singapore also announced signing a deal with several major partners, including Deloitte, Nasdaq, and the Singapore Exchange to create Delivery versus Payment capabilities for settlement of tokenized assets. Singapore hopes to be a haven for crypto development as part of its ongoing Project Ubin.

Squeaky Clean Trade:

In logistics news, the US Customs and Border Patrol will start testing a blockchain solution (developed by the Department of Homeland Security) to verify the country of origin of shipments within the NAFTA and CAFTA trade organizations.

Japan is also moving forward with a private blockchain solution for sharing logistics data between shipping companies, brokerages, and port authorities. This project, will be developed by Japan’s New Energy and Industrial Technology Development Organization, and NTT Data, one of the largest IT organizations in Japan.

Hackers and Hucksters:

A few high-profile scammers have been arrested this week, first in China, where three hackers were identified who appear to have used targeted attacks against enterprises and high net worth individuals. The hackers managed to get away with around $87.3 million in BTC and ETH before being tracked down. Remember to secure your wallet!

In India, one of the chief promoters of the Bitconnect ponzi, (which was closed last January), was arrested at a Delhi airport. Bitconnect previously advertised 1 percent daily interest rates to thousands of investors interested in getting rich quick.

New Coins:

Indiegogo has announced an asset-backed token, Aspen Coin, where owners will own common shares in a REIT that owns the luxury St. Regis Aspen Resort. What does that have to do with Indiegogo primary business model of skimming money from investment in crackpot ideas? We have no idea.

Market Trends:

On a more serious note, recent analysis shows US-based exchange such as Coinbase and Bitstamp in a catastrophic fall. Meanwhile, Asian-based exchanges have generally noted flat of slightly upward trends in volume with OKEx even noting a record trading volume in July.

That’s it for this week!