#CryptoCorner: Market Seeing Red as #ETH and #XRP Lose Gains, BIS Report Indicates Effect of Regulation on #Crypto Market, India's Supreme Court to Hear Final Petitions Against Crypto Ban, Mt Gox Reports Sell-Off Figures and Google (NasdaqGS:GOOG) Reverses Crypto Ad Ban
September 25th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - September 25, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: Market Seeing Red as #ETH and #XRP Lose Gains, BIS Report Indicates Effect of Regulation on #Crypto Market
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Market Seeing Red as ETH and XRP Lose Gains, BIS Report Indicates Effect of Regulation on Crypto Market, India's Supreme Court to Hear Final Petitions Against Crypto Ban, Mt Gox Reports Sell-Off Figures and Google Reverses Crypto Ad Ban
Stocks discussed: (NasdaqGS:GOOG)
The market is very much in the red today as coins like ether (ETH) and XRP lose major gains from last week. In fact, the majority of the top 100 coins by market cap have posted losses in the last 24 hours, according to data from CoinMarketCap. Bitcoin (BTC), which at press time is trading at $6440 USD, has only lost about 2.7 percent of its trading value since yesterday. The aforementioned Ethereum is down 10 percent and XRP has lost 13 percent.
This activity follows a recent report from the Bank of International Settlements (BIS), wherein the case is made that regulatory efforts from governments and institutions have a significant effect on market behaviour. The report breaks down how different regulatory actions affect the market in different ways:
"The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains. These results suggest that cryptocurrency markets rely on regulated financial institutions to operate and that these markets are segmented across jurisdictions, bringing cryptocurrencies within reach of national regulation."
The Financial Express reports that tomorrow India's Supreme Court will hear the final arguments against the crypto exchange ban by the country's central bank, the Reserve Bank of India (RBI). The petitions were originally intended to be heard today but had to be postponed. Interestingly (and running contrary to the aforementioned BIS findings), on July 20, the RBI justified the ban to the Supreme Court by saying that cryptocurrencies are "immune from state regulation".
Another driver of price fluctuations in the crypto market has been large scale sell-offs. Perhaps the best known of these are from defunct exchange Mt Gox, whose crypto sell-offs were part of the company's bankruptcy and civil rehabilitation process. The company published details of its sell-off figures today, where it was revealed that some ¥25.9 billion yen ($230 million USD) in Bitcoin (BTC) and Bitcoin Cash (BCH) had been dumped on the market.
CNBC reports that tech giant Google (NasdaqGS:GOOG) has reversed its ban on cryptocurrency advertising in the U.S. and Japan. The ban was originally announced in March of 2018 and went into effect in June. The rationale was to protect consumers from scams associated with ICOs at a time when speculation was high. The new policy, which takes effect in October, allows advertisers from around the world but will only run in the U.S. or Japan
Sam Mowers, Investorideas
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