#CryptoCorner: #Bitcoin’s Market Dominance Rises as #Altcoins Fall, #OKEx Founder Star Xu Not Arrested and No Longer with Police, Bank of #Russia Succeeds in #ICO Experiment and #Blockchain Lobbying Group Formed in D.C.
#CryptoCorner:
#Bitcoin’s Market Dominance Rises as #Altcoins Fall, #OKEx Founder Star Xu Not
Arrested and No Longer with Police, Bank of #Russia Succeeds in #ICO Experiment
and #Blockchain Lobbying Group Formed in D.C.
September 12th #CryptoCorner and Podcast sponsored by Crypto
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Point Roberts, WA, Delta BC September 12, 2018 - Investorideas.com,
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September 12 Crypto
Corner
Bitcoin’s Market
Dominance Rises as Altcoins Fall, OKEx Founder Star Xu Not Arrested and No
Longer with Police, Bank of Russia Succeeds in ICO Experiment and Blockchain
Lobbying Group Formed in D.C.
Data
from CoinMarketCap
tells us that the total market capitalization has continued the slow decline
we’ve been seeing over the past few days following the sudden drop a week ago.
At press time the market cap is $188 billion USD, down $3 billion USD since
yesterday’s Crypto Corner. Bitcoin (BTC), however, is actually up a bit,
trading at about $6300 USD with a market dominance of almost 58 percent. Major
altcoin Ethereum continues to sag further, trading at $173 USD at press time –
its lowest in over a year. For perspective, it was trading as high as $1372 USD
during its January 2018 peak.
OKEx
founder Star Xu, who was reportedly detained by police in Shanghai
yesterday as part of a fraud investigation, is now free after 24 hours,
according to CoinDesk. Apparently, Xu was not arrested
after all. Chinese business media outlet Caixin reported that Xu was confronted by a
group of investors at his hotel in Shanghai who had disputes regarding OKEx
holdings, before police became involved to resolve the issue. OKEx responded to
an inquiry from CoinDesk saying:
"As
far as OKEx is aware, it was Xu who called the police for help when he was
surrounded and intimidated by a gang during his visit in Shanghai. The Shanghai
police officers arrived the scene and invited all the related parties back to
the police station. ... Xu was then invited for questioning while the gang was
detained. Then Xu left the police station."
The
Bank of Russia successfully conducted an ICO experiment, according to news
outlet TASS.
The experiment was carried out by state-owned Sberbank and the National
Settlement Depository (NSD) using a Bank of Russia framework. Deputy Director
of Financial Market Development Ivan Semagin said the experiment was successful
on a technical level but there was still legal ambiguities to resolve.
The Washington Post reports that a lobbying
group known as the Blockchain Association has been assembled to campaign for
crypto and blockchain interests in D.C. The group comprises exchange giants
Coinbase and Circle, tech start-up Protocol Labs, and investors, such as
Digital Currency Group and Polychain Capital. Coinbase’s chief legal and risk
officer, Mike Lempres, explained the main aims of the group:
"The
Blockchain Association is an effort to get the preeminent companies in the
space together so [policymakers] know they're hearing from companies that
welcome regulation when it’s appropriate. We’re not companies looking to game
the system, but trying to develop a legal and regulatory system that’ll stand
the test of time."
Sam Mowers, Investorideas
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