#Bitcoin Sees Huge Rally, Coinbase Withdraws Statement of 'Approval', Mining Giant Bitmain Expands Israel Operations and Japan Overhauls Financial Regulator

Crypto Corner - July 18, 2018

Bitcoin Sees Huge Rally, Coinbase Withdraws Statement of 'Approval', Mining Giant Bitmain Expands Israel Operations and Japan Overhauls Financial Regulator

Bitcoin (BTC) experienced a considerable upward spike yesterday, going from about $6750 USD to a trading price of $7469 USD at press time. The coin peaked at just under $7500 USD and grew an astonishing $600 USD in less than an hour last evening, according to data from CoinMarketCap. In addition, Bitcoin's (BTC) volume, which was blamed for some of last week's decline, is twice as large this week at $6.67 billion USD. The total market cap has grown $26 billion USD from $271 billion USD to $297 billion USD at press time. All but two of the top 100 listed coins on CoinMarketCap are in the green for the last 24 hours.

According to Bloomberg, Coinbase has withdrawn their statement reported yesterday that they had received approval from the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) to acquire Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. In an email to Bloomberg, Coinbase spokeswoman Rachel Horwitz said:

"It is not correct to say that the SEC and FINRA approved Coinbase's purchase of Keystone because SEC was not involved in the approval process."

Horwitz clarified that it wasn't necessary to be greenlit by the SEC but that there had been communication with the body.

"The SEC's approval is not required for the change of control application," she said. "Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff."

Israeli publication Globes reports that Chinese bitcoin mining giant, Bitmain, plans to expand its development centre in Israel. The development centre, located in Ra'anana, will see a tripling of their team, including "more than 40 researchers, programmers, engineers and marketing people". The centre's manager, Gadi Glikberg, explained Bitmain's ambition in the face of the cooler market conditions.

"The world may be in a period of relative calm after the great hype of December 2017, but for the major companies in the field this is a golden opportunity to plan, build and grow, and Bitmain has identified the potential of Israeli know-how and capabilities to contribute to the company's global effort."

Nikkei Asian Review reports that Japan's financial watchdog, the Financial Services Agency (FSA), has been reconditioned to better respond to fintech and cryptocurrency concerns. A new Strategy Development and Management Bureau replaces the Inspection Bureau, and will be tasked with inspections of financial institutions.

Sam Mowers, Investorideas

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