Market Stays Strong, Yahoo Japan Eyes Crypto Exchange and Vietnam Cracks Down in Response to Alleged Fraud
After reaching $8055 USD and then sinking back down to about $7650 USD at the time of yesterday's Crypto Corner, Bitcoin (BTC) has swung back to around $8100 USD and seems to be remaining steady there. A piece in Bloomberg today attempts to explain the recent surge:
"Thomas Lee, head of research of Fundstrat Global Advisors LLC, cited a combination of Santander's plan for a blockchain-based payment application, tax-related selling almost over and speculative short investors being squeezed out of the market for the surge."
At press time all the top cryptocurrencies have exhibited 24-hour growth and the total market cap is sitting at $324 billion USD, about $25 billion more than this time yesterday.
Yahoo Japan wholly-owned subsidiary, Z Corporation, plans to buy a minority stake of 40 percent in cryptocurrency exchange BitARG. In an announcement, an ARG spokesman talked about the benefits of Yahoo's purchase to BitARG customers:
"As a result of this capital participation, the Company will be able to utilize the service operation and security expertise of the Yahoo Japan Group, which will make it easier for customers to prepare for the start of the exchange service managed by the Company and to improve the operation after the commencement We will promote the provision of secure exchange services."
The announcement from ARG also indicated that the service will launch in the fall of this year.
In the wake of an alleged $660 million USD ICO fraud, Vietnam's prime minister, Nguyen Xuan Phuc, issued a directive to state authorities to toughen up "management of activities related to Bitcoin and other cryptocurrency" according to Reuters.
"The statement followed a report by the official Vietnam News Agency that authorities in Ho Chi Minh City had asked police to investigate accusations that a company, Modern Tech JSC, raised money from token sales of Ifan and Pincoin cryptocurrency.
The request followed a weekend protest by dozens of people who accused the company of "the largest ever cryptocurrency fraud involving 15 trillion dong". This sum is equivalent to $658 million."
Get the Crypto Corner News by email Get Crypto Corner News