The US Stock Market Drops While the Crypto Market Takes a Small Leap

The US Stock Market Drops While the Crypto Market Takes a Small Leap

Yesterday the US stock market took a downward spiral. It is said that this month is set to become one of the lowest December performances by the US market since the Great Depression. Meanwhile, on the obverse, the cryptocurrency market takes an upturn

The Federal Reserve (Fed) is soon expected to bring in a verdict on whether they will raise interest rates. This caused unease among investors and it might have caused the market downturn. Nasdaq fell by 2.3%. The S&P 500 plunged 2.1%, its lowest point in 14 months. The DJIA (Dow Jones Industrial Average) lost 2.1%.

Stocks in Europe also took a tumble. Index provider, Stoxx, fell 12% this year.

Asset allocation strategist, Stefan Keller, remarks that asset groups are down, lower than 2008.

Cryptocurrency Markets Turn Green But is Still Not Green Enough

Last October, the cryptocurrency market lost $16 million in valuation following the DJIA, S&P 500, and Nasdaq’s dive.

History did not repeat itself. The cryptocurrency market has seen an 80% decline this year from its 2017 highs. But today the market’s capitalization is up 8.84%. As US stocks take a hit, Bitcoin climbs 8.39%, priced at $3,784. Ether is also up by 10.72%, priced at $103.04.

While the greens of the crypto market give investors hope, it still needs to gain more momentum to be able to reach a fair height worthy of its peak.

The Fall: Did Excessive Regulations Pull the Market Down?

Peter Du of Du Capital, a blockchain venture fund, thinks that the Securities and Exchange Commission (SEC) with their ‘heavy-handed over-regulation’ and the bear market created obstacles for an ecosystem that is still under development. He remarks that Ethereum is an example of how too much regulation can arrested growth. He follows that the preceding bull run was in nature speculative and was not of help to ‘Ethereum’s technology or ecosystem development’.

To circumvent the regulatory obstacle field, Du Capital and other venture funds have deviated to security tokens.

The market is seeing potential signs of a new initiative, technical developments, and foreign investments. Du is taking the ‘wait and see’ track nonetheless.

BTC

3,624 USD
-0.48%

ETH

121.49 USD
-0.43%

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Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown

The Thai Ministry of Finance has rejected the last cryptocurrency exchange application it had been reviewing. The exchange, which has been ordered to close down business and return customer funds, is determined to stay operational. “Shutting down is not an option for us,” its chief strategy officer reportedly said. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Coin Asset Exchange Rejected The Thai Securities and Exchange Commission (SEC) announced on Monday the outcome of the latest cryptocurrency exchange application it had been reviewing. The country’s Ministry of Finance, under the recommendation of the SEC board, decided to reject the application of Coin Asset Co. Ltd. to operate a crypto exchange. The company has been allowed to operate in Thailand while its application was being reviewed. However, the SEC has notified the company of its rejection and ordered it to cease operations by Jan. 21. The regulator told the exchange’s CEO, Sivanus Yamdee, that the minimum processing time is four months should the exchange reapply for a license, the Bangkok Post reported on Wednesday. Yamdee said his company will meet with the SEC on Friday to discuss continuing crypto operations. The news outlet further quoted him as saying: We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak … We are unable to endure such as long processing time. The business cycle is on the rise and there are costs for conducting daily business. It is not easy to maintain customer loyalty. With about 10,000 customers, the exchange’s 24-hour trading volume is approximately 91 million baht (~$2.87 million) at the time of this writing. In August last year, the exchange unveiled its own line of cryptocurrency automated teller machines (ATMs). It also lists Jfin coin, the country’s first initial coin offering launched by a subsidiary of a company listed on the Stock Exchange of Thailand, Jay Mart Plc. Coin Asset’s new chief strategy officer, Arnon Saksri, was quoted by the Bangkok Post as saying: Ultimately, we want to be regulated … It will improve investor confidence and the legitimacy of our cryptocurrency businesses, but the SEC has to find the right way to do it … Shutting down is not an option for us. The Thai Ministry of Finance issued licenses to four cryptocurrency businesses on Jan. 8, three of which are exchanges and one is a broker-dealer. Reason for Denial According to the statement by the Thai SEC, the finance ministry cited “a major change to the company’s management … [which] affected the readiness of the company’s important work systems” as the reason for rejecting Coin Asset’s application. The commission detailed that “three out of four directors responsible for the [exchange’s] important work systems resigned.” The ministry elaborated: The company failed to meet the standards on work systems. For example, the systems for custody of client assets and know your customer (KYC) were inconsistent with the standards accepted by the [Thai] Anti-Money Laundering Office. The exchange maintains that its security system is safe, noting that it complies with ISO/IEC 27001:2013 international standard, Prachachat Turakij publication reported on Tuesday. Coin Asset added that its KYC process is linked to Thai banks, with comprehensive anti-money laundering measures. The finance ministry has allowed the company to keep operating until Jan. 21 “to ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order,” the SEC emphasized. “Regarding clients’ assets under custody, the company is requested to transfer or return the assets according to the clients’ order and report the results of the matter to the SEC.” Following the commission’s announcement, Coin Asset informed its customers that they can continue to trade until Jan. 21 and have until Feb. 14 to withdraw funds. Do you think the Thai SEC will let Coin Asset remain open? Let us know in the comments section below. Images courtesy of Shutterstock and the Thai SEC. Need to calculate your bitcoin holdings? Check our tools section. The post Thai Cryptocurrency Exchange Determined to Stay Open After SEC Orders Shutdown appeared first on Bitcoin News.
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Digitex Futures Launches Beta Version of Its Commission-Free Bitcoin Futures Exchange

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