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Crypto Market Overview 26th Feb 2018


                   Bitcoin’s price movement in the last 6 months

                                       (Bitscreener.com)

  1. CFTC litigates My Big Coin for suspicion of scam

- Commodity Futures Trading Commission accuses the crypto My Big Coin (NYSE:MBC) for swindling $6 million from its customer using deceptive information.

- To cover up its fraudulent acts, My Big Coin uses the money obtained from new customers to pay the older ones as in a Ponzi scheme.

- As stated by James Macdonald, CFTC’s Director of Enforcement, this movement shows that CFTC has taken crypto security and regulation more seriously.

- MBC’s lawyer Adam Tracy dismissed the accusation as unfounded and said that the company was working on an appropriate response.

2. False “blockchain” companies to face legal punishment

- Riot Blockchain Inc., previously known as Bioptix, has been brought to the court under the accusation that it abused the term “blockchain” to gain investor’s appeal.

- Long Blockchain Inc., known prior to re-naming as Long Island Iced Tea, is subject to removal from NASDAQ for its deceptive new brand name.

- As the market power of the word “blockchain” is so seductive, even for non-blockchain businesses, NASDAQ has to keep a close eye on this matter to prevent, detect and eliminate misleading re-branding

3. Bank of America realizes the dangerous side of virtual money

- In its 90-page long annual report to SEC, Bank of America, the second largest bank in the US, stated that virtual money might provide a much cheaper payment system competing with one provided by banks.

- This action shows that the financial institution has begun to see cryptos in their true light and take suitable precautions.

- If other banks share the same view, the future’s financial system may undergo drastic changes with virtual money being the harbinger.



Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: This document is for research purpose only