South Korean gov't accused of insider trading with crypto? 👿

In my humble opinion...

sometimes you need a bit of perspective.

Coin of the Day

Tokenized energy

(CRYPTO: WPR) WePower is a blockchain-based energy trading platform where renewable energy producers can raise capital through the issuance of their own tokens. Upon the issuance of tokenized energy, energy producers and buyers are bound in a contract in which 0.9% of all energy generated from the proceeds of token sales are distributed to token holders. When the energy is delivered, token holders have the option of consuming the energy or selling them. Token holders will also be given priority access to future energy token auctions. WePower is backed by several global companies including Elering, the primary energy transmission system operator in Estonia, and are prepared to roll out their service in 9 months upon the conclusion of the token sale.

There is hope! It looks like the market has finally turned around. We hope you made some smart buying choices because the world continued to aggressively move into crypto.

Is there any better sight than the wall of green numbers that greets you on CoinMarketCap? We think not, and we hope you bought the dip like so many other crypto enthusiasts. Unfortunately, it seemed the crypto bandwagon fans were cleaned out for the steep price of $300 billion – the amount the market cap has crashed within the past two days. The reason why the market crashed so intensely? Well, regulation hasn't been particularly kind to cryptocurrency recently, with the IRS cracking down on "anti-money laundering" rules. The rule enforcement assessment in May 2018 will be assuring that crypto isn't being used for criminal parties transferring funds. What we're guessing may happen is something similar to South Korea in that exchanges will have to become more stringent with identification regulation on their platforms; something many of exchanges already do if their users want to take out high quantities of tokens each day.

In a mad scramble to obtain a fair market share, Japan's largest bank, Mitsubishi UFJ Financial Group, is opening its own exchange with the option to trade Bitcoin on a separate account. MUFG will be the first Japanese bank to do so and has already received approval from the Financial Services Agency (JFSA), with the crypto accounts being held under the MUFJ Trust, which will link to other crypto exchanges without the ability to trade. MUFJ Trust will also be releasing their own token, called MUFG Coin. The only thing not very crypto-friendly? The bank is planning on suppressing the coin's price fluctuations on the exchange so that it can be "used safely".

 

There's mixed news for South Korea and Wall Street, with ETFs and futures showing promise, and Korea seeming a bit shakier than usual. 

The first two blockchain-based exchange-traded funds (ETFs) were launched by Reality Shares Advisors and Amplify Trust ETF yesterday on the Nasdaq and the New York Stock Exchange Arca. We bet they weren't feeling so hot with the crypto markets deep in the red. The ETFs will only be investing in blockchain-based startups (note: different than crypto-startups, which depend heavily on tokenization), which will likely significantly reduce the risk of the already high-volatility investments. Meanwhile, the Cboe's first Bitcoin futures contracts expired yesterday, with the price settling at $10,090. It may be just a touch lower than people assumed it would be when the futures contracts launched (let us all take a moment to remember the $20,000 Bitcoin price – ah).

Finally, some mixed news from South Korea: a popular petition that fights against virtual currency regulation reached over 200,000 signatures – the number that requires a response from their government. Although the petition has been live since December 28th, it seems that the recent news of Korea seriously considering a total ban on cryptocurrencies has many traders worried. Although the petition fights against restrictive government control, it still supports certain regulations, such as the ban on anonymous accounts (a sentiment actually shared by South Korea's largest crypto exchange, Bithumb). It was also found early this morning that South Korean officials have been accused of insider trading, after certain members of the government bought or sold their crypto after learning about the restrictions imposed on the industry earlier than the general public. Yikes.

Fear not! World famous Bunny Ranch Brothel is now accepting Bitcoin! It's one of the seven legal brothels in Nevada, so...that's nice.

You think you're having a bad week? The Winklevoss twins, the world's first Bitcoin billionaires, have lost about $600 million from market volatility. Good thing recovery is here!

Coin to Watch 

In a beautiful turn of events, the top 284 coins have been up in the past 24 hours (with the exception of Tether), so it's hard to go wrong here. Check out OmiseGO (OMG).

💰 Spend your crypto on...

this brand new Super Nintendo SNES Classic Edition, loaded with over 700 games. For $250, you can relive your childhood.

Daily LOL