2019 is quickly coming to an end and we at CryptoTraders Pro are grateful you’ve been with us this far. Across the world, we’ve seen the positive gains of the Bitcoin space slowly developing. There has been ups and downs, and this week is no different.
Canaan Creative, a Chinese mining equipment company is the first of its kind to launch an IPO on a US exchange. They had hoped to get as much as $400 million in investments by going live on the Nasdaq Global Exchange, but Credit Suisse retracted their partnership, causing it to get a fourth of what they were seeking – $100 million.
Bitfinex and Tether are still dealing with fires that refuse to dwindle and die. They are now embroiled in a second class-action lawsuit filed by investors in Washington and follows the same type of complaint as the last suit – Bitfinex and tether are being accused of conspiring to manipulate crypto market prices.
The US Commodity Futures Trading Commission has had a productive and lucrative year collecting money from unfortunately misguided projects. The entity has reportedly collected $1.3 billion from a mix of restitution, penalties, and fees since 2019 began.
Not surprisingly, South Korea is closer than ever in legitimizing crypto – far more than the United States is. A government policy as approved legislation that defines digital currency as digital assets. This would allow the currency to be eligible for legal status in the country as long as the National Assembly and the Judiciary Committee both sign off on the bill.
Upbit Exchange was in the news this week as it reportedly was the victim of a major hack that resulted in the loss of $50 million dollars in ETH. The exchange has promised to cover its users’ losses with its own funds. But rumors are abound that this was an inside job. If it is, dual control is something the exchanges should look into.
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