01-19-2018: KuCoin Integrates 6 Pairs for Bitcoin Cash

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Blockchain security company Ledger announced yesterday that it has secured $75 million in investments to facilitate upscaling its operations to cope with higher demand. In a press release, the company stated that investments were led by London-based capital markets company Draper Esprit. Ledger supplies the world’s most popular hardware wallet and has sold over a million of them across 165 countries (bitcoinist).

Bitcoin machines in downtown Singapore sold out of the virtual currency yesterday as prices plummeted below $10,000 for the first time since the end of November. Bitcoin Exchange founder Zann Kwan, who owns two machines on the island state stated “Sellers are holding back in anticipation of higher prices, so we have less bitcoin supply. Buyers on the other hand are hoping prices will crash some more, so they can buy” (bitcoinist).

KuCoin, a multi-cryptocurrency exchange based in Hong Kong, recently revealed its plans to add Bitcoin Cash Market enabling users to trade using BCH pairs. All KuCoin traders will have access to the six trading pairs: KCS/BCH, ACT/BCH, DAT/BCH, XAS/BCH, UTK/BCH, DENT/BCH. KuCoin states that it’s the first cryptocurrency exchange to offer this. In the first week of 2018 KuСoin’s traffic has tripled, currently at half a million users, as reported by Anything Crypto on January 11th. Previously the Bitstamp Bitcoin exchange based in Luxembourg started trading BCH/BTC, BCH/EUR and BCH/USD on Dec. 5, 2017. CoinEx exchange based in the UK also announced similar plans in early December 2017 (cointelegraph).

Long accused of being a Ponzi-scheme, Bitconnect shut down its cryptocurrency exchange and lending service earlier this week. As stated on their website, Bitconnect had received cease and desist letters from two American securities regulators – leading to the closure of their lending and exchange platforms. Still, Bitconnect will continue to run its website and wallet service. Since its inception in January 2017, many were skeptical about Bitconnect services. In essence, one needed to send Bitconnect Bitcoin in exchange for Bitconnect Coin (BCC) on their exchange. Users were guaranteed “up to 120 percent returns per year.” Users were told they were earning interest by holding their coin “for helping maintain the security of the network.” BitConnect Coin is now worth $28 from a high of $377 this month (cointelegraph).

Sheila Bair, former US FDIC chair, told CNBC’s “Fast Money” today that there is no precedent to ban Bitcoin (BTC) as an asset, but there is a need for additional regulation of digital currencies. Bair had previously written a December 2017 op-ed on Yahoo along the same theme of more regulation without any bans against BTC. Bair’s current main concern with Bitcoin is that the public may be attracted by the promise of high returns and begin investing in Bitcoin and other digital currencies without a clear understanding of what these products are (cointelegraph). And lastly, the Business Administration Department of the People’s Bank of China (PBoC) has reportedly issued a document today requiring payment providers in Beijing to stop facilitating cryptocurrency trading activities. The news, first reported by Securities Times, a state-owned media outlet launched by the Communist Party mouthpiece the People’s Daily, said the document requires payment companies to start internal investigations to ascertain if cryptocurrency trading activities are being conducted via their payment services. If so, they should subsequently cease servicing those accounts (coindesk).

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