Staying updated on the ever-changing cryptocurrency market can be as tough as keeping up with the Kardashians. I’ve rounded up the latest set of news to keep y’all up to speed.
Here’s a snapshot of how bitcoin and its buddies have fared in the past seven days as of September 28, 12:50 am GMT. Looks like bulls aren’t letting up and Ripple continues to make waves!
Google to lift ICO ad ban
Good news for cryptocurrency enthusiasts! The search engine giant will be reversing its ban on bitcoin and ICO ads starting next month, which could reignite cryptocurrency interest from the general public.
Recall that Google previously announced a sweeping ban for all crypto-related businesses from advertising on Adwords in order to protect consumers from potentially fraudulent activities related to “initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
This time, there is still some element of consumer protection as Google will only be approving ads from regulated entities and targeting audiences in the U.S. and Japan. As stated in their announcement:
“Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”
This follows a similar move by Facebook back in June to lift its ban on pre-approved cryptocurrency firms while still maintaining a ban on ICO ads.
Of course it’s no secret that bumping up advertising revenues, which makes up a huge chunk of these tech companies’ bottom lines, had a little something to do with lifting the ad bans. Still, industry experts can’t help but also highlight how this could also reflect a thumbs-up on cryptocurrency regulatory efforts in the U.S. and Japan.
Bitmain files for an IPO
The formerly ultra-secretive Chinese bitcoin mining giant Bitmain unveiled its plans to go public on the Hong Kong Stock Exchange and released its financial statements as well.
As it turned out, the crazy rich Asian company made a total of $2.5 billion in revenue last year, representing a jaw-dropping ten-fold increase from the $277 million it generated in 2016.
As of June this year, the company has already raked in $2.8 billion in revenue. The filing prospectus indicated that Bitmain made profits of $952.1 million in Q1 2018 alone, which pretty close to the same amount for the entire 2017 at $952.5 million.
Now a hefty chunk of its moolah comes from mining hardware sales, so going public could mean a big boom in this market. The company has already been notorious for land-grabbing in China to build domestic cryptocurrency mining farms and is said to be turning its attention to Washington, Tennessee and Texas, as well as in the Canadian province of Quebec.
Also keep in mind that one of Bitmain’s largest holdings is Bitcoin Cash, as co-founder Jihan Wu has been a fan of its faster transaction speeds compared to bitcoin.
ICE’s Bakkt to offer bitcoin futures
The Intercontinental Exchange (ICE), which also operates the NYSE, will be launching their own bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR.
Unlike bitcoin futures on the CBOE and CME, Bakkt bitcoin futures will be physically delivered contracts, which the company explained on Twitter:
“For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.”
BIS: Crypto prices linked to regulation
The latest report published by the Bank for International Settlements (BIS) discussed a strong correlation between cryptocurrency prices and regulation-related news.
In particular, prices reacted adversely to reports on bans or extending securities regulation to cryptocurrencies, as well as indications that digital assets will not be recognized as official currencies. Interestingly enough, market gains were seen when governments adopt legal frameworks for cryptocurrency oversight.
The BIS pointed out:
“[R]egulation “need not be bad news for the [crypto] markets, with price responses notably signalling a clear preference for a defined legal status, albeit a light regulatory regime.”
The report also concluded:
“A loss of public trust in cryptoasset markets could translate into distrust in the broader financial system and its regulators.”