Cryptocurrencies fall: what stands behind?

Top 100 cryptocurrency are demonstrating the deep dump; let's try to figure out, why
02 February 2018   1913

The first cryptocurrency continues one of the deepest price falls in its history. Today, on February 2, the average bitcoin rate fell below $ 8500, which corresponds to the values of the end of November last year.

Bitcoin Price Chart
Bitcoin Price Chart

The current capitalization of "digital gold" is $ 141 billion. The dominance index is also relatively low - 35.9%.

In just a month, the total market capitalization of the cryptocurrency decreased by half. So, if in early January 2018 the total value of the digital assets on the market reached $ 800 billion, now it is $ 395.4 billion.

Almost all the cryptocurrencies from the first hundred of the Coinmarketcap rating show a deep dump.

Top Ten Cryptocurrencies
Top Ten Cryptocurrencies

Among the reasons for the fall can note the tightening of regulation in India and South Korea, as well as the multi-million dollar loss of the Coincheck exchange hack and, as a consequence, the increased likelihood of tightening regulation of the crypto industry in Japan. The CFTC has begun to scrutinize the activities of the large Bitfinex exchange and Tether.

Square to Receive BitLicense in New York

The company applied for the BitLicense back in March
19 June 2018   107

The provider of payment solutions Square received the seventh BitLicense account - a special license that gives the right to conduct business in the state of New York. This is stated in the message of the Department of Financial Services of the State of New York (NYDFS).

NYDFS Twitter
NYDFS Twitter

DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market. DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.

Maria Vullo

Superintendent, NYDFS

As noted in the NYDFS report, the agency carried out a comprehensive analysis of the Square application, including the company's policy on combating money laundering and fraud, its capitalization, consumer protection and cybersecurity policy. The new licensor is subject to constant supervision by the Department.

We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin. Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.

Brian Grassadonia

Head, Cash App

In January Square made the purchase and sale of bitcoin available to almost all US citizens, with the exception of Wyoming, New York and two other states where the regulation of the sphere is particularly strict. The company applied for BitLicense in March.