Goldman Sachs CFO: Crypto Desk Reports are False
At the TechCrunch Disrupt Conference in San Francisco, Martin Chavez, CFO of Goldman Sachs, said that recent reports that the company is abandoning its plans to launch a desk for crypto trading are fake.
Rumors that by the end of 2018 Goldman Sachs planned to create a crypto unit, were spread by Bloomberg in December 2017. Later, on September 5, Business Insider referred to anonymous sources saying that the bank refused to launch crypto trading because of the uncertain position of financial regulators. Chavez calls this news fake because there has been no official statement about trading crypto coming from the Goldman Sachs in the first place.
WHY IS IT IMPORTANT?
- The price of Bitcoin and the rest of the market fell headlong following the news that Goldman Sachs refuses to create a trading desk. The total cryptocurrency market capitalization dropped by $12 billion in an hour.
Chinese Web Courts to Accept Blockchain Evidence
The evidence recorded on the blockchain can now be used in proceedings in Chinese courts. This was reported today by the Supreme People's Court of China. Along with several other amendments to the system of legal proceedings, the new rules are coming into effect immediately. From now on, Internet courts in China will have to consider blockchain as a legitimate method of storing and authenticating digital evidence.
WHY IS IT IMPORTANT?
- Requests for blockchain recognition as a legitimate way of storing evidence began to emerge last year when the first Internet court in Hangzhou was opened.
- Internet court conducts proceedings on Internet-related issues, most often involving digital data. In June, Hangzhou Internet Court found evidence on a detainee in the course of a copyright infringement process.
- The PRC government plans to create two more Internet courts in Beijing and Guangzhou.
Coinbase, Blackrock to Launch Bitcoin-ETF Bid?
The largest US crypto exchange, Coinbase is considering a possibility of running a bitcoin-ETF. For this purpose, the platform began to consult with the investment company Black Rock, Business Insider writes. Sources familiar with the situation say that the company wants to give access to its products to a wide range of customers.
WHY IS IT IMPORTANT?
- Applications for the launch of a bitcoin-ETF in the US were previously filed by other major firms, such as Gemini and VanEck. Their documents have been declined by regulators. Sources in the US Securities and Exchange Commission (SEC) reported that it intends to reconsider their refusal to the latest nine applications. In addition, on September 30, the regulator will review an earlier postponed application from VanEck.
- Earlier this week, the CEO Abra Bill Barhydt said that the that the applicants, whose documents had already been rejected by regulator did not meet the Commission's requirements regarding the financial profile and personal archetype. In his opinion, in order to receive an approval an applicant to the SEC "looks, feels and smells" the way the watchdog wants them. He noted that there is a greater chance to get approval from authoritative institutions.
Australian Crypto Exchanges Will Come Under Control
The Australian Securities and Investment Commission (ASIC) will apply a new approach to the regulation of crypto exchanges. The Office will also strengthen control over the original coin offerings. The financial regulator plans to focus in the next few years on monitoring threats from new products, such as ICO and cryptocurrencies. Additionally, in 2018-2019, ASIC will actively work on the principles of regulating developers of the market infrastructure of crypto instruments.
WHY IS IT IMPORTANT?
- The Australian regulator clarifies that it will intervene in any situation that will threaten clients and investors with financial losses.
- Australia is quite friendly to the cryptocurrencies country. A whole crypto town has already appeared there. In addition, the airport in Brisbane made a lot of noise when it announced that digital money would now be accepted for payment on its territory. The new measures are most likely related not to tighten the crypto market, but to make it more open and safe for participants.
Robinhood to Launch an IPO
Crypto investment startup Robinhood plans to conduct the first public offering of shares (IPO). This was announced at the TechCrunch event by the company's CEO Baiju Bhatt. According to Bhatt, the startup is actively looking for a new CFO and in the long-term perspective is going to get a public status. Robinhood CEO noted that US regulators are engaged in checking financial results and security measures of the company since it provides financial services. Robinhood is the second most expensive fintech startups in the US.
WHY IS IT IMPORTANT?
- Robinhood attracts customers due to the fact that it does not have a commission fee for conducting transactions. In addition, users can keep their crypto on the same account they use to trade shares.
- Bhatt previously stated that the goal of the startup is to become the largest crypto platform by the end of 2018, and the status of a public company can help achieve this. Holding an IPO is often seen as a confirmation of success, and after receiving a public status, shares of the company could be freely traded on exchanges. This, in turn, will attract more funds for the development of the site.
At 17:35 (GMT+1) total cryptocurrency market capitalization stands at $203,9 billion
Stellar (+4,37%) showed the best growth in the top-10
Holo (+15,55%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $12,99 (+3,99 billion per day)
Mining Profitability
- BTC $2,2 for 10 TH/s
- ETH $0,16 for 10 MH/s
- BCH $0,28 for 1 TH/s
- LTC $3,12 for 1 GH/s
- DASH $0,11 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 13 September PavoCoin
- 18 September eMusic
- 1 October Open Packaging Network
- 1 October Tiberius
- 2 October CryptoCasher