Litecoin Sinks to Lowest Price in 7 Months

Litecoin’s (LTC) price hit a seven-month low on Friday as the cryptocurrency markets turned risk-averse. The world’s sixth largest cryptocurrency by market capitalization fell to $84.39 at 14:00 UTC – its lowest level since November 29, according to CoinDesk’s Litecoin Price Index – and was last seen at $84.99, down more than 12 percent on the day. Litecoin Price Index At press time, LTC is the third-biggest loser among top 10 cryptocurrencies by market capitalization and is reporting a 13.26 percent week-on-week drop, according to CoinMarketCap. Further, its market capitalization stands at…

Mt. Gox to Enter Civil Rehabilitation in Major Win for Creditors

Creditors of the defunct bitcoin exchange Mt. Gox just won a big victory. According to a Friday release from Mt. Gox trustee Nobuaki Kobayashi, the exchange’s ongoing bankruptcy proceedings have been paused and a civil rehabilitation process will commence. The Tokyo District Court issued an order on June 22 approving a petition to begin civil rehabilitation, which was initially submitted in November of last year. Those seeking to recoup funds from the exchange – once the world’s largest by trade volume before it dramatically collapsed in 2014, resulting in hundreds of millions…

Japan’s Financial Watchdog Orders AML Shake-Up at 6 Crypto Exchanges

Japan’s financial watchdog has issued business improvement orders to six licensed cryptocurrency exchanges following on-site inspections conducted over recent months. According to an announcement made by the Financial Services Agency (FSA) on Friday, the regulator is ordering bitFlyer, QUOINE, BTC Box, Bit Bank, Tech Bureau and Bit Point to enhance their internal-auditing and user-protection systems. As a result, bitFlyer has announced that it has temporarily stopped accepting new customers in order to reexamine the IDs of “certain customers.” The firm told CoinDesk that “bitFlyer (Japan) is working closely with the FSA and…

St Louis Fed Now Tracks Crypto Prices on Its Research Database

The St. Louis division of the U.S. Federal Reserve Bank is now tracking the prices of four cryptocurrencies in its research database. According to an announcement on Tuesday, Federal Reserve Economic Data (FRED), an extensive database maintained by the central bank’s St. Louis branch, is now offering data points for bitcoin, bitcoin cash, ethereum and litecoin. The price data for the well-known and widely cited economic research database is being provided by the U.S. exchange Coinbase and is updated on a daily basis, according to the announcement. Furthermore, the database makes…

Bloomberg Terminal Adds Huobi’s Cryptocurrency Market Index

Cryptocurrency exchange Huobi announced that financial data firm Bloomberg has added the HB10 crypto market index on its terminal for subscribers. In an announcement on Thursday, Huobi said users on Bloomberg Terminal are now able to track the performance of top 10 cryptocurrencies that are traded on Huobi Pro, which is now the third largest exchange in the world by trading volume based on data from CoinMarketCap. Huobi launched HB10 index last month, which uses weighted samples to track a pool of top 10 crypto assets traded on its platform in…

Tether Review Claims Crypto Asset Fully Backed – But There’s a Catch

Nearly six months after parting ways with its auditor, Tether has finally produced a third-party report proclaiming that its cryptocurrency is fully backed by U.S. dollars – with some big caveats. The state of Tether’s reserves has been the subject of controversy for months, with online critics claiming the company has been issuing more tokens than it had dollars in the bank – printing money, essentially. Tether has consistently denied this, but has not produced conclusive evidence that it is reserved 1-for-1. The matter has broad implications for the crypto…

Crypto Startup Circle Reveals How It Chooses New Token Listings

Blockchain startup Circle has released new details about how it will select cryptocurrencies for its trading and investment platforms. On Tuesday, the firm published its Asset Framework, providing a rough outline of what aspects are evaluated when assets are added to the Poloniex cryptocurrency exchange, as well as its Circle Invest and Circle Trade product lines. These criteria cover five different categories, which include the project’s fundamentals, the technology underpinning a token, the people behind a project, the business model employed and the available market, according to the document. In a release,…

Binance Backs Malta Stock Exchange’s Startup Accelerator

The Malta Stock Exchange announced today that Binance, one of the world’s leading cryptocurrency exchanges, is backing its newly launched program to support fintech startups and entrepreneurs. Known as a tiny archipelago between Sicily and the North African coast, Malta, along with several other microstates including Bermuda, Liechtenstein, Gibraltar and San Marino, have joined the race in the recent years to attract blockchain and crypto businesses. The MSX Fintech Accelerator is aimed at creating an ecosystem to nurture and support crypto startups and entrepreneurs, according to the Malta Stock Exchange’s announcement.…

ItBit Exchange Adds 4 New Cryptos for Investors

Cryptocurrency exchange itBit says it has received approval from the New York State Department of Financial Services (NYDFS) to add four major cryptocurrencies to its trading and custody services. In addition to bitcoin, itBit will now offer custody, escrow and over-the-counter (OTC) trading services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens (XLM), with platform exchange trading to follow, according to a press release. As the very first company to be granted a charter under the New York Banking Law by the NYDFS as a licensed cryptocurrency…

Coinbase’s New Index Fund for Investors Is Now Live

Coinbase has formally launched a new index fund product aimed at large investors. Announced Wednesday in a blog post by product lead Rueben Bramanathan, the Coinbase Index Fund is now “open for investments” with a minimum required investment of $250,000. The fund will give investors access to all of the assets currently listed on Coinbase, which at present include bitcoin, bitcoin cash, ethereum, litecoin and now ethereum classic. The assets will be weighted by their market capitalization, according to the post. Further, more assets can be added if Coinbase lists them…