Freakerz NEWSCAST 📮 12-10-2019

📮 12-10-2019

📈 MarketCap: $228 B

📊 24h Mcap %: -0.07%

⚠️ Bitcoin Dom: 65.9%

Active Coins: 2,603
24h Vol %: -20.46%
24h Vol: $42 B

1. Major cryptocurrency markets have seen a sharp drop today, with total market capitalization around $224 billion. The top cryptocurrency Bitcoin (BTC) is trading at around $8,355, having lost 2% on the day at press time. The majority of the decline took place over a period of just 1 hour earlier today, when the coin slumped from $8,734 to $8,404. Bitcoin’s recent price fluctuations are highly thought-provoking, leaving industry stakeholders much to speculate on.

2. The heads of three U.S. financial regulators warned the cryptocurrency industry to abide by banking laws in a joint statement published Friday. The statement, signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton, “reminds” actors in the crypto space that they must comply with various banking and financial services laws in the U.S.

3. The Internal Revenue Service (IRS) has released an early draft of its new Form 1040, Schedule 1, Additional Income and Adjustments to Income, which for the first time will ask U.S. income tax payers about their crypto activities. The first line of the form, set to roll out in time for tax year 2019, asks: “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” followed by a yes or no option.

4. Exchanges have been eating up more and more of Bitcoin's circulating supply, now accounting for 6.7% of all HODLers. The trend has been accelerating since 2017.What’s interesting to note is that with each major price crash for Bitcoin, exchanges have increased their holdings. For example, the 2018 bear market saw exchanges continue to expand their BTC storage. Currently, exchanges have more BTC than they have ever had before as a percentage of circulating supply.

5. Unstoppable Domains, which builds domains on blockchains, has just launched a .crypto extension that can replace public crypto addresses, allowing third-parties to more easily send funds. Doing away with long, complex crypto address in favor of a more memorable and less mistake-prone domain will “simplify cryptocurrency payments and lead to mainstream adoption,” Unstoppable Domains claimed. The new registry is built on ethereum, it isn’t restricted to payments in ether.

6. The U.S. Securities and Exchange Commission (SEC) secured an emergency restraining order against the Telegram Group and its subsidiary TON Issuer for their $1.7 billion token sale. According to the SEC's complaint, Telegram Group and TON Issuer Inc. sold "approximately 2.9 billion digital tokens called 'Grams' at discounted prices to 171 initial purchasers worldwide, including more than 1 billion Grams to 39 U.S. purchasers." However, the complaint alleges that Telegram did not register its offer or sale.

7. Coinbase is expanding its European foothold with an e-money license from the Central Bank of Ireland. Zeeshan Feroz, the CEO of the United Kingdom arm of San Francisco-based cryptocurrency exchange Coinbase, announced that the exchange had become “one of just a few companies,” to have received an e-money license in Ireland. Zeeshan said "The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets."

8. Mastercard, Visa, eBay, payments firm Stripe and Mercado Pago have all pulled out of the Libra Association. Reported Friday eBay and Stripe dropped out of the Libra cryptocurrency project, citing political pressure, following PayPal, which pulled its own support of the project earlier this week. A Mastercard spokesperson also has confirmed to CoinDesk that the company will be withdrawing as well. In a statement, the Mastercard spokesperson said: “Mastercard has decided it will not become a member of the Libra Association at this time."

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10. Despite a fall this year of around 40%, many Bitcoin price metrics are still overwhelmingly bullish. The number of addresses holding over 1000 coins, and the number of BTC millionaires have both increased this year. The number of BTC addresses holding more than a thousand coins has hit a high of over 2000 this month. 2019 has seen a large increase in whale addresses which could be institutional stockpiling. Another chart, as posted by analyst Willy Woo, has shown that the number of BTC millionaires stands at only 12,000 out of 36 million globally.