Cryptocurrencies Market Overview - May 24, 2018

Today in the news:

• The US Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other cryptocurrencies.
• Coinbase has acquired Paradex, a decentralized cryptocurrency trading relay platform that enables users to trade hundreds of ERC-20 tokens directly from their wallets.
• Despite Bitcoin's drop, Tom Lee holds to his $25,000 Bitcoin price prediction.
• And more crypto news below...

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Latest Crypto News - May 24, 2018

Bitcoin Price Drops to $7,300 as Cryptocurrency Market Correction Continues

The bitcoin price has dropped below the $7,300 mark as the valuation of the cryptocurrency market declined by more than $25 billion, from $350 billion to $325 billion over the past 24 hours.
_{Read more: www.ccn.com}

More sources about Bitcoin's price:

• Bitcoin Faces Drop to $7K as Bull Defense Crumbles

US Government Opens Criminal Probe into Bitcoin Price Manipulation: Report

The United States’ Justice Department has reportedly opened a criminal investigation into possible market manipulation of prices of cryptocurrencies including bitcoin by traders.
_{Read more: www.ccn.com}

More sources:

• U.S. Launches Criminal Probe into Bitcoin Price Manipulation
• DOJ launches investigation into bitcoin price manipulation: report
• US justice department reportedly opens criminal investigation into bitcoin price manipulation
• US Department of Justice, CFTC Probe Crypto Market Manipulation: Report
• Justice Department and CFTC to Probe Crypto Price Manipulation

Coinbase Acquires Decentralized ERC-20 Trading Platform Paradex

On Wednesday, May 23 the San Francisco based exchange Coinbase announced the acquisition of a decentralized digital token relay-trading platform called Paradex. Alongside adding the decentralized exchange (Dex), the firm has also revealed it is retiring the name GDAX and that platform will soon be known as ‘Coinbase Pro.’
_{Read more: news.bitcoin.com}

More sources:

• Coinbase Acquires Paradex Exchange, Shifts GDAX to Coinbase Pro
• Coinbase Acquires Decentralized Crypto Trading Platform Paradex
• Coinbase Announces Launch of Coinbase Pro, Paradex Acquisition
• Race For the Crypto Stock Exchange Heats Up as Coinbase Acquisition to Offer Tokens Trading

Tom Lee Holds to $25,000 Bitcoin Price Prediction, Cites Three Supporting Factors

Tom Lee explains why he believes Bitcoin will reach $25,000, even though the leading cryptocurrency is down 41 percent this year.
_{Read more: cointelegraph.com}

More sources:

• As bitcoin plunges, mega-bull Tom Lee stands by his $25,000 target

Singapore Warns 8 Exchanges Over Unregistered Securities Trading

Singapore's de facto central bank, the Monetary Authority of Singapore or MAS, has warned eight digital token exchanges to stay away from trading in digital tokens that constitute securities or futures contracts.
_{Read more: www.coindesk.com}

More sources:

• Singapore Warns 8 Crypto Exchanges Against Unauthorized Securities Trading

India’s Highest Court Sets Date for Anti-Crypto Ban Petitions Hearing

India's Supreme Court has scheduled a hearing for July 20 to address petitions against an RBI order banning banks from dealing with cryptocurrency companies.
_{Read more: cryptovest.com}

Tech Giant GMO to Roll Out World's First 7nm Bitcoin Miner

Japanese IT giant GMO Internet is set to roll out the world's first bitcoin mining device based on 7nm chips within the year.
_{Read more: www.coindesk.com}

IBM to Hire 1,800 Employees in France for Blockchain, IoT, AI

IBM said that it would hire over 1,800 people in France to work on projects related to blockchain, artificial intelligence, internet of things, and cloud computing.
_{Read more: cryptovest.com}

Russian Institutions to Trial Central Bank ICO Platform

Two Russian financial institutions are set to test a regulatory platform that aims to make domestic initial coin offerings (ICOs) more transparent and secure for traditional investors.
_{Read more: www.coindesk.com}

China's State Council Orders Faster Blockchain Development

China's State Council has ordered local authorities to speed up blockchain development amid a fintech shakeup.
_{Read more: www.coindesk.com}

Major Japanese Fintech Company Reveals Plans to Launch Crypto Exchange This Year

A major Japanese fintech company has announced its plans to launch a crypto asset exchange this year.
_{Read more: cointelegraph.com}

Tim Draper: Blockchain Could Free Individuals From Inefficient Governments

Venture capitalist and investor Tim Draper said that blockchain could create the perfect government bureaucracy.
_{Read more: cointelegraph.com}

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