TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Bitfinex expecting price manipulation lawsuit. Hong Kong regulates crypto investment funds. Bithumb to launch in India. Coinbase offers fast transactions in UK. Institutional interest in Bitcoin diminished, and UK Police raise almost $300K in cryptocurrency auction.
Biftinex Price Manipulation Lawsuit Expected
Bitfinex, a cryptocurrency exchange, announced it is expected to be involved in a new wave of lawsuits accusing them of price manipulation due to the results of research, alleging bitcoin prices are linked to tether issuance periods. The exchanged argued such “baseless accusations are an attempt to undermine the growth and success of the entire digital token community, of which Bitfinex and Tether are key parts.” This possible price manipulation lawsuit would most likely be in conjunction with the ongoing New York Attorney General case already in litigation.
Hong Kong Regulates Crypto Funds
Hong Kong’s Securities and Futures Commission released a ruleset to define the responsibilities of asset managers who invest in cryptocurrencies — amidst the worst wave of protests the region has faced. The document, titled “Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets,” allows funds to invest in initial coin offerings by following certain conditions.
Bithumb Exchange to Launch in India
Large Korean cryptocurrency exchange Bithumb is expanding operations to India. Bithumb believes “the potential for digital assets in India and that the ecosystem has reached a maturity.” They are attacking the Indian market strongly, even giving $10 for every new Indian signup after completing KYC measures. Despite this, the move contrasts with the status cryptocurrency companies and local exchanges are facing inside the country, with some having to close doors due to India’s legal limbo.
Coinbase UK Offers Fast Payments Options Again
Coinbase UK, the subsidiary of US-based exchange Coinbase, is offering again the option of fast deposits and withdrawals in the country after partnering up with ClearBank, a so-called rapid banking institution. The exchange offered fast payments before, but their banking relationship with Barclay’s ended, and the exchange relied upon considerably slower fiat-to-crypto operations. Now transactions can be made in just 60 seconds again after a period of three months.
Institutional Interest in Bitcoin has Diminished
According to an article by News.Bitcoin.com, there are clear signs pointing to a loss of institutional interest in Bitcoin this month. One of the facts leading to this is the low mention of gold in Bitcoin-related posts, commonly linked to institutional investors. Another quite important sign is the poor performance that Bakkt, the physically-settled Bitcoin futures market, launched last month and appears to be moving a lot less money than the amount the market was anticipating.
UK Police Raise Almost $300K in Cryptocurrency Auction
The UK police proceeded with an auction of confiscated cryptocurrency, raising $295,150 for a stash of various currencies. The auctioned crypto was recovered from a hacker who sold personal info and offered hacking services in exchange for cryptocurrency. Wilson’s Auctions, the company in charge of organizing the event, separated the process into 62 different sales. UK police insisted buyers were ethical users of cryptocurrency, certified by passing a background check.
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