Crypto Weekly – February 1, 2018


The top 10 cryptocurrencies by market cap are unchanged over the week ending January 31. Similar to last week ether, Stellar, NEO and EOS continue to gain, while the remaining 6  cryptocurrencies out of the top 10 have declined week over week.

Data source: as of January 31, 2018 (UTC, EOD)

  • The Philippines SEC plans to have cryptocurrency related regulation in place this year. It will focus on ICOs and look to have guidelines in place to cover cybersecurity of cryptocurrency markets, eligibility of issuers and technology utilised and the financial education for investors.
  • Russia’s Finance Ministry introduced a draft on the regulation around cryptocurrencies. At this time it doesn’t limit licensed professionals, but limits retail investors to investing a maximum of 50,000 ruble. In addition, those issuing tokens need to declare certain details including the network and provider details.
  • The  US SEC closed down yet another ICO, AriseBank, which has claimed to have raised $600 million and  was effectively offering securities without registering with the SEC under the required framework.
  • The German Financial Supervisory Authority instructed to stop acting as a financial broker as the company did not hold a license to do so. The company was selling client’s bitcoin for euros and then selling them on an exchange.
  • Coinbase partnered with Trading Technologies to provide institutional investors with bitcoin spot and futures trading. Clients will have access to market data, charts and automated trading tools which will be executed through Coinbase’s GDAX.
  • Robinhood, a US based  trading will now offer transaction free trading of bitcoin and ether beginning February for a few markets namely – California, MAssachusetts, Missouri, Montana and New Hampshire.
  • Line, the Japanese messaging company, will introduce a  new financial services offering including cryptocurrencies, loans and insurance. The company has applied for a license with the Japanese regulators to offer cryptocurrency services and is awaiting approval.
  • Arsenal signed a partnership agreement with CashBet, a California based crypto-gambling company.
  • Brisbane Airport will roll out cryptocurrency payments in the terminal shopping areas. TravelbyBit is the payment system that will be utilised.
  • Samsung has partnered with a Chinese mining company to produce bitcoin mining chips – ASICs.
  • FedEx joined the Blockchain in Transport Alliance and has begun to test blockchain platforms for daily operations.
Countries and their cryptocurrencies:
  • The People’s Bank of China is toying with the idea of a state digital currency, but it will still be managed by the central bank and will be cautious of introducing smart contracts on the blockchain.
  • The Petro, Venezuela’s government issued cryptocurrency backed by $6 billion in oil reserves will issue a pre-ICO on Feb 20 of 100 million tokens.
  • Coincheck, Japan based exchange was hacked and 523 million NEM coins amounting to about 58 billion Yen (~$530 million) has gone missing. Coincheck will refund ~260,000 customers who are affected by the hack. NEM Foundation is aware of where the funds are and will create a automated tracking system to be able to identify the account which receives it.
    • Taro Aso, the Japanese Finance Minister and the Financial Services Agency called for strengthening of  security of the exchanges and will be investigating for security gaps.
  • BitConnect’s investors are filing a class action suit against the lending and exchange platform that abruptly closed down, and has been accused of running a Ponzi scheme.
  • Facebook is banning all advertising around cryptocurrencies and ICOs on its platform in an effort to not play a part in potentially misleading users on projects that could be a scam.
  • Visa and Mastercard are reportedly charging a higher transaction fee on cryptocurrency transactions.
Acquisitions and Expansions of the Chinese exchanges:
  • BTCC was acquired by a Hong Kong blockchain investment fund, which will enable BTCC to grow globally through its mining pool, Mobi bitcoin wallet and USD/BTC exchange service.
  • Huobi plans to open an office in San Francisco to grow internationally.
Last 12 months Charts:

Data source:


Contributed by Marvelstone Capital

About the Company

Marvelstone Capital Pte. Ltd. is a data driven Registered Fund Management Company (RFMC) regulated by the Monetary Authority of Singapore (MAS). The principal activities of the company include the management of Hedge Funds and Private Equity Funds. (Biz File No: 201620064C)


Marvelstone Capital Pte. Ltd. distributes content in good faith. The company is not liable to the reader for any implications arising out of the usage of data for any particular purpose. The company makes no representations or warranties for the accuracy or completeness of the data.

Note: The news cycle is Thursday – Wednesday every week.