Synthesis of crypto July 27, 2018 - Bitcoin falls below $ 8,000

Bitcoin drops below the $ 8,000 threshold, followed by most cryptocurrencies

The news that SEC has refused the Winklevoss twin ETF proposal yesterday caused Bitcoin to fall below the $ 8,000 threshold. The total cripto market valuation dropped by 10 billion dollars.

Almost all cryptocurrencies record decreases in the last 24 hours, with percentages varying between 3 and 7%. The only notable exceptions are Binance Coin, VeChain and Tezos.

With all Bitcoin's price correction, market analysts say there are chances that BTC will return to the upward trend in the coming days. This is especially true if he / she manages to exit below the $ 8000 threshold and keep this value around the weekend.

The US Justice Department is investigating the Poloniex platform

Poloniex has encountered numerous difficulties in managing user requests. They came from implementing legislation on money laundering prevention this year.

According to numerous social media comments, some of the accounts have been blocked. Users who have verified their identity under the new regulations have not received access to the funds they hold.

After being acquired by Circle, the new owners of Poloniex have promised to implement solutions to the problems faced by users. So far, however, there are no concrete results.

This week, Craig Weldon, investigator at the Department of Investor Protection at the DOJ office in Delaware, sent a request for information to platform users. By doing so, they intend to find concrete details about the difficulties they are facing.

Under the law, Poloniex is licensed for money management. This means that financial authorities have the opportunity to request information about the platform's activity.

The Justice Department of Delaware has not provided further details on the steps. He argued that he can not communicate information about open investigations to the public.

CME says it will not launch new futture contracts based on cryptocurrencies

The Chicago Mercantile Exchange (CME) said it does not yet intend to launch new types of futtament contracts based on cryptocurrencies. According to statements made by CEO Terry Duffy, the Bitcoin futures release last December was "the most controversial launch of the company's product" and the other cryptocurrencies are too new and volatile at present.

According to Duffy, listing new products of this type would be "irresponsible".

On the other hand, the competitor CBOE stated that

"Monitors the market" and prepares the necessary infrastructure "in the event that we decide to launch futures contracts based on other cryptocurrencies."

This week, CME said the volume of BTC Futures increased by 93% in the second quarter of 2018 compared to the first quarter.

Venezuela plans to launch a new coin connected to Crypto Petro

Given that Venezuela's economy has already reached 46,000 per cent in the first six months of 2018, President Nicolas Maduro announced that a new national currency, Bolivar Soberano, will be launched on 20 August. This will apparently be linked to the controversial cripponed Petro that the government launched this year.

"The economic reversal will start definitively on August 20, with the circulation and issuance of the new Bolivar Sovereign, a currency that will have a new method of anchoring to Petro"

said Maduro.

The Venezuelan Bolivarian has been devalued enormously compared to the US dollar, with the lowest wage in Venezuela now being about US $ 1.

The population has been focusing on the use of cryptocurrencies for the purchase of food and products needed for everyday life. Thus, the LocalBitcoins peer-2-peer platform recorded an increase of more than 300% over the past four months for Venezuela.