Weekly Update: SEC / Poloniex / JP Morgan / BoA / Wellington / Marshall Islands / Rakuten

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This video is a recap for the cryptocurrency market for the week ending March 3, 2018.

For more on this week's developments, please visit: https://crushcrypto.com/cc-weekly-mar...

Download the PDF version of the presentation: https://crushcrypto.com/wp-content/up...

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Highlights:

• The cryptocurrency market moved sideways for most of the past week, while the overall market cap expanded 6% to $459 billion.
• Bitcoin prices moved up 8% to just below $12,000. Bitcoin dominance is back to over 40% - a sign that people shift to safer coins during uncertain times. The market has been pretty steady at $400-500 billion for a few weeks now. This could mean that there has not been much new money coming in with investors shifting their existing altcoin holdings into bitcoin.
• Monero led the major coins with a 21% weekly gain while IOTA also outperformed well with a 10% increase.
• The SEC issued subpoenas to as many as 80 companies and individuals in relation to their investigation into ICOs.
• The mobile payments company, Circle Internet Financial, announced that it has acquired Poloniex, one of the largest crypto exchanges. According to Fortune magaizine, the deal was valued at around $400 million dollars.
• Both JP Morgan and Bank of America added a segment on cryptocurrencies in their 2017 annual reports that was filed with the SEC a few days ago. According to JP Morgan, both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.
• According to Bloomberg, Wellington Management, is the latest asset management firm to consider including cryptocurrencies in their portfolios. In a report published by the company, the company’s systems were upgraded to enable trading in Bitcoin derivatives, and they have started taking positions related to cryptocurrencies.
• The Marshall Islands is the latest country to issue its own cryptocurrency which will be considered as legal tender. The new cryptocurrency is called SOV and will be issued to the public by way of an ICO.
• Japan's Rakuten, one of the largest e-commerce platforms in the world, announced that it will be launching a cryptocurrency-based rewards program. The token will be called Rakuten Coin, which will replace the company's current "Super Points" program.

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Disclaimer

The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.

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