1. Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash
As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000. Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.
2. Huobi Buys Majority Stake in Japanese-licensed Crypto Exchange
Huobi Japan Holding Ltd has recently acquired a majority stake in Japan’s Bit-Trade – one of only 16 regulated crypto exchanges in the country. Huobi Japan will get 100 percent of the shares from True Joyful Limited, BVI, which holds all of the beneficiary interest in the company. FXTF Asset Investment Private Ltd. reportedly had 75 percent of the shares, with FX Trade Financial with 25 percent. Both Huobi and BitTrade officials will develop a platform to expand its global reach, Huobi Japan will enlarge the platform to provide more professional and user-friendly services. Huobi is ranked the fourth largest in the world by daily trade volumes, seeing around $573.2 million in trades over the 24 hours before press time. BitTrade is one of only 16 regulated and Japanese government-approved crypto currency trading platforms.
3. Crypto Industry Leaders Establish Washington- Based Lobby Group
A group of U.S.-based blockchain and crypto companies will form the first lobbying group representing the blockchain Industry in Washington D.C., the Blockchain Association. It will be located in Washington representing entrepreneurs and investors who are engaged in blockchain-powered projects. The lobbying organization will work closely with lawmakers on anti-money laundering (AML) and Know Your Customer (KYC) policy development within the industry. The main goal is to get the preeminent companies in the space together and try to develop a legal and regulatory system that will stand the rest of time.
4. 66% of Cryptocurrency Enthusiasts Don’t Want to Receive Wages in Fiat
Human resources startup Chronobank has surveyed 445 cryptocurrency enthusiasts from all over the world including the US, Australia, and Russia to learn more about their work preferences. 66% of those surveyed wanted their employers to embrace the change and answered that they personally would be willing to receive wages in cryptocurrencies. And 83% of respondents said they would like to receive their bonus payments in cryptocurrencies. 72% of those surveyed said they would prefer an employer who has a salary payment option in cryptocurrency when choosing their next place of employment. 92% of the survey respondents were male, 40% were aged between 25 and 34 and 75% are currently employed.