Bitcoin drops below $8,000. Bitcoin fell over 7 percent Monday, below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by tech companies. The cryptocurrency is down more than 42 percent year-to-date after starting this year above $13,000 and has dropped roughly 60 percent from its high near $20,000 in December. Other cryptocurrencies are also trading lower Monday.
Chinese cryptocurrency exchange Huobi to launch in the US in May. One of leading Chinese cryptocurrency exchanges Huobi has announced its soonest launch in the United States and has registered with the US Financial Crimes Enforcement Network (FinCEN) as a money services business. The platform will be a separate exchange that will deal only with cryptocurrencies. It will be created especially for US clients and won’t be a part of the already functioning platform Huobi Pro.
Twitter to ban cryptocurrency ads. Twitter will join Facebook and Google to ban cryptocurrency advertising over the risk of giving publicity to potential fraud or large investor losses. The prohibition will cover advertising of ICOs, as well as token sales and crypto-wallet services, the firm said. The new policy will further limit crypto-exchange ads on its platform. It’s not yet clear when the new rules will come into force.
Santander, Ripple to launch payments app. Santander aims to be the first bank in the UK to employ blockchain technology to facilitate cross-border payments via its new app using Ripple’s xCurrent and RippleNet products. Santander invested in US-headquartered Ripple in 2015 and then again in 2016. The bank also trialed an international payments app using Ripple technology with its staff in 2016. Santander CEO Ana Botin said at the end of January that the new app would go live in Spain, Brazil, the UK, and Poland.
The total cryptocurrency market capitalization stands at $301 520 476 364.
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