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Bitmain crisis, growth of BitTorrent tokens, information for SEC

02/06/2019
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  • SEC_cryptocurrency
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Bitmain computational power at a minimum, the token from BitTorrent is in demand. The US Congress may limit the powers of the SEC to control cryptocurrency.

Bitmain network hash rate hit a minimum in 16 months

The clear leader in the production of mining equipment Bitmain is in a state of crisis. Its cryptocurrency mining capacity reached its lowest level in 16 months. Against this background, the company is forced to carry out staff reductions, and to abandon part of the representative offices outside China.

Operations in the US state of Texas have now been suspended, and plans have been announced to close the Amsterdam office. In addition, Bitmain cannot receive additional funding for its operational activities. Until now, the Hong Kong Stock Exchange has not approved the bid to place shares in the company.

Bitmain network hash rate hit a minimum in 16 months

The market price of the BitTorrent token has increased almost 10 times

After the successful sale of BitTorrent tokens, the price of the token continues to grow. During initial placement, 59.4 billion BTTs were sold for a total of $ 7.2 million. Now it has been released for free circulation, and you can openly buy it on the Binance, OKEx, UPbit and some other venues.

According to the research agency CoinMarketCap, BTT’s daily turnover reaches several million dollars. At the same time, the price of the token added more than 800%. Statistics show that a significant part of buyers at ICO decided not to linger on the sale of tokens. As a result, they were able to get a huge profit in two weeks.

The market price of the BitTorrent token has increased almost 10 times

SEC seeks to control the cryptocurrency turnover

The American regulator is looking for ways to fully control the cryptocurrency turnover. SEC has published a notice on the search for suppliers of information on the volume of transactions in the blockchain and risk control techniques. The company will need to provide data in an easily verifiable format. The search for the information provider will last at least until February 14th.

Previously, the regulator stated that the year 2019 will be important in the development of the cryptocurrency market. Now the representatives of the commission are most concerned about the conditions of storage of coins, and the search for price control mechanisms. Since the asset is subject to market manipulation, the SEC still does not agree to accept financial contracts for cryptocurrency.

Why US loosing control to over cryptocurrency

SEC seeks to control the cryptocurrency turnover

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