Market Update 9.12.18 – CAM Penalized by US SEC
Market News
CAM Penalized by US SEC
According to an official post, the Securities and Exchange Commission of the US issued a cease and desist order to Crypto Asset Management (CAM) as well as its founder Timothy Enneking. The SEC has also fined the company and its founder $200,000 for misrepresenting itself as the first crypto asset fund that is regulated in the US.
The company used this claim to raise $3.6 million in funding from 44 different investors last year, taking CAM’s net asset value up to $37 million. According to mainstream media, this is the first time that the SEC has taken disciplinary action against a crypto asset fund.
Read the rest of the story here.
Bitmain Getting Fresh Competition
Bitmain may be facing fresh competition in the form of Bitewei, a mining chip maker based in Shenzhen and led by Yang Zuoxing. Zuoxing is an ex-director of design at Bitmain. The new mining equipment maker has already raised 140 million yuan (~$20 million) to create cryptocurrency mining equipment for the industry.
Bitewei is now considered my many in the industry to be much more energy efficient that any of Bitmain’s products. If the test results published by Bitewei are anything to go by, then the new WhatsMiner M10 is about 30% more efficient than Bitmain’s AntMiner S9 Hydro.
Read about this story here.
American States Request India to Seize BitConnect’s Property
According to local news media, law enforcers from the two US states of Arizona and Illinois have requested the Criminal Investigation Division (CID) of India to seize BitConnect’s properties in the country.
BitConnect, a Bitcoin investment company, had stopped its operations in January of this year after it was accused of being another scam. This open-source cryptocurrency and investment program was offering a multi-level referral program and was promising massive returns on investments to its customers.
Find out more about this story here.
Total Market Cap: Sep 12
The crypto market’s trading volumes increased by $0.56 billion to $11.50 billion since yesterday. The valuation of the crypto market is $189.37 billion dropping slightly from the previous day.
Bitcoin Price Analysis: Sep 12
Bitcoin’s current token price is $6299.04, a 1.31% fall in the last 24 hours. The market cap of the cryptocurrency is $108.72 billion and volumes of trading went up slightly to $3.88 billion.
Ethereum Price Analysis: Sep 12
Ethereum’s current price is $177.49, which is a 9.71% drop in the last 24 hours. The digital token’s market valuation is $18.15 billion and its volumes in trading are at $1.60 billion.
State of the Top 10 Cryptocurrencies: Sep 12
While most of the top ten cryptocurrencies saw massive falls in their token prices, Stellar was unusual in gaining 0.46%. The biggest losses were experienced by Cardano, which dropped by 11.29%, followed by Ethereum, which plunged 9.71% and Bitcoin Cash, which nosedived by 9.60%.
- Bitcoin’s token price is trading at $6299.04, falling 1.31%. The valuation of the crypto is now $108.72 billion.
- Ethereum’s token price is trading at $177.49%, falling 9.71%. The valuation of the crypto is now $18.15 billion.
- Ripple’s token price is trading at $0.260800, falling 3.68%. The valuation of the crypto is now $10.35 billion.
- Bitcoin Cash’s token price is trading at $427.74, falling 9.60%. The valuation of the crypto is now $7.41 billion.
- EOS’s token price is trading at $4.90, falling 3.05%. The valuation of the crypto is now $4.44 billion.
- Stellar’s token price is trading at $0.194314, climbing 0.46%. The valuation of the crypto is now $3.64 billion.
- Litecoin’s token price is trading at $50.54, falling 7.08%. The valuation of the crypto is now $2.94 billion.
- Tether’s token price is trading at $1, falling 0.11%. The valuation of the crypto is now $2.76 billion.
- Cardano’s token price is trading at $0.065579, falling 11.29%. The valuation of the crypto is now $1.70 billion.
- Monero’s token price is trading at $102.21, gaining 5.69%. The valuation of the crypto is now $1.67 billion.