Crypto And Wall Street This Week

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly:

1. DOJ OPENS CRIMINAL PROBE: The Justice Department has opened a criminal investigation into whether traders are manipulating the price of bitcoin and other cryptocurrencies, ramping up scrutiny of the markets that critics say are rife with misconduct, Bloomberg reported Thursday. Federal prosecutors are working with the Commodity Futures Trading Commission and the probe is in early stages. The Department is focused on illegal practices that can affect prices such as spoofing, or flooding the market with fake orders to trick other traders into buying and selling, and wash trading, in which a trader trades with himself to give the false impression of market demand.

2. GPU DEMAND SAID TO SLOW: AMD (AMD) and Nvidia (NVDA) could see curbed profitability from the second to fourth quarters of 2018 due to the sudden slowing of cryptocurrency hype causing declining demand for mining GPUs, DigiTimes reported Tuesday. Companies in the two graphic card suppliers' supply chain are likely to see weaker earnings and shipment growth momentum than a year earlier and both AMD and Nvidia previously predicted slower demand for mining graphics cards and revenue declines in the next quarter.

3. OVERSTOCK'S tZERO TO LAUNCH TOKEN EXCHANGE: Overstock (OSTK) subsidiary and BOX Digital Markets announced a joint venture Tuesday to launch the industry's first regulated security token exchange. On May 18, the two companies entered into a letter of intent to form an exchange to list and publicly trade security tokens for companies that issue, or convert existing stock to, security tokens. The proposed joint venture would be equally owned by tZERO and BOX Digital, with each having equal representation on the board, together with one mutually agreed upon independent director. Lisa Fall, who currently serves as chief executive officer of BOX Digital and as president of BOX Options Exchange would be the CEO of the joint venture.

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