This Week In Cryptocurrency - Friday, July 19

Cryptocurrency Market Update

Ouch. But we’re used to it! 

This wasn’t the best week for cryptocurrency markets in recent weeks, but the volatility isn’t anything we haven’t seen before. If you’ve been following cryptocurrency markets for a while, a 10% change in either direction in a day isn’t much to blink over.

Anyway, let’s do a roll call of this week’s casualties:

However, a few projects managed to escape the slaughter. V Systems, a newcomer to the game, saw a 22.1% uptick. 

G7 Agrees: Libra and Crypto Have Significant Concerns: In comments to CNBC’s Squawk Box, US Treasury Secretary Steve Mnuchin said, “There was a clear agreement from all G7 finance ministers and central bank governors that Libra, in particular, raises some very significant concerns, and cryptocurrencies more broadly,” adding, “before any of us let these go through, we’re going to make sure those concerns are satisfied.” While the G7 finance ministers and central bank governors reached consensus (ha!), it’s still unclear whether there will be an international decision in regards to regulation of digital assets. Mnuchin also commented, “first of all let me be clear, we very much support financial innovation and anything that lowers payment processing costs, especially cross-border.”

BitMEX Under Investigation by the U.S. Commodity Futures Trading Commission (CFTC): The people planning to invade Area-51 aren’t the only ones about to be probed. TheU.S. Commodity Futures Trading Commission (CFTC) is currently probing Seychelles-based cryptocurrency exchange BitMEX. Earlier this week, cryptocurrency antagonist Nouriel Roubini denounced BitMEX claiming that it “may be openly involved in systematic illegality.” According to Bloomberg, the CFTC investigation is “ongoing” and won’t necessarily lead to misconduct allegations.  

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