Bitcoin Sell-off Accelerates as Credit-Card Issuers Extend Ban (SCMP.com)
Bitcoin declined for a fifth day, breaking below US$7,500 (HK$58,658) and leading other digital tokens lower, as Lloyds Banking Group Plc joined a growing number of big credit-card issuers halting purchases of cryptocurrencies on their cards. The biggest digital currency sank as much as 16 per cent to US$7,175 as of 10:28am in New York, according to composite Bloomberg pricing; it had climbed to US$7,322 as of midday. It has erased more than 60 per cent of its value from a record high US$19,511 (HK$152,602) in December. Rival coins also retreated on Monday, with Ripple losing as much as 14 per cent and Ethereum and Litecoin also weaker.
Tether’s USDT Has Become a Great Way to Increase One’s Bitcoin Holdings (TheMerkle.com)
Tether’s USDT has always been a very interesting currency for many reasons. It is supposed to be pegged to the US dollar at a 1:1 ratio, which has created some speculation as to how the company can keep the price at that level. Indeed, the value of USDT hardly ever shifts, even though it is slightly above US$1 right now. What is of great interest are its current trading volume and the USDT price increase compared to both Bitcoin and OMNI.
Neo (NEO) Worst Hit By Chinese Cryptocurrency Ban (Crypto Recorder)
Neo (NEO) has won itself a special place at the heart of the Chinese people earning it the name “Chinese Ethereum”. At a time when almost every cryptocurrency is getting jittery about the actions of the Chinese government towards the booming cryptocurrency market, it is wonder how the NEO cryptocurrency will continue stealing the show in China. In addition to the ban on cryptocurrency trading in China, there have also been fears of companies behind cryptocurrencies having to refund the amount they collected using the Initial coin offering (ICO). Taking into consideration that most cryptocurrencies gather their initial funds to support the project through ICO, refunding can be a devastating move and it could cripple many crypto coins.
This Airline Is Launching a Frequent Flyer Program Inspired by Cryptocurrency (Time.com)
Singapore Airlines is rolling out a digital wallet based on blockchain technology that passengers can use to spend their frequent flier miles. “I think we are the first airline to do it,” Goh Choon Phong, the airline’s chief executive, said at the Singapore Airshow Aviation Leadership Summit, according to Reuters. The blockchain technology the airline will use is only available for its partners and vendors, the company said in a statement. Blockchain technology is a decentralized way of maintaining records through a peer-to-peer network. It’s a core component of bitcoin and many other digital currencies.
Texas Cracks Down on Another Cryptocurrency Seller (Dallas News)
The Texas Securities Commissioner is continuing its crackdown on unregistered investment pitches tied to cryptocurrency by issuing its fourth emergency cease and desist order. Late last week commissioner Travis J. Iles entered the emergency order against DavorCoin, an entity offering investments in a cryptocurrency lending program in Texas. The emergency order found that DavorCoin told investors they can earn whopping profits by investing in a lending program based on a new cryptocurrency known as davorcoin. Investors allegedly purchase davorcoin (the currency) and then lend it to DavorCoin (the entity).
