Crypto News | Breaking: SEC probe investigates cryptocurrencies

Brace yourselves, subpoenas are coming! In our biggest news of the day, the United States Securities and Exchange Commission (SEC) has apparently been conducting an extensive investigation into the cryptocurrency market. Since January, the primary focus of the SEC probe have been ICOs. Amid recent news that more than half of ICOs launched in 2017 have died out already or have been revealed as scams, it’s no wonder why. At least since January, the SEC has issued a large number of subpoenas to a number of crypto companies and startups, looking for every piece of information. The lawyers and experts with insider knowledge disagree on whether the investigation is an enforcement or a deterrent – a way to scare ICOs and companies into compliance.

Whichever the case, the SEC probe is reminiscent of extensive crypto monitoring done by the Chinese police force. According to several outlets, China’s police is now watching foreign crypto exchanges, in addition to Chinese exchanges which have moved their traffic overseas. 

All of this news of Big Brother and police officers knocking at people’s crypto addresses scared Bitcoin into retreating yesterday. The price has since recovered, and it is once again stable between $10,600 and close to $11,000, where it has been oscillating for the past few weeks. But will BTC ever escape this limbo and rise to old heights?

According to Tom Lee from Fundstrat of Wall Street, the crypto market will make a full recovery in March, and the price of BTC will double before July. He believes that by the end of 2018, one BTC will be worth $25,000. He hinted at recent news of Rakuten Coin, Line Financial, Starbuck’s blockchain announcement, and Facebook playing with the idea of a crypto strategy as examples of positive development in the crypto sphere.

Similar optimistic outlook was expressed by Tyler Winklevoss in NYC, who said that Bitcoin is better at being gold than gold. He also compared Ether to “oil”, while he shunned Litecoin as a “testnet”.

Be that as it may, the end-of-month reports are in, and Litecoin is the big winner! The price of Litecoin rose by 22%, while all other major coins have incurred losses. Some smaller coins have done remarkably well, like Ethereum Classic, DigixDAO, and OmiseGO. On the other hand, February was a big fluke for EOS, Nem, Stellar Lumens and Cardano.

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Author: Max Rothstein

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