Bitcoin and cryptocurrency news round-up: 5 January 2018
What you need to know.
Bitconnect has been issued a cease and desist, Tron is soaring, and Ripple Labs is now the 10th largest company in the world.
1. Bitconnect has been issued a cease and desist order in Texas
The state has ordered Bitconnect to stop trading in Texas until it is registered with the Securities Commissioner or has been granted an exemption from registration.
Texas has also appeared to accuse Bitconnect of fraud, ordering the company to stop "engaging in any fraud in connection with the offer for sale of any security in Texas".
2. Mark Zuckerberg is "studying" cryptocurrency
Mark Zuckerberg, in his annual mission statement this morning, said that cryptocurrency is an example of technology that can help decentralise power, and it's something he's very interested in.
Cryptocurrency could be key to Facebook's challenges in Asia and help it catch up to the likes of WeChat Pay and AliPay, who combined have 92% of China's mobile payment market. The Chinese market itself is estimated to have around 500 million mobile payment users – almost the same as the 550 million estimated for the rest of the world.
3. Tron (TRX) is up 100% in the last 24 hours
Tron has had a huge start to 2018, with the currency going up by double digits every day of the year. These big hits are off the back of Tron's founder announcing that his company has lined up big partnerships with some big NASDAQ listed companies, with one of those rumoured to be Alibaba.
The company also announced two days ago that it was partnering with popular gaming platform game.com where it will use TRX as a virtual currency.
4. Ripple is now worth over US$120 billion
The Ripple wave just keeps on going, with XRP having more than doubled in the last week. Its market cap is quickly catching up on bitcoin, too. In the last week, Ripple has added over US$60 billion to its market cap. Bitcoin has stayed steady with its market cap around US$250 billion.
Ripple's market cap means that Ripple Labs is now the 10th biggest company in the world based on market cap.
5. Ethereum has cracked US$1000 for the first time
Ethereum's backers are looking to try and regain its position as the second biggest cryptocurrency from Ripple, pushing ETH above US$1000 for the first time in its history.
It looks like Ripple and Ethereum are in a race to overtake bitcoin as the largest crypto on market value, with bitcoin mostly staying flat since its big dips before Christmas. Ripple, Ethereum and many other altcoins have had massive growth in comparison, with the overall cryptocurrency market jumping to US$770 billion overnight. This is up from US$418 billion just a few weeks ago.