Bitcoin today clearly had a case of the Mondays. These are the headlines investors need to know for Monday, Feb. 5.
Bitcoin fell to under $7,000 in afternoon trading Monday, hitting as low as $6,804, according to Coindesk. Prices of 98 of the top 100 cryptocurrencies by market cap were falling Monday afternoon as regulatory standards grew higher and December’s $20,000 bitcoin record faded further from view. At its low Monday, bitcoin has fallen more than 65% from its December high.
Britain’s Lloyds Banking Group Plc (LYG) has banned cryptocurrency purchases on credit cards for its 9 million customers, joining the likes of JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) . The decision comes amid widening regulation that has seen every entity from banks to state government implement a growing list of regulatory standards not previously seen in the crypto space.
Singapore Airlines’ wallet
Singapore Airlines (SINGF) announced Monday plans to launch a blockchain technology-based digital wallet for users of its KrisFlyer loyalty program. The new technology is set to launch within six months and will operate on a private blockchain with merchant partners. “It will allow the extensive KrisFlyer membership base to use ‘digital KrisFlyer miles’ for point-of-sale transactions at participating retail merchants,” Singapore Air said. The development comes following a “successful proof-of-concept exercise” from Singapore Air with Microsoft Corp. (MSFT) and KPMG’s Digital Village.
NY lawmaker’s proposition
New York State Assembly Member Clyde Vanel has sponsored a new measure in the legislation that would create a task force dedicated to studying the “impact of a state-issued cryptocurrency on the state of New York.” The bill would look into implications from regulatory bodies, including the SEC and CFTC, establishing a group charged with examining further the monetary policy and financial stability impacts from such a state-backed crypto asset. Vanel has previously submitted four other bills to the NY State Assembly in late 2017.
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