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The cryptocurrency markets have been taking baths in blood again, lots of red happening the past 24 plus hours. We could speculate all day about what could be causing investors to panic sell, perhaps the markets are just having a hard time recovering from the drop back in January.
One thing that could be influencing the prices however are these reports of large numbers of projects that have held ICOs which have been subpoenaed by the SEC.
People are claiming anywhere from 80 to 200 companies have been summoned but very few projects have admitted to having received this notice by the SEC. This lack of communication is causing a whole lot of speculation and fear to arise from the unknown. These subpoenas could have come with a gag order to prevent public knowledge, or it could be the projects established practices not to comment on legal proceedings. Either way, how these projects are affected by the SEC will no doubt play a role in shaping how ICOs and other tokens are organized in the future.
Just the other day I made a video featuring the popular exchange Binance, and what do you know? Yesterday some of the users of the exchange were reporting that their portfolios were being traded for Bitcoin. The exchange is claiming that the platform itself was not hacked, that rather it was the trading bots which were compromised. It looks like Binance was able to somehow reverse the suspicious trades that occurred after disabling withdrawals yesterday to figure out the problem. But not before the price of Bitcoin began to fall upon the rumors of this news. It’s not clear if this is in any way related to the major pump for the price and volume of Viacoin but it’s a bit suspicious of the timing for this coin to surge.