Action filled today’s headlines as Coinbase launched a new crypto education program, Facebook continued its path toward crypto involvement, and U.S. officials filed to amend securities laws in favor of crypto. Upbit exchange was also indicted for market manipulation and bitcoin’s price held steady after this week’s bullish movement.
Catch up on today’s action!
Coinbase Launches Program To Educate New Crypto Users
Coinbase recently launched a project called “Coinbase Earn” which looks to educate the public on cryptocurrencies, while rewarding them with tokens.
The project is currently in the invite-only stage and rewards users in ZRX tokens for completing educational tasks relating to the 0x project. 0x is currently the only option in the program, but Coinbase hopes to add more in the future.
Coinbase studies showed many people were hesitant to interact with assets they did not understand. The project aims to teach them about new cryptocurrencies while giving them a small amount of the asset to test out.
Facebook Makes Significant Moves Towards Crypto
Social media powerhouse Facebook recently showed continued interest in the blockchain space. David Marcus made quite the journey over the past year, as he joined the board of directors for Coinbase last December, in addition to keeping his position at Facebook. He then left Coinbase in August of this year, due to a stated conflict of interest.
Coinbase has also recently filled several key positions in their blockchain department.
Mark Zuckerberg, Facebook’s CEO, hinted at this year’s blockchain development when he stated interest in the crypto space and its application back in January of this year.
US Lawmakers File Bill To Exempt Cryptocurrencies From Securities Laws
Yesterday, Warren Davidson and Darren Soto of the U.S. House of Representatives suggested a movement called the “Token Taxonomy Act”.
“According to the text, the bill – among other items – seeks to exclude ‘digital tokens’ from being defined as securities, amending both the Securities Act of 1933 and the Securities Exchange Act of 1934,” CoinDesk reported.
The amendment suggests an exemption for digital assets that are largely decentralized. Exempt assets would not include those directly related to the success of an underlying centralized company (acting like stocks as part ownership, for example).
South Korea Regulators Indict Three Upbit Employees for Alleged Trade Volume Manipulation
South Korean regulators recently launched an investigation into crypto exchange Upbit, suspecting market manipulation. Dunamu is the development company behind Upbit, which happens to be the largest crypto exchange in South Korea.
Accusations against Upbit include three accounts of artificial volume inflation over the past fourteen months. Two of Dunamu’s top staff members, as well as one Upbit employee, were “indicted, but not detained, as part of an investigation into the proceedings,” reported CoinTelegraph today based on news from The Korea Times.
According to The Korea Times’ report, “254 trillion won worth of fake orders [were used] to inflate the exchange’s trade volume.”
This Price Chart Indicates Bitcoin’s Bulls Are Back In Business
Bitcoin has held its recent bullish momentum, closing above the $4,000 mark yesterday. This confirmed CoinDesk’s bullish 3-day reversal chart mentioned a few days ago.
Today, CoinDesk mentioned the next resistance zone could be around $4,400. Bitcoin’s relative strength index (RSI) has also confirmed a bullish divergence pattern from December 15.