ONE TO WATCH…
This week’s ICO/pre-sale to watch has attracted high interest on ICO Drops. NuCypher is a decentralized key management system (KMS), encryption and access control service. Its service enables the storage and sharing of private data in an encrypted format using the blockchain.
Global crypto regulations:
There is a wide range of crypto regulations globally and constantly evolving as regulators are going through their own education process and involving various stakeholders. Below is a summary from an article in Bloomberg discussing this topic – much of the crypto industry operates in a legal gray area. Japan, South Korea, Singapore, Switzerland, France, Malta and potentially UK are the regions with most progressive crypto regulations.
MARKET REVIEW & TOP CRYPTO MOVEMENT FOR THE WEEK
After a strong selloff in Q1 2018, the cryptocurrency market is trying to find a bottom and essentially flat last week. The recent news of new regulations from India and the tax season which ends mid April seem to have placed a lid on recent rally attempts.
BTC continued its market dominance at 46.5% of total crypto market cap – near highest levels this year.
Top 5 gainers last week – in top 100 coins – two of these coins (Ontology and IOStoken) are new ICOs/listings. Also interesting that Verge – a privacy token, which suffered a 51% attack and was forced to fork to snub the attack, is up big in anticipation of a “major partnership announcement” next week.
Top 5 losers last week – in top 100 coins
Holy Crypto Airdrops Batman!
Airdrop is the process of a blockchain project distributing its tokens free to the community/users primarily to increase brand awareness, marketing purposes.
Other than rewarding its users, airdrops can also be used to aid decentralization of token holders, as a practical transfer function in case of a fork etc
Verify the airdrop details from official project accounts like its telegram channel
Never give out your private keys or send any money/tokens – beware of airdrop scams
Use a dedicated and active wallet like MyEtherWallet to claim the tokens and then transfer to a crypto currency exchange if you want to trade them
These tokens could be considered a taxable asset given the zero cost basis and also have regulatory risk – please consult your financial advisor or online tax resource like Bitcoin.tax