Bitcoin has closed out another trading week in the green. These are the headlines you need to know as Wall Street looks to a long weekend.
Prices This Week
Bitcoin surged as high as $10,293.44 in Friday trading, according to Coindesk, before dipping into the red in early afternoon action below $10,000. In the last week, bitcoin dropped as low as $7,931.10 on Sunday, Feb. 11. The cryptocurrency broke above the important $10,000 psychological barrier on Thursday, Feb. 15. The overall cryptocurrency market made strong gains this week, reaching a market cap of more than $480 billion by Friday.
The Securities and Exchange Commission has suspended trading for three companies amid questions regarding the legitimacy of what they claimed were acquisitions of AAA-rated cryptocurrency and blockchain investments. Cherubim Investments Inc. (CHIT) , PDX Partners Inc. (PDXP) and Victura Construction Group Inc. (VICT) each issued separate statements about crypto acquisitions, but regulators are questioning the real value of those assets. The SEC warned investors to be on alert for companies that may publicly announce a cryptocurrency pivot solely to affect their stock prices.
Trader Faces Charges
A Chicago trader at Consolidated Trading LLC was charged with allegedly stealing $2 million in cryptocurrencies from his firm to cover his own gambling debts, according to Fortune. Joseph Kim's wire fraud charge is the first criminal prosecution involving cryptocurrency trading by Chicago U.S. Attorney John Lausch. The firm Kim worked for started the crypto group where Kim was transferred in September. He allegedly appears to have started stealing cryptocurrencies a few weeks after he took up the post.
U.S. Regulation Still Far Off
White House cybersecurity coordinator Rob Joyce told CNBC Friday that there is still a considerable amount of work to be done before the government regulates bitcoin. "I think we're still absolutely studying and understanding what the good ideas and bad ideas in that space are so I don't think it's close," he said. "We are worried. There are benefits to the bitcoin concept - digital cash, digital currencies. But at the same time if you look at the way bitcoin works after there is a criminal act that takes place, you can't rewind the clock and take back that currency."
Catch up on TheStreet's cryptocurrency coverage here:
Source : https://www.thestreet.com/story/14491458/1/bitcoin-today-price-near-10000-as-regulatory-concerns-blur.html