In today’s edition of Crypto Daily News, we’ll cover the details of the crypto market rebound and Coinbase’s official statement regarding the proprietary trading allegations.
Crypto Daily News: September 20th, 2018
Crypto Market Rebounds
The crypto market is rebounding this morning, after taking a sharp fall last week after rumors spread that Goldman Sachs (NYSE:GS) wasn’t focusing on a cryptocurrency trading desk. Later, GS confirmed that the news was “fake” and that the desk is, in fact, ready, but waiting for demand.
Currently, the crypto market is trading just above $200 billion. In the crypto market rebound, Bitcoin (BTC) is currently trading at $6,433.14 a coin, up 1.58%, and Ethereum (ETH) is trading at $211.58 a coin, up 1.31%.
XRP is currently leading the top 90 cryptocurrencies for most percentage gains in the last 24 hours. At press time, XRP is trading at $0.369 a coin, up 14.94% in 24 hours. Around 90% of the coins in the top 100 cryptocurrencies are currently trading in the green today.
Coinbase Issues Official Statement
Correcting the record: Coinbase does not engage in proprietary trading.https://t.co/Qhyxy6U5Tf
— Coinbase (@coinbase) September 20, 2018
Last night, Coinbase publically made a statement regarding the negative press it received regarding a report floating around accusing the crypto exchange of proprietary trading.
Mike Lempres, Coinbase’s Chief Policy Officer, published the statement on the company’s official blog. The New York Virtual Markets Integrity Report states, “Coinbase disclosed that almost twenty percent of executed volume on its platform was attributable to its own trading.”
Lempres responded to the claims by saying:
“Coinbase does not trade for the benefit of the company on a proprietary basis. In order to provide an easy-to-use customer experience, Coinbase Consumer quotes a price and then quickly fills the order from our exchange platform (Coinbase Markets). This takes advantage of the liquidity provided by the entire Coinbase ecosystem.”
Coinbase claims that when it executed these trades, that it does so on behalf of its customers and not for self-gain. Lempres emphasizes that the volume figure stated in the report is customer-driven volume and not “self-trading.”
“Coinbase does not operate a proprietary trading desk, nor does it undertake market making actions,” Lempres concludes.
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Featured Image: Depositphotos/© aletia