Too busy following stock market gains to catch up on bitcoin news? We've got you covered here with the top stories in crypto from Thursday, Feb. 22.
Bitcoin Below $10K
Bitcoin dipped below $10,000 in early afternoon trading Thursday before making up a small portion of its gains. The No. 1 cryptocurrency fell as low as $9,730.98, according to Coindesk. The currency had buoyed above $10,000 since breaking through the threshold on Feb. 16. All of the top 15 cryptocurrencies by market cap were trading into the red on Thursday afternoon.
Robinhood Launches More Trading
Stock trading mobile app Robinhood has launched cryptocurrency trading in five states as of Thursday, according to a company statement. Traders in California, Massachusetts, Missouri, Montana and New Hampshire can now trade bitcoin and ether and track 14 other cryptocurrencies on the app. Robinhood first announced the plans last month, pushing the move as a means of expanding cryptocurrency access and exposure to a wider group.
Could Bitcoin Be a Buy?
TheStreet's Jonas Elmerraji explained how and why bitcoin could be a buy again in this handy walkthrough of some key technical charts. He wrote that bitcoin's 69% peak-to-trough drawdown from December to February would be a kiss of death for more traditional investments. But bitcoin is in no way traditional. The plunge was due primarily to the overheated rally in late 2017, not any significant crash. For now, bitcoin remains a "buy the dip crypto."
LBCC Faces Delisting
Remember when Long Island Iced Tea became Long Blockchain Corp. (LBCC) late last year? It sent shares spiking nearly 200% in one day when the former beverage company announced a total rebrand to become a blockchain technology-focused firm instead. Now, Nasdaq has accused LBCC of making public statements "designed to mislead investors" and has decided to delist the company. According to a recent LBCC filing, Nasdaq said in a Feb. 15 letter that the company attempted to "take advantage of general investor interest in bitcoin and blockchain technology." LBCC said it is appealing the delisting decision, meaning shares will continue to trade for now.
Iran's Crypto Play
Iran's central bank could be considering developing a cryptocurrency administered by the state. On Twitter, Information and Communications Technology Minister MJ Azari Jahromi said the country will aim to implement a cloud-based digital currency "using the capacity of the country's elite."
در جلسهای که با هیئت مدیره پست بانک در خصوص ارزهای دیجیتال مبتنی بر زنجیره بلوکی داشتم، مقرر شد این بانک اقدامات لازم برای پیاده سازی آزمایشی اولین ارز دیجیتالی کشور را با استفاده از ظرفیت نخبگان کشور به عمل آورد. مدل آزمایشی برای بررسی و تایید به نظام بانکی کشور ارائه خواهد شد.— MJ Azari Jahromi (@azarijahromi) February 21, 2018
The announcement comes after the government of Venezuela on Tuesday announced its own state-backed crypto called the petro. Both Venezuela and Iran face financial and economic sanctions from the U.S.