PRICE CHANGE: WTD/YTD

- BTC ($7,416): +3% / +96%
- ETH ($151): +3% / +13%
- LTC ($47): +3% / +56%
- XRP ($0.23): -2% / -36%
- Crypto Market Cap ($202B): +3% / +60%
- BTC Dominance: 67%

THIS WEEK IN CRYPTO

- Earlier this week bitcoin sank to its lowest level in six months, falling to $6,530 before paring back losses for the week. The decline comes after concerns of a crackdown on crypto operations by China driven by The People's Bank of China. The decline is also being attributed to low volumes and competition from traditional asset classes, which are performing well. Link. 

- A new law will allow German banks to sell and custody cryptocurrencies beginning Jan 1, 2020. The bill originally required banks to store crypto assets with third-party custodians, but the final version now allows financial institutions to custody crypto assets themselves with proper licenses. Link. 

- The FBI arrested Ethereum research scientist Virgil Griffith for violating US sanctions against North Korea. Griffith recently traveled to North Korea to deliver a presentation and technical advice on using cryptocurrencies and blockchain tech to evade sanctions and launder money. Griffith faces up to 20 years in prison. Link. 

- Coinbase is not acquiring crypto brokerage Tagomi. There were reports that Coinbase was acquiring Tagomi for $150 million, but spokespeople for both companies denied the reports. Link. 

- Gladius Network, a crypto startup that settled charges with the SEC earlier this year for selling an unregistered security, has shut down due to lack of funds. The company raised $12.7 million in an ICO in late 2017, which it was forced to return to investors as part of its settlement. Gladius developed a decentralized P2P network to rent spare bandwidth and storage space to users to defend against cyberattacks. The firm is keeping its code open on GitHub. Link. 

- Coinbase has patented an automated system to enforce KYC. The automated system uses a scoring mechanism to root out non-compliant users who are suspected of trafficking in illegal activity. The compliance score is calculated using a variety of factors including age, account balance, transaction volume, location, verification history, and the number of devices with access. Bad accounts are suspended and referred to law enforcement if the transaction involves more than $2,000. Link. 

- According to a report from blockchain compliance firm CipherTrace, one-third of exchanges have little to no KYC policies. The firm's researchers were able to transact 0.25 bitcoin daily with little or no KYC at 35 percent of exchanges tested. Only 35 percent of exchanges had "strong" KYC, with multiple levels of verification including proof-of-address or a video/telephone call. Link. 

- Russia's Central Bank said it would support banning cryptocurrencies. Link. 

- Cisco was awarded a patent leveraging blockchain tech to secure data in 5G networks. The blockchain platform will sit between a hardware device and a virtual network. Blockchain tech can be used to run multiple independent virtualized networks on the same device, allowing the device to run more efficiently. Link. 

- Upbit became the 7th crypto exchange to experience a major hack in 2019. Roughly $49 million of ethereum was stolen in just a few minutes. The exchange said that the loss didn't come from user funds, and has suspended all functions for at least two weeks. Link. 

- The Indian government is preparing a national framework to support blockchain tech and the need for a shared infrastructure. Specifically they are looking at applications in governance, banking and finance, and cyber security. The news comes just months after the government proposed banning cryptocurrencies in the country and Facebook announced it would not launch its Calibra wallet subsidiary in India due to regulatory issues. Link. 

- HSBC is planning to track roughly $20 billion in assets on a blockchain-based custody platform by March 2020. By moving away from its current paper-based records to its Digital Vault program, investors will be able to track securities and holdings in real-time. The $20 billion represents only 40 percents of the bank's $50 billion in assets. Link. 

- Physical rental startup Omni announced it was shutting down operations in late 2019, a year after receiving $25 million from RIpple. Some of Omni's engineering team was acquihired by Coinbase. Link. 

- Thailand is preparing to set up a blockchain-based tax refund system for oil exporters to be adopted by mid-2020. Blockchain tech will enable better accuracy and data tracking, speeding up the refund process by three times and reducing export oil tax leakage. Last year Thailand was also considering using blockchain tech to prevent fraudulent VAT refund claims. Link. 

- The West African nation of Ghana is exploring issuing digital currency in the near future, in an effort to complement the growth in mobile money. Mobile money transactions increased to 1.4 billion last year from 982 million in 2017. Link. 

- Galaxy Digital, the crypto investment bank founded by Mike Novogratz, hit a net loss of $68 million in Q3, largely driven by its OTC trading desk which experienced a $43 million loss. Despite this loss, Galaxy Digital has generated $58.4 million in net income in the first three quarters of 2019. Link.