Bitcoin prices teetered back and forth into the red and green Thursday, sticking near about $8,350 for most of the trading day before dropping closer to $8,200 late-session. Trading volume remained subdued for bitcoin, coming in at about $5.7 billion.
Here’s what you need to know in cryptocurrency for Thursday, May 17.
In its latest bid to warn investors of the dangers of investing in illegitimate initial coin offerings (ICOs), the Securities and Exchange Commission (SEC) created a fake website with a fake offering. The parody site, HoweyCoins.com, mocks ICOs and has a fake eight-page white paper with fake celebrity endorsements and a fake management team working the ICO. HoweyCoins.com features all of the language and guarantees the SEC warns against, including a “complex yet vague explanation of the investment opportunity” and a countdown clock ticking down as “time runs out” on the deal. When site visitors click the button to buy coins and invest in the ICO, they are instead directed to an SEC page with investor tips and education tools.
JP Morgan Chase & Co. (JPM) has moved Oliver Harris, former head of the bank’s fintech and in-residence programs, to a new position aimed at uncovering the uses of cryptocurrency across corporate and investment banking branches, according to Financial News. The move comes a few months after JP Morgan CEO Jamie Dimon scaled back earlier criticisms of crypto, in which he called the digital assets “frauds.” Harris’ new role also follows a similar move by Wall Street rival Goldman Sachs Group Inc. (GS) , which recently recruited trader Justin Schmidt to head a new crypto derivatives trading unit. JP Morgan employees were alerted to 29-year-old Harris’ new role through an internal memo released Wednesday. Harris is set to report to Umar Farooq, the bank’s head of blockchain initiatives.