Bitcoin fell below the $8,000 level on Tuesday (March 27), CCN reported – and the cryptocurrency market as a whole could fall below a market cap of $300 million. Bitcoin was trading at $7,770.44 as of 10:41 p.m., according to CoinDesk.
In hedge fund news, Morgan Creek acquired Full Tilt Capital LLC two months after that firm decided to dedicate a fund to crypto businesses, Bloomberg reported. The deal’s terms were not available, but Morgan Creek has $1 billion in assets under management (AUM).
And Ford wants to give crypto some wheels, CoinDesk reported. Ford Global Technologies, LLC was awarded a patent for “vehicle-to-vehicle cooperation to marshal traffic.” The technology would use cryptocurrency – in what has been dubbed a Cooperatively Managed Merge and Pass (CMMP) system – to allow communication between vehicles. For example, the system would allow late drivers to use tokens to pass other vehicles on the highway.
In seed funding news, Spring Labs notched $14.75 million in funding, CoinDesk reported. The firm said that the funds would go toward growing the company’s blockchain platform and its development team. August Capital led the round, with other firms also participating.
Just two weeks after joining the Russell 2000, LongFin Corp is set to be removed from the Index, Bloomberg reported. The move comes after it failed to make the required 5 percent of its shares accessible to the public.
And multiple tech companies are blocking crypto ads, Reuters reported. Twitter was the latest company to stop allowing crypto ads on its platform after Google and Facebook made similar moves earlier in 2018. The actions come as tech companies worry that the ads could damage their reputations.
In Massachusetts, a state regulator is seeking to stop several companies that appeared to be selling coins in initial coin offerings (ICOs), Reuters reported. The Secretary of the Commonwealth in Massachusetts, William Galvin, said his office has asked five companies to stop selling coins: Mattervest, Inc., Pink Ribbon, ICO, Across Platforms, Inc., SparkCo, Inc. and 18 Moons.