The State of the Market: Following what has widely been considered a bullish week for cryptocurrencies, the markets took a tumble today — falling from a total market capitalization of just over $270 to around $254 billion. All ten top crypto projects are in the red today with BTC — which is currently trading hands at just above $6400 — and ETH recording a respective loss of 5.5% and 8.4% on the day. Among the top ten, EOS faired the worst, with a 10% loss over the last 24 hours — down to $7.40.

1) Pan Gongsheng, the vice governor of the People’s Bank of China, has issued an official warning against initial coin offerings (ICOs) that target Chinese investors. Gongsheng said cryptocurrency trading, ICOs, as well as “disguised” ICOs are illegal in China and are an illicit form of issuing securities and fundraising. China banned ICO’s in September 2017, but, according to Gongsheng, several projects that moved overseas following the ban have still been made available in Chinese markets (read more).

2) Huobi exchange’s strategic partner HBUS has launched in the U.S. with more than 20 cryptocurrency trading pairs. Hitherto, the exchange had kept the details of the coins it supported under lock and key but has now revealed their support for USDT, BTC, ETH, BCH, LTC, DASH, QTUM and CVC. However, HBUS, which is already banned from operating in a handful of states including New York, has stated that they have no plans to support fiat currencies (read more).

3) Ledger, widely considered the forerunner among hardware crypto wallet manufacturers, reportedly sold more than 1 million hardware wallets in 2017 — for a profit of $29 million. Speaking with Forbes, Ledger president Pascal Gauthier, remarked that the high-demand for their product is likely due to a lack of secure platforms for crypto-assets and the myriad of high-profile exchange hacks that have occurred over the last year. Forbes also revealed that technology giants Samsung, Siemens and Google’s — enticed by the high-profit margins — have expressed serious interest in investing in the company (read more).

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