Bitcoin Daily: Bitcoin Sheds $20 Billion Off Market Cap; Gibralter-Based FinTech Launches Tokenized Securities Platform

California lawmakers have introduced a bill that would attempt to more clearly define how cryptocurrency is meant to be treated, and definitively determine if it is an investment contract.

According to the law, digital securities “presumptively not an investment contract” would not be subjected to the sometimes contradictory rules between organizations. The law is an amendment to a bill filed by Majority Leader Ian Calderon.

That means assets that aren’t acquired by means of exchanging them for payment, and which are used on a “fully operative network” for a “consumptive purchase.” It would mean assets that have value not contingent on others’ managerial efforts.

If passed, the law would help to answer questions as to how to evaluate digital assets in the framework of investment contracts.

Gibraltar-based Global Stock Exchange has launched its Grid tokenized securities platform in Estonia as of May 7.

Global Stock Exchange works with blockchain solutions to boost exchanges and cooperation between the cryptocurrency market and traditional ones.

In Estonia now, customers will be able to utilize Global Stock Exchange’s tokenization of new and existing securities funds, which CEO and co-founder Nick Cowan says will help to drive a new wave of ‘smart securities’ which work to expand end-to-end exchanges across borders.

Bitcoin saw a drop-off in value on Saturday (May 9) as it tried and failed numerous times to break past the $10,000 range.

As a result, the cryptocurrency saw a drop of over $20 billion to its market cap, with traders on BitMEX seeing $275 million in positions liquidated, according to data from Skew, a blockchain analytics firm. Open interest on the platform fell.

The fallout of the attempts to breach $10,000 range suggested that the active traders might not be as involved for the next few weeks.

The coin seemed to be seeing a bout of intense tumultuous trading, with bull and bears working to gain the edge in controlling the coin. The value fluctuated from just under $10,000 beforehand to around $8,100, though it then began to rise in value again.

On Sunday (May 10), Bitcoin was trading at 11 percent down, with its current price being $8,670.