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Daily CryptoCann Report: South Korean exchange Upbit raided; California cracks down on unlicensed cannabis businesses

Last updated: 15:28 11 May 2018 EDT, First published: 14:36 11 May 2018 EDT

Justice scales
Upbit is the fourth-largest crypto exchange in the world

It was a rough Friday for cryptocurrencies, with all five top cryptocurrencies in the red.

EOS (EOS-USD) was the top decliner of the day, falling more than 13% to US$14.97.

The second-largest decliner was Bitcoin Cash (BCH-USD), falling nearly 8% to US$1,399.27 followed by Ripple (XRP-USD), which fell more than 7% to US$0.69.

Ethereum (ETH-USD) was down nearly 6% to US$680.66 while Bitcoin (BTC-USD) fell more than 4% to US$680.69.

Facebook Inc (NASDAQ:FB) is planning to launch its own cryptocurrency, according to a report from Cheddar. The social media giant recently formed a blockchain group of less than a dozen employees led by David Marcus, the vice president of Facebook's Messenger app and the former president of PayPal Holdings Inc (NASDAQ:PYPL).

Cryptocurrency exchange Upbit had its offices raided by South Korean officials as the country looks to crack down on illegal activities in the digital currency market. The exchange is the fourth-largest in the world, based on 24-hour trade volume. South Korean authorities have investigated other exchanges as well, detaining CoinNest’s CEO and co-founder on charges of embezzlement and fraud last month.

In its first-quarter earnings report, chipmaker Nvidia Corp (NASDAQ:NVDA) predicted that its crypto revenue could fall by as much as two-thirds. The company, known for its gaming chips, released a chip specifically for mining. Gamers were priced out of the market as miners sent retail prices surging. The company sees fewer crypto miners in the future, bringing prices back down.

READ: Nvidia crushes market expectations in fiscal 1Q due to revenue from video gaming

The North American Marijuana Index, comprised of the leading cannabis stocks in the U.S. and Canada, saw slight gains.

California’s Bureau of Cannabis Control sent cease-and-desist letters in April to nearly 1,000 cannabis businesses that it believed to be operating without full legal permission, according to a report by the Marijuana Business Daily. So far, only around a quarter of those to receive a letter have complied, taking down online advertisements and applying for the proper licensing.

Solis Tek announced that it's closed its acquisition for a cannabis cultivation and processing facility in Arizona. The California-based company provides lighting solutions to commercial cannabis companies. Shares were up more than 2% to US$1.12.

Cannabis investment company Liberty Health Sciences Inc (OTCQX:LHSIF) has signed an agreement with Aphria, a medicinal cannabis company, to produce and sell Solei Sungrown Cannabis in Florida and Massachusetts. The brand will be available for sale by the end of July. Shares of the Toronto-based company were down nearly 2% to US$0.65.

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