Key Market Trends & Facts
Wild variations continue for Bitcoin Core (BTC) and Alt Coins get more attention. Bitcoin Future has become the second most traded asset at the Chicago Mercantile Exchange. More stable coins coming while BSV (Bitcoin Satoshi Vision) has been the biggest mover in May, also thanks to the copyright filing related to the original Bitcoin white paper. Litecoin joins Bitcoin in the “positive zone”
The ethereum network is seeing the highest level of new addresses created since January 2018, at the peak of eth prices. There’s usually a very high level of correlation between ethereum’s price and network activity with the above showing what looks like a coup and handle of sorts.
$BTCUSDAn uptrend for #bitcoin with support lines getting sharper.Then the orange support line had more than 2 basis points with declining volume – weakness.On May 30 he trend got broken, the price went below the orange line – alarming.Now the red line gives some hope again.
Ethereum price struggled to clear the USD 275 resistance and recently declined below the USD 270 and 265 support levels. On the upside, an initial resistance is near the USD 265 level, above which the bulls might attempt to clear the weekly hurdle at USD 275.
If the next weekly candle closes red and long, we will have a bearish evening star doji setup, which typically provokes a strong trend reversal. 4-Hour Chart Looking at the 4-Hour BTC/USD chart, we can see that bullish traders are currently battling hard to stay above a key diagonal support level.
Bitcoin Future Is the Second Most Traded Asset at the CME (Measured by High Volume/Open Interest Ratio)Blokt
Bitcoin Futures occupy the second spot as the most heavily traded asset on CME when the assets are measured by the volume/open interest ratio. According to the list, Bitcoin Futures was the second most heavily traded asset on the platform due to its high volume/open interest ratio.
News Monday, June 3 — after seeing a short recovery attempt yesterday, crypto markets have seen another negative correction, with most of the 20 major coins in the red.According to data from CoinMarketCap, only four out of the top 20 cryptos by market cap are seeing gains at press time, with cosmos (ATOM) and bitcoin sv (BSV) seeing the largest gains over the day, up around 15.3% and 15% respectively.
Bitcoin Price Must Overcome This Key Hurdle for $10K Sentiment wise, bitcoin’s path to $10,000 remains strong and each week a number of positive media reports appear to be re-enforcing the bullish consensus for the top digital asset.
That is, except for BSB, which continues to climb and is up 9.76%.BSV is now number 8 among the top coins on both Messari and CoinMarketCap. Another crypto analytics firm, Longhash, indicates that the coin has jumped 247%. This marks a 360% overall increase.At the beginning of May, BSV recorded a drop in the number of unique addresses seen daily on the blockchain.
Ripple price declined sharply and tested the main $0.4000 support area against the US dollar.The price is currently moving higher and it might continue to rise towards the $0.4800 level.There is a major bullish trend line forming with support near $0.4400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).The price remains well supported on dips and it could continue to rise above the $0.4600 level.
EOS was down by around 5% to the $7.40 level after having dropped considerably on Sunday where it had even reached the $8.50 level at one point. Cardano (ADA) was stable at around the $0.09 level after having increased considerably over the weekend, whilst NEO retreated to the $13.44 mark on the back of a 3% decrease.
Analyst: Bitcoin All-Time High Likely in ‘World on Fire’ Event – BTC, XRP, Ethereum, Litecoin ForecastsThe Daily Hodl
In an environment where the global financial system looks like it is potentially at risk because of the world’s two largest economies going at odds, people may be looking for alternative avenues to find ways to circumvent the capital controls being put in place, ways to move their money around without the Chinese or US governments taking stock of it.” Vecchio says he believes Bitcoin can match its all-time high of around $20,000 if the trade war continues to escalate to a “world on fire” level, with the yuan-per-dollar ratio going past 7.
The crypto market sentiment measure, SentScore this Monday has risen to 5.66, coming closer to the positive zone comparing to last Monday’s 5.36, according to Omenics , a crypto market sentiment analysis service. Omenics measures the market sentiment by calculating the SentScore, which aggregates the sentiment from news, social media, technical analysis, viral trends, and coin fundamentals based upon their proprietary algorithms.
The absolute winner of the top 10 list in May was the infamous Bitcoin SV token, which appreciated a whopping 240% and got back into top 10 after a rather unfortunate series of events during the past few months. Looking into the bigger picture, Bitcoin SV triumphed in the top 50 coins by market capitalization list, too.
Banking giants in the U.S., Japan, and across Europe have created a consortium that will use cryptocurrency technology in cross-border transfers. Based in London, Fnality will create a cross-border settlement framework among participating banks that will utilize a fiat-pegged cryptocurrency.
The chain is reportedly already in the final development stage and the company expects to launch the testnet this month.Yesterday, Cointelegraph reported that the so-dubbed decentralized exchange developed by major cryptocurrency exchange Binance will block access to users based in 29 countries.
pic.twitter.com/CZqjq8PDzA — OKLink (@OKLink) June 2, 2019 The Partnership Has Been in the Works For Some Time Now Star Xu, founder of OKEx and OKCoin exchange services providers, originally announced the partnership between the two companies and plans to launch the stablecoin at the end of March.
Exchanges, Mixers and Trading Platforms
Binance blocks users from 29 countries, US included, but leaves a backdoor open. Bitcoin Blender ceases operations. Bitfinex has outage preventing people to deposit and withdraw funds. Announces it want to launch Tether on Lightning Network so speeding up transactions. Tether would become the largest cryptocurrency to ever operate on the network. Tether has also lent a significant amount of money to Bitfinex to cover its losses.
If they were from one of several countries where Binance’s activity could be considered questionable, they’ll be subject to geoblocking starting July 1st.The Bitcoinist, suspecting that many customers likely didn’t read the message, summed it up like this:“We can see that you have an IP address from one of these countries.“From 1st July you won’t be able to access the wallet interface through Binance.org with such an IP address.“Click here for alternatives and solutions.”The reason for the geoblock seems tied to a U.S. Securities and Exchange Commission (SEC) investigation into EtherDelta for specifically offering unregistered securities.
The decentralized crypto exchange of Binance will block its access to crypto traders based in 29 countries including the United States. “Please note that by 1 July 2019 (UTC 00:00) trading and accessing to the wallet interface through www.binance.org will no longer be available to users with IP addresses from the countries listed above,” the warning message stated.
Bitcoin Blender announced to its users that it would cease operations, advising them to withdraw any balances they had on the site.The service was founded in 2014; back when crypto wasn’t “cool”. The mixer gets a percentage of the coins mixed, usually between 1% and 3%.After five years of operations, the site announced its exit with a very short message: “Bitcoin Blender is shutting down.
Funds are safe.” He then gave a list of the exchange’s hot wallets addresses where the users could check out the transactions to assure them that there were no outgoing tokens.Three hours later, Bitfinex posted an update on its Twitter page indicating that it had restored the withdrawal and deposit services.Bitfinex has been one of the most controversial crypto exchanges in the industry.
Discover the Barcelona Trading Conference – A Top Tier Crypto Trading Event ”One of the Coolest Things” That Bitfinex Has Ever Done RGB is a group of developers and companies that are working to put more assets onto the Lightning Network.
Swedish peer-to-peer crypto exchange LocalBitcoins has removed its cash-based trading service without any prior intimation to its customers. Competitors taking advantage Meanwhile, with the community resentment against LocalBitcoins, other peer-to-peer trading exchanges offering in-person cash option are boasting their services.
Ethfinex, Bitfinex’s hybrid cryptocurrency exchange for Ethereum's ERC-20 tokens, has introduced a decentralized over-the-counter (OTC) service Ethfinex Trustless OTC. "Extending the capabilities of Ethfinex Trustless to include an OTC service is an important step in fulfilling the potential of decentralization in the cryptocurrency market.
One of the most popular peer-to-peer (P2P) exchanges, LocalBitcoins caught the cryptoworld by surprise when they apparently stopped offering in-person cash trades on its list of options, leaving its users in 248 countries to search for alternatives. Meanwhile, in direct response to LocalBitcoins, LocalEthereum, a peer to peer marketplace where people can buy or sell Ethereum (ETH), has dropped the trading fee on cash-in-person exchanges to 0%.
Bitrefill: BitMEX Should Reduce Fee Impact As part of a social media discussion started by Bitrefill CEO Sergey Kotliar over how major exchanges create higher fees for Bitcoin users, staff said developers were “testing” solutions. A huge volume platform, BitMEX has often seen controversy arise from its settlement activities due to the number of transactions it generates from bitcoin withdrawals and other processes.
The investment aims to help the Philippine Digital Asset Exchange (PDAX) to develop its cryptocurrency marketplace. BitMex Invests in PDAX Hong Kong-based BitMex is a cryptocurrency exchange that offers contracts with credit support. By supporting PDAX, it helps to increase cryptocurrency adoption in the country as well as spread information and learning regarding digital assets and trading.
Japanese cryptocurrency exchange BITpoint has opened a branch in Peru. The Japanese company says that prior to opening its Peruvian branch, it consulted with Peru’s central bank (known locally as the BCR) and the chief financial regulator, the Superintendant of Banking and Securities. Meanwhile, in Japan, BITpoint has announced that it will end all foreign fiat-to-cryptocurrency trading.
News Major cryptocurrency exchange Bitfinex is looking to launch the USDT stablecoin operated by sister firm Tether on the Lightning Network (LN), crypto news outlet The Block reported on May 31.Per the report, Bitfinex’s chief technology officer Paolo Ardoino told the outlet that the company plans to launch USDT on LN later this year.
LocalBitcoins Reportedly Eliminates BTC-Cash Trades, Ends Integration for Crypto Shoppers on BitrefillThe Daily Hodl
https://t.co/gojdikG9gd has hidden or deleted all local cash offers in India and other countries #bitcoin #localbitcoins pic.twitter.com/3Q4JwAwooH — Rusil Sarkar (@rusilsarkar) June 2, 2019 The company has yet to make an official announcement but the move may be another step toward reducing anonymity on the platform.
Furthermore, the press release claims:“Customers can trade any ERC20 token, and even specify custom Ethereum addresses for tokens which are not currently listed on any exchanges.”Per the release, the new system uses blockchain to enforce an OTC transaction as an atomic swap.
News Finnish P2P bitcoin (BTC) trading platform LocalBitcoins has kept silent after users reported it had removed cash trading from its service on June 1.LocalBitcoins, which allows users to trade BTC for fiat currency privately, purportedly cut the option for in-person meetups to trade crypto for cash, angering social media commentators.“It’s time to no longer recommend LocalBitcoins, EVER,” the top response to the original Reddit report reads.
He pointed out that the goal for these talks is to understand whether Facebook’s stable coin touted ‘Globalcoin’ will potentially fit within the CFTC’s regulatory remit. Regardless of whether or not Facebook’s Globalcoin fits within the regulatory remit of the CFTC or any other authority, for that matter, worries still exist that the social media giant’s foray into cryptocurrencies might be fruitless.
Recently, chief executive Mark Zuckerberg was grilled by Senate members who requested details regarding the company’s new “Project Libra” cryptocurrency payment network. Project Libra is slated to give users the ability to purchase goods and services through Facebook’s WhatsApp platform with Facebook Coin.
he company’s senior research director, Adrian Lee, said the industry’s fragmented nature means the technology implemented by some companies is at risk of becoming obsolete or insecure by 2021.Lee also said blockchain vendors often use marketing messages that fail to address an enterprise’s needs — leaving companies confused as to how decentralized platforms work, and whether they would add any net benefit to their operations.
Social media giant Facebook Inc. is in talks with the US Commodity Futures Trading Commission (CFTC) about the future of its cryptocurrency project, according to a report from the Financial Times on Sunday.
Scams, Hacks and Legal Issues
John Reed Stark, a cybersecurity expert and 20-year veteran of the Securities and Exchange Commission (SEC) wrote a scathing analysis of what’s wrong with it for Law360, and a lot of it is the exchanges’ fault.He begins with the new concept of Initial Exchange Offerings (IEOs), better described as the recent trend of exchanges offering their own digital currency to profit more from the market.
Polish crypto exchange Coinroom has suddenly shut its services in April and allegedly disappeared with customers funds, local financial news platform Money.pl revealed. On April 2, the exchange sent out an email to its customers stating that it was going to terminate all contracts and requested them to withdraw deposits within a day.
Last year, Caleb Tuttle – a detective with the Santa Clara County District Attorney’s office – explained that SIM-swapping can happen in one of three ways: The first is when the attacker bribes or blackmails a mobile store employee into assisting in the crime.
This is also another reason why exchange regulations are needed and, if the G20 and the Financial Action Task Force have their way, are coming.The blockchain intelligence entity has been able to identify 38 different exchanges that have received funds originating from ransomware attacks.
Let’s do that everywhere — except in the United States.” It’s not clear whether SEC will pursue this action, but if they back down they’ll probably be criticized for subverting the role of the judiciary by bullying small start-ups to back off without going to court, while backing down when someone says: fine then, let’s see what the judge says.
While this is seen as good news by virtually everyone in the industry, it’s perplexing that one crypto exchange CEO would suggest measures that could delay the integration of the new rules.Garg has been overseeing a six-person government-led committee formed to better understand crypto and to create the necessary regulations.
The President of the Chamber, Rodrigo Maia, pushed Bill 2303/2015 in the hopes of creating regulation that would significantly change the culture surrounding these digital currencies.On April 25, Brazilian police arrested a man who was using cryptocurrency to launder money.
Meanwhile, in Japan, BITpoint has announced that it will end all foreign fiat-to-cryptocurrency trading.
Banks & Blockchain
The study, conducted by crypto outlet The Block, showed that five countries account for half the traffic for the 48 most popular digital currency exchanges.The U.S. was the undisputed leader of the pack, the poll found. In second place once again was Japan, with Switzerland ranking third.The study also ranked crypto interest by regions and as expected, North America came out top.
David Berns co-founder of Blockchains, told Trustnodes: “The acquisition of slock.it speeds up our development efforts, and with its signature product, Incubed, we believe Blockchains’ products will become the de facto solution for connecting IoT and smart devices to the blockchain.” Blockchains revealed plans for an ethereum city last year, with Berns stating they have a 25,000 square foot facility in Storey County, with a staff approaching 100 employees.
The objective of the new technology would be to create an automated settlements program.According to Evgeny Kirillov, Investment Director for Askona Life Group, the goal of the new project is to greatly improve the efficiency of their settlements system.
The Utility Settlement Coin (USC) project will initially support USD, CAD, EUR, GBP and JPY worldwide for commercial institutions and central banks. According to a report by Nikkei, “Fnality will set up accounts at participating central banks and issue utility settlement coins, or USCs, digital equivalents of major currencies that can be converted into their paired currencies on a one-to-one basis.
News Research firm Gartner has warned that 90% of the blockchain technology used by enterprises will need to be replaced within the next 18 months, tech site ITPro reported on June 3.The company’s senior research director, Adrian Lee, said the industry’s fragmented nature means the technology implemented by some companies is at risk of becoming obsolete or insecure by 2021.Lee also said blockchain vendors often use marketing messages that fail to address an enterprise’s needs — leaving companies confused as to how decentralized platforms work, and whether they would add any net benefit to their operations.
News Brazilian banks will be implementing a new standardized blockchain identity solution powered by the Hyperledger Fabric-platform, Cointelegraph Brazil reported on June 2.The identity solution — co-developed by IBM and the country’s central bank, CIP — is reportedly to be integrated into the Brazilian Payment System (SPB) — a system used by all banks and financial institutions in the country.The new blockchain platform has reportedly been designed to authenticate and verify digital identities for users’ bank accounts by using an individual’s mobile phone and SIM card information in combination with other smartphone-derived personal data.
The new estimate is 57% higher than Argo’s initial forecast, Alliance notes, and has ostensibly been revised upwards in light of bitcoin’s positive price performance this spring.Argo’s first forecast for Q2 2019 had been published on May 8, but the firm has reportedly stated that the trading climate has been "significantly better than expected," making a revision necessary.Again based upon bitcoin’s May 31 valuation, Argo has also stated it expects to generate around £685,000 ($866,261) in crypto assets in May — 37% above prior guidance.
Payment basis within the secured funding market, the press release adds.In an interview with the Wall Street Journal published today, Fnality CEO Rhomaios Ram said he expects the USC token will be fully operational within 12 months, once regulatory approval has been secured.As reported, the United States’ largest bank JPMorgan Chase (JPM) has this year unveiled its own blockchain-powered settlement-focused stablecoin, dubbed JPMCoin.
News French retail giant Carrefour has seen an increase in sales after the implementation of a blockchain-based tracking system, Reuters reported on June 3.Carrefour’s blockchain tracking system enables customers to track the supply chain of 20 items, including meat, milk, and fruit from farms to stores, thus avoiding products with genetically modified organisms, antibiotics, and pesticides.