Bitcoin and Alt coins are slowing down and maybe a downturn could be on the horizon. Bittrex exchange plans tu cut off US users from 32 cryptocurrencies after denied license to operate in New York State. Facebook’s new stable coin Libra could pay interests. India planning to criminalize the use of cryptocurrencies. G20 ministers push to have tighter supervision of cryptocurrencies.
Market and Trends
Bitcoin Analysts Divided on Chance Of Parabolic Advance Over $9k. The BTC/USD pair had had a rocky weekend's trading, losing around 9 percent since Friday and bottoming out at $7533. 24-hour losses totaled 2.7%, while monthly performance remains stronger at 14.4% gains. Tuur Demeester, founding partner at Adamant Capital and a regulator Bitcoin commentator, noted BTC/USD had broken a key trendline last week, having already sounded the alarm about a new downturn.
In the past 24 hours, the bitcoin price has dropped from $7,900 to around $7,500 by more than five percent against the U.S. dollar in a minor pullback in the crypto market. Within the last seven days, the bitcoin price has fallen by over ten percent, which has led technical analysts in the crypto market to ponder about the possibility of an extended pullback despite the market's positive macro landscape.
This past week, there were mostly bearish moves in Bitcoin and altcoins. BTC/USD failed to hold the key USD 8,200 and USD 8,000 support levels. Bears gained control below USD 8,000 and pushed the price towards the USD 7,500 support area. Similarly, many altcoins are currently recovering, but they may face hurdles on the upside. Ethereum price is currently trading below USD 240 and it is likely to struggle near USD 245 and USD 250. Ripple price also settled below USD 0.400 and it might slide further below USD 0.380.
The founder of Bitcoin alpha fund Adamant Capital believes Bitcoin's price has "gotten ahead of itself" and investors should brace for a "violent correction". According to Tuur Demeester, the breakdown will likely bring BTC well below the high of its current parabolic curve. After that, we could for a few months see bitcoin trade in a range with lows that are 25% below whatever the high this parabolic curve will produce." Even if the Chinese yuan continues to weaken, Demeester says there is likely a psychological price limit that will prevent Chinese investors from buying more BTC.
Ripple (XRP) has attempted a pullback after dropping more than 12-percent over the past weekend. At the same time, the XRP plunge followed a market-wide correction sentiment, with bitcoin, the world's leading cryptocurrency, dropping more than 7-percent since June 7. At its current price, the XRP-to-exchange rate is still 56-percent up from its cycle low of $0.251.
VibraVid Inc.drives interaction between content creators and their fans. Developed on the Tron network and utilizing the BitTorrent protocol, the company addresses the unfair treatment of content creators by "Big Business" like Youtube. The VibraVid team developed a cryptocurrency utility token called BeatzCoin (BTZC), which is to be used as the in-platform currency to enable users to self-market, buy content, and earn exclusive content directly from the creators themselves.
Facebook's GlobalCoin cryptocurrency will likely pay interest to its users. That's the prediction of Wyoming Blockchain regulator and crypto champion Caitlin Long. The social media company is gearing up to announce its much-hyped cryptocurrency this month, but very little is still known about the project, known internally as Project Libra. Facebook's cryptocurrency is a stablecoin, pegged to the value of a basket of global currencies. To keep it stable, GlobalCoin will be backed by millions in fiat currency. That money will be held somewhere – probably the Federal Reserve – generating interest.
The cryptocurrency markets continued to slide over the weekend and Monday morning. SegWitCoin BTC was down by around 3% and was trading at the $7,660 level, showing signs of weakness. Ethereum (ETH) also dropped by a similar margin after having been trading in the $240-$250 mark for several days. Bitcoin SV (BSV) fell by a further 5% on Monday, trading at around $182 although that was still a 300% increase from its low of $53 that was reached sometime in April.
Ripple is opening a new office in Brazil to support their growing customer base across South America markets. The new office brings the San Francisco-based fintech closer to their regional customer base, enabling banks, payment providers and corporations to make instant payments into-and-out of the country using blockchain. Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.
The CoinGeek Toronto concluded after its successful two-day run and attendance was incredible. Rightfully so, given the amount, and value, of information disseminated by the leading Bitcoin experts. nChain's Steve Shadders was on hand and provided an overview of what has brought Bitcoin SV (BSV) to where it is today, and where's it going to be tomorrow.
News Top cryptocurrency media site CCN is shutting down today, June 10th, according to an announcement on their website. The post, written by Jonas Borchgrevink, director and founder of CCN Markets and Hawkfish AS, states that the reason behind the closure is a large drop off in traffic from Google searches following a June 3 Google Core Update. Borchgrevink writes that the crypto news site's traffic fell over 71% on mobile overnight. The founder notes that while traffic levels have been low in the past, the addition of new members to the team means that they cannot continue to operate in these conditions on advertiser revenue.
Exchanges and Digital Asset Firms
The Bittrex cryptocurrency exchange was recently denied from receiving a BitLicense to operate in New York State. Bittrex will soon be blocking US residents from trading in 32 different digital currencies. Bittrex customers in the US can expect to receive an email detailing guidance on how to proceed, but says that those customers will not be able to buy or sell any of the coins after July 21.
US-based cryptocurrency exchange Bittrex announced on June 7th that it will no longer allow its US users to trade in 32 different cryptocurrencies after June 21st. The Assets Can Stay on the Exchange, But They Can't Be Used In any case, US-based Bittrex users will no longer be able to buy or sell the coins on Bittrex' blacklist as of June 22nd.
Coinbase has added a course on MakerDao's Ethereum-based stablecoin Dai in its educational portal Coinbase Earn. Dai is backed by its sister token maker (MKR) and is balanced around retaining a stable value of $1 over time.
News Crypto derivatives platform BitMEX and provider of crypto data CryptoCompare will jointly build a real-time crypto futures dataset. The BitMEX cryptocurrency futures dataset is designed for institutional investors, and will be delivered to financial markets data provider Refinitiv through the CryptoCompare contributions conduit. The tool will eventually be integrated into the Refinitiv Eikon, a set of software products for financial professionals to monitor and analyze financial information.
Discover the Barcelona Trading Conference – A Top Tier Crypto Trading Event Pavel Matveev, Wirex' CEO and cofounder, explained in the announcement that: "we believe that the nascent token economy will eventually replace conventional fiat currency as the dominant form of payment." "The Wirex Token helps us integrate with the payment environment of the future and offer users a convenient, fast and cost-efficient way to move digital money across borders." Pavel Matveev, CEO and Co-Founder at Wirex, will be a keynote speaker at Finance Magnates' upcoming Barcelona Trading Conference on July 10th and 11th.
Sparrow, the Singapore-based options trading platform has launched its revolutionary platform which empowers institutions and individuals to trade options that are settled by smart contract. With a full-featured and highly-liquid options trading platform, Sparrow aims to bring professional trading tools to everyone. Users can trade customized European options with no counterparty risk and instantly convert over 25 trading pairs at zero cost with Sparrow's ConvertNOW Facility.
Coin Metrics announced that they had acquired digital asset index firm Bletchley Indexes. This acquisition is part of a move by the cryptocurrency analytics company to launch its own smart beta index. In their announcement, Coin Metrics hailed the move as a key to meeting their mission "to provide transparent and actionable crypto asset market and network (on-chain) data."
United Arab Emirates (UAE)-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).
Blockchain Use Cases
Benfica, a major European soccer club, has become the first team in Europe to accept cryptocurrencies as a form of payment for its online sales. One of the largest and most valuable sports clubs in the world will begin using the UTRUST platform as the exclusive provider of cryptocurrency payments.
High-speed blockchain platform Zilliqa on Monday has announced the launch of smart contracts on its platform. "Marked only by progress, we've made significant technological and engineering inroads, as we've refined our protocol infrastructure and enhanced developer tools for Scilla in order to provide our community with the necessary resources to engage with the Zilliqa ecosystem as we know it today." The announcement also detailed that the smart contracts on Zilliqa will have four core features – amenable to formal verification, static analyzers suite to check potential bugs and issues, clean separation to prevent incidents like the DAO and Parity hacks, and safe standard libraries.
Frauds, Scams, Hacks and Law Enforcement
India is considering a ten-year prison sentence for all those who engage in crypto-related behavior, whether it's trading coins, selling them, or using them to buy things from online retailers. A new bill entitled "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019," lays down the law when it comes to digital asset usage and Indian law makers are debating on whether prison time is necessary to ensure Indian citizens get the message.
The Philippine central bank has issued a warning to the public about the possible risks associated with the use of cryptocurrencies. Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno expressed his concerns on the use of digital currencies, especially in regards to the financing of terrorism activities. But while cryptos may be limited in use, blockchain technology could revolutionize the banking industry, Guinigundo stated. Peer-to-peer payment systems built on the blockchain could "potentially bypass the banks and banking system in general," he stated.
David Cicilline, a Congressman representing Rhode Island, is looking to pursue more regulation for giant tech companies like Google and Facebook. There are calls to break up the giant tech companies such as Facebook as they are deemed to be becoming too big and powerful. Senator Elizabeth Warren has been actively calling out for this move and provided a detailed case for such action.
Scammers are using X-Men star Hugh Jackman as bait. According to the fraudsters, the Australian actor who is best known for his role as Wolverine in X-Men, has stumbled upon a 'wealth loophole' which can make anyone a millionaire within four months. The scam is being pitched mostly to Australians by promising returns of over 10,000 percent.
Global finance ministers and central bankers reconfirmed their multilateral support of crypto-industry regulations on the weekend in Japan. The 14-point document reflects the outcomes of the weekend discussions between Finance Ministers and central bankers. The finance leaders put their support behind crypto-assets while remaining vigilant in monitoring the risks they pose.
Bitcoin millionaire John McAfee — who's a fugitive from the law for tax evasion — derisively taunted the U.S. government on Twitter. I'll begin with a corrupt CIA agent and two Bahamian officials…If I'm arrested or disappear, 31+ terabytes of incriminating data will be released to the press."Bitcoin shill John McAfee warned the U.S. government to leave him alone.
Online casinos have cleverly kept abreast with the way people want to play and the industry has enjoyed remarkable year-on-year growth. Yet gaming is only fun if it is secure. Credit card processors relied on by traditional casinos charge high fees, cause delays, and often outright decline payments altogether. The online gambling market is on track to reach $80bn in 2021 – all signs point to crypto gamers making up a large portion of the players in the years to come. The blockchain has also offered a valuable tool for players concerned with the trustworthiness of their game results: Provably Fair.
Russia's government may still not be ready to get its head wrapped around cryptocurrency, but there are those within the country that understand it. According to a report by Russian news outlet Tass, Yugra, an autonomous region in the country, is going to implement a blockchain-enabled tourism platform in order to track public spending and provide better transparency in the industry.
The goal of the Liracoin project is to create applications that allow people from all parts of the world to pay and receive money in cryptocurrencies with their smartphones through direct payments without changes and waiting times. One of the first applications in creation is Liracoin which can be used to pay in more than 52 million stores.
Iran is planning to curb cryptocurrency mining in the country by lifting electricity subsidies for miners. Iranian government spends around $1 billion every year to provide subsidies to household electricity. With this, citizens only have to pay a fraction of the real electricity cost – around $0.01 per kilowatt-hour of usage.
The authorities at Vancouver are slowly turning against Bitcoin ATMs as the city's mayor recently proposed a city-wide ban on such machines. The city police's remarked that a Bitcoin ATM is "an ideal money-laundering vehicle."
UbiFun is an award-winning game development platform which began in 2002. Formerly called Copersons, UbiFun has already partnered with reputable organizations like Kakao Corporation and Cogame, and has launched various games such as Sky Hero Duribun, Dekaron, Hoola, and more. The shopping mall platform is good to go, and the foundation is taking the extra mile in ensuring a seamless shopping experience for cryptocurrency users.
The Duma (parliament) representative in Russia may finally have given some clarity on cryptocurrencies, albeit inadvertently. While announcing potential fines for miners, it stated that owning bitcoin was possible. Anybody caught mining Bitcoin will be fined.
The Utility Settlement Coin (USC) project, one of the most ambitious crypto-based initiatives in mainstream finance, announced that it had taken the next step in its progression: the creation of a new company called Fnality International and the completion of a 50 million British pound ($63.2 million) Series A financing round. The momentum for USC has been growing since 2015, when the initiative was launched by financial giants UBS, BNY Mellon, NEX, Santander and Deutsche Bank, along with blockchain startup Clearmatics. USC will be an enabler for tokenized markets and also offers a significant opportunity to simplify liquidity management, using one digital cash asset for as many settlement needs as possible.
G20 finance ministers and central bank governors have asked the Financial Stability Board and the global standards-setting organizations to collaborate in the monitoring of cryptocurrency risks as well as consider working on multilateral responses.
EOS is a rapidly developing blockchain that is providing high transaction speeds compared to its competitors and has an embedded voting system. This makes it a tempting platform for developers either to migrate their existing decentralized products to or build new ones based on it from scratch. Here are the 10 most innovative projects.
The startup also launched its own digital currency, ILC, which the startup positions as a "modern alternative to bitcoin." Now, ILC is listed on 15 international exchanges, as well as CoinMarketCap. In 2019, ILCoin says its platform will be the "first SHA-256 blockchain implementing smart contracts." Smart contracts will work in tandem with the "unique" audit protocol, which constantly checks the code for potential vulnerabilities or malicious changes made by bad actors.
The Dubai Land Department (DLD) and telecoms firm Etisalat have signed a memorandum of understanding concerning real estate blockchain technology. A blockchain platform built by one of the United Arab Emirates' two telecoms operators was officially endorsed by the government back in April.
Russia may build a large financial center on the island of Bolshoy Ussuriysky. Leonid Petukhov, who heads the Far Eastern Agency for Attracting Investments and Supporting Exports, said the island could become an offshore destination for cryptocurrencies, crypto exchanges and forex markets. Last year, authorities in the Crimean peninsula, a territory claimed by Russia, considered creating a blockchain cluster in the form of a crypto investment fund in order to attract more tech businesses to the area.