Bitcoin could reach $ 25,000 by the end of the year. Litecoin going strong also after its founder Charlee Lee meets with presidential candidate Andrew Yang. Four new Bitcoin features will boost fungibility and privacy. Facebook’s new cryptocurrency will evolve the social media platform into a bank. Major exchanges busily adding new features. Poloniex scam exposed. India to completely outlaw cryptocurrencies.
This level is an important level for our bullish market structure. We are still finding resistance on the immediate overhead weekly level. What we don't want to see is strong selling pressure reacting to this level and a failure to rally. A failure to rally will most likely have us shoving to our next weekly support level at $6,800 levels.
Bitcoin (BTC) price analyst Oliver Isaacs thinks it will hit $25,000 around the end of 2019. The trade war between the U.S. and China has led to the sudden interest in Bitcoin as a hedge on investments.
The Litecoin price has appreciated more than 18-percent this week, and fundamentals suggest that it could go even higher. In the last six months, the Litecoin price appreciated by more than 380-percent against the US dollar from a low of $22.32.
Litecoin rose about 12% today, bringing up most other cryptos. Litecoin's founder, Charlie Lee, met presidential candidate Andrew Yang. What they spoke of is not very clear, but Yang is a huge supporter of this space, promising to "work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote [policy] largely modeled after their work."
Ripple (XRP) and most other cryptocurrencies should be looking over their shoulders now that Facebook has announced it is launching GlobalCoin (or Libra), according to Bitcoin expert Max Keiser. The Bitcoin bull also sees the Facebook coin obliterating payments and remittance companies leveraging cryptocurrencies.
BTC had popped as high as $8,100 to post a four-day high and pump its market cap up to $143 billion. BTC's market price had ballooned far beyond organic levels, approaching heights not seen even during the 2017 bull market mania.
Bitcoin (BTC) breaking back above the $8,000 mark. Having bullishly surged above the psychological price point of $9,000 in May, bitcoin has since seen significant corrections.
Following the completion of its Temporal Blockchain and mainnet solution, temtum (TEM) will see the next generation cryptocurrency deliver feeless, instant transactions, backed by a highly scalable and quantum secure network.
The crypto market is a new, emerging market, that changes rapidly day by day. The ongoing transformation and journey toward mainstream adoption mean that businesses are seeking new opportunities to attract and appeal to more and more investors with varying levels of wealth and investment experience. General stability being backed by and tied directly to fiat currencies characterizes a type of crypto coin named “stablecoin.” Investors trade Bitcoin and other cryptos for stablecoins when they expect the market to fall, protecting them from losses.
Bitcoin privacy is expected to improve with a few key proposals that are currently being worked on by Core developers. One key aspect of the Bitcoin network, which is down for some improvement is privacy. An another important factor is fungibility – a key feature of good money. Fungible money means any individual unit of bitcoin are essentially interchangeable, and each of its parts is indistinguishable from another part.
Bitcoin SV (BSV) continued outperforming expectations, settling at around the $197 level after having ceded its earlier gains, when it reached a high of $229 at one point during the week. Other cryptocurrencies with larger market caps also began a slight recovery with Ethereum up by around 1% to the $248 mark having dropped to as low as $237 on Thursday.
The coin, which has been internally known as “Globalcoin”, will be launched sometime this month. The crypto network will have a hundred nodes that will be responsible for confirming transactions on the network.
Facebook's Global Coin might soon be used to value barrels of oil. Russians are primarily concerned with expanding their energy industry and gaining regional dominance over whatever they possibly can.
Peter Boockvar, Chief Investment Officer at Bleakley Advisory Group, outlined that the increase in Bitcoin's price this year coincided with a major tumble in the performance of the traditional market amid growing fears and pressure stemming from the US and China trade war.
Mining and Miners
Cryptocurrency investment products and research firm CoinShares estimates that 74.1% of bitcoin (BTC) mining is powered by renewable energy in its bi-annual mining report published on June 5.
Bitcoin miners in China are increasingly looking for diversification out of the country because of the anticipated crypto mining ban, the Chinese government's thoughtful position regarding cryptocurrency, and the increasing pressure from the ongoing trade war with the US.
Kaze Fuziyama, a Brazilian cryptocurrency enthusiast of Japanese descent, has turned what was once planned as a USD 100 million Ethereum mining farm fitted with 17,000 video cards into a cloud video rendering center. The building has several transformer substations, providing some 2kW to each card. It also appears that the mining farm could be adapted to reach a capacity of 6 MW.
Exchanges, Trading Platforms and Crypto Markets
Aitheon's Ethereum-based utility token (ACU) will be listed on the LATOKEN exchange on June 10, 2019. LATOKEN is a top-20 exchange in terms of daily trade volume and currently exceeds $950 mln.
A crypto exchange that claims it has amassed more than 2 million registered users in the space of four months has released new apps for Android and Apple smartphones. As well as supporting transactions in a multitude of cryptocurrencies, Bitsdaq says its app offers real-time updates on movements in the markets — and enables users to make withdrawals and deposits quickly.
Singapore based major cryptocurrency exchange Huobi Group is about to introduce new features to its clients as it works on its global expansion and forecasts that the times will get tougher for the smaller crypto exchanges. Huobi is currently ranked as the 9th largest crypto exchange by trading volume, which stood at more than USD 1 billion in the past 24 hours, according to Coinpaprika.com, a market data provider.
OpenBazaar is a decentralized, censorship-resistant commerce application that allows anyone to sell anything, anywhere. When the Silk Road fell, and plans for OpenBazaar were announced, demand for decentralized markets was at an all-time high.
ExchangeRates.Pro gives users an easy tool to find local buyers and trading platforms and offers support for a number of coins, including Bitcoin SV (BSV), SegWitCoin (BTC) and more.
Line Pay Corporation, working in conjunction with Visa, has created a new digital wallet and fintech services that will be used with the Line messaging app. This puts them in line to become a leader within the nation, who is already looking for tech companies that will help them reach their goal to become cashless.
ADN Coin, a project spearheaded by finance and cryptocurrency experts Ron Lim and Jon Ban, announced that they will be listing ADN Coin on several of the top cryptocurrency exchanges starting on June 9, 2019.
Frads, Scams, Hacks and Law Enforcement
U.S.-based cryptocurrency exchange Poloniex has revealed that its lenders lost $13.5 million in a sudden price crash of the Altcoin CLAM. As a result, Poloniex margin lenders lost 1,800 BTC (worth $13.5 million at the current market rates).
Malta has been advised to step up its Anti-Money Laundering (AML) enforcement just as it's growing its crypto and gaming sector. In particular, there is a risk of conflict of interest at various levels of government. Malta has attracted millions in crypto money to its island, now it is taking steps to limit the risk of crypto crimes.
India may become the first major country in the world to criminalize the mining, holding or selling of bitcoin and other cryptos. The draft bill has been recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg and comprises members from the central bank, Securities and Exchange Board of India, Central Board of Direct Taxes, investigative agencies, among others.
Kik might very well have good intentions by inviting a fight with the U.S. Securities and Exchange Commission. If the litigation, which the securities regulator has filed against the company, goes Kik's way, it will set a precedent for other blockchain startups that have taken a similar approach to raise funds in an initial coin offering (ICO).
Coinroom, one of the largest cryptocurrency exchanges in Poland, has suddenly closed down its services in April as part of an exit scam that had left thousands of customers as victims. Tomasz Zbigniew Wiewior, the director of the company, formed another company in Estonia, but it is unclear whether the director had left Poland to move to the Baltic country as well.
The city of Vancouver, Canada, is considering banning bitcoin (BTC) automated teller machines (ATMs) due to money laundering issues.
Blockstream, a major startup in the cryptocurrency industry has created a sophisticated scheme to siphon millions of dollars' worth of Bitcoin from company wallets into the personal wallets of its employees and founders.
Japan's National Tax Agency (NTA) is about to deploy some 200 tax specialists who will investigate undeclared gains from online transactions, including cryptocurrency trading. The tax agency will also examine online income sources including private room bookings, earnings from auction sites and other types of tokens and points that can be converted for cash.
Gate Hub, a wallet service, must now explain a near $10 million in Ripple's XRP losses to its customers. The report shows that the group uncovered a history of "suspicious transactions" and 12 separate addresses to which the hacker sent the funds taken from Gate Hub.
Margin lenders in Poloniex cryptocurrency exchange lost around $13.5 million after a price crash in May. The exchange also froze the accounts of all the defaulters and will only reactivate them once they repay their loans. Poloniex attributed the losses to several reasons, the first of which was the low liquidity in the cryptocurrency CLAM market.
Bitcoins worth $1.35 million from 2016 Bitfinex hack are on the move. Ten transactions worth over 300 Bitcoins ($2.38 Million) in total were redistributed into unknown wallets – presumably to begin washing the funds.
A bitcoin ATM in a shopping centre at Bond Street, London, has spewed out tons of cash and it was unclear whether this was some sort of malfunction or a hack. At the moment it has 30,000 pounds which can be withdrawn immediately, in exchange for BTC, LTC or DASH.
Blcokchain Uses and Adoption
S.L. Benfica, has announced a partnership with the UTRUST payment platform to become the first of its kind to accept cryptocurrency as a payment method. Supporters will now be able to purchase team memberships, tickets to matches and other official products using bitcoin and ether, in addition to UTRUST tokens (UTK) .
Affordable electricity prices and the favorable environment created by the government's approach to blockchain technology has made South Africa a mining hub. The establishment of solar power plants is likely to result in lower electricity costs, which may promote the establishment of mining pools in African countries.
Craig Wright claimed he left the cypherpunk movement in the 1990s after growing tired of the antics of Julian Assange. Despite publishing the Bitcoin whitepaper to a cypherpunk mailing list, Craig Wright claims Satoshi wasn't a cypherpunk.
Komodo Platform. After learning that there was a backdoor open in its coding that could potentially give hackers access to its customers' funds, the company ultimately "infiltrated" itself and moved its clients' funds onto a different network, knowing that they would be saving their money from theft. The safe KMD and BTC wallets are under the control of the Komodo team, and assets can be reclaimed by their owners.
Here are the mega bullish events that can set the cryptocurrency market on fire. The Litecoin halving is one of the most anticipated bullish events of 2019. On August 6th, block rewards will decrease from 25 to 12.5 coins. Ethereum's change from Proof-of-Work (POW) to Proof-of-Stake (POS) is another event that can spark a mini bull run. Ripple is set to take over the cross-border payments system and spark widespread crypto adoption with the Interledger Protocol (ILP).
Whereas the majority of digital currencies were created to disrupt the existing financial systems and force a new model on the world, it could be that, if successful, a system like GlobalCoin could make Facebook the world’s biggest bank.
New development of a Bitcoin-less Bitcoin computer network by Unwriter, the anonymous developer of Bitcoin SV (BSV). Businesses will no longer need to un a full Bitcoin node. Instead, they can use Bitbus to get only the information they need from the blockchain, ignoring the potential terrabytes of data that could have otherwise slowed them down.
The former head of Chinese mining company Bitmain is reported to be launching a new startup as soon as July, with a focus on crypto services. Jihan Wu, the ex-CEO of the crypto mining giant, will launch his new custody and trading firm Matrix next month, with Bitmain understood to be one of the first and most significant clients of the company.
Grayscale, an investment firm that oversees more than $2 billion in assets under management in products such as the widely utilized Bitcoin Investment Trust (GBTC), sees the halving offering an attractive entry point for investors.
News United States-based blockchain identity startup BanQu announced that it closed an extension of its series A funding round led by multinational drinks and brewing company Anheuser-Busch InBev's investment arm.
The captains regent of the Republic of San Marino, Nicola Selva and Michele Muratori, have issued a governmental decree on blockchain tech for businesses. According to the decree, blockchain-based organizations in the Republic of San Marino, the EU, or any country not classified as "high risk" and also considered relevant to the purview of San Marino legislation, may apply for registration with the institute.
The European Union has pledged to increase access to data, held by the public sector, for use by companies in the artificial intelligence, blockchain and other related industries.
The Marshall Islands have chosen to turn away from the U.S. dollar, instead opting for a digital currency to become the foundation for transactions on the island nation. The plan to use digital currency instead of a fiat currency has been floated in the country since May of last year, when the Marshall Islands chose to make their own cryptocurrency the legal tender of the nation.
Banks and Crypto
Facebook, Apple ‘Becoming Banks’ Developer and Weiss Crypto Investor editor Juan Villaverde told investors that new products from Facebook, Apple and Alibaba are only pseudo-cryptographic and allow them to profit from user financial activity.
"Big Three" management consultancy firm McKinsey & Company has argued that blockchain technology is gaining slower traction with retail banks due to regulatory hurdles and a conservative consumer environment.
The CEO of state-owned Russian bank Sberbank has officially confirmed the institution's decision to not develop crypto-related services.
McKinsey and Company, a major consulting firm. claim that while retail banks have been quick to adopt, adapt, and develop digital business models, now being providers of data-based services and mobile banking, they've been very slow in doing the same with blockchain. A solution is for central banks to issue a crypto fiat, which would support product manufacturing, enable real-time peer-to-peer payment, and possibly cross-border interbank clearing and settlement.
Siam Commercial Bank (SBC) is slamming the brakes after teasing upcoming support for Ripple's XRP-based cross-border payment solution xRapid.