Litecoin, LEO and Binance Coin have obscured Bitcoin. The rise of Initial Exchange Offering brings new vitality for crypto funding and to Altcoins. Exchange scam in Poland. Airdrop consumes 60% of the Ethereum network.
Market and Trends
At press time, the total market capitalization of all cryptocurrencies is $251 billion, about 7.2% lower than the value it reported a week ago. EOS, ranked 6th largest coin by market cap, is currently trading at $6.29, down over 6% on the day to press time.
The bitcoin price might have slipped below $8,000 for now, but it could be headed much higher in the near future. Once bitcoin regains the $10,000 level, it will be "fast and furious" to $20,000.
As bitcoin price continues to hover around $8,000, some cryptocurrencies, namely Litecoin, LEO, and Binance Coin, have somewhat managed to steal the spotlight in recent days and are probably worth keeping an eye on in the short to medium term.
IEOs are gaining popularity among investors. The initial exchange offering brings a benefit that previous ICO waves didn't have: traders will know what the first exchange to list a given asset is going to be. Other exchanges will be able to support IEO tokens relatively fast – once they're live – but those doing the listing will be setting the basement market price.
The crypto newswire went berserk after a research firm published a blockbuster report revealing deep-pocketed "whales" had jumped into the BTC market at the end of 2018 to take advantage of the bitcoin price dump. Here are two secrets to trade like a whale.
Bitpanda Goes Global: Announcing the Bitpanda Global Exchange and the IEO for the Ecosystem Token BestCCN
Vienna-based fintech Bitpanda will launch the Bitpanda Global Exchange, a global cryptocurrency exchange for experienced traders, professionals, and institutions. The Bitpanda platform will also get its own ecosystem token through an Initial Exchange Offering (IEO).
Recently, MXC Exchange, based on market insight and with the expansion of globalization and asset trading business, has launched the SuperNode Program, which will work with well-known institutions in the industry to find 100x projects to promote the development of the blockchain eco-system.
Funds that previously flowed to ICOs in 2017 are now being redirected into wiser IEOs, as evidenced by the rising trends. IEOs have attracted $518 million across more than five-dozen projects year-to-date, according to TradeBlock data cited in the Wall Street Journal.
Bitfinex has allegedly been caught engaging in the deceptive practice of presenting an orchestrated marketing or public relations campaign in the guise of unsolicited comments from members of the public. In a number of leaked screenshots, someone is asked to write fake reviews in addition to downvoting negative comments related to Bitfinex while upvoting "newsworthy articles" on Reddit.
Scams, Hacks, Frauds and Law Enforcement
Polish cryptocurrency exchange has seemingly shut down overnight and taken all its users' funds with it. The exchange owners are also inaccessible and appear to have vanished into thin air. One user reports the president of the company ultimately opened a business in the neighboring region of Estonia within 24 hours after the closure.
John McAfee fired back at self-proclaimed Satoshi Nakamoto Craig Wright, claiming the Bitcoin "pretender" will soon be unmasked. This isn't the first time McAfee has claimed to be on the verge of 'unmasking' Satoshi Nakamoto.
A token no one has heard of is eating 60% of Ethereum's capacity through an airdrop to countless of accounts. Gold Coin, which doesn't even have a website that we can find, is currently consuming close to 59% of all Ethereum's gas (capacity unit).
Engaged in "around the world" trip with only bitcoin and crypto in your wallet. The person who made this trip is Alex Hobern, the reality star of a controversial television program in the United Kingdom known as, "The Circle." Hobern took part in the Payments Race and was part of Team Crypto, meaning he could only use digital assets to pay for things like hotel rooms, airfare, meals and other assorted travel-based items.
US Congressman Ted Budd is outlining how tax policies could cripple the adoption of cryptocurrencies, stifle blockchain innovation and drive talent overseas. He calls it a "national security issue". In his testimony to the House Ways and Means Committee of the United States House of Representatives on June 4, Budd asks for bipartisan support of The Cryptocurrency Tax Fairness Act and the Virtual Value Tax Fix of 2018.
In the eternal struggle to predict the crypto market, 'paid groups' have risen in popularity. While such groups assume various forms, they essentially involve paying one or more crypto analysts for access to a channel – usually on social media – in which the payer receives trading tuition, buy or sell signals, opportunities to trade collectively, or some combination of all three. For the inexperienced crypto buyer, such groups may seem like a godsend, particularly when they're run by seasoned veterans. However, some observers of the industry warn that, in many cases, they either provide advice accessible for free elsewhere, or they amount to little more than pump-and-dump groups that exploit their subscribers. Most of these traders make money either by selling courses, or by taking a position upfront and then sending out the message that this coin, or this trade, makes a lot of sense right now."Hosp suggests that such 'pre-positioning' is "very questionable." Given his observations and those made, for example, by commentators on Reddit, it would therefore seem that paid trading groups should either be avoided altogether, or at least approached with caution.
Dutch billionaire John De Mol launched a lawsuit against Facebook over crypto ads using his image without permission. De Mol claims that consumers have lost as much as 1.7 million euros (over $1.9 million) due to the ads, and his reputation was damaged as a result.
Blockchain Use Cases
Sports and Crypto Are Tightly Linked The Portuguese SL Benfica sports club has announced a new deal with the cryptocurrency service company U Trust to allow its users and funs to purchase merchandise and event tickets with digital assets. The big benefit to using U Trust is that the company allows instant crypto-to-fiat conversions.
The CEO of Binance cryptocurrency exchange, Changpeng Zhao, has predicted that India's proposed anti-crypto bill will spur the adoption of privacy coins such as Monero and ZCash in the country. Zhao, who runs one of the world's largest cryptocurrency exchanges by trading volumes, hinted that such a development would be highly significant monumental noting that around 20 percent of the global population resides in India.
The town of Orania, South Africa, claims it's not racist, but it's only ever allowed white people to live within its walls. . Wholly owned by a single community corporation, the city was established after Apartheid ended and has always had its own currency. Now the town of about 9000 people is moving to cryptocurrency.
There's a reasonable possibility that demand for Bitcoin is being driven from China, according to CryptoSlate's Ali Martinez. China doesn't have crypto trading anymore. The country's court system later found that a ban on crypto exchanges and ICOs didn't extend to banning people from possessing digital assets. Chinese demand for cryptos remains strong.
News United States-based financial research firm Weiss Ratings announced that it has downgraded its rating of cryptocurrency EOS because of the blockchain's "serious problems" with centralization. ADA is next in line to prove itself as a decentralized proof-of-stake (PoS) blockchain system.
The president of Japanese banking giant SBI Holdings says Ripple and XRP will fundamentally reshape the world of cross-border payments. In his latest update on the future of SBI Holdings, CEO Yoshitaka Kitao says the digital currency will boost the speed of international remittances at a fraction of the cost.
blockchain technology is now making major inroads into the luxury goods supply chain market. Thus, Consensys recently announced a new platform with French multinational luxury goods conglomerate LMVH and the technology behemoth Microsoft to verify the authenticity of luxury goods.
News Cryptocurrency analytics company Coin Metrics announced that it has acquired digital asset index firm Bletchley Indexes and plans to launch crypto smart beta indexes. The acquired company will be rebranded to Coin Metrics Bletchley Indexes (CMBI).
Ethereum devs constitute the vast majority of Decentralized Finance (DeFi) application (DApp) creators, according to a report by Binance Research on June 6 which also states that the main underpinning of this ecosystem consists of lending and borrowing platforms that support blockchain assets.