Cryptocurrency Week in Review: June 22, 2018
The cryptocurrency market has continued a bearish movement for the third consecutive week. The total market value is down more than $20 billion since the start of the week.
EOS is arguably the highest loser among the top ten cryptocurrency, having dropped over 20% of its value since the start of the week. Bitcoin continues to lead the pack as it dropped to an 8-month record low of $6,006.60 on Friday. If the bears succeed in breaking below the psychological support at $6,000, the BTC/USD pair can slide to the next support at $5,450.
Over the week, we saw some governing rules and factors that hugely affected the cryptocurrency market. From the Bithumb exchange hack to the Japanese regulators’ new requirements, here’s everything that went down in the cryptocurrency industry this week:
Bitcoin Market Plunges Further as Major Korean Exchange Loses $31M to Hackers: On Wednesday, Bithumb, the largest cryptocurrency exchange in South Korea, reported that it lost over 35 million won (approximately $31 million) worth of cryptocurrencies to hackers. This marks the second hacking incident in South Korea this year. Earlier this month, Coinrail lost around $37 million to hackers..
Japan’s FSA issues business improvement order to five crypto exchanges as self-regulatory body releases voluntary rules: Following a crackdown on high privacy coins including Monero and Dash, the Japanese Financial Services Agency (FSA) has decided to issue improvement orders to five crypto exchanges including bitFlyer and Quoine as the self-regulatory body of the Japanese crypto industry moves to release new voluntary rules next week..
India’s Largest Crypto Exchange Urges Customers to Withdraw Funds: The situation of the regulation of Blockchain in India is forcing the country’s leading cryptocurrency exchange desk to resort to extreme measures. Zebpay, India’s biggest cryptocurrency exchange by volume warned its users of dismissing fiat (INR) services abruptly. The announcement is titled “Your Rupee Withdrawal Could Stop” depending on the outcome of an upcoming court hearing..
Mt. Gox Ends Bankruptcy Proceedings, Will Pay Creditors in Crypto: The Tokyo District Court has ordered the commencement of civil rehabilitation proceedings that were filed by some of Mt. GOX creditors against the exchange on November 24, 2017. Creditors petitioned the court to allow Mt. Gox to enter civil rehabilitation, a legal process that provides more leeway in how creditors can be compensated. Now that the court has approved this petition, the creditors can be reimbursed in cryptocurrency..
Police Seize over 200 Crypto Miners in China: The Hanshan County police has reportedly seized more than 200 computers used for mining bitcoins and ethereum in a crypto-mining operation that allegedly stole electricity. The authorities discovered that the electricity meter for the cryptocurrency mining operation had been short-circuited, which was an attempt to dodge the power bill..
Tron will Burn coins worth $50M in Celebration for ‘Independence Day’: The Tron community are full of expectations as their independence comes close to reality with the TRX token migration which is currently underway. TRX Founder Justin Sun that the foundation will burn 1 billion coins to celebtate independence from ethereum.
All Tethers in Circulation are Fully Backed by U.S. Dollar Reserves, foundaton claims: In light of the speculation that the USD-pegged cryptocurrency Tether USDT was used to manipulate Bitcoin price towards the end of 2017, Tether Limited, the leading provider of tokenized fiat currencies, has released a transparency update provided by law firm Freeh Sporkin & Sullivan LLP (FSS). The report confirms that all the Tethers (USDT) in circulation are backed by existing USD reserves as of June 1st this year. And that all the Tethers (USDT) in circulation, are sufficiently backed by actual USD reserves.
EOS Network Freezes Two Days After Mainnet Goes Live: Less than 48 hours after the blockchain went live, the EOS network encountered a bug that stalled block production. Though the issues were fixed within hours, a 5-hour pause in the network was not something the team would have anticipated..
Digital Tulips Research: ICO Investors Make Over 82 Percent Profit on Average: Even though scams and other related cybercrimes have infested the ICO industry, investors still make as much as 82 percent profit on average, according to a study conducted by the Boston College Carroll School of Management..
eToro CEO: “Selling Crypto now is like Selling Apple in 2001”: Yoni Assia, CEO of eToro, a social trading platform that supports a variety of cryptocurrency in an interview with Bloomberg, said that 90% of the crypto startups will “end as nothing” but he believes that these startups have a bigger platform than the ones in the dotcom bubble. But those that do survive have the potential to be enormous. Investing in crypto is now “as good as an investment in the Internet 10 years ago,” Assia said..
UK-based Crypto Derivatives Platform to Launch Litecoin (LTC) Futures: On Wednesday, UK-based cryptocurrency futures trading platform, Crypto Facility, announced that it is launching Litecoin (LTC) futures trading, customers will now be able to choose future contracts where Litecoin will work as a collateral..
Russia’s Largest Banks to Test Crypto Portfolio for Private Investors: Sberbank and Alfa-Bank, the two biggest banks in Russia, are planning to test cryptocurrency investment portfolios for private customers, according to reports from local media outlets..
US Fed Reserve Bank Tracks Prices of Four Cryptocurrencies: The Federal Reserve Bank of St. Louis is now tracking the prices of four cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC)..
ICO Market Needs “Light Touch Regulation”, US Congressman Says: Speaking on CNBC’s SqwarkBox on Thursday, U.S. Representative Warren Davidson (R-Ohio) said that regulators need to enact a “light touch” regulatory framework in order to provide certainty for the ICO market..
AIER Study Finds Bitcoin to Be Less Volatile Than its Crypto Cousins: According to researchers at the Advanced Institute for Economic Research (AIER), Bitcoin (BTC) has shown considerably more stability than any other cryptocurrency, despite being one of the most volatile assets ever traded on a large scale..
US Government Seeks “Sweet Spot” in Crypto Regulations: A top government official has claimed that the US government is still looking for the right balance in its oversight of the cryptocurrency ecosystem..
DAR Researchers Claims Tron’s Codebase Consists of Plagiarized Codes: Tron (TRX) developer’s allegedly plagiarized code from other existing projects in the Tron codebase. Multiple instances have been discovered by the researchers from Digital Asset Research (DAR)..
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