Daily News Digest Featured News

Thursday June 14 2018, Daily News Digest

cryptocurrency prices
Source: https://coinmarketcap.com

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European Union

United Kingdom

Asia

Australia

News Summary

United States

Bitcoin prices have been manipulated, study says (CNN), Rated: AAA

Bitcoin’s remarkable run last year may have been smoke and mirrors.

Tether, another digital currency tied to the US dollar, was used to artificially inflate bitcoin prices, according a study released Wednesday by the University of Texas.

John Griffin, a finance professor at the university, and graduate student Amin Shams analyzed blockchain purchases and discovered that major Tether buys were timed to follow market downturns and helped stabilize bitcoin’s floor.

Host of new worries pushes bitcoin to 4-month low (The Seattle Times), Rated: A

The price of bitcoin fell to a four-month low of $6,370 on Wednesday, days after South Korean digital currency exchange Coinrail said hackers had stolen over $37 million, or almost a third of the virtual currency it had stored.

After Coinrail announced the theft, the price of bitcoin dropped to $6,333.95 per bitcoin. It is down $1,374.10 in the last week, according to Coinbase. At 3:30 p.m., bitcoin was quoted at $6,306.95.

Bitcoin Price Support And Resistance Levels, Made Easy (Forbes), Rated: AAA

The previous week’s 7400 support level — where buyers had shown up and stopped a drop — got taken out and then it just kept going. From 7800 at the beginning of June to 6400 by the 13th of June. that’s a fast 18% hit. It’s just the sort of action you might see on a stock chart after quarterly earnings disappointed.

BTC USD

Bitoin daily

Bitcoin futures sink near 2018 low (CNBC), Rated: A

Bitcoin futures sink near 2018 low from CNBC.

Swarm is Tokenizing Coinbase, Ripple Shares– Whether They Like it or Not (CCN), Rated: AAA

Cryptocurrency startup Swarm has announced a new security token product that will allow accredited investors to purchase and trade equity in privately-owned tech companies like Coinbase, Robinhood, Ripple, and Didi.

Through this process, the firm said that it expects to tokenize about $15 to $25 million worth of equity per company on an annual basis, providing investors — accredited ones, anyway — with the ability to obtain deeper exposure to the cryptocurrency industry without having to fork over VC-level money.

Notably, this equity is obtained through secondary channels — not from the companies themselves. Swarm told CCN that equity in these companies has been sourced, with the help of brokers, from “approved secondary market transactions to acquire vested employee shares, or from venture capitalists who have directly acquired equity from these companies.”

Coinbase, Ripple Blast Company Creating Tokens in Their Name (CoinDesk), Rated: A

Yet when reached for comment, representatives for Coinbase and Ripple struck sharply critical tones – and in the case of Coinbase, a cease-and-desist has already been sent, according to Swarm, resulting in an updated announcement that removed all references to Coinbase.

Though there’s no indication that a cease-and-desist letter was sent by them, a representative for Ripple issued a similar rebuke.

“We have never spoken to Swarm, don’t have a record of them purchasing Ripple equity and would not have approved a purchase for this purpose,” the rep said.

Coinbase Opens Index Fund for Large Investments (Investopedia), Rated: A

North America’s largest cryptocurrencyexchange, Coinbase, has opened its new index fund to large investments. According to a Medium post published yesterday, the fund is now open for investments ranging from $250,000 to $20 million.

LITECOIN FALLS BELOW 0 AS DASH HITS 1-YEAR LOW (Bitcoinist), Rated: AAA

For Litecoin (LTC), the bears couldn’t have come at a worse time. The sixth-ranked cryptocurrency by market capitalization has been steadily declining since the start of May. On May 7, LTC price reached $180. That was the last time Litecoin traded above the $150 mark.

At the time of writing this article, the price has fallen below the $100 mark – a major psychological price barrier for Litecoin.

Litecoin
Source: Bitcoinist

DASH DROPS TO 1-YEAR LOW

Where Litecoin has been in steady decline, Dash has all but crashed. The 13th ranked cryptocurrency is down by an astonishing 300 percent.

Dash began the year trading just above the $1,000 mark but has crashed to $257.98 (at the time of writing this article). The cryptocurrency is at its lowest level since August 2017.

Dash
Source: Bitcoinist

Relief Rally Ahead? Litecoin Looks Oversold Below $ 100 (CoinDesk), Rated: A

The world’s sixth-largest cryptocurrency fell to $93 at 15:10 UTC, the lowest level since Dec. 8, and is currently trading at at $95.80 on Bitfinex, down 9 percent in the last 24 hours.

The 48 percent drop from the May high of $182 has turned the tide in favor of the bears. However, the sell-off looks overdone as the daily relative strength index (RSI) has nosedived into oversold territory (below 30.00) for the first time in over two months.

LTC BTC shorts
Source: CoinDesk

1.1 Billion Reasons to Avoid Investing in Cryptocurrencies (The Motley Fool), Rated: AAA

The tide turns on cryptocurrencies in 2018

Of course, the road has been a bit bumpier in 2018. Since hitting an all-time high during the first week of January, the combined cryptocurrency market cap has fallen by as much as 70%. What had seemed like a surefire win for investors has now turned into an asset class with a plethora of risks.

Here are 1.1 billion more reasons to avoid cryptocurrencies

The bad news is that the speed bumps just keep growing in size when it comes to digital currencies. According to a newly released analysis conducted by Carbon Black, it was determined that a whopping $1.1 billion worth of virtual currencies have been stolen by cybercriminals since the beginning of the year.

In particular, hackers seemed to thrive off of privacy coin Monero, which accounted for 44% of the aforementioned $1.1 billion in thefts. Bitcoin and Ethereum, which are the respective largest and second-largest cryptocurrencies by market cap, accounted for 10% and 11% of the $1.1 billion.

Ripple Doesn’t Think Distributed Ledger Transactions Are In Banks’ Near Future (PYMNTS), Rated: AAA

While banks have been investigating and investing in distributed ledger technology (DLT) the team at Rippledoes not believe that DLTs are likely to make an appearance any time soon when it comes to processing cross-border payments. Issues around scalability and privacy are still too pointed.

Ripple CEO Claims Bitcoin Is Under Control of Small Group of Miners From China (CoinTelegraph), Rated: A

Ripple’s CEO Brad Garlinghouse said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet.com reported June 12.

“I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50 percent of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Ripple’s XRP Isn’t Making Western Union’s Payments Cheaper, CEO Says (Fortune), Rated: A

Since Western Union began testing a cryptocurrency from Ripple called XRP for payments six months ago, the money transfer company has yet to see a financial benefit.

“The practical matter is it’s still too expensive,” Ersek added, noting that Western Union would only be interested in adopting XRP for payments if it proved that it could lower the company’s costs.

Ex-Overstock Chairman Committed To Crypto Despite Market Woes, Calls For U.S. Regulatory Clarity (Forbes), Rated: A

Few publicly-traded companies have ridden the crypto wave like Overstock.com, but its former chairman reiterated on Tuesday that revenues from cryptocurrency payments are a growing segment of the Utah-based online retailer’s business.

“We have somewhere between $68,000 and $120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or ethereum or other coins,” Jonathan Johnson, who serves on the company’s board of directors, said in an address to the Heritage Foundation, a conservative think tank in Washington, D.C.

Grayscale Investments Launches “Insights” To Help Investors With Crypto Investments (Bitcoin Exchange Guide), Rated: A

Grayscale, a platform that offers market insight on digital currency assets, has recently announced the launch of its online resource library, as an attempt to help enhance the knowledge of both established and individual investors. The database has been called Insights, which is a website that better informs investors of the potential projects that exist, cryptocurrencies and other related matters.

Former Top U.S. Bank Official Says Fed Should Weigh Digital Currency (Investing.com), Rated: A

The former head of the Federal Deposit Insurance Corporation says the Federal Reserve should consider creating a central bank-issued digital currency.

Ex-FDIC Chair Sheila Bair raised the idea in an op-ed column on Yahoo (NASDAQ:AABA) Finance, saying a digital currency has many benefits, from reducing the risk of financial crises to improving monetary policy tools.
Bair, who notes the idea is gaining currency among mainstream economists and central bankers themselves, says digital currencies would reduce, if not eliminate, the chance of bank runs during a crisis. She also says a digital currency would lower fees for consumers and businesses alike, eliminating the need for checking accounts and some credit card networks.

Bitcoin Cash Performs Rudimentary Smart Contract With Newly Enabled Features (Crypto Disrupt), Rated: A

Chris Pacia, a Bitcoin Cash enthusiast and programmer, has revealed amethod of performing complex actions on-chain using the coin. This type of behavior is similar to how contemporary smart contracts work.

To perform these actions, programmers need to make use of Opcodes— a tool used to add functionality to Bitcoin Cash. Opcodes have not been available to Bitcoin (BTC) users for years since they were removed from the blockchain, but since Bitcoin Cash’s update in May, users of the forked coin have access to them.

There’s A New Bitcoin Core in Town – And It’s Out to Troll Bitcoin Cash (CoinDesk), Rated: A

The original BTCC website (which has since been altered) trolled Ver by arguing that BTCC is, in fact, the currency Ver was really talking about when he speaks about the “real” bitcoin. Even the cryptocurrency’s main block explorer is called “truevisionofsatoshi.com,” referencing a tagline that many bitcoin cash supporters have taken to.

Plus, the team behind BTCC has also taken to poking fun at other notable bitcoin cash supporters, including John McAfee, the brash entrepreneur that made his money off anti-virus software and now shills crypto tokens on Twitter for a price.

William Shatner’s new enterprise: A solar-powered bitcoin mining farm in southern Illinois (Chicago Tribune), Rated: A

Shatner is the spokesman for Solar Alliance, a Vancouver-based developer of alternative energy projects that announced plans to build a solar-powered Bitcoin mining operation in an abandoned southern Illinois factory.

He said Illinois’ policy of requiring utility companies to buy renewable energy made the project economically feasible. It also didn’t hurt that the mayor of Murphysboro, Will Stephens, offered the company a 165,000-square-foot former label-making factory that has been vacant since 2004.

Are ICO Cashouts Crashing Cryptocurrency Prices? (Investopedia), Rated: A

One of the most recent major ICOs has been EOS. Following a fundraising period of roughly a year, during which time the developers of the EOS token raised roughly $4 billion in crowdsourced funds, much of the ethereum raised in the process has been converted to fiat currency. The report points to the sale of 300,000 ETH prior to EOS having been listed on the Binance exchange. Transacting with such a large amount of digital currency in a short time period is highly unusual; while it’s impossible to say whether it was the EOS team behind this major sale, the report suggests that this is a possibility. Of course, when such a large quantity of any digital currency is sold off within a short timeframe, the price of that currency is impacted as well.

Manipulation remains a primary concern of the industry, although it is also very difficult to confirm.

Another possibility is that ICOs are liquidating their holdings.

CULedger selected by Sovrin Foundation as a steward (CUInsight), Rated: B

The Sovrin Foundation, a private-sector international non-profit, and CULedger, a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform, announced today the addition of CULedger as a Steward of the Sovrin Network.

Michigan Bill Would Make It Illegal to Counterfeit Blockchain Data (CoinDesk), Rated: B

A pair of bills submitted to Michigan’s state legislature would make it a crime to illegally alter a blockchain record.

CryptoCurve Launches as the Front-End of Wanchain (Global Banking and Finance), Rated: B

CryptoCurve, a new consumer facing technology platform for the next generation of blockchain technology, has announced that they will serve as the ‘Front-End’ of the Wanchain blockchain ecosystem, acting as the interface for user adoption via a wallet and other features.

Seattle company installs bitcoin ATM at the Spokane Valley Mall (Spokesman), Rated: B

Heading to the Spokane Valley Mall to take in a movie or shop for a pair of new jeans? Now, you can buy cryptocurrency there, too.

A bitcoin ATM was installed at the mall last week by Coinme, a Seattle-based company.

International

A Look Into the Future of Cryptocurrencies – 3 Predictions for the Cryptocurrency Market (Entrepreneur), Rated: AAA

1. Cryptocurrencies will receive more patronage from institutional investors.

Given that more and more governments are looking into the regulation of cryptocurrencies, investors are feeling more comfortable about putting their funds into them.

2. Why cryptocurrencies are being regulated

Lack of security has long been one of the biggest concerns for traders. In fact, a survey conducted by Encrybit, a cryptocurrency exchange platform, revealed that 40 percent of the participants polled saw security as a major concern.

3. Cryptocurrencies won’t stop being volatile.

Despite the measures to ensure stability in the cryptocurrency market, it’s still a struggle to stop or at least reduce cryptocurrencies’ volatility. There are still so many factors keeping them volatile. These include: the currencies’ lack of intrinsic value, the lack of institutional capital, the implementation of regulations and thin-order books, among other factors.

Thomson Reuters Tracks Trading Insights For Top 100 Cryptocurrencies By Analyzing Our Emotions (Forbes), Rated: AAA

Do our emotional responses to cryptocurrencies influence price trends?

According to media giant Thomson Reuters, they most certainly do. This is why the multinational mass media firm has expanded its sentiment data offerings to track the top 100 cryptocurrencies (by Market Cap via CoinMarketCap) through its partnership with MarketPsych Data LLC, a market leader in quantitative behavioral science.

Thomson Reuters new MarketPsych Indices (TRMI) package uses machine learning and natural language processing to measure a number of emotional and topical items across news and social media sites that may drive participant behavior in cryptocurrency markets.

Market trends show why diversifying your portfolio in cryptocurrencies is difficult (The Next Web), Rated: AAA

Cryptocurrency analysts have unanimously suggested that the price drop has something to do with the Coinrail hacking. But, the hacking didn’t have anything to do with Bitcoin, Litecoin, or most of the other 1600 odd cryptocurrencies listed on CoinMarketCap. So, why is the entire market down? The recent movements are again highlighting the phenomena of cross-coin price correlation.

Look at the price movement of the top 11 cryptocurrencies over the last week, for example. They all seem to follow the same pattern:

cryptocurrency prices
Source: https://coinmarketcap.com

Surprise KYC: Investors in Tezos’ Troubled ICO Might Finally Be Fed Up (CoinDesk), Rated: A

On Sunday, the Tezos Foundation announced that it would be carrying out know-your-customer and anti-money laundering (KYC/AML) checks on investors who bought into its July 2017 initial coin offering (ICO).

A third party, U.S.-based TokenSoft, is handling the checks, and according to one Reddit user who said they’d completed the KYC/AML compliance, the check asked for a name, phone number, address, government-issued ID and a selfie.

And this news has enraged many investors.

“If they wanted to do KYC/AML compliance they should have said so as part of the initial offer,” wrote one Reddit user in response to the announcement. “Changing the deal after the sale has been completed for months is bad business, no matter how they try to dress it up.”

Blockchain Affiliate Marketing: Boosting Profits for Publishers (Coin Central), Rated: A

Blockchain affiliate marketing platforms are some of the latest to exploit new technology to solve old problems. More than 80% of online brands and publishers now use affiliate marketing, and yet it accounts for only 5% of the spend on digital marketing globally. Why would this be the case?

Well, like so many other industries, affiliate marketing is dependent on intermediaries. In this case, the middlemen are the affiliate networks. However, there are now several companies releasing blockchain affiliate marketing platforms that do what blockchain does so well. It will eliminate the middleman – and the fees that they take for their service.

CRED Crypto Investment App Announces Komodo Platform Partnership (Bitcoin Exchange Guide), Rated: A

Cred, the first ever micro-investing platform for the cryptocurrency, today announces it has partnered with Komodo Platform.

Alibabacoin Foundation to hold a free ABBC Airdrop (SAT PR News), Rated: B

The first 500,000 users who manage to successfully download the multi-crypto wallet will be able to receive 100 ABBC coins from the Alibabacoin Foundation. The event was created because of the huge number of people who have responded to the foundation itself and in response to the overwhelming support, the foundation is giving away 50,000,000 ABBC.

European Union

Binance Announces Icon (ICX) Mainnet Token Swap, Price Jumps (NewsBTC), Rated: AAA

Binance has finally announced that it will be swapping the ICX ERC-20 tokens for the official mainnet coins, five months after the official release of the mainnet.

Icon planned for the exchange mainnet swaps to occur earlier this year, but Binance just got around to working on the swap process According to a post on the Icon’s official blog, the Huobi, OKex, Bithumb, and Upbit exchanges are also working on supporting the ICX mainnet.

Despite the price decline, ICX’s price saw a nice bump when Binance released the aforementioned announcement, beating Bitcoin by over 9% on the day.

Binance ICON
Source: NewsBTC

Binance confirms that it’s listing Siacoin, price starts to rise (Crypto News Review), Rated: A

The cryptocurrency exchange Binance can help trigger an explosion in a coin’s price just by announcing a listing. As such, it’s going to be worth keeping an eye on Siacoin over the coming days, with its price already started to climb heavily off the back of Binance’s latest announcement.

Cryptocurrency Exchange Binance to Expand to Jersey (CCN), Rated: A

Fresh off its expansion into the European island of Malta, Binance — the world’s largest cryptocurrency exchange — has announced that it will create up to 40 new jobs in Jersey.

Binance Exchange To Launch 7th Round Of ‘Community Coin Vote” (Bitcoin Exchange Guide), Rated: B

To all investors of the Binance Coin, the seventh round of the Community Coin Vote is starting. The round is to be modified in accordance to the feedback that was received from the previous community votes made. Basically, they’ve changed the entire way the community votes are being made for the upcoming voting round.

The votes can be done by users and will be multiplied by one final multiplier that is based on the amount of BNB that is being held in the users account with a maximum of up to 500x.

New Blockchain-Based Renewable Energy Pilot to Power 500,000 Homes (Bitcoin Magazine), Rated: A

Swytch, a blockchain-based energy platform will work with Energy2market GmbH (e2m), a leader in aggregated energy trading, on a pilot program which will allow it to power homes in Germany with renewable energy while rewarding users with tokens.

The large-scale pilot program aims to distribute roughly 3.5Gw of solar, wind, hydro and bio-gas energy capacity, which is enough to power over 500,000 homes.

Adblock Plus wants to use blockchain to call out fake news (TechCrunch), Rated: A

eyeo,  the company behind the popular browser-based ad block product Adblock Plus, is no stranger to controversy. Which is just as well given its new “passion project”: A browser add-on that labels news content as ‘trusted’ or, well, Breitbart.

The beta browser extension, which is called Trusted News (initially it’s just available for Chrome), is intended to help Internet users spot sources of fake news when they’re exposed to content online.

Trending European TOP ICO with over $ 10M funding (Coin Idol), Rated: A

These are the new trending European TOP ICO with over $10M funding according to the most famous investing platform – Crunchbase.

  1. First Place – Hashrental.io
  2. Second Place – Shivom.io
  3. Third Place – Bread

Status.im Joins the Ethereum Community Fund as a Founding Member (Coin Journal), Rated: B

Ethereum-based mobile operating system, Status has announced that it has joined the Ethereum Community Fund (ECF) as a founding member.

United Kingdom

Imagining A Blockchain University (Forbes), Rated: AAA

A couple of Oxford faculty imagine a different kind of university, one that is distributed and democratic. Joshua Broggi, Faculty of Philosophy, is the founder of Woolf Development, a platform startup that aims to leverage distributed ledger technology to remove higher education intermediaries, support decentralized governance structures and ensure the security of data.

Ambrose, the first college on the platform, will be formed by Oxford academics in the fall of 2018. The plan is for a digital version of Oxford tutorial system at $400 per session. If that sounds expensive, it’s less than half of a traditional degree. Future programs could feature larger groups and lower costs.

Professors could earn $50,000 to $100,000 teaching a comfortable online load.

Yahoo Slapped with £250K ICO Fine (Infosecurity Magazine), Rated: A

Yahoo has been fined £250,000 by UK privacy regulator the Information Commissioner’s Office (ICO) following a 2014 Russian state-sponsored attack which resulted in the compromise of 500 million accounts.

Former Telegram Employee to Launch Crypto Token Platform (CoinDesk), Rated: A

A new cryptocurrency trading platform launched by former Telegram director of special projects Anton Rosenberg seeks to help blockchain startups stabilize their token prices.

Mikado, a crypto derivatives trading platform, will provide a solution for projects planning an initial coin offering (ICO) but which want to avoid the price collapse that occur when an open sale begins and early investors drop their tokens, Rosenberg announced Tuesday.

Blockchain comes to the real world with EnergiToken (Energi Mine Email), Rated: B

EnergiToken (ETK), which closed its $15 million ICO sale in 82 minutes, today announced that it will list on the first of two exchanges in a week. Community members will be able to deposit and withdraw ETK tokens with ETK/BTC trading pairs on Coinsuper from Thursday 14th June 2018.

East Asia

Despite Slump, Chinese Crypto Investors Believe “Thousands” New Token Funds Will Bring Another Bull Market (China Money Network), Rated: AAA

Despite the current market slumps, Chinese cryptocurrency practitioners still believe a bull market is in store because of the growing size of capital that is readying themselves to enter into the space.

Thousands of token investments funds with hundreds of billions of RMB in combined capital are being set up right now. This is happening in the backdrop of increasingly unstable macro financial environment. Many in the Chinese cryptocurrency world think the combination of the two factors could lead to another round of bull market.

GMO Lists 4 Major Altcoins To Its Trading Platform (HiBusiness), Rated: AAA

GMO Internet, Inc. the Japanese internet giant as of late made the declaration of including four top altcoins. Aside from Bitcoin (BTC), now Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) will likewise be accessible to trade against the Japanese currency.

India’s central bank admits it banned cryptocurrencies without ever researching them (The Next Web), Rated: AAA

India’s central bank, Reserve Bank of India (RBI), has been repeatedly warning citizens against the risk of investing in cryptocurrencies since at least 2013.

After repeating the warning twice again in 2017, RBI let out a directivein April to ban all Indian banks from dealing with any cryptocurrency business. You would assume that RBI must have studied cryptocurrencies deeply to come to this conclusion, but you would be wrong.

In a response to a right to information (RTI) application filed by a local lawyer, Varun Sethi, the central bank has admitted they did not conduct any research or consult finance experts before taking this decision.

Thailand Expects to Approve Five ICO Projects out of 50 (Bitcoin.com), Rated: A

The Thai financial regulator is expected to approve five ICO projects once the new regulatory framework takes effect this month. Out of 50 ICO projects in the country, only five satisfy the registration requirements set out by the regulator this week.

A Global 3rd Generation Blockchain Developer based in South Korea Sets Out to Develop it’s Mainnet (PR Newswire), Rated: A

Yggdrash (http://yggdrash.io, CEO: Dong-wook Seo) announced that it completed initial coin offering (ICO) with a know your customer (KYC) / anti-money laundering (AML) process enacted for all its participants. Yggdrash raised $40 million, reaching the hard cap within the first 20 hours of its ICO held from March 12, 2018.

Australia

So, you’re thinking about setting up a digital currency exchange? (Lexology), Rated: A

If you’re planning on offering crypto-currencies for sale or purchase on a digital currency exchange (also known as a crypto-currency exchange), you should consider seeking legal advice.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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