The global cryptocurrency market continues to endure a bearish downtrend. Over the past week, the cryptocurrency market shed 19% of its total market cap, or almost $65 billion. Ethereum has fallen below $500 for the first time since March.
Bitcoin | BTC
UPDATED: JUNE 13, 2018 AT 2:41 AM PDT
Bitcoin, currently ranked #1 by market cap, is down 4.98% over the past 24 hours. BTC has a market cap of $111.72B with a 24 hour volume of $4.57B.
Chart by CryptoCompare
Following the Coinrail exchange hack on June 10, Bitcoin fell below $7000 for the first time since late March. According to a statement released Sunday, the exchange lost 30% of its total cryptocurrency value and confirmed that NPER, ATX, and NPXS coins, and other cryptocurrencies are now safely stored in a secure cold wallet.
Despite the volatile market, individuals and institutions are still interested in crypto, and Bitcoin exchanges are under pressure to meet increasing demand with proper regulations.
On June 6, Coinbase announced that the platform is “on track” for SEC registration, legitimizing the exchange as a broker-dealer “capable of offering blockchain-based securities.”
In early June, Goldman Sachs-backed cryptocurrency startup Circle also expressed intent to pursue a federal banking license and registration as a securities exchange.
Ethereum | ETH
UPDATED: JUNE 13, 2018 AT 2:41 AM PDT
Ethereum, currently ranked #2 by market cap, is down 11.13% over the past 24 hours. ETH has a market cap of $47.67B with a 24 hour volume of $1.91B.
On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ethereum as one of seven cryptocurrencies available for exchange.
On June 9, the Bangkok Post released a statement reporting on the regulatory update:
“The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar.”
: Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in ThailandIn Southeast Asia, Ethereum is enabling a vast population of unbanked citizens to have access to small money loans.
Ripple | XRP
UPDATED: JUNE 13, 2018 AT 2:41 AM PDT
Ripple, currently ranked #3 by market cap, is down 9.15% over the past 24 hours. XRP has a market cap of $21.24B with a 24 hour volume of $295.49M.
Chart by CryptoCompare
On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ripple as one of seven cryptocurrencies available for exchange.
On June 11, Ripple CEO, Brad Garlinghouse gave his thoughts on the long-term outlook of Ripple’s technology and future of cryptocurrency mass adoption at the 2018 Stifel Cross Sector Insight Conference.
Denouncing Bitcoin as a centralized cryptocurrency with nearly 40% of its mining power located in China, Garlinghouse made bold statements about the world’s largest cryptocurrency:
“Bitcoin today takes 45 minutes to settle a transaction… Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin… How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency?”
Describing the long-term goals of the Ripple platform, Garlinghouse stated:
“There are millions unbanked or underbanked… When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”
The global cryptocurrency market cap stands at $276.31B with a 24 hour volume of $14.86B. The Coinbase Index is currently sitting at 2966.63. Bitcoin dominance is currently at 40.43%.
At press time, 97 of the top 100 coins by market capitalization are in the red and it’s unclear when the market will turn green. Traders are reminded to remain cautious during market drops and only invest what they can afford to lose.
Cover Photo by Aron Visuals on Unsplash
Claims That Former TRON CTO Was Sacked For Bribery & Theft Surface
Earlier this month, the Chief Techincal Officer of TRON, Lucien Chen announced his departure from the project. He had been with TRON since 2017 and laid out a three-point explanation as to why TRON just isn’t TRON anymore.
Following the announcement by Chen, the TRON PR sprung into action and according to the representatives from the project, Chen was actually sacked from his position months ago because:
“Suspicion of misappropriation of funds, bribery, competitive infringement, and theft of trade secrets and intellectual property.”
The CEO and founder of TRON, Justin Sun lent validation to this claim by retweeting it and a Reddit thread came up which relayed this information to the community.
A reported response from @Tronfoundation on the dismissal of CTO Lucien Chen, J. Zhu & X. Xie in Jan 2019 due to suspicion of misappropriation of funds, bribery, competitive infringement, & theft of trade secrets & intellectual property#TRON Reddit link:https://t.co/LeotF31NsS pic.twitter.com/RYMsn2J9rw
— Misha Lederman (@mishalederman) May 11, 2019
Giving his reasons for leaving, Chen said:
“The whole project has developed into a monetary tool without any “decentralize the web” spirit… The technology platform of TRON was built by me. I certainly know that the real Internet applications cannot function in TRON network at all currently. The TRON ecosystem is still far from commercial applications that users can really apply to.”
There are now claims that the former CTO was bribing people, misappropriately using funds, theft and so on. A post on Reddit claims:
“Chen, Zhu, and Xie were dismissed in January, 2019 for violation of corporate policies and the law. Relevant documents and materials have been handed over to the judiciary.”
Living on Bitcoin Just Got Even Easier, AT&T Accept Crypto Payments With Bitpay
Earlier today, US telecom giant AT&T proudly announced that it had become the first major American mobile carrier to accept crypto assets for the payment of bills. Customers will be able to settle their accounts using Bitcoin thanks to a deal with BitPay.
Although such developments are great for those earning in Bitcoin, for most people interested in the number one digital currency, the appeal will likely be limited. They therefore do not quite represent the holy grail’s of crypto adoption many portray them to be.
AT&T to Accept Bitcoin Payments Through BitPay
It’s getting easier than ever to live your life exclusively using digital currency. More and more online merchants are opening up to crypto assets in one way or another.
Many with a vested interest in digital currency were excited recently by the news that several large companies would be accepting Bitcoin payments – albeit in a round about way. Bitcoin users can now kit out their wardrobes at Nordstrom, shop for gaming supplies at GameStop, and even pay directly for their groceries at Whole Foods using their favourite digital currency.
This latter point got people particularly excited given that internet retail behemoth Amazon owns WholeFoods. Speculation is rife that Amazon itself could be next to accept Bitcoin via this convoluted method of using a payment processor to pay with a peer-to-peer currency.
You see, part of the recent wave of increased acceptance has been made possible by a deal between crypto exchange Gemini and a payments start-up called Flexa. Users actually pay using an application called Spedn. The merchants themselves don’t receive Bitcoin but they for very little investment they can look supportive of uber-trendy things like cryptocurrency.
The latest company to join the pseudo acceptance bandwagon is US mobile giant AT&T. It announcedvia a blog post earlier today that it would be using crypto payments processing company BitPay to receive payments from its customers online.
In the AT&T press release, Kevin McDorman, the vice president of the company’s business operations, stated of the move:
“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
Sure, It’s Great for Crypto USERS, Not so Much for Speculators
Just like the other recent announcements of so-called merchant acceptance, this is not really the bullish news that many have made it out to be. Since AT&T will be using BitPay to process payments, they will simply receive dollars as they always would have done. To get those dollars, the Bitcoin is immediately sold creating additional downside pressure on the price of Bitcoin. For those purely speculating, it should be realised that by using such services you are increasing the likelihood of dropping the price of Bitcoin. It will be truly exciting when a major retailers takes payment directly in Bitcoin themselves and goes on to finance the business itself using the crypto asset.
Of course, these stories of increased acceptance are great for those who get paid in Bitcoin and don’t want to have to deal with an exchange just to go about their daily routines. Having more options than ever to spend crypto directly at is certainly advantageous for those trying to live without fiat.
Bitcoin [BTC] Going Above $7,950 will Start Another Breakout – Analyst
Bitcoin has been in a slight pullback for a few days now and those who have been watching the charts during this time may be confused as to the direction Bitcoin, and indeed the whole market is going next. A cryptocurrency trader known as DonAlt on Twitter has given some light on the market. He said the lead currency will see some light if it manages to rise to $7,950 from the current $7,842 price.
When will this happen?
Bitcoin grew really fast especially in May, rising way above $8,000 and the crypto community expected a move towards $10,000. However, the market started pulling back in what seemed to be a crash, but analysts said was normal. At the time, the cryptocurrency was said to be growing too fast and needed to correct again before rising at a slower pace.
This seems to agree with DonAlt’s position as the cryptocurrency has eventually corrected but its growth has become significantly slower than before. Another analyst Josh Rager says the asset will be consolidating this week and great volatility should be expected on Friday, May 31st. This may eventually lead to a climb to DonAlt’s critical $7,950 price and the long-awaited recovery above $8,000 again.
$BTC – Price movement
Expect consolidation to happen through this week
Major volatility likely by Fri May 31st with the CME BTC futures expiration
This is also the apex of the meme triangle apex (condensing price)
Support/Resistance areas labeled pic.twitter.com/S5SFBV6uXk
— Josh Rager 📈 (@Josh_Rager) May 23, 2019
A long-awaited rise
The initial price rise evidently raised the expectations of the crypto community and many Bitcoin holders cannot wait for the price to go up again. Not only that, altcoins were expected to rise with Bitcoin’s pullback but the current one has held down even the alts. The rise of Bitcoin is currently probably the only hope for the market and the entire space is looking forward to it.