Weekly Cryptocurrency Recap – June 8th, 2018
Cryptocurrency Market Starts to Rebound
Following weeks of tough losses, the cryptocurrency market has started to rebound.
Top 10 Coins
Top 100 Coins
41 of the top 100 coins by market cap (at the time of writing this) saw their price increase.
The largest gainers were Bibox Token (+32.56%), Digixdao (+24.74%), Dropil (+22.38%), Huobi Token (+20.53%), Waves (+19.93%), Siacoin (+18.87%), VeChain (+18.33%), Ontology (+17.36%), Binance Coin (+16.46%), and Gxchain (+15.33%).
Meanwhile the following coins suffered the biggest losses of top 100 coins – Bitcoin Private (-20.47%), Loom Network (-19.88%), Veritaseum (-16.27%), Bytecoin (-14.10%), Polymath (-13.24%), Populous (-13.16%), Dragonchain (-12.18%), IOST (-11.37%), Cybermiles (-10.29%), Golem (-10.20%).
Weekly Cryptocurrency News Recap
Coinbase Attempts to Become SEC-Regulated Brokerage Dealer – In a blog post Wednesday from Coinbase President & COO Asiff Hirji, he unveiled the company’s proposed path to listing SEC-regulated crypto securities.
“Today, we’re announcing that Coinbase is on track to operate a regulated broker-dealer, pending approval by federal authorities. If approved, Coinbase will soon be capable of offering blockchain-based securities, under the oversight of the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This step forward is being made possible by our acquisition of a broker-dealer license (B-D), an alternative trading system license (ATS), and a registered investment advisor (RIA) license.”
Coinbase is Coming to Japan – In a busy week for Coinbase, the company also announced it’s opening of an office in Japan, which is becoming a cryptocurrency haven. The blog post by Vice President Dan Romero cites accelerating the global adoption of cryptocurrency and making Coinbase products available to the country their reasons for the new office.
Fidelity Appears to Be Quietly Building a Cryptocurrency Exchange – According to a report from Business Insider, the financial services powerhouse Fidelity is quietly looking to hire a DevOps System Engineer “to help engineer, create and deploy a Digital Asset exchange to both a public and private cloud.”
SEC Chairman Says Cryptocurrencies Are ‘Replacements for Sovereign Currencies’ Russia Disagrees – In an interview with CNBC, SEC Chairman Jay Clayton said,
“Cryptocurrencies are replacements for sovereign currencies- [they] replace the dollar, the yen, the euro with bitcoin. That type of currency is not a security.”
He continued to later say,
“A token, a digital asset, where I give you my money and you go off and make a venture, and in return for me giving you my money you say, ‘You know what? I’m gonna give you a return or you can get a return in the secondary market by selling your token to somebody’ — that is a security and we regulate that. We regulate the offering of that security and we regulate the trading of that security. That’s our job and we’ve been doing it for a long time.”
This statement comes at a time when Vladimir Putin stated,
“The relationship of the Central Bank of the Russian Federation to cryptocurrency [is that] it considers cryptocurrency neither a means of payment nor a store of value. Cryptocurrency is not backed by anything. One should treat it cautiously, carefully.”
Cryptocurrency Enthusiasts are Right To Be Wary of a Microsoft-Controlled Github – Following the news of Microsoft GitHub acquisition, which houses code for the vast majority of cryptocurrencies, Unhashed’s Editor-in-Chief Matt Godshall explains why you’re right to be concerned.
New editorial up on @realunhashed: Why Cryptocurrency Enthusiasts are Right to be Wary of a #Microsoft-Controlled #Githubhttps://t.co/AR9ypJzbsF#cryptocurrency #bitcoin #ethereum #monero #bitshares #eos #steem #opensource #gitlab #crypto #cryptonews
— Matt Godshall (@MattGodshall) June 7, 2018
Security Report Says $1.1 Billion Crypto Stolen This Year – Cybersecurity company Carbon Black has reported that $1.1 billion worth of cryptocurrency has been stolen so far this year. The company went on to discuss that obtaining cryptocurrency malware is becoming easier and cheaper through the dark web.
Polish Government Says Cryptocurrencies are Legal. Still Oppose ICOs – While the Polish Government is undeniably skeptical or even downright opposed to cryptocurrencies, the country’s financial regulator stated,
“In the Polish legal system, there are no regulations prohibiting trading as exchange or cantors of cryptocurrencies, which means that conducting on the territory of the Republic of Poland activities in the form of an exchange or exchange office cryptocurrencies, as well as trading in cryptocurrencies is not prohibited and is therefore legal.”
CEO of Binance Labs: “It’s a Good Thing if the ICO Bubble Bursts” – Binance Lab’s CEO said in an interview with Bloomberg:
“We still see a lot of hype in the market, valuations are high and unreasonable. We really think if the bubble bursts, it’s a good thing for the industry.”
Cryptocurrency Cleared for Trading as Commodity by Indonesian Regulator – While Indonesia banned cryptocurrencies late last year for use as a payment instrument, Indonesia’s markets regulator has announced that cryptocurrency can be traded on futures exchanges as commodities.
Man Dies on Mount Everest During ASKfm Cryptocurrency Promotional Stunt – A promotional event for ASKfm’s upcoming ICO left one Sherpa presumed dead according to CNET. The plan for the promotion was to bury $50,000 worth of the cryptocurrency in a hardware wallet on top of Mount Everest.