Crypto And Blockchain Weekly Wrap Up – 03 June 2019 – 8 June 2019

by | Jun 8, 2019 | Cryptocurrency, Cryptocurrency News

Cryptocurrency | Blockchain | Weekly wrap up

The Cryptocurrency markets observed a slight correction this week, wherein some top coin lost some value. However, some token still managed to rally, let’s see how the week was for cryptocurrency and the blockchain technology. 

Price point

Bitcoin is down by 4%, the price point fluctuated above the $ 7,600 price level and on June 6, it observed some bullish trend. Though the question for the token for next week is will BTC recover towards the $9000 Mark?

Ethereum also suffered some correction and was down by 3%. Though the token has not observed any bullish or bearish break in the past three weeks. Can we expect ETHUSD to resume the bullish trend?. As for EOS the token was down by 16.44%.  XRP’s bullish momentum is becoming weak and may see the price may descending towards $0.39 level. On the other hand, an increased bullish momentum may push the price to the $0.46 level.

The gainers of the week are – Litecoin is up 7.55%, Tron up 6.54%, Cosmos up 12.6%, Chainlink 21.1%, Zilliqa up 26%.

An interesting lunch date

Justin Sun, the founder and CEO of Tron (TRX) wins an eBay charity auction that entitles him for a lunch date with a renowned investor and Berkshire Hathaway CEO Warren Buffett. Warren Buffett has organized this charity auction for the past 20 years, and this year Sun won the bid with a record-breaking $4,567,888, reportedly.  

Notably, Buffett has been well-known an anti-crypto stance, so much so, calling bitcoin as “probably rat poison squared.” Though, he has recently made positive comments for blockchain. The equation definitely makes Sun’s charity lunch with Warren Buffett an interesting meeting

Interesting Studies 

US and Japan are top sources of cryptocurrency traffic – The United States and Japan are the top sources of traffic for cryptocurrency exchanges globally. As per the study by crypto news outlet The Block, the U.S. tops the charts by contributing to 24.5% of the total traffic directed to crypto exchanges. The second position is scored by Japan with 10%o f the total traffic, South Korea and Indonesia contributes about 6.5% and 4.5% respectively. 

Crypto-Related Discussion Volume On Reddit – A recent study by the University of Notre Dame and the Pacific Northwest National Laboratory (PNNL) compares the relationship between the speed and scale of cryptocurrency discussions on Reddit. The researchers have claimed that there is a strong correlation between Reddit conversation volume and coin prices

Update On Facebook’s cryptocurrency project

Social media giant Facebook has been keeping its cryptocurrency project a secret and obviously, the cryptocurrency ecosystem has been lapping over any news. As per recent reports, the firm is planning to announce its secretive cryptocurrency project this month, at which point the employees will be allowed to take part of their salary in the platform’s native cryptocurrency.

Further, it was noted that the platform may relinquish control of its cryptocurrency governance to third parties, in order to provide a degree of decentralization. Another set of news claims that the project has now hired around 100 people. The report infers the said number through profiles on professional networking platform LinkedIn. Reportedly, the social media giant is not done hiring and as per its website listing over 40 openings are still available in the team’s business unit

Regulatory Update

Malaysia Registers Three Cryptocurrency Exchanges – The Securities Commission (SC) of Malaysia registers three cryptocurrency exchanges Luno Malaysia, Sinegy Technologies and Tokenize Technology, wherein they are granted up to nine months to achieve compliance with the SC’s regulation standards. The three exchanges are purportedly the only ones, who have registered their digital asset exchanges to operate in Malaysia. 

SEC Vs KIK – Kik, the Canadian startup who is already voicing its unpleasantness towards the United States Securities and Exchange Commission (SEC) for their regulatory strictness, is now being sued by the Sec for an unregistered $100 million token offering.  As per the announcement, SEC claims that Kik violated the registration requirements of Section 5 of the Securities Act of 1933. Subsequently, the agency seeks a permanent injunction, disgorgement plus interest, and a penalty.

The securities watchdog alleged that Kik raised $100 million through a digital token sale in late 2017, which was not registered with the proper authorities making it not compliant with U.S. securities laws 

SEC vs Longfin Corp – US SEC files fraud charges against supposed cryptocurrency firm Longfin Corp and its CEO Venkata S. Meenavalli. The complaint was filed by SEC in the federal district court of Manhattan, New York. As per the filing, Longfin has allegedly fabricated 90% of its revenue and sold over 400,000 shares of Longfin, for which the firm does not have the funds to back, so as to secure its spot on the Nasdaq.

Blockchain Updates 

Blockchain’s Praise – As per J. Christopher Giancarlo, the Chairman of the United States Commodity Futures Trading Commission (CFTC) asserts that blockchain technology could have been a “far faster, better-informed, and more calibrated regulatory intervention” in response to the 2008 financial crisis. 

Korea Post incorporates Blockchain – Korea Post, the national postal service of South Korea reportedly plans to employ blockchain technology into its billing system. The South Korean government collaborated with local private companies including a major South Korean blockchain company Coinplug and global IT company NHN for the initiative.

As per the report, a sum of 800 million won ($677,000) will be awarded to the project participants for their support the initiative by the South Korean authorities.

A blockchain based Social media platform –  The parent company behind Eos (EOS), Block.one announces a blockchain-based social media platform dubbed as Voice. As per the release shared with the publishing, the Voice platform will be employing Eos blockchain in order to operate transparently, without hidden algorithms or content-pushing mechanisms that the user does not know about. 

Blockchain-based voting platform – Medici Ventures, the blockchain-based subsidiary of Overstock.com successfully lead a $7 million funding round for Voatz, a blockchain-based voting platform.  The unique blockchain-based voting platform is designed to enable citizens to vote in official elections and similar events via their mobile devices, such as smartphones or tablet computers.

Neo introduces its new version –  Chinese-based blockchain platform Neo implements a new version of its consensus algorithm on its mainnet. Dubbed as Byzantine Fault Tolerance mechanism (dBFT 2.0), the new algorithm will purportedly provide immediate transaction finality. 

Amongst its enhanced features, dBFT 2.0 includes a new procedure that can reintegrate failed nodes back into the network, along with adding a “commit phase” of consensus that can alleviate forking issues by including a step that forces node assignment to new blocks.

Cryptocurrency Exchanges 

Binance’ own stablecoin – Leading cryptocurrency exchange Binance is planning to issue its own stablecoins in the upcoming two months. Wei Zhou, Binance’s Chief Financial Officer told Bloomberg that “in a matter of weeks to a month or two,” the exchange will start issuing its own stablecoins focussed at making stablecoins available for more of the world’s currencies. Dubbed “Binance GBP”, it will be the exchanges’ first stablecoin and be denominated in and 100% pegged to the British pound. 

Blocked Access – Binance DEX, the decentralized exchange (DEX) developed by major cryptocurrency exchange Binance plans to block users access hailing from 29 countries. The potential users will receive a message informing about the restriction when they access the platform from one of the regions.

Komodo self hacks to prevent external hack – Komodo, a crypto wallet provider has effectively hacked into its own system in order to prevent fraudsters from accessing users’ funds. As per the company, the security researchers alerted them about a vulnerability in its Agama wallet. After realizing the hack could happen at any moment, Komodo’s cybersecurity devised a plan to employ the same exploit to move compromised crypto to safety. 

Promises to come back – Amsterdam-based crypto exchange Blockport, which reportedly planned to shut down its platform in May end, will attempt a relaunch. Blockport was declared bankrupt by a Dutch court on May 22, after the firm’s unsuccessful security token offering (STO) of Blockport Securities (BPT) tokens. 

Hack and scams 

GateHub Suffers A Hack Costing Nearly $10 Million In XRP – GateHub, a cryptocurrency wallet service has reportedly suffered a hack, compromising nearly 100 XRP Ledger wallets. GateHub reveals in their statement that some customers and community members have reported that funds have been stolen from their wallets. The estimated amount that hackers managed to compromise around 100 XRP Ledger wallets.

Website spreading cryptocurrency malware –  Fumik0_, a Twitter user and malware researcher discovers a new website that is spreading cryptocurrency malware. According to the report, the host for these viruses is a website imitating the website for Cryptohopper, a website that provides users tools to perform automatic cryptocurrency trading. As and when someone visits the scam site, a setup.exe installer is automatically downloaded, that infects the computer once it runs.

 

 

 

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