 QUOTE OF THE DAY  |
| "Investment performance is determined more by investor action than investment returns." - Nick Murray |
Happy Sunday! It is now the second-half of 2018, let's hope it is better than the first-half! If the past couple days are any indication it should be!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,375.97 | -0.68% |
|
| ETH | $452.524 | -0.58% |
|
| XRP | $0.45761 | -2.36% |
|
| BCH | $734.744 | -2.26% |
|
| EOS | $8.04308 | -0.72% |
|
*Information as of 9:30 AM EST
Crypto Rallies Through the Weekend
LOOKING DIRE
- After such a profitable year in 2017, cryptocurrency investors were looking forward to 2018, thinking more adoption and awareness would continue to push prices skyward
- Turns out everyone was way too optimistic, 2018 has been the year of the bear with prices of most currencies dropping around 70% halfway through the year
- Regulations, hacks, and criticism among other factors have pushed the prices down and crushed the expectations of investors
- This past week has been especially painful for those still checking Blockfolio and CoinMarketCap, Bitcoin once again broke what people thought was support and dragged the entire market down with it
- Then on Friday night, for reasons unkown, Bitcoin and the market surged nearly 10%, adding $20 billion to the total market cap in 9 hours
LOOKING FORWARD
- Entering the second half of 2018, investors are hoping that things can turn around and they get the year that they wished for
- It seems like Bitcoin has bottomed and responded a few times, a breakout could be on the horizon and the fundamentals are only getting stronger, fees are remaining low on the network and everyday the Lightning Network is progressing
The CEO of BitMex has high expectations for Bitcoin and gave his price prediction:
“[Bitcoin] is one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000 or even $50,000 by the end of the year.”
- In addition to Bitcoin, altcoins are becoming fundamentally stronger also
- Coins like VeChain, Ontology, and Tezos are making progress on their own networks
- Hopefully, the rest of 2018 brings greater access to cryptocurrencies for everyone and more fiat pairings so that altcoins can decouple from Bitcoin and reach their true valuations
Bithumb Recovers a Portion of Stolen Funds
HACK
- On June 20th, Bithumb, a South Korean crypto exchange that is the 6th largest exchange in the world by volume, was hacked and lost over $31 million worth of crypto
- Prior to the hack, Bithumb noticed a need for upgraded security since the "number of unauthorized access attempts has increased"
- After the hack occurred Bithumb announced that it will cover all stolen assets, so that its customers do not lose any funds from its mistake
UPDATE FROM BITHUMB
- Bithumb recently posted an update on the hacking situation, sharing that it has recovered 45% of the stolen funds
- $17 million of the $31 million remains unrecovered
Bithumb also provided a list of all of the coins taken and their amounts (in wons):
-
Deposits and withdrawals remain frozen, but some users are still attempting deposits, Bithumb asks that they stop:
“We have noticed that despite [sic] that we have officially announced to our customers asking not to make any deposit for the time being, yet deposit orders are still made. We would like to strongly ask our customers not to deposit any fund until the whole process of deposit service reformation is complete and until [a] further announcement is given.”
Bithumb made sure to thank the community for all of their help:
“The main reason for the reduction of the damage is due to the ongoing participation, support, and cooperation of cryptocurrency exchanges and cryptocurrency foundations across the world. Also, our quick response to the cyber attack by removing cryptocurrencies from hot wallet to cold wallet effectively contributed to reducing the overall damage. At this moment, we will continue our recovery process as well as implementing preventative measures until this incident is fully resolved.”
Venture Capital Firm Says that Cryptocurrencies Can Be Worth Trillions
UNION SQUARE VENTURES
- Union Square Ventures is a venture capital firm headquartered in New York City and oversees over a billion dollars in assets
- The firm is owned and operated by Fred Wilson, who has a stellar investing track record, investing in companies like Twitter, Tumblr, Zynga, Etsy, and Coinbase
- Union Square Ventures has established itself as the leading Venture Capital firm for blockchain startups
PARTNER SPEAKS OUT
- Albert Wenger, a managing partner at Union Square Ventures, recently was interview by CNBC to talk about the firms investments in cryptocurrencies
- Wenger shared that Union Square Ventures has a significant investment in cryptocurrencies and plans to continue investing into the future
Union Square Ventures will be incredibly successful if Wenger's prediction comes to fruition, he said:
“Investors are rationally pouring a lot of money into this sector, because I think people are seeing the winning blockchain here might be worth a trillion, or a couple of trillion dollars. It’s not at all crazy to think that. Certainly, for any one particular project there’s an extremely high chance it won’t work. As a result, if it works, the rewards will be very high.”
- He also gave advice to investors saying that they should not only hold Bitcoin and be careful investing as it is a very risky market
- After Many Months of Delay Tezos Launches Betanet
- $700 Million Crypto Ontology Goes Live
- Payments Company Qiwi Creates Crypto Investment Bank
Ethereum Classic (ETC)
PoC of new StateDB layer & Emerald Mobile Wallet
ICON (ICX)
ICX/ETH Decentralized exchange
VeChain (VEN)
VeChain launching their mainnet. VeChain holders will also generate THOR as part of staking rewards every day after this release.
OmiseGO (OMG)
"Honte (OmiseGO network preparation for Plasma) is currently on course to be delivered in Q1 to Q2 of 2018"
Lisk (LSK)
Lisk is going to launch Custom tokens & dApp registration.
Verge (XVG)
Verge social network will be launched in Q2 2018 .
Stratis (STRAT)
Full Node GUI Mainnet Beta release built on feedback from Alpha release on December.
DigiByte (DGB)
Artis Turba exchange releases in June, partnered with and listing DGB.
Stratis (STRAT)
The Breeze Wallet with Privacy Protocol has progressed through various internal test phases that focused on further testing of the protocol.
Stratis (STRAT)
"Courses continue to be developed for the Stratis Academy and will be released during this [Q1 & Q2] period."
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