 QUOTE OF THE DAY  |
| "The past never repeats itself precisely; otherwise, historians would be rolling in riches." - James Gipson |
Happy Monday! It's time to get back on the grind again after a relaxing weekend. Good luck HODLing everyone! Fingers crossed for a green week.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,426.13 | +0.92% |
|
| ETH | $456.938 | +0.98% |
|
| XRP | $0.462792 | +1.14% |
|
| BCH | $753.52 | +2.35% |
|
| EOS | $8.20441 | +1.98% |
|
*Information as of 9:30 AM EST
Kraken Claims Bloomberg's Allegations Were Meant to Manipulate Bitcoin Futures
BLOOMBERG STARTS IT
- On June 29th, four Bloomberg reporters published an article that claimed Kraken, a popular cryptocurrency exchange, was manipulating the price of Tether (USDT)
- Red flags were raised when the researchers analyzed charts and trades with timestamps and found inconsistent pricing of USDT
- In addition to the inconsistent USDT price movements, the order numbers are created in specific, strange numbers that occur consistently, signaling the use of bots
- Though many traders use bots to trade the market, the Bloomberg reporters believe the USDT bots on Kraken are performing wash trading, a practice banned by regulators in which investors trade with themselves to falsify market demand
For further reference, the Bloomberg authors asked for a former Fed examiner's thoughts on the data collected:
"Bursts of Tether buying on Kraken don’t seem to drive its price higher, Griffin said in an interview. During periods of heightened demand, one would expect its price to reach perhaps $1.10, leading to issuance of more Tether that moves the price back to $1, he said."
KRAKEN FIGHTS BACK
- Yesterday, after Bloomberg's allegations were made, Kraken published a statement refuting all the allegations and then even made some of its own
- The statement set out to debunk the myths of inconsistent USDT pricing on its platform claiming that Bloomberg does not understand the concept of an orderbook
- Kraken also stated that "wash trading" of a stablecoin makes no sense since the value is pegged to the U.S. dollar, which is a heavily manipulate currency in itself according to Kraken
Kraken delivered its own allegations when it claimed that Bloomberg's "sensational" article was published at a controversial time:
"If we are to take up our pitchforks against market manipulation, guide your torches toward this illumination: the Bloomberg News piece was published on June 29th, the last business day of trading for Q2, and expiration date of numerous futures contracts. It raises red flags."
Bloomberg has yet to respond to Kraken's statement published July 1st.
Coinbase is Opening a New Office in Portland
WELCOME TO PORTLAND
- Coinbase recently announced that as a part of its expansion it will be opening an additional office in Portland, Oregon
- It was shared that a few United States cities were contemplated for the new office and Portland was chosen because it is located on the West Coast and already has an avid blockchain and tech community
Coinbase plans on adding jobs to the community, its vice president of operations and technology said:
“Our new Portland office will host a variety of business-related functions. We’re hiring right now for roles focused on customer support, finance, compliance, IT and HR, and we expect to add up to 100 new jobs to the local economy this year alone.”
GOODBYE GDAX
- In addition to announcing the new office opening in Portland, Coinbase also announced that its advanced trading interface GDAX is now defunct in favor for Coinbase Pro
- Coinbase Pro is designed for institutional and active traders
- The new interface is just one step in the company's plan to bring cryptocurrency trading to institutional investors, it has also recently released custodial services and an index fund
Overstock's Cryptocurrency Exchange Causes Stock to Surge
tZERO
- tZero is a subsidiary of the e-commerce site Overstock and a cryptocurrency exchange that has plans to bring "efficiency and transparency" to capital markets
- A new partnership with BOX digital markets could allow tZero to be the first regulated security token exchange
- tZero is currently raising funds via a Security Token Offering, the STO is a private sale and Overstock is selling tokens for $10 a piece
- It has been shared that tZero has received investment from over 1,000 investors from 30 different countries, including GSR Capital who has written a letter of intent to purchase $160 million worth of tZero tokens
STOCK PERFORMANCE
- Overstock may provide investors with the greatest exposure to the cryptocurrency market out of any publicly listed company
- Because the company is so involved with cryptocurrency, institutional investors who may not be allowed to invest directly in cryptocurrencies may settle for Overstock as an indirect investment in cryptocurrency
- In March, news came out that the SEC was investigating tZero and caused Overtock's share price to fall
- With the news of tZero's successful fundraising efforts, Overstock's shares have been performing very well over the past week
BTCC Relaunches Crypto Exchange Almost One Year After China's Crypto Clampdown
RELAUNCH
- BTCC, one of the top three exchanges in China at the time it closed its doors, is now up and running again
- Currently, BTCC offers new trading pairs including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin against the U.S. dollar as well as other crypto to crypto pairs
- This relaunch comes almost a year after BTCC closed its door following China's clampdown on crypto exchanges that were trading cryptocurrencies against the Chinese yuan
TOKEN ISSUANCE
- In addition to the launch, BTCC stated that it will be issuing its own tokens to be used for its platform
- To market the launch, BTCC is offering points that can be converted into BTCC tokens for all users who sign up and complete identification verification
- Many Chinese crypto exchanges have begun to follow the "trans-fee mining" revenue model in which a user is reimbursed in the exchanges own tokens for any transaction fees
- Since this new model is yet to be seen as stable in the long term, BTCC is exploring options for how its tokens will be distributed
- Mythbusting: Why Bitcoin Can Never Go to Zero
- Bitcoin's Unknown 'Kings': The Magazine Mystery That's Got Crypto Guessing
- Self-Claimed Satoshi Nakamoto Says Bitcoin Book in the Works
Today in Crypto is powered by coinmarketcal.com
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