Wednesday, June 13, 2018

Daily Coin Update - Thursday, June 14th 2018

Daily Coin Update

Thursday, June 14th 2018

Coin Value 24h Change 24h Volume Mkt Cap
(BTC) Bitcoin $6,526.17 -0.93% $5b $112b
(ETH) Ethereum $488.07 -2.28% $2b $49b
(BCC) BitConnect $0.5202 +3.43% $999 $5m
(XMR) Monero $129.75 +3.27% $55m $2b
(DASH) Dash $259.00 -0.62% $129m $2b
(XRP) Ripple $0.5515 -1.62% $401m $22b
(NEO) NEO $40.09 -3.35% $108m $3b
Missing something? Comments? Suggestions? Email me at ohad@ohadron.com

📌 Do you want the good news or the bad news first?

Bitcoin beach body.


Recently, the crypto markets have been doing a great job shedding that winter weight.

Over the weekend, South Korean exchange Coinrail was hacked, losing 40-60 million dollars worth of cryptos, yet it's not the ultimate cause of the recent market decline...

In timely fashion, there was also a significant investigation launched into the biggest exchanges that make up the futures market, following fears of price manipulations.

Both have lead to a widespread panic... And a whole lotta red. 🚨

Nevertheless, we are quickly approaching a point where it is worth buying while there is blood in the streets.

To be an effective trader and investor, you HAVE to rewire your brain to buy when everyone is afraid.

📜 Reminder: This market will NOT be going to zero.

 

 MUST READS 

Bitcoin Falls Sharply After Another Cryptocurrency Exchange is Hacked


South Korean cryptocurrency exchange Coinrail said it suffered a "cyberintrusion" on Sunday, prompting bitcoin prices to fall sharply toward year lows.
 

Coinbase One Step Closer to Selling Securities


The race is on for the desired title of "world's #1 exchange," and Coinbase is looking to take the lead as it makes moves to become the first broker-dealer to offer blockchain securities regulated by the SEC and FINRA.

In the month of June alone, Coinbase has made massive strides including:

Crypto Giant Binance to Offer Euro Trading Pairs This Year


Many of the most popular virtual currency venues only provide crypto-to-crypto trading, which is subject to less regulatory scrutiny but limits customers' ability to cash out. Offering a fiat currency would be a first for Binance as it looks to build on its rapid growth.
 

 DEEP DIVE 

Bitcoin is Not an Energy Drain, But Rather an Energy Gain?


The CoinShares Group has published a white paper authored by researchers who make the claim that the Bitcoin Network is not using as much energy as has been widely reported.

Contrary to media sources, they claim that the Bitcoin network is actually mainly powered by renewable energy, with hydro being the dominant source. 
 

📊 BTC Investment Theses


We can separate the investment theses for (and against) investing in Bitcoin into categories. This detailed analysis helps clarify how much of an impact a given narrative could have to Bitcoin's valuation. For example, investment theses that have a short holding period are less meaningful for investors than ones with a long holding period.
 

The Truth About Smart Contracts – And a Tweetstorm Response


Crypto Influencer Jimmy Song breaks down the misguided assumptions people have towards Smart Contracts, and how instead they're "not so simple and very hard to secure"

Our friend Kyle Samani of Multicoin Capital responds to this article to offer his critiques - albiet 280 characters at a time.
 

 SPONSORED 

Coming Soon: Amazon Coin


Recent evidence shows that Amazon may be on the verge of testing out it's own cryptocurrency.

And Silicon Valley expert, Jeff Brown, has released a strategy that shows you two "backdoor" ways to profit from this extraordinary event without having to buy Amazon shares or a single cryptocurrency.
 

 REGULATORY FRONT 

U.S. Regulator Demands Trading Data From Bitcoin Exchanges in Manipulation Probe


The CFTC has reportedly sent subpoenas to four cryptocurrency exchanges to gather trading data for its investigation into pricing manipulation.

Ever since cryptocurrency took off in 2017 and bigger players started entering the arena, investors have theorized that cryptocurrency prices were possibly being manipulated. [paywall]


Although the markets have sold off since the news, this should be viewed as GOOD regulatory news.
 

Wells Fargo Bans Cryptocurrency Purchases on Its Credit Cards


Wells Fargo has decided to hop on the bandwagon and join Citigroup and Bank of America in starting to charge a cash equivalent fee to customers purchasing cryptocurrency with a credit card.
 

 CHART OF THE WEEK 

In regards to our latest BTC chart, we basically hit the April 1st low of $6,400.

If we break through that level, the next major level of support is the Feb 2nd low of about $6,000. On Bitstamp, the price briefly dropped to around $5,900 so that could happen again as well.

Above is the Bitfinex chart with the 2 levels circled. Horizontal levels like these can be more relevant than channel levels in strong down-turns.

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Here are today's ten most important Bitcoin stories, efficiently ranked & summarized by smart humans, not algorithms:

$BTC (1:57 p.m. EST): $6,333.92 (-6.16%) // 90-day high: $11,849.50 // 90-day low: $6,247.06/ / More

$BCH (1:57 p.m. EST): $830.68 (-8.10%) // 90-day high: $1,786.80// 90-day low: $608.37 // More

$ETH (1:58 p.m. EST): $472.19 (-8.94%) // 90-day high: $831.65 // 90-day low: $365.43 // More

$LTC (1:58 p.m. EST): $93.45 (-10.79%) // 90-day high: $251.03 // 90-day low: $93.45 // More

$XRP (1:58 p.m. EST): $0.52 (-8.65%) // 90-day high: $1.20 // 90-day low: $0.47 // More

Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. Bitcoin’s price was artificially inflated last year, according to new research. A paper from John Griffin, a finance professor at the University of Texas, claims that price manipulation may have accounted for at least half of the increase in the price of bitcoin and other major cryptocurrencies last year. Griffin looked at the flow of digital coins at Bitfinex, one of the largest and least regulated exchanges in the industry. He identified several patterns that he believes someone or some people at the exchange worked to push up prices. –THE NEW YORK TIMES

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2. The price of ethereum classic jumped 22 percent on Tuesday. The increase coincided with the announcement that Coinbase would begin to offer the token to customers within the next few months. Coinbase said engineering work to support the cryptocurrency will soon begin, and customers can expect to see public-facing software applications and other signals that the digital coin will be joining the exchange. -BLOOMBERG

Ethereum Classic jumps amid Coinbase report
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3. The price of bitcoin continued to tumble, hitting its lowest level since February. The price fell $6,200 on some exchanges, bringing the slide this year to more than 50 percent. “I don’t think this is driven on any particular news, just the general downtrend after the 2017 run,” said Kyle Samani, managing partner at Austin, Texas-based crypto hedge fund Multicoin Capital. “A lot of people who bought at $9,000 in April are realizing that they’re not going to break even anytime soon, and are instead trying to get out.” Bitcoin was not alone as ethereum slipped below $500 per coin for the first time in months. -BLOOMBERG

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4. The Korea Federation of Banks will launch a blockchain-powered customer identification program in July. Called BankSign, the system is intended to replace a 20-year old public verification system that is notorious for its complexity and inefficiency. The BankSign platform is based on Nexledger, a private enterprise transaction management tool from Samsung. –COIN TELEGRAPH

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5. Coinbase will now offer deep-pocketed investors a new way to invest cryptocurrencies. The exchange launched the Coinbase Index Fund, which offers exposure to every asset the company lists. Investors can buy into the fund for between $250,000 and $20 million. The fund is aimed at institutional investors and those with a lot of money to invest. The cryptocurrencies in the fund are weighted by market capitalization to ensure effective diversification of assets. -BITCOINIST

Coinbase to offer investment fund
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6. This is a weird one: An artist in New York turned himself into a digital currency. He stamped blockchain tokens in his own blood as part of a conceptual art project. –THE INDEPENDENT

7. Ripple CEO Brad Garlinghouse remained in the public spotlight with another interview this week filled with strong statements. The most interesting: China controls bitcoin. –THE STREET

8. The Wall Street Journal gives an inside look into the launch of EOS. The project raised $4 billion from investors on the promise of a transformative blockchain project but infighting among developers has stopped EOS from living up to the hype – at least for now. –THE WALL STREET JOURNAL

9. Noted investor and bitcoin bull Tim Draper believes the coin will hit $250,000 by 2022. Draper’s comments came amid a sprawling interview that touched on crypto regulation, blockchain, and online security. –NEWS BTC

10. The #PayWithLitecoin movement continues to gain steam. While the price of litecoin has struggled in recent months, the coin has gained more businesses that will accept it as payment for goods and services. -COINFRENZY

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From the Forums

Be patient, and remember that transformative change takes time.

Roger Ver is not happy with Reddit.

Woz talks litecoin.

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