Bitcoin holds around $10k / Silk Road drug dealer arrested / India recommends crypto ban

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Presented by Subscribe | View in browser Market Watch: Acorss the board, 24 hour prices are a mixture of red and green. Bitcoin remains above $10,000, but is down slightly. Out of the top 10, Litecoin has dropped the most. Bitcoin: $10,299 (⬇️ 1.17%) // $183.6 billion market cap. Ethereum: $216 (⬇️ 2.19%) // $23.1 billion market cap. XRP: $0.319 (⬇️ 1.74%) // $13.6 billion market cap. Litecoin: $93 (⬇️ 3.99%) // $5.8 billion market cap. Top 100 Winner: Ren: $0.112 (⬆️ 22.98%) // $87 million market cap. Top 100 Loser: Aurora: $0.022 (⬇️ 9.88%) // $147 million market cap. Prices are as of 12:35 pm EDT.       1. Bitcoin is trading around $10,300 today, but according to a gold analyst, the number one cryptocurrency could see a "sharp setback" to $7,000. In an analysis published today, Florian Grummes noted that if the June high of nearly $14,000 is passed, then $15,000, and the all-time high of $20,000 "may be achievable this year." However, he did add that if the sell-signal breaks down then a "sharp setback" in the direction of $7,000-$8,000 could also be expected. –SEEKING ALPHA       2. Cryptocurrency-related crimes caused $2.3 billion of financial damage between July 2017 and June 2019, according to the South Korean Justice Ministry. Over that period, the ministry states that 132 criminals have been indicted and detained, with another 288 charged without being physically held. Industry data suggests that while the crypto frenzy has died off in South Korea, a lack of regulations saw the number of exchanges rise to 205 in May. In March, Bithumb, a crypto exchange in South Korea, lost nearly $20 million in EOS and XRP currencies in a hack making it the third time in two years. –THE KOREA HERALD       A MESSAGE FROM ARCADIA POWER Arcadia Power is making renewable energy more accessible and affordable An online energy service that acts like your own clean energy consultant, helping homeowners and renters nationwide connect to clean energy, find lower rates for power, and get the latest smart and energy-efficient products. 3. Hugh Haney has been arrested after attempting to wash $19 million worth of Bitcoin on an unidentified crypto exchange. The U.S. Department of Homeland Security (DHS) reportedly found him after he tried to move the stolen funds. Haney alleges that they were the proceeds from Bitcoin mining; however, the DHS states it has information that traces the transactions back to the darknet marketplace Silk Road. If found guilty, Haney could face up to 30 years in prison. –DECRYPT       4. An Indian governmental panel has reportedly recommended a ban on all private cryptocurrencies, with a prison sentence of up to 10 years and fines for those found dealing with them. Before a final decision is made, a drawn up draft legislation will be reviewed by the government and regulators. It follows after a leaked draft bill last week suggested that the government was considering a blanket ban on cryptocurrencies. –REUTERS       A MESSAGE FROM TWIT PODCASTS 15 Tech Podcasts Covering Every Angle If you are into tech, check out the TWiT.tv podcasts. We cover the latest innovations, privacy, social media, security, plus reviews of smartphones, laptops, tablets, and wearables. If it has a chip, Leo Laporte and friends have a podcast for it. Find Your Next Favorite Podcast Here   5. The Financial Industry Regulatory Authority (FINRA), a U.S. self-regulatory organization, has requested that its members continue reporting information about crypto assets until July 31, 2020. The program was projected to close at the end of July; however, FINRA has decided to extend it by another year as stated in a notice. As such members are encouraged to "promptly notify" of their involvement in activities related to crypto assets such as whether they accept crypto from customers, mine assets, or whether they plan to trade. –THE BLOCK       6. Swedish crypto exchange QuickBit is alleged to have leaked the data of 300,000 customers. According to the company, an outsider contractor left the data unprotected during an attempted security upgrade. The information exposed included names, addresses, email addresses, date of birth, and user gender. No passwords, social security numbers, or cryptocurrency keys were reported to have been leaked. QuickBit removed the database when they received notice it was open around July 3. –COIN DESK       7. Crypto banking company FairX has shut its doors due to a lack of funding, which prevented it from becoming a licensed national bank. It was attempting to create a "new, licensed, fully regulated national bank," however, for the past 14 months, it has struggled to raise the money it needed. The company notes that the perceived centralization of its product may have scared investors off. –COINTELEGRAPH       8. Yoweri Musevini, the president of Uganda, is considering the use of blockchain to help tackle fake medication in the country's pharmaceutical sector. According to the Uganda National Drug Authority, around 10 percent of prescribed drugs in the country are counterfeit. It's hoped that by using the blockchain, patients will be able to verify the authenticity of the medication they are taking through the supply chain. –VERDICT       9. A retired couple from Australia says they lost $900,000 in a cryptocurrency scam. The pair, from Melbourne, were traveling around Australia in their camper van when they came upon a crypto trading website that promised high returns. However, within a matter of months, the couple's money was gone. As a result, they have warned others of "get rich quick schemes," of which elderly Australians appear to be a major target. In 2018, for instance, scammers stole $86 million from unsuspecting traders. –7 NEWS       10. A so-called Bitcoin playboy has been handed a suspended prison sentence after making it rain money over a poor neighborhood in Hong Kong. Wong Ching-kit, 25, also known as Coin Young Master, admitted to the publicity stunt that reportedly saw more than 300 people rush to grab the money. It's thought that at least $769 was thrown from a building. He was given a sentence of 10 days imprisonment, suspended for two years. –SOUTH CHINA MORNING POST       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad Arcadia Power makes clean energy accessible to any person who pays a utility bill. Check availability here.

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