Weekly CryptoReport on 28-31 May

Wikipedia Creator Jimmy Wales: “Right now, we are in a bubble. The crypto world is absolutely, definitely in a bubble. I don’t think there are many people who would deny that”.

Source: 3777190317 / Shutterstock.com

Cryptocurrencies

Bitcoin managed to rebound from the psychological level of $7,000. Up to date, the cryptocurrency is trading above $7,400. The next aim to break is $7,600 (100-hour MA). 50-day MA is to cross the 100-day MA bottom-up. It’s a positive signal for Bitcoin. The support still lies at $7,000.

Hackers attacked Canadian leading banks “Bank of Montreal” and “Simplii Financial”. They requested $1 million in cryptocurrency for not publishing personal data of banks’ clients.
John McAfee plans to release his own crypto-backed fiat currency, the McAfee Redemption Unit (MRU), on June 25.

Regulation

The National Committee for the standardization of the blockchain will start working this year in China.
President of the People's Republic of China Xi Jinping said that Chinese authorities will support a development of blockchain.
South Korea’s National Assembly officially proposed lifting an ICO ban. Also, the Assembly offered to create legislation for cryptocurrency trading and let conduct ICO through a standing committee of the National Assembly.
The Supreme Court of South Korea created a legal precedent, recognizing cryptocurrency as an asset that can be confiscated by a court decision.
A ban on anonymous cryptocurrencies will be in force since the next month in Japan. It’s worth saying that local regulators are tightening a regulation of the cryptocurrency industry.

Cryptocurrency exchanges

Clients of the cryptocurrency exchange Poloniex have to provide their personal data to conduct transactions with cryptocurrencies.
The cryptocurrency exchange Bithumb blocked accounts of clients from 11 countries. They are North Korea, Iran, Iraq, Syria, Sri Lanka, Tunisia, Yemen, Vanuatu, Bosnia and Herzegovina, Ethiopia and Trinidad and Tobago. These countries don’t have a proper regulation on terrorism and laundering of money.

Blockchain

A number of Lightning channels in the bitcoin network exceeded 7,000. Analysts are sure that Lightning Network can provide a revolution in the cryptocurrency industry. The bandwidth of bitcoin may surpass large payment systems, such as, for example, Visa.
China continues to implement blockchain into different services. For example, Baidu Baike (Chinese Wikipedia) implemented blockchain to record the revision history of articles. Earlier Baidu launched a blockchain service for stock pictures.

Bitcoin $7,574 (+0.22%)

DASH $310.01 (+0.38%)

Ethereum $587 (+2.52%)

Litecoin $120.31 (+0.48%)