Weekly CryptoReport on 11-15 June

Steve Wozniak, the co-founder of Apple: “Only bitcoin is pure digital gold… and I totally buy into that. All the others tend to give up some of the aspects of bitcoin. For example, being totally decentralized and having no central control. That’s the first one they have to give up to try to have a business model.”

Source of the picture: Viappy / Shutterstock.com

Cryptocurrencies

Bitcoin is suffering bad times. On Wednesday, June 13, the cryptocurrency fell to the lowest level of $6,000 since the beginning of February. On Thursday, it managed to recover, however, $6,500 was a strong resistance for Bitcoin. As a result, Friday trading is bearish for the cryptocurrency again. Analysts consider a possibility of a fall to $3,500. If bitcoin breaks below the psychological level of $6,000, this fall will become a reality.

It’s worth mentioning that a possible reason for the Bitcoin’s fall is a hack attack on the cryptocurrency exchange Coinrail that happened on June 10. Hackers stole tokens in the amount of $37 million.
Analyst of the University of Texas declared that dollar-backed token Tether was used to support a Bitcoin price during times of decline in business activity in the market. As a result, the price was raised artificially. Tether is accused of fraud.
According to the CEO of Ripple Brad Garlinghouse, Bitcoin is under control of China. The largest Bitcoin mining pools are located in China. They control 59,7% of the Bitcoin hashrate.
Hackers stole more than $20 million through Ethereum clients. It became the largest steal of tokens in the history.
Citizens of Thailand can trade 7 cryptocurrencies. They are BTC, ETH, BCH, ETC, LTC, XRP, and XLM. Also, the cryptocurrencies can be used as investments to ICO.

Regulation

An international organization “Financial Action Task Force” is preparing a regulation of cryptocurrency exchanges.
US commodity futures trading commission (CFTC) conducts an investigation into Coinbase, Kraken, Bitstamp, and itBit cryptocurrency exchanges. The authority suspects them of a manipulation of Bitcoin Futures prices.
However, Commissioner of the CFTC, Rostin Behnam, said that US regulators accept a potential of cryptocurrencies and suppose that they will become a part of an economy of any country.
Apple tightened rules of placement and conditions for using cryptocurrency applications in the App Store. It won’t be possible to place mining programs or applications that offer cryptocurrency payments for the performance of any tasks anymore. It’s worth saying that a fake app MyEtherWallet was in a top list of AppStore rating at the end of last year.
Don’t trade without a license. A 50-year-old resident of Los Angeles, Teresa Tetley, may go to jail for 30 months for an unlicensed cryptocurrency trading.

Cryptocurrency exchanges

The cryptocurrency exchange Binance will add fiat pairs. Trading euro will be implemented until the end of 2018.
A popular cryptocurrency platform Bithumb successfully passed the tax audit.

The South Korean Tax Service, which has been inspecting the cryptocurrency exchange since January, has not revealed any violations in its work.

Argo Blockchain will become the first cryptocurrency company on the London Stock Exchange. It will provide a possibility of remote mining of cryptocurrencies with a monthly payment.

Blockchain

The head of the Federal Financial Supervisory Authority of Germany said that blockchain technology can make a revolution in the economy.

Bitcoin $6,580 (+1.39%)

DASH $266.46 (+3.47%)

Ethereum $493.39 (+0.14%)

Litecoin $97.37 (+0.90%)

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