Crypto Market Update (12 June 2018)

Bitcoin Global News (BGN)

June 12, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market took a large plunge on Sunday with most coins dropping between 5% and 15%. Most altcoins has since stopped the decline, but trading volume continues to fall. Loom network (LOOM) is the big standout of the top 100 coins - up about +35% in the past 24 hours. Ethereum Classic (ETC) is also up big, about +25% in the past 24 hours on news that it will be added to Coinbase. Bitcoin is right around $6,800 for about +1% change and Ethereum is right at $525 for +1% change in the past 24 hours. Market cap for the overall cryptocurrency market lost over $40 billion coming down to $293 billion total.

Major Headlines

Wells Fargo Bans Cryptocurrency Purchases with Credit

Wells Fargo is the third largest U.S. bank by total assets. The same decision was made by many other companies earlier this year such as, PMorgan Chase, Bank of America, Citigroup, Capital One, and Discover. "Judging from the results [of] our poll, most Bitcoin investors are not worried about a crash and believe that the returns from their Bitcoin investment will be sufficient enough to pay back their credit card bills. For example, 70.37 percent of respondents that carried over their credit card balance stated that owning Bitcoin is worth the interest expense. Additionally, 88.89 percent of that same pool of investors plan on paying off their credit card bill from the money generated after selling their Bitcoin.”

Binance Will Offer Crypto to Fiat Pairs

Binance is currently the second largest cryptocurrency exchange by 24-hour trading volume about $1.5 billion. The fiat-crypto trading will be available later this year in partnership with a Malta-based exchange. In a similar format to Coinbase and GDAX, Binance CEO confirmed that “Binance.com is a pure crypto-to-crypto exchange.” - crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. It will most likely begin fiat trading with a euro-Bitcoin pair. Again in a similar decision to Coinbase, earlier this month Binance announced the establishment of a $1 billion cryptocurrency-based fund, seeking 20 partners with at least $100 million in assets under management.

Lithuania Delineates ICO Regulations Similar to SEC

The Ministry of Finance of the Republic of Lithuania released guidelines for ICOs in the country last week. The published guidelines follow statements by the United States’ SEC that align ICOs as securities. Lithuania has stood out as a welcoming country for blockchain startups and businesses. The Minister of Finance, Vilius Šapoka: “...we can not ignore the development of new financial instruments and phenomenon of blockchain technology. We do believe that certain usage of it, such us ICOs, should be regulated... We acknowledge that the brave new crypto economy world is here to stay, this is why we encourage and invite its participants to innovate and create in Lithuania.” The guidelines clearly define the scenarios where ICOs and token projects would fall under securities regulations or currency regulations. They act as a litmus test similar to the “Howie Test” that the United States SEC is using as a rough guide.

Top 5 Gainers

Karma (KRM) +84.32% at $0.010826

Helbiz (HBZ) +44.72% at $0.011059

Linda (LINDA) +40.07% at $0.002624

Loom Network (LOOM) +35.30% at $0.267065

ZIP (ZIP) +31.63% at $0.003800

Top 5 Losers

Neurotoken (NTK) -24.19% at $0.147331

Hurify (HUR) -20.49% at $0.064092

Noah Coin (NOAH) -17.88% at $0.006356

AirToken (AIR) -16.86% at $0.006956

Phantasma (SOUL) -13.82% at $0.259409