Ethereum

Bitcoin Worth Over $8,400 as Most Top Altcoins See Losses

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Friday, June 14 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) crossed the $8,400 mark again after breaching it earlier today.

Market visualization courtesy of Coin360

Bitcoin is currently up over 2.8% on the day, trading around $8,420 at press time, according to Coin360. Looking at its weekly chart, the coin is up about 7.35%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

American digital asset manager Grayscale claimed in recently published research that bitcoin vastly outperformed traditional wealth preservation assets during the United States-China trade war.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at just under $27.3 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $16.7 billion at press time.

Coin360 data shows that ETH has seen its value decrease by about 1.2% over the last 24 hours. At press time, ETH is trading around $257. On the week, the coin has also gained over 3.5% of value.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is down by just over 1% over the last 24 hours and is currently trading at around $0.396. On the week, the coin is down about 4.19%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the one reporting the most notable losses is binance coin (BNB), which is down over 11%.

At press time, the total market capitalization of all cryptocurrencies is $266 billion, about 3.87% lower than the value it reported a week ago.

As Cointelegraph reported earlier today, major crypto exchange Binance announced that it has updated its terms of use, which notably includes a restriction of services to United States-based individual and corporate traders.

In traditional markets, the United States stock market is seeing slight losses so far today, with the S&P 500 down 0.33% and the Nasdaq down 0.61% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained 0.44% on the day at press time.

Major oil futures and indexes are seeing discreet gains today, with WTI Crude up 0.96%, Brent Crude up 1.37% and Mars US up 2.03% at press time. The OPEC Basket is up 0.82% and the Canadian Crude Index has seen its value increase by 0.7% in the 24 hours by press time, according to OilPrice.




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Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety

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On July 12, 2019, Tokyo-headquartered cryptocurrency exchange Bitpoint promptly suspended its services after noticing an error in the outgoing funds transfer system. Soon, an official announcement followed, revealing that the trading platform had lost around 3.5 billion yen (roughly $32 million) as a result of a security breach. The exchange’s administration has managed to find a portion of the missing funds since the initial announcement was published. Nevertheless, the security breach seems to continue the streak of hacks targeting Japan-based exchanges.

Details of the hack

According to the breakdown of the hack published by Bitpoint’s parent firm, Remixpoint Inc., Bitcoin (BTC) accounted for the highest share of total losses. The total amount of stolen BTC (1,225) is worth over 15 billion yen (just over $138 million). Further, over 28 million XRP (10 billion yen, or $92 million) and 11,169 ETH (3.3 billion yen, or $30 million were…



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Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

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David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate.

Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is something that I care about deeply, personally.” Marcus added that the company will have an Anti-Money Laundering program, reiterating Facebook’s commitment to FinCEN.

Marcus stated that “Calibra will be affordable and accessible and also safe and secure” and will comply with FinCEN and state regulation. According to Marcus, Libra Corporation will still register with FinCEN despite the…



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Altcoin

R3 to Support a Startup-Focused Stock Exchange in Brazil

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Blockchain consortium R3 has partnered with Brazilian fintech company Banco Maré to launch a stock exchange for investing in technology firms.

Banco Maré, a blockchain-powered digital bank focused on financial inclusion, intends to build a tokenized stock exchange offering investments in technology companies with “social impact,” Cointelegraph Brazil reports July 16.

The new R3 technology-backed platform, provisionally named BVM12, will purportedly open a new funding source for technology startups, as well as enable individual investors to generate dividends from investments in new technologies, the report notes.

Rio de Janeiro-based Banco Maré has reportedly conducted its first informal consultations with the Brazilian Securities and Exchange Commission, and is reportedly planning to make an official request to the agency in August 2019.

Banco Maré CEO Alexander Albuquerque claimed that the new venture aims to democratize risky investment and bring the low-income public to the stock market.

Earlier in June, Cointelegraph reported that the…



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Altcoin

Is There a Future for Privacy Coins in the United States? » The Merkle Hash

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Cryptocurrencies which provides users with privacy and anonymity are often looked down upon by politicians and other officials. Especially in the US, privacy coins such as Monero and ZCash might face an uphill battle in the future. The most recent White House press conference only confirms these currencies are designed for criminals and no one else. 

The Stigmas Remain

For quite some time now, the term “privacy coins” is associated with illegal activity on the internet and in the real world. This is primarily because of the privacy and anonymity features these currencies tend to provide to its users. In the case of Monero, for example, it is impossible to determine who owns how many coins, or who is sending and receiving transactions. This makes it a thorn in the side of government officials and financial experts, as they only see the negative side of this…



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Bitcoin

‘I like bitcoin,’ says House GOP leader McCarthy, hits Facebook Libra

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House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin.

“I like bitcoin” and the security of the blockchain ledger technology behind cryptocurrencies, the California Republican said, as he criticized Facebook’s plans for a Libra digital coin ahead of hearings on Capitol Hill this week.

Libra will be pegged to a basket of government-backed money, compared with bitcoin, which is highly volatile in price and derives value from factors including its ability to enable instantaneous, anonymous, global payments and as an investment.

Nobody controls bitcoin.

McCarthy did, however, say that bitcoin is not where it needs to be yet, alluding to the risks of cryptocurrencies being used by criminals and money launderers.

While Libra promises more stability, McCarthy remains concerned.

“When I’m on Facebook, I’m not the customer, I’m the product,” he said. “Facebook is free because…



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