Crypto News Weekly - Coinrail Hack, Market Mayhem, Potcoin & Trump in Weekly Roundup 15.06.18
Last week in crypto, Coinrail hacked for $37 million, Potcoin sending Denis Rodman to help world peace, American exchanges subpoenaed by CFTC and Tron buying BitTorrent?
Korean Exchange Coinrail hacked for $37 million
On Sunday, a smaller Korean cryptocurrency exchange was hacked for over $37 million of cryptocurrency, which coincided with a major drop in the market capitalization of over $25 billion within a few hours. The world’s press was quick to seize upon the story as the cause of another sliding week in prices. The main currency stolen was PundiX, a recent ICO from the Philippines rolling out POS machines for crypto. They have been very active in counter-measures after the hack to try and freeze the assets and recover losses.
Potcoin sponsors Dennis Rodman to help Trump
In one of the more random stories of the week, Dennis Rodman, ex-American basketball star and celebrity, has been sponsored by Canadian cryptocoin Potcoin to attend Vietnam to aid world peace efforts whilst President Trump and Korean Leader Kim Jong Un meet.
Rodman is one of the few people in the past who have managed contact with the elusive Korean leader, sharing a love of basketball, and on arrival in town Rodman held what can only be called an emotional performance with CNN for an interview. And a day or so later came a call from the President’s people thanking him for his efforts.
Binance grows with news of crypto fiat pairs
Binance have announced this week that they are ready via their Malta setup, and deals to start offering crypto-to-fiat pairings in the form of Euros later this year. And there is also news of a Jersey MOU that might even lead to crypto-Sterling pairings. The Binance Coin has reacted positively on the news, holding its value better than the general market.
Major Exchanges under scrutiny in US
As the CFTC casts its beady eye over the world of crypto in relation to America and launches its general investigation to find out if there are dark forces at play manipulating coin prices and also to check if the Pope is still a Catholic, four of the big boys are under the microscope. Being exchanges that help set the prices for Bitcoin CME Futures market, Bitstamp, Kraken, iBit, and Coinbase are under particular scrutiny, which is generally felt to be a major factor in dropping the price of Bitcoin and the market in general this week. The exchanges have [been] subpoenaed by the CFTC for trading data, no doubt looking for evidence of wash trading or spoofing be carried out by larger players.
Tron takes over BitTorrent?
It is now widely being reported across the world’s press that Justin Sun from Tron has acquired BitTorrent after a troubled acquisition. The circulating report says that Sun first approached BitTorrent with a “no shop” deal, meaning they were not free to talk to other buyers, but in the process, they broke the agreement leading to Sun taking court action to enforce the conditions, then getting the deal back on course and completing the acquisition. BitTorrent, now called Rainberry, has been through some troubled times recently seeing two CEOs come and go with restructure and resurrect plans, and is referenced generally in the Tron White paper quite a few times
Market update - Are we entering the Ice Age?
Wipeout is the best term for the last week as flash losses on Sunday were followed by sustained losses across the week, meaning harsh times are back again, maybe I even lied that there was no possibility of another ice age in the market report last week.
On top of the stories in our pieces, lots more hacking stories as usual across the press and the mood is at best apprehensive and at worst, black today.
Everything is down 15-35%. Strange, when you classify an altcoin as a strong performer when it has lost less than 20% this week.
- Bitcoin leading the way, down 15.5%, losing most of its value on Sunday evening across a few hours.
- Ethereum, suffering more heavily than Bitcoin, down below the 500 mark, at $ 488, 20% across the week.
- Ripple - down 12 cents to 55 cents, haven’t seen these prices for a long time.
- Bitcoin Cash- taking the biggest beating of the big four, and dropping by 25%, well below the 1000 mark, now at $ 866.
- EOS launched the first step of mainnet and now need 15% of holders to vote to get some governance, this pulling their price down, down 27% overall.
- Tron - mainnet passed, and now everyone is talking up their election process in the near future, maybe acquired BitTorrent and looking sad at 30% down.
- Zilliqa, one of the new promising coins, taking a heavy step back by 35% within the week.
- Two good performers for the week, Ethereum Classic, peaking mid-week as they unexpectedly got listed on Coinbase, only 11.4% down on the week. Binance, buoyed by the European partnerships into fiat news, only losing 12.7% in 7 days.
And that sums the week up when I am talking about the strongest performances being the least losses. Fingers crossed for a better week next week.