“Weekly what changed in crypto” by Alte.Capital — 18–25 June 2018
Most important stuff we’ve seen previous week in crypto world with personal thoughts
It’s hard to find one specific reason for continued crypto sell-off which we could seen in past week. There are few theories, but in fact we are just observing sentiment and human emotions in play. Intraday we have reached 237 billion dollars market cap. It’s already below my target at 270 billion dollars which I thought was a main support level. Now we broke that level, so we should see more sell pressure in upcoming days. The only hope for different scenario would be sentiment change, but it’s hard to find a source of such change.
Most important events
The US law firm has published a report confirming that the Tether token is fully secured with reserves worth more than 2.5 billion dollars. Despite this, part of the crypto community remains unconvinced, and the report has raised a new round of allegations that USDT has been used to pump price of Bitcoin in the 2017 year.
Japan watchdog orders improvements at 6 exchanges
Japan’s financial regulator has targeted six licensed cryptocurrency exchanges to issue business improvement orders, ramping up its scrutiny of the sector.
Following on-site inspections into a number of exchanges FSA has ordered 6 licensed exchanges to rehaul and improve their management systems with a specific focus on risks and ID verification procedures among other facets.
Nvidia has 300 000 overstocks of GPU’s
Nvidia CEO Jen-Hsun Huang announced that the company would not be launching any new GPUs for “a long time”. According to a report from Seeking Alpha, Nvidia also aggressively bought GDDR5 that it now has in excess stock of lower-end GPUs.
Bithumb has announced that hackers have stolen more than $30M in crypto
The hack took place between June 19 and June 20. Bithumb did not reveal any details about this latest hack, such as what cryptocurrency the hackers stole, how they got into their IT system, or how they exfiltrated funds. Bithumb tweeted that it will cover any losses for its users.
Tron bought BitTorrent
The acquisition will cost Tron $120M, and shareholders have now received the paperwork to sign off on the deal. This follows weeks of speculation of to whether the deal will close and what the price would ultimately be. There are not yet details how both platforms will be merged or cooperate.
The Bank for International Settlements releases article arguing that the cryptocurrency world it’s not ready for prime time. The 24-page report says that cryptocurrencies suffer from ”a range of shortcomings”. BIS serves at the central bank of central banks, and argues that cryptocurrencies are ”too unstable” for mass adoption.
Next “What changed in crypto” is due on July, 2nd, 2018