June 2018 News Blockchain review
Bitcoin Price :
This month was one of the worst periods for Bitcoin and the entire cryptocurrency market is still in a clear down trend. Bitcoin’s price is down almost 20% over the last month. In 25thJune, the bitcoin price hit a low for $ 5,825 and as time of writing the price is around $ 6,100. Therefore, $ 6,000 is now a critical support zone, if the market keeps collapsing and we might be able to see our prediction reaching $ 5,000 become reality.
As mentioned in our previous blog: Bearish Crypto Market Movement Until When?, assuming $ 5,000 as bottom for Bitcoin might be imprudent and probably July will be the bottom of the cryptocurrency market in 2018. Hopefully, strong volume and momentum, for instance new capital from exchange-traded funds(ETF) will enter the market soon but the next rally would take longer and at uncertain time.
Regulation:
Governments explore applying blockchains to ameliorate service:
Britain’s National Archives is examining blockchain for storing digital records.A prototype system is being built by Australia for welfare payments. Estonia is using the blockchain technology to keep court files, wills and health records safe. Dubai intents to be “the first blockchain-powered government,” integrating the technology into a large number of critical systems.
The Latest Worldwide Blockchain overview of Central Banks:(Excerpts from our previous blog)
Countries such as the United States, Norway, and England have demonstrated their support for cryptocurrencies and blockchains. South Africa’s central bank has issued a trial of its blockchain-based system for interbank clearance and settlement. Bank of Thailand(BoT) has implemented blockchain technology research in supply chain, bond issuance and letters of guarantee. China’s central bank has finished work on a blockchain-based system that digitizes checks issued by domestic businesses.
Hacks and Security challenges:
(check our latest blog : Blockchain community are dealing with big security challenges)
1. Crypto-jacking attack in Japan and China:
Crypto-jacking is the practice of using unsuspecting users’ processing power and installing mining scripts or outright malicious malware onto computers of unsuspecting users to mine cryptocurrencies for the attackers.
In Japan, 16 men have been arrested in connection with a crypto-jacking attack which installed malware on unsuspecting’ computers in order to mine Monero (XMR)by using Coinhive,a Monero-mining software script.
In China, more than 100,000 internet Kiosk computers have been affected bySiacoin Mining malware designed to mine cryptocurrencies which generates nearly$1 Millions. Sixteen have been arrested so far.
2. Two Korean exchanges have been hacked:
Bithumb,South Korea’s biggestcryptocurrency exchange by trading valuehas been hacked three times in 12 months. It has lowered the estimated amount of money lost in the hack from35 billion won (about $31 million) to 19 billion won (about $17 million). Coinrail, a smaller South Korean cryptocurrency revealed that it was hacked with losses of $37.2 million (40 billion won) including a variety of ERC-20 tokens.
3. 51% of attack performed on some Blockchain networks:
Monacoin, Bitcoin Gold, Zencash, Verge (x2 times) and Litecoin cash.At least five cryptocurrencies have recently been hit with an attack that used to be more theoretical than actual, all in the last month.
Adoption:
U.S. SenateCandidate Austin Petersen was forced to return a $130,000 Bitcoin donation by reason of federal regulations that governed campaign contributions.
Unlike the U.S. government, African countries embrace cryptocurrencies. “The interest in blockchain and cryptocurrencies in Africa is spread out across markets running from Zimbabwe to Kenya and into West Africa. ”
In the Media Industry, Freedom of the Press Foundation (FPF) has been received more than $500,000 donation already. Besides FPF, other nonprofits and charities also accept cryptocurrency donations. For example, UNICEF Australia asks supporters to contribute their computer’s processing power to raise funds for disadvantaged children.
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