Crypto Market Update (08 June 2018)

Bitcoin Global News (BGN)

June 08, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market overall continues to show consolidation today with only minor losses on many coins. Many altcoins are showing some growth in the past 24 hours, and trading volume continues to climb. Waves (WAVES) is the only minor standout of the top 100 coins - up about +10% in the past 24 hours. Bitcoin is right around $7,600 for about -1% change and Ethereum is right at $600 for -1.5% change in the past 24 hours. Market cap for the overall cryptocurrency market lost $5 billion coming down to $340 billion total.

Major Headlines

SEC is “underwhelmed” with exchange participation

The United States Securities and Exchange Commission has been hard at work so far this year trying to get a handle on cryptocurrencies, as well as attempting to begin a regulation push. However, it has not been an easy road. “We're underwhelmed by the enthusiasm for coming within the regulatory structure right now,” said Brett Redfearn the SEC’s Director of Division of Trading and Markets. This should not seem all that surprising when the group has been unable to lay down clear definitions of aspects within the space yet, especially in regards to ICOs. “Quite frankly not all of them are obvious on its face exactly what it is,” Redfearn went on.

Ripple puts $50 million toward blockchain education

The cross-border payment solutions company has partnered with 17 Universities world wide (7 in the U.S.) to begin the “University Blockchain Research Initiative.” The initial UBRI partners represent a wide range of geographies and markets, and a rich blend of academic disciplines. Ripple plays three main roles in the functioning of the initiative:

Collaborate on research and technical development that will stimulate widespread understanding and innovation in blockchain.
Create new curriculum to meet high student demand for learning about blockchain, cryptocurrency and other FinTech topics.
Stimulate ideas and dialog among students, faculty, technologists and business leaders on topics of shared interest.

The program has plans for expansion as well, as this is just the “first wave” of partnerships.

$1.1 Billion in crypto has been stolen so far this year

27% of theft was taken from exchanges, but it should be noted that most of that value was refunded to customers. Most notably, the $500 million NEM theft from Coincheck was refunded earlier this year. Another 21% of theft was taken from private businesses. That sounds like a lot, but relative to existing American structures, it’s a drop in the bucket. $48 billion was the cost of retail theft in America in 2017 - that is 43 times that crypto theft total so far this year. $16.8 billion was stolen from U.S. citizens last year through fraud schemes.

Top 5 Gainers

EJOY (EJOY) +259.43% at $0.034337

Akuya Coin (AKY) +139.56% at $0.003802

Version (V) +113.31% at $0.005932

Authorship (ATS) +54.44% at $0.005932

Indicoin (INDI) +47.83% at $0.018160

Top 5 Losers

Swisscoin (SIC) -55.50% at $0.000684

0xBitcoin (0xBTC) -39.36% at $2.42

EmberCoin (EMB) -33.23% at $0.000001

Paragon (PRG) -29.15% at $0.113399

WeAreSatoshi (WSX) -26.91% at $0.073766