With the cryptocurrency market enduring a gradual downtrend, the top coins by market cap remain stable – bouncing off of monthly support lows. In the past 24 hours, the total cryptocurrency market rose by $8 billion. At press time, 84 out of 100 top cryptocurrencies are in the green.
Bitcoin, currently ranked #1 by market cap, is up 3.67% over the past 24 hours. BTC has a market cap of $114.9B with a 24 hour volume of $3.9B.
Chart by CryptoCompare
Russian Banks Launch Bitcoin Trading
Reported by Kommersant news on June 15, two of Russia’s largest banks – Alfa-Bank and Sberbank – are testing cryptocurrency-based investment options made available to retail investors. The two banks will be testing several products of private banking on the Bank of Russia regulatory “sandbox” platform.
The assets offered on the platform will take the form of six cryptocurrencies — Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Not all the digital assets offered were named, but the news report states that the digital assets chosen, account for “75% of the capitalization of all digital assets in the world.”
According to Managing Partner at AddCapital and Chairman of the OCP Alexei Prokofiev, the trades on the sandbox platform will only be carried out by audited cryptocurrency exchanges, such as Bitstamp and Kraken.
In the initial report, Prokofiev told Kommersant:
“The client actually receives a fund unit. The assets of the fund are stored using custody solutions and audited by the Group IB cyber security. The unit is liquid, it is possible to request a withdrawal tothe currency of the client at any time.”
Litecoin, currently ranked #6 by market cap, is up 2.99% over the past 24 hours. LTC has a market cap of $5.58B with a 24 hour volume of $277.56M.
Chart by CryptoCompare
Charlie Lee Announces Litecoin Summit Speakers
Set to take place from September 14-15, the Litecoin Summit will bring together developers of both Litecoin and other blockchain networks and function as a networking event for businesses and merchants interested in integrating LTC as a payment method.
In addition to Charlie Lee, the Litecoin Summit will feature Elizabeth Stark of Lightning Labs, Diego Gutiérrez Zaldívar of the RSK project, and Bill Barhydt of ABRA platform to divulge upcoming advancements and partnerships within the Litecoin ecosystem.
I'm excited for the first ever Litecoin Summit! We have an amazing list of speakers including @starkness, @dieguito, @billbarhydt, @eiaine, @BigEtheword, @TravelbyBit, and many more. Of course @MLPFrank, @TheRealXinxi, and I will also be there. Get your tickets! #PayWithLitecoin https://t.co/ZyR7Flfs5n
— Charlie Lee [LTC⚡] (@SatoshiLite) June 16, 2018
Announced on June 16, the Litecoin Summit lineup also includes tax consultants and CPAs, likely to provide insight on the tax ramifications of using LTC as a payment method, as well as Jon More, the VP of Nationwide Merchant Solutions.
EOS, currently ranked #5 by market cap, is up 2.09% over the past 24 hours. EOS has a market cap of $9.41B with a 24 hour volume of $664.43M.
Chart by CryptoCompare
EOS Blockchain Temporarily Halted
On June 17, the EOS blockchain was put to a halt after a bug was discovered merely several days after its mainnet launch.
The EOS developer community revealed that the bug originated from a NodeOS issue, which has since been fixed.
Block.one, the company that oversees the development of EOS, announced the release of 1.05 with a block producer node and NodeOS upgrade.
In a blog post update, the team at EOS New York stated:
“At 9:56 UTC the EOS Mainnet halted. At 10:01 UTC Block Producers and many Standby Nodes joined together on an international conference call to identify and fix the issue… At 11:02 UTC, a method to unpause the chain was formulated and is currently underway. Normal EOS chain functions should be available within 3 to 6 hours from the time of the publication.”
EOS Community Criticizes EOS’ “Termination of Agreement”
Earlier this week, a member of an online cryptocurrency community released the Termination of Agreement between EOS and its investors, sparking a debate on the ability of the EOS team to gain control over user funds and reverse transactions.
The agreement in question, Article XV, read:
“After 3 years of inactivity an account may be put up for auction and the proceeds distributed to all Members according to the system contract provisions then in effect for such redistribution.”
A direct conflict with the concept of decentralization, the EOS “Termination of Agreement” goes against blockchain’s premise to eliminate a network’s central authority and remain immutable.
After raising $4 billion, EOS has been heavily criticized by industry experts, analysts, and its own investors for a few key controversial decisions and events, leading investors to speculate the long-term future of EOS and the standard of the codebase of the blockchain project.
XRP, currently ranked #3 by market cap, is up 2.86% over the past 24 hours. XRP has a market cap of $21.06B with a 24 hour volume of $276.98M.
Chart by CryptoCompare
Ripple Executive Elected to Lead Federal Reserve Task Force
Announced on June 15, Business Development Head of Research for Ripple Labs, Ryan Zagone, has been elected to the Federal Reserve’s Faster Payments Task Force Steering Committee.
In an effort to make American payments faster by 2020, the Faster Payments Task Force was forged by the US Federal Reserve in 2015 — a government-led project established to represent, address and assess “alternative approaches for faster payment capabilities.”
Having steered through 120,000 hours of estimated Task Force deliberation, Zagone’s election may highlight Ripple’s commitment to attaining government sanction.
Assessing all submissions, the Federal Reserve noted:
“The proposals on the whole represent a significant step forward on the path to making the U.S. payments system not only faster but better, by shifting the paradigms around payment speed, security and efficiency.”
Western Union CEO States Ripple (XRP) Payments Aren’t Cheaper
On June 13, Western Union CEO Hikmet Ersek told Forbes that Ripple has not saved them money:
“We are always criticized that Western Union is not cost-efficient, blah blah blah, but we did not see that part of the efficiency yet during our tests. The practical matter is it’s still too expensive.”
However, the statement by Western Union may have been a premature deduction. Senior Vice President of product at Ripple Labs, Asheesh Birla, confirmed that Western Union has only sent 10 payments using xRapid – so far.
In the interview with Fortune on June 13, Birla explained:
“If they were to move volume at scale, then maybe you would see something, but with 10, it’s not surprising that they’re not seeing cost savings. They do millions of transactions a month, and I’m not surprised that with 10 transactions it didn’t have earth-shattering results.”
The global cryptocurrency market cap stands at $286.28B with a 24 hour volume of $12.06B. The Coinbase Index is currently sitting at 3152.5. Bitcoin dominance is currently at 40.13%.
Amidst a mix of compelling announcements and community turmoil, the overall cryptocurrency market is still finding ground in a bearish downtrend. Traders are reminded to remain cautious during market drops and invest only what they can afford to lose.
Cover Photo by 和 平 on Unsplash