Syscoin trading “irregularities” drove price up to 96 BTC
A day late, but never too old. You’ll have noted this weeks Dispatch is a day late. My apologies. Sometimes life throws a rotten tomato at ya. But now that I’m cleaned up and sparkly let’s get this Dispatch rolling!
The top 5 looks like it’s locked in for the near future. The overall cryptocurrency market in the past week increased from $234bln to $266bln representing a 13% increase in the past seven days, recovering from last weeks 14% decline. Not much has changed, no drastic upticks or downticks. We seem to be stabalizing. So be patient, don’t do anything foolish and pray to the Crypto Gods.
Bitcoin: BTC dropped below that fabled February support and promptly recovered to $6,602. Breath that sigh of relief. It’s ok. Week to week BTC recovered with an 11% rise as of this post. We are still hovering at a 66% drop since all time highs in December 2017 so there is nothing to celebrate besides returning to strong $6k support.
Ethereum: The BTC tide lifts all boats. I wonder if in 30 years time that will be considrered a colloquial saying. Week to week ETH grew a healthy 14% over the past week settling at $470 as of this post. We still believe buying ETH at this price is a good bet. With more institutional money coming into the market the crypto market cap will only increase, and ETH with it.
Syscoin (SYS): Syscoin is the coin that’s worth 95 BTC…I kid, I kid. Syscoin dubs itself a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradable token. Wow that’s quite a statment. Besides the obvious marketing slogan Syscoin is actually a Bitcoin fork which took place in 2014.
What’s interesting about SYS is that you can “merge mine” the coin, which allows a miner to mine two different cryptocurrencies that use the same algorithm. The project is trying to create a market place where there are nearly zero transactions fees using it’s native SYS coin. Where can you use SYS to buy products? Well on it’s own marketplace, The Blockmarket. The problem is you have to download the The Blockmarket wallet to use it. A Web based market was due in Q1 of 2018 but we haven’t seen it yet. It’s a very cool concept and innovative use of a wallet.
So what exactly happened to Syscoin this week? How the hell can 1 SYS be worth 96 BTC?! Sit down with me young padawan, and let me tell you a story about API irregularities. First off Syscoin was not hacked. Irregular trading activity on Binance resulted in 1 SYS being worth 96BTC and Syscoin team promptly notified exchanges to stop trading. Turns out Binance discovered “irregular trades were detected from a number of API users” and promptly removed affected keys and asked users to recreate them. This is the wild wild west people.
WHATS NEW AT CRYPTO IS COMING
Nik Patel on Crypto Twitter, Technical Analysis and the Future of Crypto! – It’s another interview! Nik Patel, is a full-time trader, investor and author of ‘An Altcoin Traders Handbook’. Hes been involved in alt-coin trading sine 2013 and spends most of his time analyzing the markets and posting his market insights on twitter.
Win a FREE copy of ‘An Altcoin Traders Handbook’ – We are giving away 3 copies of Nik’s popular book ‘An Altcoin Traders Handbook’. How do you enter to win? Sign up for our newsletter and we will select three winner on Monday, July 16th, 2018. Do it!
Check our Crypto Swag store on Teespring – We’ve got new designs, above. Go, consume, support Crypto is Coming.
A Look at Cryptocurrencies by % of Total Volume, Market Cap and Volatility – Here we take a look at Cryptocurrencies and see how they compare by percentage of total volume and market. As expected Bitcoin leads the way at 42.4% of the total cryptocurrency market followed by Ethereum at 17.8%. So much for the flippening amirite.
Visualizing Bitcoin Tx Outputs, Fees, Mempool, Block Speed, Hash Rate and Difficulty – Taking a look at the Bitcoin network via transaction outputs, median transaction fee, mempool, block speed, hash rate and difficulty over the past 3 months.
Mining Wars Bitmain vs Halong – Cryptocurrency mining is a huge global industry, with Bitcoin mining alone generating over $2 billion in revenue last year. Such a field is obviously highly competitive, and while there is one giant monopolizing the lions share of the industry, a number of other companies are stepping up to the plate
Facebook Eases Crypto Advertising Ban .for some companies – Facebook has announced that it is easing its recent ban imposed against cryptocurrency. They will allow pre-vetted crypto companies to advertise on their social network. The news has seemingly fueled rumors that the tech giant is considering buying Coinbase.
EU Parliament Gives Cryptocurrency Their Support – The EU Parliament has published a new report, Virtual currencies and central banks monetary policy: challenges ahead, which dismisses claims from the likes of economist Robert Shiller, who has declared the death of Bitcoin on numerous occasions.
Comparing Cryptocurrency Exchanges In Terms Of Volume – Lets take a look at the trading volume across the top bitcoin exchanges.
The Demographics and Interests of The Bitcoin Community (Visuals) – Who exactly owns bitcoin? Lets take a look at the demographics and interests of the Bitcoin community using data from google analytics, via coin.dance.
J5 Alliance Established To Combat Crypto Tax Crimes – An alliance of 5 nations, including the UK and US, has been established to look at ways to tackle financial crimes, including looking at cryptocurrency and the fact that it is being used to avoid paying local taxes, as well as for money laundering.
Coinbase Custody Launches For Institutional Investors – It is something that a lot of traders and investors have been calling out for the introduction of institutional money to the cryptocurrency marketplace, and Coinbase looks determined to drag at least some of this money in.
Are ICOs Over-Promising and Under-Delivering? – 2017 was a breakout year for cryptocurrencies. The price hike of popular coins aside, the sector attracted an influx of new investors. According to data from ICOwatchlist.com, a total of $2.3 bln was raised in the year from various ICO crowdfunding campaigns.
Bitcoin Legality By Country (world map) – Lets take a look at the legality of Bitcoin by country. Its been surprising to see regulators take a wait-and-see approach with Bitcoin with many, including myself, expecting heavy handed regulation to come fast and hard for this industry.
Ripple Hit With Another Lawsuit Is It A Security? – Ripple Labs has been hit with another lawsuit, with the plaintiff claiming that it has operated as a security and therefore acted illegally. If the courts find in favour of the plaintiff, it could mean that they would face substantial fines and only those exchanges that are registered with the SEC would be able to offer XRP trading.
CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
Digital currency sales hit $13.7 billion in first five months of 2018: report – Digital currency sales jumped to $13.7 billion in the first five months of the year, nearly double the amount raised for the whole of 2017, according to a report released on Thursday by PwCs strategy and consulting division Strategy& and Switzerland-based Crypto Valley Association.
Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high – Cryptocurrency projects have been popping up left, right and center in the past 18 months, but over 800 of those are now dead, adding to comparisons between the current digital coin market and the dotcom bubble in 2000.
PwC Report Confirms ICO Volume Reached Record Highs in First Half of 2018 – According to a joint report from consulting firm PwC and the Swiss Crypto Valley Association, Initial Coin Offerings (ICOs) are booming despite the price collapse of cryptocurrencies, Cointelegraph auf Deutsch reports today, June 29.
Kraken Claims Bloomberg’s Allegations Were Meant to Manipulate Bitcoin Futures – Crypto Coin Tether Defies Logic on Krakens Market, Raising Red Flags
BTCC Relaunches Crypto Exchange Almost One Year After China’s Crypto Clampdown – Welcome back. BTCC, one of the longest-running and once top-three trading platforms in China, has announced that it’s relaunching its exchange business with a plan to issue its own tokens.
Switzerland’s Crypto Valley Successfully Completes Blockchain Voting Trial – This is brilliant. Zug, a city in Switzerland’s Crypto Valley, completed its first blockchain-based municipal vote on July 2, 2018, the Swiss News Agency reports.
Iran is Cutting its Citizens Off From Cryptocurrency Exchanges – The great desert of Iran? Hassan Rouhani could begin experimenting with Bitcoin and cryptocurrency as the country braces for fresh, US led, Iran sanctions.
Bank for International Settlements Chief Says ‘Stop Trying to Create Money’ – How sweet. A bank telling us to stop creating money. Carstens, the newly-christened general manager of the Bank for International Settlements (BIS) the so-called central banks central bank is on record as one of cryptocurrencys fiercest critics. Earlier this year, for instance, he said that bitcoin is a bubble, a Ponzi scheme, and an environmental disaster.
Crypto.com Domain Sold for Millions to Crypto Visa Card Company – O’Rly credit card company? Highly-prized domain name Crypto.com has been sold!
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