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June 17  |  13 min read

Crypto Week #24 Overview

The COIN360 Editorial Team

Last week marked a great return to form for cryptocurrencies, as all of the market leaders saw their prices go up by at least 10%. This means that most of them have already made up all the lost ground from their previous dip, with some of them even reaching all-year highs. Other developments include the announcement of Binance.US, Bakkt providing a date for when it will start the testing of its Bitcoin futures, and the reveal of some of the first backers for Facebook’s cryptocurrency.

Here’s what you need to know about last week’s happenings in crypto.

1. Cryptocurrency Market Analysis

Bitcoin (BTC) recovered this week, after closing with losses the week before. BTC opened Monday at $7,692.28, and later that day hit its lowest price of the week at $7,586.73. Tuesday was the only day of the week to close with losses, and from Wednesday on Bitcoin’s price started to improve. Thursday peaked at $8,311.57 and towards the weekend, the original cryptocurrency kept growing, peaking at $8,710.64 and $8,859.13 on Friday and Saturday respectively. On Sunday, however, Bitcoin went above $9k and hit its highest price of the week at $9,335.87, a full 23.1% higher than the week’s low, and the first time in over a year for BTC to go over $9.3k. By the end of the day, BTC had gone down to close the day at $8,994.49, with a 1.7% gain for the day and a 16.9% gain for the week. Bitcoin’s market capitalization was $142B on Monday, growing 12.5% throughout the week to close at $159.8B on Sunday.

Bitcoin price: Chart, News, Live, Analysis

Bitcoin 7-day price and market cap chart. Source: COIN360

Ethereum (ETH) started the week at $232.83 and hit its lowest price of the week on Monday, at $229.34. It picked up the pace towards the end of the day however, closing at $247.52. Tuesday closed with ETH at $245.78, experiencing a small loss during the day. Wednesday, Thursday and Friday peaked at $261.02, $262.16 and $265.37 respectively, with each day bettering the day before, and on the weekend ETH’s price went higher, peaking for the week on Sunday, at $278.14, 21.3% higher than its low of the week on Monday. By Sunday’s end, ETH was at $269.22, closing the day with a 0.1% gain and the week with a 15.6% gain. Ethereum’s market capitalization on Monday was at $26.3B and by Sunday it had grown 8.9%, closing the week at $28.7B.

Ethereum Price in USD: Chart, Analysis, News, History

Ethereum 7-day price and market cap chart. Source: COIN360

Ripple (XRP) started Monday at $0.388186 and, following the market’s trend, hit its lowest price of the week on that same day, bottoming out at $0.383885. On Tuesday, XRP’s performance was uneventful, closing the day with small losses. Thursday also closed with minimal losses but towards the weekend, the price of XRP began to rise, peaking at $0.407512 on Friday and at $0.412854 on Saturday, and closing both days with gains. Just like the two cryptocurrencies above, the highest price of the week came in on Sunday, with XRP at $0.438876, a 14.3% increase from Monday’s low. By the end of the day, XRP had slightly gone down to $0.427516, closing with a 4.1% gain for the day and a 10.1% gain for the week. Ripple’s market capitalization also grew throughout the week, closing Monday at $16.9B, and Sunday at $18.2B, for a 7.4% increase.

Ripple Price in USD: Chart, History, Analysis, News

Ripple 7-day price and market cap chart. Source: COIN360

Litecoin (LTC) started at $115 on Monday, and later held its lowest price of the week at $113.17. By the end of the day, however, LTC had recovered, closing at $129.07. Tuesday closed with LTC at $136.03 and the highest price of the week occurred on Wednesday at $142.71, 26.1% higher than Monday’s low. Thursday closed with LTC at $131.35 and Friday at $133.05, and the weekend featured highs of $139.19 and $138.70 on Saturday and Sunday respectively. Finally at Sunday’s closing, Litecoin was at $137.12, experiencing a 0.7% loss for the day and a 19.2% gain for the week, taking the crown for biggest gainer among the top 5 cryptocurrencies this week. Litecoin’s market capitalization went from $8B on Monday to $8.5B on Sunday, growing 6.4% throughout the week.

Litecoin Price in USD: Chart, History, Analysis, News

Litecoin 7-day price and market cap chart. Source: COIN360

Bitcoin Cash (BCH) started the week at $381.06 and, following last week’s havoc and the curve set by the other top 5 cryptocurrencies, hit bottom on Monday at $375.78. Tuesday and Wednesday showed small increases on the price of BCH and by Thursday the coin climbed over $400 to peak at $423.43 for the day. By Thursday’s end, BCH’s price had gone down to close at $411.94, and by the weekend, BCH was rather stable, closing at $421.29 and $422.83 on Friday and Saturday respectively. Like three of the four aforementioned cryptocurrencies, the high of the week came on Sunday, at $440.50, 17.2% higher than the coin’s lowest price on Monday. The week ended with Bitcoin Cash at $428.32, with a 1.3% gain for the day and a 12.4% gain overall. The market capitalization for Bitcoin Cash was at $7B at the beginning of the week, growing 8.6% throughout the week to close at $7.6B on Sunday.

Bitcoin Cash Price in USD: Chart, History, News

Bitcoin Cash 7-day price and market cap chart. Source: COIN360

2. Binance Will Stop Providing Services to U.S. Traders Following Announcement of Binance US

An announcement was made on Jun. 14 that the cryptocurrency exchange’s terms of use had been reviewed and updated. The update to the terms of use includes a change to the “Prohibition of Use” section, which now specifies that Binance is “unable to provide services to any U.S. person.” This news followed Binance’s partnership with BAM Trading Services, which will bear fruit in the form of Binance US, a fully regulated fiat-to-crypto platform for the U.S. market. According to the announcement, from Sep. 12 onwards, U.S. traders will no longer be able to trade or deposit on, though they will still have access to their crypto wallets and funds. The new platform will be operated by BAM Trading Services, and it will be built on Binance’s matching engine and wallet technology. At press time, there is no information regarding a concrete release date for Binance US.

3. Bakkt to Begin Testing of Bitcoin Futures on July 22

After multiple compliance-related delays, Bakkt has announced that it will begin testing physically-delivered Bitcoin futures. The platform will initiate user acceptance testing for its Bitcoin futures on July 22, with the futures being listed and traded at ICE Futures U.S., and cleared at ICE Clear US. Bakkt promises to deliver solutions that will set a “new standard for accessing crypto markets”, one that hopes to bolster institutional participation and to support the development of a trusted infrastructure for secure transactions. Read more about it in our Bakkt overview here.

4. Lithuania to Adopt Regulations to Transactions in Crypto, Including ID Checks

Lithuanian news outlet Delfi reported on Jun. 12 that the country will be enforcing a set of new rules to govern transactions in cryptocurrencies after the Lithuanian cabinet approved amendments to the law on the Prevention of Money Laundering and Terrorist Financing. As reported, any crypto transaction that is over €1,000 ($1,121) will now have to go through an identity verification process, whereas transactions above €15,000 ($16,825), will have to be reported to Lithuania’s Financial Crime Investigation Service. These rules will be enforced not only for crypto-fiat transactions and vice versa, but it will also affect crypto to crypto transactions. In the case of ICOs, ID requirements will be enforced once a sale passes the €3,000 ($3,365) mark.

5. Ampleforth Raises $4.9M in Seconds in Tokinex’s First Token Sale

Tokinex, Bitfinex and Ethfinex’s IEO platform, successfully finished its first token sale on Jun. 13, raising $4.9M in just 11 seconds. This saw 10% of Ampleforth’s total token supply sold to investors who took part in the sale, with each AMPL token being sold for $0.98. One of the main features of Ampleforth is its “elastic supply” protocol, which means that the supply of AMPL tokens will expand or contract (in order to match exchange rate fluctuations) once every 24 hours, proportionally increasing or decreasing the number of tokens that a holder has in his or her wallet as a way to remain balanced around a target price.

6. Visa, Mastercard and PayPal Reportedly Among Backers of Facebook’s Cryptocurrency

Following last week’s news of Facebook ceding control of its cryptocurrency to outside backers, a Jun. 13 WSJ report has revealed that more than a dozen companies have signed up to back the cryptocurrency. The list includes popular companies like Uber, and most notably it features prominent payment companies Visa, Mastercard, and PayPal. Each of these backers reportedly invested $10M to be part of The Libra Association, the consortium that will govern the coin. In addition to this, Facebook has also recently posted additional blockchain-related job listings, bringing the total job openings at Facebook that are related to blockchain technology up to 28.

7. Liquid to Host Non-official Sale of Gram

Liquid was announced as the first cryptocurrency exchange to host a public sale of TON blockchain’s Gram tokens in a Jun. 11 press release. Gram Asia, the purported largest holder of TON’s Grams from the continent, selected Liquid to lead an upcoming sale of an undisclosed number of tokens. Traders will be able to purchase Grams with USD and USDC for the first time in July for a limited offering, but a full public sale is reportedly going to take place in October. Later reports informed that Telegram, the company behind the Telegram Open Network blockchain, had no involvement in this deal whatsoever. What’s more, sources close to Telegram confirmed that the deal is not connected to the company, that it was the first time that Telegram had heard of Gram Asia, and that legitimate buyers of Grams are actually forbidden from selling tokens for a period of 18 months after the launch of the TON blockchain.

8. FATF to Release New Rules for Crypto Sector

The Financial Action Task Force (FATF), a G7 intergovernmental organization established to promote the implementation of legal, regulatory and operational measures to fight money laundering, will publish a new set of rules for participant nations in which exchanges will be required to share user data the same way banks do. On Jun. 21, the organization will publish a note explaining the new rules that business dealing with cryptocurrencies and tokens will have to comply with. Among the aforementioned, is the gathering of data regarding any client that initiates a transaction over $1,000, in addition to having to provide data on the person that receives the funds, among other information. These rules will be subject to different interpretations by regulators from the nations involved.

9. Report: Bitcoin Outperforms Traditional Wealth Preservation Assets During China-U.S. Trade War

According to a Jun. 11 Grayscale report, Bitcoin has vastly outperformed traditional wealth preservation assets during the China-United States trade war thus far. It also indicated that Bitcoin gained 47% from May 5-31, which vastly outperformed other assets, as the Japanese Yen—the second-best performing asset—only gained 2.1% in the same period, due to the trade war. According to the report, Grayscale “(has) identified evidence supporting the notion that (Bitcoin) can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”

10. Bitfinex Launches LEO’s Real-Time Transparency Initiative

Bitfinex announced the launch of the UNUS SED LEO Transparency Initiative in a Jun. 14 official blog post. The UNUS SED LEO Transparency Initiative was built around a real-time token burn redemption mechanism. Thanks to the implementation of a continuous burning protocol, LEO will be bought back from the market every hour by using 27% of the consolidated revenues until all LEOs are removed from circulation. At first, revenue will be burned from trading fees only, but this will be gradually expanded until it includes all existing revenue streams. Its main page displays real-time information about how many LEO tokens were acquired within the last hour, the amount of LEO tokens that will be burned on-chain every three hours, daily LEO burns, and other statistics.

11. Craig Wright Ordered to Appear in Bitcoin Theft Mediation

Craig Wright, the self-proclaimed Satoshi Nakamoto, has been ordered to appear in court for the mediation of his pending lawsuit. He is accused of stealing 1.1M BTC from a crypto developer (Kleiman) who passed away in 2013, and after Wright’s multiple requests to have the lawsuit dismissed — as well as the request to appear in the mediation by video conference — were denied by the court, he has been ordered to appear personally at the next mediation on June 18. Kleiman’s family, the plaintiffs, stated that Wright’s latter request should be denied since there is “sufficient information to fairly evaluate the claims at issue.”

12. Blockchain Market in Automotive and Aerospace Industries Forecasted to Reach $20B by 2029

According to a recent Reportlinker report, the blockchain market in the automotive, aerospace, and aviation fields will grow at a compound annual rate of 60.35% between 2019 and 2029, which would put it on course to surpass the $20 billion mark by the year 2029. The report cites that the complexity in the supply chain of the automotive industry has caused the creation of a highly connected automotive ecosystem, which makes it a target for cyber attacks, which in turn shows the applicability of blockchain technology. Some of the identified potential issues that could hamper blockchain adoption in the report were a lack of a regulatory framework, standardization, and a lack of technical expertise and awareness among industry players.

13. Botnet from Hacking Group Outlaw Is Spreading a Monero Miner

A Jun. 13 official blog post from cybersecurity company Trend Micro announced that one of their honeypots detected a URL address spreading a botnet with a Monero (XMR) miner alongside with a Perl-based backdoor component. Additionally, the blog post reports that the techniques employed therein were almost identical to a previous operation conducted by the Outlaw hacking group, signaling that they were responsible for the threat. According to Trend Micro, the people responsible for this threat may be in the testing and development phase, as there were shell script components that were left unexecuted in the botnet.

Final Thoughts

The previous week’s market performance caused many to fret over the fact that the bullish run of crypto had come to an end, but the market managed to recover and set itself straight this week. What’s more, at press time, we are only a day away from the scheduled release date of the Facebook crypto project’s whitepaper, which is likely to shake up the industry. Regarding the Facebook project, the report from the WSJ listing Visa, Mastercard and PayPal as backers of the project could serve as an important boost in credibility outside of the industry. The Grayscale report also shows that, during times of global economic turmoil when fiat currencies take a hit, Bitcoin and other cryptocurrencies stand tall. Finally, Bakkt being able to get seemingly through the proverbial hurdles of regulation and compliance, and the upcoming release of Binance.US, show that the future of the crypto market is much brighter than what some anticipated last week.

We wish you a great week,
The COIN360 Editorial Team