AtoZ Crypto weekly: Crypto market lost $21 Billion in June

08 June, 2019 | AtoZ Markets – After the quick drop on May 30 that led to a loss of $1,000 in a few hours, Bitcoin couldn’t build on the recovery to 8,800 that followed. The premier cryptocurrency is currently moving within a range below $8,000 after a bounce from 7,500.

Other cryptocurrencies have moved in similar manners and the crypto market has now lost about $21 billion in June so far. That was how the week started for top cryptocurrencies, and that was just the beginning! Welcome to a new tour of our weekly AtoZ Markets’ overview.

IOTA to finally become fully decentralized

IOTA – a non-profit organization which is focused on distributed ledger technology (DLT) and open-source ecosystem development. The company has announced that it has made a revolutionary step towards becoming the world’s first scalable and fully-decentralized distributed ledger technology.

The planned protocol upgrade is known as Coordicide. It will provide a new, decentralized mechanism for securing the IOTA network. This version of IOTA upgrade will be the first DLT to solve three fundamental problems with blockchain technology which is high fees, scaling and centralization.

Block One social media Voice is on beta testing now

The blockchain company at an event in Washington, D.C has introduced its new project called Voice. According to the official, EOS based social media Voice will stand out from other social media platforms by not turning its users into products. 

According to the press release, the new social media platform will run on the EOS blockchain, which means, that everything posted to EOS will be public. Notable, that the EOS blockchain is also upgrading to a faster Version 2.0.

Leumi Bank cannot block crypto exchange anymore

The Israeli Supreme Court has announced that Leumi Bank cannot block the Israel-based digital currency exchange Bits of Gold account for regulatory reasons. Bits of Gold had previously been unable to access its account after Leumi Bank had restricted access to it, citing regulatory concerns.

The recent Israeli Supreme Court decision regarding Bits of Gold seemingly creates a precedent for Israeli crypto companies for the legitimate use of traditional banking services in the region.

SEC sues KIN Coin ICO

The U.S. Securities and Exchange Commission SEC has filed a complaint to the court of Southern District of New York on messenger app maker Kik for it’s $100 million ICO. The agency claims, that Kik violated Section 5 of the Securities Act of 1933, which requires offerings to be registered.

Steven Peikin, co-director of the SEC’s Division of Enforcement stated that the agency suspects that Kik deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions while taking part in Kik coin ICO campaign.

Facebook is finally launching its GlobalCoin

The discussions around Facebook’s crypto have started this year when multiple media outlets reported that Facebook is preparing to launch its own cryptocurrency dubbed as” Facebook coin” in the first half of 2019.

Back then, the reports added that the digital currency will be pegged against the USD and will, therefore, be made a ‘stable coin’. Later, the name of the digital currency reportedly was changed to “Global Coin.”

Coinroom exchange shuts down

The local news platform learned that Coinroom exchange shuts down from one of the platform customers. The user also revealed the problems related to the firm’s clients’ funds.

As the media reports, the crypto exchange users received a very short email, indicating, that Coinroom exchange shuts down. The traders got one day to withdraw their funds. However, reportedly, the exchange returned only part of the funds to some customers, while many others didn’t receive any of their money back at all.

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