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Cryptocurrency Trading Update: Ethereum Classic Leading the Recovery

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Current performing altcoins are Ethereum Classic, Tron, Nano, and Basic Attention Token.

The aftermath of the Bithumb hack did not have a long lasting effect on markets fortunately and they are creeping up today. Total market cap is edging back towards $300 billion but taking its time. Bitcoin has recovered all losses and is up 2.2% on the day to $6,780 and Ethereum is performing even better with a 3.6% rise to $540. It is too early to say whether the previous third big dip of the year was the last. Altcoins are generally in the green at the moment but the only one in double figures at the time of writing is Ethereum Classic.

Coinmarketcap is reporting a 14% increase in ETC over the past 24 hours making it the leading altcoin in the top 25 during Asian trading. Ethereum Classic is currently trading at $17.09, up from $15 this time yesterday. Over the past seven days ETC has jumped 25% from $13.66 this time last Thursday. During the past 30 days however it has lost 5% falling from just over $18 the same time last month. Against Bitcoin ETC has gained 11.5% on the day to 253000 satoshis from 226700 sats this time yesterday. Weekly gains on BTC have been around 20% from 211000 satoshis this time last week.

Momentum is likely coming from the Coinbase support and announcement that ETC will be the next digital asset that it lists. What is a notable coincidence however is that the announcement was made just three days before the SEC declared that Ethereum was not a security indicating that Coinbase may have already been aware of this. ETC is likely to continue upwards until it gets listed on Coinbase unless the bears grab hold of the markets in force again.

OKEx is currently the most popular exchange for ETC trade with over 27% of the total volume and Binance is second with around 12%. That daily volume has increased from $285 million to $387 million over the past 24 hours. Ethereum Classic’s market cap has also increased as a result and is currently at $1.75 billion positioning it at 16th in the charts.

Total crypto market capitalization has climbed 3% on the day and is currently $291 billion. There is a lot of speculation of a recovery but in general the long term trend is still bearish. Looking back at the six month chart we are still near the bottom of the third dip of 2018. Other altcoins faring well at the moment include Tron up 7.8% as its mainnet approaches, Nano 10% higher on the day, and BAT climbing 12.5% at the time of writing.

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Bitcoin and PayPal Shake Bank Stocks, According to Jim Cramer

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Do you think banks are already being affected by the rising popularity of Bitcoin and other banking alternatives? Don’t hesitate to let us know in the comments below! 

Days after the Federal Reserve’s major announcement that it would hike short-term interest rates four times instead of three in 2018, bank stocks have failed to improve as expected. Jim Cramer shared his take on the matter, outlining the rising popularity of Bitcoin and other blockchain-based technologies as one of the possible reasons. 

Currently hosting CNBC’s “Mad Money,” Jim Cramer is a former hedge fund manager currently holding shares of PayPal, Amazon, Goldman Sachs, J.P. Morgan, and Citigroup. He shared his thoughts on the reasons for faltering bank stocks, despite the announcement regarding the hike of short-term interest rates.

‘Like Old-Line Brick-and-Mortar Stores’

One of Cramer’s main points is that plenty of young portfolio managers seem to think of banks as outdated institutions which are about to lose their credibility and authority to the emerging modern technological solutions. He explained:

There are plenty of younger portfolio managers who think the banks are like Sears and J.C. Penney: they’re old-line brick-and-mortar stores that are about to lose their relevance thanks to all sorts of new technologies from bitcoin, blockchain, PayPal [and] Square.

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Tron (TRX) Price Watch: Correction Done, Aiming Higher

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Tron Price Key Highlights

Tron price bounced off the area of interest marked in an earlier post. Price is now making its way up to the swing high and the Fib extension tool shows the next upside targets. Technical indicators also support the idea of more gains for Tron.

Tron price bounced off the resistance-turned-support region at the 0.04500 mark as expected and is aiming for new highs.

Technical Indicators Signals

The 100 SMA crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to resume than to reverse. After all, Tron price formed and confirmed an inverse head and shoulders pattern to signal that an uptrend is underway.

Applying the Fibonacci extension tool reveals the next upside targets. Price has already moved past the 38.2% extension and is closing in on the 50% extension at 0.05076. Stronger selling pressure could take it up to the 61.8% extension at 0.05200 or the 78.6% extension near 0.05400. The full extension is located just past the 0.05600 level.

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Bitcoin Cash Price Analysis: BCH/USD Resumes Uptrend

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Key PointsBitcoin cash price found support near the $865 level and bounced back against the US Dollar. Yesterday’s highlighted short-term bullish trend line is intact with support at $880 on the hourly chart of the BCH/USD pair (data feed from Kraken). The pair is moving higher and it may soon make an attempt to break the $908 resistance level.

Bitcoin cash price found support above $850 and recovered against the US Dollar. BCH/USD is resuming uptrend and it could break the $900-910 resistance.

Bitcoin Cash Price Trend

After a correction below the $880 level, bitcoin cash price found support against the US Dollar. The price tested the $865 level where buyers appeared and prevented more losses. Moreover, the 61.8% Fib retracement level of the last leg from the $825 low to $925 swing high also acted as a support. A fresh upward wave was initiated and the price bounced back above the $880 resistance level.

During the upside, the price broke the 50% Fib retracement level of the last decline from the $926 high to $865 low. The current price action is positive and suggests more gains above the $900 level. An initial hurdle for buyers is around the $908-910 zone. Moreover, the 76.4% Fib retracement level of the last decline from the $926 high to $865 low at $911 may also stop upsides. Should there be an upside break above $911, the price could kick start more gains above the $920 level. On the downside, yesterday’s highlighted short-term bullish trend line is intact with support at $880 on the hourly chart of the BCH/USD pair.

Looking at the chart, the price is well supported above the $880 level, the trend line, and the 100 hourly simple moving average.

Looking at the technical indicators:

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SEC Reveals 164 Page Document of Coinbase Customer Complaints

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The SEC has revealed that it has received nearly 200 pages worth of customer complaints from Coinbase customers.

Coinbase is undoubtedly one of the most influential cryptocurrency firms in the world, with the executives valuing their own company at a staggering $8 billion dollars. Since its birth in June 2012, it has continually cemented itself as a way for worldwide investors to get their ‘feet’ dipped into the cryptocurrency market. Coinbase quickly became an exchange of choice during last year’s bull market, with the Coinbase app hitting #1 on the Apple App Store in December.

Coinbase recently made a series of announcements announcing new ventures. Most notably, the announcement of its index fund, aimed at institutional investors who hold the position of a U.S. accredited investor.

Many in the cryptocurrency community will tell you about their experiences with Coinbase, some good and others bad. SEC documents obtained by Mashable have shown the extent of these ‘bad’ cases, with many enraged customers expressing experiences that do not resemble a world-class exchange.

These negative experiences have taken the form of lost funds, to users claiming that Coinbase somehow ‘stole’ cryptocurrency holdings from Coinbase wallets. It would be of no surprise if Coinbase attributed these cases to ‘growing pains’, as Coinbase’s userbase did skyrocket over the course of 2017. 

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Dash (DASH) No-Need-For-Regulation System

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Cryptocurrency Regulation

Crypto-regulation, specifically in NY – US, are becoming more tolerant on a daily basis. In less a week, the very rare Bitlicense was given two times by the regulators. The Bitlicense was launched in 2015 and has since received numerous complaints from entrepreneurs for the burden that it places on innovation.

In the other side, officials from South Korea are more hesitant when it comes to issuing regulations as it could signal that gov is recognizing the crypto-verse. Member of the National Assembly Committee – Park yong-jin added:

“We fully understand that the government is reluctant towards regulating the cryptocurrency market because it will inevitably lead investors to consider it as the government’s way of legitimizing the market”

But, the Committee member continued adding that the gov officials realized that regardless of what the regulators decide to do, crypto-enthusiasts and the cryptocurrency community will continue to grow which is why the market cannot be left unregulated at all.

Dash (DASH) being Different

One of the characteristics that makes Dash be set apart the other leading coins in the list by market capitalization, is its self-regulation side. Usually consumer protection reasons are those that make the gov officials regulate the market, like shielding from maligned interests or fraud. But, Dash is designed in that way which needs for regulators to step in are unnecessary.

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Tether (USDT) Review Not an Audit, Markets Respond

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Tether (USDT)–While most of the cryptocurrency world gave a sigh of relief following the release of Tether’s transparency update, justifying that the currency was indeed backed by US Dollar reserves, the actual review itself does not constitute the in-depth audit that most pundits were calling for. Some Redditors have been quick to point out that this attempt at transparency was never billed as an audit, but rather a show of good faith on behalf of Tether to reinstall confidence in the currency and general crypto markets.

Since last October, questions have been raised surrounding the viability of Tether and its close relationship with Bitfinex (the two companies have overlap in ownership). While the artificial creation of USDT without the backing of actual US Dollars is problematic for Tether coin holders, the entire market suffers from the pumping price of nearly 2.7 billion USDT in circulation. If USDT were to be discovered as an empty currency, then Bitfinex and other exchanges are in effect trading worthless coins to users for real BTC, XRP, etc. Just last week, an academic paper was published showing a relationship between the astronomical bull run cryptocurrency experienced last December and the influx of USDT in the market.

On the other hand, Tether has done a commendable job of extending transparency to investors, even if it lacks the official audit that would have alleviated larger concerns. Some of the troubling language surrounding the nature of the review can be found within the actual FSS Report:

3) FSS makes no representation regarding the sufficiency of the information provided to FSS and all inquiries made by FSS have been directed to the Client and/or third party personnel responsible for maintaining such information, and the data has been obtained from the Client and/or third party personnel responsible for maintaining such information.

Overall, having Tether vetted by a third party, particularly one as high profile as a former FBI Director’s firm, is good news for both Bitcoin and the health of the crypto industry. The bull run at the end of last year, which happened to coincide with billions of USDT pumped into the cryptomarkets through Tether, posed significant risks for the entire market. Should Tether be revealed as a fraud, or at least fudging the amount of US Dollars backing each individual Tether token, it could cause significant ramifications for the industry of crypto, including a near collapse of market prices as we know it.

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Top U.K Firm to Launch Litecoin (LTC) Futures

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Back in mid May, Ethereum (ETH) Futures were launched by top U.K trading firm, Crypto Facilities. The same firm is now planning on offering Litecoin (LTC) futures. The report by CoinDesk indicate that the official announcement has not been made but the new investment product on the platform will be available as early as Friday, June 22nd.

The report also indicated that the new product will be offered against the United States Dollar on the platform. Investors will be able to long or short future contracts with Litecoin as the underlying asset as collateral.

The CEO of Crypto Facilities was quoted in the report as saying that:

We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets.

However, news of any crypto based futures contracts have been met with mixed reactions by the crypto community for quite some time now. Referencing the past performance of Bitcoin when BTC Futures were offered by CBOE and CME back in December, many of the same crypto traders believe that the BTC futures are the cause of the current decline of Bitcoin to current low levels. Back in December, BTC reached levels of $20,000 only to start a decline the next day after BTC futures were offered by CBOE and CME. BTC continues to decline to this day and is currently trading at $6,662 at the moment of writing this.

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Amsterdam Schiphol Airport Installs Europe’s First Airport Bitcoin ATM

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What do you think about Schiphol Airport’s cryptocurrency ATM installation? Let us know in the comments section below!

The world’s eleventh-busiest airport has installed a “test” Bitcoin ATM in a move officials say will better “serve” travellers’ needs.

Schiphol Offers Bitcoin, Ethereum

In a press release on its website June 20, Amsterdam Schiphol Airport confirmed the installation of the machine, which will offer both Bitcoin and Ethereum.

Schiphol thus becomes the first European airport to offer cryptocurrency exchange options via an ATM.

“With the Bitcoin machine we hope to serve travelers because they can easily exchange ‘local’ euros for the ‘global’ Bitcoin or Ethereum,” Tanja Dik, director of consumer products and services commented.

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Upcoming Tron (TRX) Token Swap Supported by Over 30 Exchanges

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There are very exciting times for the TRON community. With the token migration almost on the horizon, some important information needs to be highlighted. This switch from an ERC20-based token to the official mainnet TRX is expected to complete without any major issues. Even so, TRON holders need to take some basic guidelines into consideration at all times.

The Upcoming TRX Token Swap

Similar to how EOS fared in the past month, TRON is preparing to launch its mainnet shortly. Even though EOS ran into a fair few issues, it seems the TRX migration will be a bit smoother in this regard. As such, the first order of business is to convert all ERC20 tokens to the TRON20 standard. Any tokens not exchanges will become completely unusable and have no further value.

Whenever such an important change is happening, the tokens need to be converted through participating exchanges. Anyone who holds the ERC20 token will receive the same amount of TRON20 tokens. There will be no reduction of the available token supply, although it remains to be seen if everyone converts their tokens accordingly. As has happened with EOS, a minor fraction of tokens was not swapped in time, causing some minor issues.

The positive news is how swapping these tokens will not be much of a problem. According to a Medium post, several dozen exchanges will support the TRX token migration. This swap is expected to take place on June 24th, which means time is of the essence. Different platforms will maintain their own “cut off” data for swapping the tokens. Getting this process out of the way as soon as possible is always the best course of action.

The Future of TRON

Once users convert to the new token, their old tokens are no longer ERC20 compatible. As such, anyone relying on services such as MyEtherWallet to store TRX tokens will have to look for alternative solutions. Sending the new tokens to an ERC20 wallet may result in a loss of funds and needs to be avoided at all costs.

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