Here’s what’s happening on Monday in the cryptocurrency world. These are the top stories on cryptocurrencies for June 11, 2018.
On Sunday, Bitcoin and other virtual currencies tumbled after South Korean cryptocurrency exchange Coinrail was hacked, The Guardian reported. Bitcoin dropped 10% on Sunday to two-month lows. In a statement, Coinrail said that its system was hit by a “cyber intrusion” over the weekend, causing a loss for about 30% of the coins traded on the exchange. According to local news outlet Yonhap News, about 40 billion won (£27.8 million) worth of virtual coins was stolen.
The International Monetary Fund is very optimistic about the future of cryptocurrency. The Fund has released a new article portraying “cryptocurrency as the centerpiece of human evolution,” The Daily Hodl reported. The article, written by Director of the IMF’s Strategy, Policy, and Review Department Martin Mühleisen, is titled “The Future of Currency in a Digital World.”
Thailand’s Security and Exchange Commission has released new detailed regulations on cryptocurrency and ICOs. It is a comprehensive framework for the regulation of the country’s cryptocurrency market, covering ICOs, approved cryptocurrency trading pairs, and licensing fees for market operators, Bitcoinist reported.
A study by German retail bank Postbank shows that 29% of Germans see cryptocurrency as a desirable investment opportunity, CCN reported. The Postbank Digital Study 2018, which interviewed 3,100 Germans from the end of February to the end of March this year, reveals that one in two of the younger generation, between the ages of 18 to 34, are interested in cryptocurrency investment. Furthermore, 14% of people want to buy or mine cryptocurrencies in the next year.
In Japan, cryptocurrency is attracting publicly-traded companies. Following reports of six publicly-listed companies launching their own cryptocurrency exchanges in Japan, three more companies listed on the Tokyo Stock Exchange have announced plans to enter the crypto space with various offerings, according to a report from News.Bitcoin.com.
Canada has released an official draft of new regulations on crypto exchanges and payment processors, Coin Telegraph reported, citing a report from the Canada Gazette. According to the draft, the new regulations are designed to address a “number of deficiencies” that were pointed out by the Financial Action Task Force in 2015-16. The new regulations will treat crypto exchanges and payment processors as money service businesses, which requires them to report large transactions — over $10,000 Canadian dollars ($7700 USD) — and a new Know Your Customer (KYC) threshold set at transactions of $1000 CAD ($770 USD).
In India, 14 banks have joined a blockchain consortium that aims to tap into blockchain to speed up internal processes, NullTX reported. Dubbed India Trade Connect, the consortium will facilitate the swift issue of loans over a decentralized protocol.
CNBC is reporting that Google searches for Bitcoin have dropped greatly this year. Searches have dropped 75% this year from their record highs at the peak of the upward price trend in December of last year, NullTX reported. Quoting data from Google Trends, CNBC reports that Ripple and Bitcoin Cash also dropped by even greater margins. However, EOS has seen a tremendous increase in popularity, according to findings.
Industry experts believe that the price of Bitcoin will double by late 2018, NullTX reported. According to several cryptocurrency experts cited by the Independent, the year 2018 will end on a high. Numerous predictions are calling for the Bitcoin price to hit $20,000 or more before the year is over.
Cryptocurrency Price Update (As of 9:30 ET AM Monday, June 11, 2018)
Bitcoin (BTC) has dropped 7.03% over the past 24 hours, trading at $6,767.70. Over the past two weeks, BTC lost 7.39% of its value.
Ethereum (ETH) is trading at $529.11, down 7.12% over a 24 hour period. ETH gained 5.90% over the past two weeks.
EOS has fallen 17.02% over the past 24 hours. It is trading at $10.92.
Ripple (XRP) is trading at $0.5761, tumbling 7.54% over a 24 hour period. Over the past two weeks, XRP gained 6.22%.
Litecoin (LTC) is trading at $106.49, down 6.60% over a 24-hour period. It lost 0.06% over the past 12 months.