Crypto News - Price Update, HitBTC controversies, Kik vs SEC, IOTA news and Binance closing.
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Overall this week market has been doing okay with Bitcoin outperforming altcoins mostly due to Binance news.
Current prices:
BTC = around $8.4k (+7%)
ETH = around $256 (+2%)
XRP = around $0.39 (-7%)
EOS = around $6.39 (0%)
LTC = around $127 (+14%)
IOTA = around $0.42 (-1%)
XLM = around $0.13 (+1%)
BNB = around $32 (+2%)
XMR = around $88 (+1%)
VET = around $0.007 (-6%)
Altcoins are currently getting destroyed because of Binance. This is especially painful for altcoins that are only listed on Binance. As for Bitcoin most prediticions are bullish however we are facting some resitance we have bounced off before.
IOTA updates
IOTA had some major developments recently with plenty of activity which resulted with IOTA outperforming Bitcoin in the last few months.
First of all they announced Coordicide which is a solution for IOTA scaling and a solution for fully decentralised network through removal of Coordinator’s which is the current centralised solution.
They have also (through a blog post) started reaching out to 3rd party custodians, liquidity providers and regulated services all of that to ensure wider applications.
Additionally they worked on proof of concept distributed ledger technology (DLT) solution through partnership with fashion label 1017 ALYX 9SM where they track labels using IOTA. Overall good progress.
HitBTC has been a source of controversies
HitBTC has been a source of plenty of controversies where it has been locking people out of their funds for quite a while, using various techniques.
They're locking accounts and making unreasonable demands for private information, which many people can't provide even if they wanted to. And when the users can't comply, they just keep crypto instead of closing the account and returning funds.
Many users started to speculate that HitBTC is insolvent meaning they lost funds (either through hacks or mismanagement) and are trying to recover by stealing funds from the users.
While this has not been proved there is no doubt that HitBTC has not been very keen on returning funds to hundreds of users. If you still have funds on HitBTC I would recomment getting them back asap before another Cryptopia happens.
Kik vs SEC
On 4th of June The Securities and Exchange Commission s ued Kik Interactive Inc. for conducting an illegal $100 million securities offering of digital tokens Kin.
In a response Kik says that the tokens are currency used within its application and controlled by an independent foundation and that the SEC is engaging in regulatory overreach that is damaging to innovation and outside the scope of its statutory authority.
In the other corner, The SEC says that the tokens were part of an unregistered securities offering by a software company with lousy revenue and which saw an ICO as a tactic to save it from going bankrupt.
Kik says that they knew this was going to happen and they are itching for a fight and to make the world safe for blockchain. Either way it will be very interesting and important for the future of ICOs and cryptos.
Binance is closing and launching for US customers
On 14th of June Binance has annouced that it will stop serving US individuals and corporate customers on Binance.com in September. Binance said that they are "unable to provide services to any U.S. person." probably due to regulations
Non-verified U.S. customers will likely still be able to bypass the restrictions and trade on Binance.com using a VPN. Still the altcoins were hit badly with BNB being hit the worst since Binance currently gets approximately 15% of its traffic from U.S. customers.
Binance did say that they are launching the U.S. division of the website. It will be run by BAM Trading Services, while using Binance’s wallet and matching engine technologies. The new exchange will comply with all US regulations meaning it will probably not list several altcoins that could potentially be branded as securities as SEC. They didn't say when it will be launched yet.