June 19

Tokenbox: Market overview, June 11-18 2018

June 19

Our partners have prepared a traditional overview of movements on the crypto market last week.

Last week cryptocurrency market didn’t manage to make us as happy as the Russian football team who won the first game with the 5:0 score at the 2018 FIFA world cup. It’s been more than a month already since Bitcoin started its downward trend. On Tuesday the price even reached the minimums of February 2018, but managed to keep up with the $6100-6200 level and not to go beyond the psychological barrier of $6000 for a Bitcoin. BTC is now traded at a narrow range of $6500. Ethereum feels in a similar way and follows Bitcoin having broken the psychological level of $500. On Wednesday it even fell down to $450. On Monday morning, June 18, Ethereum is still traded at a narrow range of $500 per coin. In general, cryptocurrency assets’ total cap dropped from 300 to 275 billion dollars. IOTA, NEO, EOS, and TRON experienced most of the fall and lost around 20% in price in just one week.  

As for negative crypto related events, the Japanese crypto exchange Coinrail was hacked. The only good thing is that this exchange doesn’t have large trading volume and the amount of stolen money is relatively small. There was also a not very successful launch of the EOS mainnet on June 14. It was delayed and launched after voting reached 15% of tokens and deciding on 21 block producers. At the moment the network is running in a routine mode.

There is some good news from the USA as SEC (The United States Securities and Exchange Commission) announced that Ethereum as well as Bitcoin was not a security. That’s why the Chicago Board Options Exchange CBOE now has Ethereum futures. At the same time, a famous cryptocurrency exchange Bittrex has announced the launch of BTC, USDT, and TUSD trading paired against USD fiat for the residents of four US states (California, New York, Montana and Washington). And the world’s largest exchange by trade volume Binance is going to set up its office in the island of Jersey to launch GBP trading pairs.

Talking about interesting events, it’s worth mentioning the visit of the most famous and successful foreign crypto-investor and analyst Ian Balina to Russia. His talk was taking place at the Deworkacy coworking center on Friday, June 15. The guru shared his experience of plunging into the cryptocurrency world, answered the questions of the audience and organized ICO pitches to select new projects getting ready for ICO.

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