What is happening in the market?
The market falls Friday morning
Bitcoin is down 1.5% in the last 24 hours and has price went from $ 6770 to $ 6660. The total market value of all cryptocurrencies falls by about $ 10 billion, from $ 290 to $ 280 billion.
In the short term, Bitcoin’s technical resistance is just over $ 7000, where the 20-day moving average serves as a preliminary ceiling. If the price breaks over this level, it could lead to a boost up to $ 7700. The 20-day moving average curve is running out, indicating that sales pressure is about to decline.
The Winklevoss brothers receives crypto patent
The US crypto contractors have found a patent for a system that will offer crypto-based listed trading products (ETPs). This appears after the patent application was published by the U.S. Patent and Trademarks Office on June 19th.
The patents contain systems, methods, and applications to deliver ETPs that contain “digital assets” and “other products and/or services associated with digital assets.” With digital assets, refer to Bitcoin, Ethereum, Ripple (XRP) and Litecoin.
ETPs are a type of securities where the value reflects the development in the price of an underlying asset. This may, for example, be stocks, commodities or interest-bearing securities.
This is another step towards offering major investors and institutions options that they are already familiar with from traditional trading.
Bithumb reimburses customers
The South Korean Stock Exchange, which was hacked earlier this week, now confirms that they will refund affected users. Following the event of the event, the volume on the stock exchange has fallen from 6th place to 10th place on the list of the largest stock exchanges in the world. This is probably due to the fact that the stock exchange has chosen to close the possibility of deposits and withdrawals until the errors have been rectified.
Bithumb is now working closely with the Korea Internet & Security Agency (KISA) to investigate the incident.
«The ICO market needs a light touch»
US Congressman Warren Davidson says that the ICO market needs a “light touch” from the regulatory authorities to contribute to more security and security in the sector. Appropriate regulation will provide clarity to investors, and companies wishing to implement an ICO will save huge resources to navigate through bureaucracy.
He also points out that ICOs with criminal intentions can benefit from the loose framework that exists and exploit investors.
Davidson emphasizes the importance of establishing a clear definition of cryptocurrencies, and refers to the recent announcement that the SEC has chosen to call Ethereum for a commodity rather than a security.
Robinhood approaches bank license
According to Bloomberg, the share and crypto-app is close to receiving a bank-license and plans to offer its over 4 million customers banking services.
Robinhood is a trading application, February this year the platform started offering free trade of cryptocurrencies.
The company should now be in “constructive” conversations with the U.SO of the Comptroller of the Currency (OCC) in order to position themselves as a provider of banking services.
The investment comes a month after it became known that the company has collected $ 363 million in order to expand in the United States. Robinhood claims to be “the fastest-growing brokerage ever”, and has now reached a valuation of $ 5.6 billion.
On June 29, Coinbase will rebrand its GDAX platform to Coinbase PRO, which will be a marketplace tailored for major investors.