Cryptocurrencies made a sluggish start to the week, opening in the red. Overall crypto market capitalization shrunk by around $5 billion over the weekend. Sentiment was likely hurt by criticism on cryptocurrencies from the bank of central banks.
As of 9.34 am ET on Monday, the cryptocurrency market capitalization was $274.78 billion on CoinMarketCap.
BIS Warns Cryptocurrencies Could Break Internet
Bitcoin and other cryptocurrencies suffer from a range of shortcomings and it could break the Internet, according to The Bank for International Settlements or BIS. The Basel, Switzerland-based Central Bank overseer warned that the digital currencies are not scalable and could suffer a breakdown in trust and efficiency as more and more people use it.
Russia’s Largest Two Banks To Test Crypto Products In Regulatory Sandbox
Russia’s biggest two banks, Sberbank and Alfa Bank, are planning to test several private banking products based on cryptocurrencies in a regulatory sandbox environment hosted by the Russian central bank, the Kommersant newspaper reported. The decision to test cryptocurrency-enabled products were made during a round-table last Wednesday. The entire pilot testing process is expected to last no more than 45 days. Read more…
Bitcoin Futures Expiration Led To ‘Gut-Wrenching’ Fall In Price, Fundstrat’s Lee
The “gut-wrenching” declines witnessed in Bitcoin’s price in the week beginning June 10 was likely due to the expiration of futures linked to the top cryptocurrency, Fundstrat Global Co-founder Thomas Lee reportedly said in a client note. Lee, a prominent bull on Bitcoin, said the top cryptocurrency displayed “dramatic price changes” around CBOE futures expirations. He noted that crypto investor Justin Saslaw at Raptor Group had signaled the link earlier. Read more…
Geopolitical Analyst Expects Blockchain To Become Obsolete
George Friedman, a geopolitical analyst, said Blockchain is useful, visible, but at some point will be obsolete. Speaking to CNBC in New York, the strategist on international affairs said, “I’ve never known any encryption technology not to be broken. I doubt between Russia, China, U.S. intelligence services that blockchain can’t be decrypted.”
DHS Awards Grant To Blockchain Project To Protect US Border Patrol Data
The U.S. Department of Homeland Security (DHS) has awarded a grant of $192,380 to an Austin, Texas-based start-up company to support beta testing of a platform aimed to secure data from Border Patrol cameras and sensors. The grant to Factom is part of the fourth and final phase of DHS Science and Technology Directorate’s Silicon Valley Innovation Program (SVIP). Read more…
Swarm Launches Tokens Representing Equity In Tech Cos
Swarm, blockchain for private equity, announced the launch of new tokens that represent equity in technology companies, starting with Coinbase, Robinhood and Ripple. This helps Swarm investors acquire security tokens representing fractional shares in private companies. Swarm said each individual equity offering will have its own unique security token created using the SRC20 security token protocol. Read more…
As of 9.36 am ET on Monday, Bitcoin was down 0.93 percent at $6,427 and Ethereum was lower by 0.72 percent on Coinbase.
Read more at: RTT News