Crypto Market Update (13 June 2018)

Bitcoin Global News (BGN)

June 13, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market is continuing a downtrend with most coins dropping between 5% and 15%. Trading volume continues to fall. Emercoin (EMC) is the only standout of the top 100 coins - up about +3% in the past 24 hours. After yesterday’s surge Ethereum Classic (ETC) is now down about +11% in the past 24 hours. Bitcoin is right around $6,500 for about -5% change and Ethereum is right at $475 for -10% change in the past 24 hours. Market cap for the overall cryptocurrency market lost $20 billion coming down to $273 billion total.

Major Headlines

Apple Bans Cryptocurrency Mining Related Apps

Apple has updated their user policy agreements to disallow any apps that mine cryptocurrencies for the purpose of saving battery life and the health of their products. This sets a precedent for advancements in mining programs that could be much less energy intensive than those at this time. Their new policy even gets at the sneaky apps that have one purpose on the surface, but actually allow users to bypass Apple’s policies, such as the cost of running wifi hotspot: “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.” Also noteworthy, the terms specify that “Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.”

$180 Million Dollar ICO Planned by Estonian Company

NewTech Myning OU has filed a SAFT agreement with the SEC. Fulfilling the $180 million would make it one of the largest ICOs to date. This will be one of the first uses of the SAFT model that is tailored for ICOs as investments, based off of the SAFE model for simple agreements of future equity in companies. What’s weird here is that there is almost no information provided about this company in the SEC form. Estonia has been known for welcoming regulations regarding blockchain and cryptocurrency companies - they even went as far as developing their own token, but it was shut down by the EU. Definitely keep an eye out for more news on this one.

The Coinbase Index Fund Is Open

Coinbase Index Fund gives investors exposure to all assets listed on our exchange, weighted by market capitalization. The fund will be rebalanced to include Ethereum Classic, and more assets when they are listed by Coinbase in the future, but as of now the distribution is: Bitcoin 61.47%, Ethereum 27.17%, Bitcoin Cash 8.22%, Litecoin 3.14%. The new fund is available for investments of $250,000 to $20M. It offers a monthly investment window, a quarterly redemption window with 30 days notice, 2% annual management fee and full asset protection through “Coinbase's industry-leading security standards.” As of now, Coinbase Index Fund is only open to US-resident accredited investors, but they have plans to expand the availability.

Top 5 Gainers

Octanox (OTX) +45.08% at $0.024584

LatiumX (LATX) +36.80% at $0.073872

Swarm (SWM) +19.83% at $0.825383

ZIP (ZIP) +19.41% at $0.004397

Hurify (HUR) +18.42% at $0.075586

Top 5 Losers

MIRQ (MIRQ) -39.43% at $0.290351

CryptoCarbon (CCRB) -37.39% at $0.072661

Insights Network (INSTAR) -33.45% at $0.021124

SPINDLE (SPD) -29.09% at $0.010556

EJOY (EJOY) -28.50% at $0.004570