Market Update 6.19.18 – EOS Reputation Already Damaged

| Publish date: 06/19/2018
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EOS Reputation Already Damaged

48 hours after the new and highly anticipated EOS Blockchain went live, transactions on the network were completely frozen for a 5 hour period. This led to a massive firestorm on social media, with the new network receiving a barrage of criticism. It also caused the price of the Blockchain’s native cryptocurrency EOS to drop by 5%.

The launch of the new Blockchain was delayed due to internal infighting as well as multiple bugs in the system. However, issues between the various parties were resolved, the bugs were corrected and the Blockchain was finally launched.

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UBS CEO: Blockchain Will Be Critical to Finance Industry

According to the Swiss financial services company, UBS Group’s CEO Sergio Ermotti, Blockchain is going to become critical to the Financial Services industry. He said that the technology that powers cryptocurrencies will let companies free up resources which would make them more efficient and also help reduce costs. This change, he said, would take five to ten years, and would transform the entire industry.

Ermotti stated that to remain competitive in this changing environment, UBS would be prioritizing the research as well as the application of this new technology in various departments as well as services.

Find out more here.

Indian Politician Offender in BTC Extortion Case

An Indian court of law ruled that the former Minister of the Legislative Assembly (MLA) of the country, Nalin Kotadiya was an offender with regard to a Bitcoin extortion case.

The CID (Criminal Investigation Department) had filed an application under Section 82 of the Code of Criminal Procedure, naming Kotadiya as an offender in the crypto extortion case which amounted to $1.3 million. Kotadiya, however, has gone into hiding after a warrant for his arrest was issued.

In India, being proclaimed an offender is a court of law is a procedure that allows the police to apprehend the individual who has been charged with wrongdoing. The order by the court has ruled that the offender, Kotadiya, must appear before the courts within the next 30 days. His passport has also been confiscated so that he may not flee the country.

Find out more here.

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Total Market Cap: June 19

Trading volume in the cryptocurrency market swung upwards in the last 24 hours to $12.03 billion and the value of the market also went up to $287.20 billion.

Bitcoin Price Analysis: June 19

In the last 24 hours, Bitcoin’s price went up 3.84% to $6738.11. Trading volume also increased to $3.89 billion and the value of BTC is now $115.15 billion.

Ethereum Price Analysis: June 19

Ethereum jumped up 4.35% to $518.84. Trading volume since yesterday has gone up to $1.46 billion and market cap for the altcoin is at $51.99 billion.

State of the Top 10 Cryptocurrencies: June 19

After days of slipping, the cryptocurrency market finally showed some upward movement. All top ten cryptos saw price increases since yesterday. TRON was the star performer, gaining 7.04% in the last 24 hours, followed by Ethereum, which rose by 4.35%. Bitcoin was the third biggest gainer, with its price going up by 3.84%.

  • Bitcoin rose 3.84% to $6738.11. The market cap for the crypto is $115.15 billion.
  • Ethereum rose 4.35% to $518.84. The market cap for the crypto is $51.99 billion.
  • Ripple rose 2.97% to $0.539446. The market cap for the crypto is $21.17 billion.
  • Bitcoin Cash rose 5.15% to $884.22. The market cap for the crypto is $15.2 billion.
  • EOS rose 2.82% to $10.57. The market cap for the crypto is $9.47 billion.
  • Litecoin rose 3.5% to $98.35. The market cap for the crypto is $5.6 billion.
  • Stellar rose 2.75% to $0.325291. The market cap for the crypto is $4.37 billion.
  • Cardano rose 3.25% to $0.163021. The market cap for the crypto is $4.22 billion.
  • IOTA rose 1.72% to $1.18. The market cap for the crypto is $3.27 billion.
  • TRON rose 7.04% to $0.044955. The market cap for the crypto is $2.95 billion.
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