Market Update 6.08.18 – NYDFS Chief Defends Stance on Cryptos

| Publish date: 06/08/2018

Market News

NYDFS Chief Defends Stance on Cryptos

Maria Vullo, the superintendent of the New York Department of Financial Services (NYDFS), defended her agency’s stance of cryptocurrency regulation this week. The chief of the NYDFS was speaking on a panel discussing the topic “Legal Tender? The Regulation of Cryptocurrencies” in New York on Thursday.

In her speech, Vullo defended the regulations on cryptocurrency imposed by her department. She said that while some states, as well as federal regulators, were still taking their time about developing rules and regulations for the cryptocurrency industry, New York has already established a framework.

Read the rest of the story here.

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About $1.1 Billion Stolen in Crypto in 2018

According to a report released by the cybersecurity firm Carbon Black, about $1.1 billion worth of cryptocurrencies has been stolen in 2018 so far. The company stated that criminals were taking advantage of the dark web to conduct large-scale thefts of cryptocurrencies.

Carbon Black stated that there are an estimated 12,000 marketplaces and 34,000 offerings that have been associated with the theft of cryptocurrencies which hackers can use.

Security Strategist at Carbon Black, Rick McElroy stated that you needed special software called malware to access the dark web. He said that this malware could be bought for as low as $1.04 and even came with a form of customer support.

Read the rest of the report here.

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Putin Negative About Cryptocurrencies

In his live question and answer session with the Russian public on Jun 7, Russian President Vladimir Putin made vague, ambiguous but mostly negative statements when asked about whether the country would issue its own cryptocurrency.

This live session with the President is known as Direct Line, and in that session, Artem Khokholikov, a Russian blogger, asked three questions related to cryptocurrencies. He asked whether the country would have its own cryptocurrency, whether it would be controlled by the government and whether cryptocurrency could replace Russia’s fiat currency.

The fact that this was the 16th Direct Line event but was the first time that cryptocurrencies were brought up as a topic for discussion shows that this topic may be actively addressed by the Russian government in the future.

Find out more here.

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Total Market Cap: June 08

Cryptocurrency trading volume dropped in the last 24 hours to $14.37 billion while capitalization of the market slipped to $341.56 billion.

Cryptocurrency Market Cap 8-06-18

Bitcoin Price Analysis: June 08

Bitcoin fell 1.06% to trade at $7624.95 since yesterday. Trading volume for the digital asset is $4.27 billion and its market value has reached $130.40 billion.

Ethereum Price Analysis: June 08

Ethereum dropped 1.66% to $602.40 in the past 24 hours. Trading volume for the altcoin is $1.73 billion and its market cap is $60.16 billion.

State of the Top 10 Cryptocurrencies: June 08

The cryptocurrency market did a turnaround since yesterday when most of the top ten cryptos were gaining at price. Today, however, at the time of writing, 8 of the top 10 cryptocurrencies’ prices fell. The exceptions were EOS (0.35% gain) and XRP (1.46% gain). The biggest loser was TRON, which dropped 4.12% since yesterday.

  • Bitcoin’s price dipped 1.06% to $7624.95 and its market cap now is $130.40 billion.
  • Ethereum’s price dipped 1.66% to $602.40 and its market cap now is $60.16 billion.
  • Ripple’s price climbed 1.46% to $0.688688 and its market cap now is $26.24 billion.
  • Bitcoin Cash’s price dipped 3.16% to $1116.87 and its market cap now is $19.17 billion.
  • EOS’s price climbed 0.35% to $13.97 and its market cap now is $12.51 billion.
  • Litecoin’s price dipped 2.29% to $119.51 and its market cap now is $6.79 billion.
  • Stellar’s price dipped 3.71% to $0.290185 and its market cap now is $5.39 billion.
  • Cardano’s price dipped 5.26% to $0.205764 and its market cap now is $5.33 billion.
  • IOTA’s price dipped 1.75 % to $1.68 and its market cap now is $4.67 billion.
  • TRON’s price dipped 4.12% to $0.0575 and its market cap now is $3.78 billion.

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