The world’s largest cryptocurrency exchange in terms of trading volume, Binance, suspended all trading hours after irregular transactions with a cryptocurrency were reported.
Cryptocurrency Market Updates
The Government of Bermuda announced that it was going to make amendments to its Banking Act so that it can establish a new class of banks that will service the needs of local Blockchain companies.
According to the latest Monetary Report issued by the European Union’s Parliamentary Committee on Economic and Monetary Affairs, cryptocurrencies cannot challenge central banks even though they have made financial transactions safer, more transparent and much faster.
Blockchain startup CoinText.io is currently developing a way to perform offline Bitcoin cash transactions. Apparently, it managed to close down a funding worth $600k. The latter will reportedly be used to develop a mobile wallet that will be designed to support the aforementioned transaction.
According to R3 official blog post, 39 financial services companies partnered with the R3 Blockchain consortium to complete more than 300 transactions using the platform’s KYC app.
Industrial conglomerate General Electric is contemplating incorporating Blockchain technology to verify the authenticity of 3D-printed parts being used in its supply chain.
The Chief Technical Officer of EOS, Dan Larimer proposed that the entire constitution be re-hauled so that arbitrators’ powers could be curtailed. This proposal came in response to the recent infighting related to the structure of the Blockchain’s governance. According to the current constitution, three different groups are supposed to keep each other in check so that a balance is maintained.
The social media company announced on June 26, that Facebook has updated its policies so that cryptocurrencies can now once again advertise on the social media platform. However, the company still maintained its ban on ads related to Initial Coin Offerings.
The controversial stablecoin Tether (USDT), supposedly backed 1:1 by the US Dollar, issued another 250 million Tether tokens on June 25, and now the expectation is to see another price increase in Bitcoin.
According to Cena News, the Chinese government’s second round of monthly crypto and Blockchain project ratings – the Global Public Chain Technology Evaluation Index – were released on June 20 at the Shanghai Science Hall. According to these rankings, EOS is the number 1 cryptocurrency, followed by Ether at number two. Of the 30 cryptocurrencies analyzed by the Index, Bitcoin was ranked at a dismal 17th place.