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“If Bitcoin was just a bubble to begin with, why has it been bouncing back in this manner? The answer is that cryptocurrencies, in some form or another, are probably here to stay.” ~  Bloomberg

Market State

Last week the crypto market has seen a lot of volatility. Bitcoin went up as high as $13800 and dropped by 30%. Currently Bitcoin is trading at around $10220. Many believe that the price of Bitcoin went up too quickly by tripling itself in a matter of three months. It is historic fact that every time Bitcoin goes up it pulls back. Bitcoin dominance has surpassed 60%, which means over 60% of the capital in cryptocurrency is allocated in just Bitcoin. Altcoins have also seen a lot of gains but if we compare altcoins with Bitcoin, they have underperformed and lost against Bitcoin. 

There are now over 5000 Bitcoin ATMs scattered across 90 countries according to CoinATMRadar. United States currently hosts more than 50% of the world's ATMs with its 3261 units. The increase in Bitcoin ATM also reflects the interest in cryptocurrencies. As the price of Bitcoin grows more people are taking notice and joining the cryptocurrency market. It also means that scammers are coming back. If you are a first time buyer please do your research and only use reputable exchanges. As soon as you purchase your coin, store it in a personal wallet which only you can access.

Check the latest Bitcoin Price
Quiz of the week

Which one is the safest place to keep your cryptocurrency?

  1. On an exchange
  2. On a hot wallet 
  3. On a hardware wallet

Scroll down to see the answer at the end of the newsletter.

Top stories of the week
IMF Predicts Central Banks to Issue Digital Currencies

Based on its research named Five Facts on Fintech on 27th of June the International Monetary Fund (IMF) said that central banks may issue digital currencies in the future . The IMF and World Bank conducted a survey in which they asked central banks, finance ministries, and other government agencies in 189 member countries and based its conclusions on the 96 received responses. IMF revealed that 20% of respondents said they are exploring the possibility of issuing digital currencies due to lowering costs and increasing efficiency. Just after this news David Solomon, CEO of American banking giant Goldman Sachs said in an interview that the bank absolutely could follow JPMorgan Chase in launching a cryptocurrency and is carrying out extensive research on asset tokenization and stablecoins.

Top 10 Cryptocurrencies According to Weiss Ratings

Independent financial rating agency Weiss Ratings has been rating cryptocurrencies since January 2018. The agency analyzes 120 cryptocurrencies based on four models which are technology, adoption, risk and reward, and releases a report on cryptocurrency ratings every three months. According to their current ranking the top 10 cryptocurrencies are Bitcoin, Ethereum, Litecoin, EOS, Cardano, Binance, Tron, IOTA and Bitcoin Cash. Bitcoin has been upgraded from B to B+. Weiss Ratings has been noted for its objectivity and accuracy by Members of Congress, the U.S. Government Accountability Office (GAO) and major news organizations. Thus the rating has a great effect especially on people who are trying to get into cryptocurrency and are looking for which cryptocurrencies they should invest in.

Blockchain Association To Manage Kik’s ‘Defend Crypto’ Initiative

Canadian based instant messaging app Kik has raised $100 million in its ICO in 2017 and is now being sued by the US Securities and Exchange Commission (SEC). SEC believes that the Kik tokens count as a security and the token sale should have been registered with the government agency. Kik has set up a crowdfunding campaign called Defend Crypto to raise money for its legal defense and help other crypto projects facing similar lawsuits. The fund has raised $5 million in donations from supporters. Kik handed over the management of $5 million funds to a nonprofit organization called Blockchain Association where funds will be used for legal battles in the cryptocurrency industry.

Private Transactions On Ethereum

UK based developer team Argent Labs had been working on an Ether mixer called Hopper. Hopper is an open-source smart contract mixer that enables to break the link between addresses on Ethereum. Users deposit 1 ETH into the Hopper smart contract and later withdraw this amount to a different address. Other people also transfer 1 ETH to the mixer creating a sequence of identical valuenumbers all with secret destinations. Hopper uses Zero-Knowledge proof where users prove that they previously deposited 1 ETH into the mixer so the smart contract authorises the withdrawal. Currently Hopper is in alpha state and may contain bugs thus should be used with caution. The mixer is available on iOS. The web and Android version is coming soon.

Coinbase Data Shows That Bitcoin Awareness Is Increasing

According to a report released by American crypto exchange Coinbase, awareness of Bitcoin is on the rise among the US population. Coinbase also stated that awareness is being reflected in increased attention from legislators. The report claimed that 58% of Americans have heard of Bitcoin when given a list of cryptocurrencies to choose from. Survey participants expressed a variety of reasons for interest such as from diversifying their assets to deep belief in the potential of decentralized finance. One of the surveyed said that “The most appealing thing about crypto and Bitcoin to me is the idea of a worldwide currency, that it can cross borders without having to factor in exchange rates or high transfer fees or long delays.”

Opera Browser Releases Its iOS Version With Built-In Crypto Wallet

Opera has launched the iOS version of its mobile web browser Opera Touch with a built-in cryptocurrency wallet on 26th of June. Android phone users have been enjoying the blockchain web browser since the end of 2018. The browser has a built in Ether wallet, that supports all ERC-20 standard tokens as well as collectible tokens such as CryptoKitties and lets users to interact with Ethereum blockchain. Charles Hamel, the head of crypto at Opera said “We believe that all modern browsers should integrate a crypto wallet. This will enable new business models to emerge on the web.” Opera has also partnered up with the crypto collectible dApp Marble.Cards which allows users to turn any web page into a digital collectible card, but only once.

Tweet of the week
Meme of the week
Crypto word of the week

Altseason stands for “Altcoins Season”. This is a period when altcoins see immense gains compared to Bitcoin. During an altseason crypto investors buy altcoins with their Bitcoins to earn more Bitcoins. Altseasons occur when Bitcoin dominance decreases. The lower the Bitcoin dominance index the less funds are in Bitcoin and more funds in altcoin. The Bitcoin dominance index shows the overall market direction.  

Quiz answer

Which one is the safest place to keep your cryptocurrency?

The correct answer is “C”.

Thank you for reading :) 

Have a great day!


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