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The Japanese cryptocurrency Spindle, known for being promoted by the Japanese popular singer, actor and talent Gakuto Oshiro (45), aka GACKT, has announced it’s withdrawing from Tokyo to relocate its headquarters in London, amidst rumors that the Tokyo Metropolitan Police is investigating unregistered sales of cryptocurrencies made by the company.
Also read: J-Pop Star GACKT Caught Between Crypto Company Spindle and Minister’s Gaffe
Long Blockchain, the former beverage company-turned-blockchain firm, was hit with a subpoena from the SEC, according to statements filed by the company on Wednesday.
Long Blockchain is cooperating with the authorities in regards to the matter, reports from Bloomberg indicate. According to the company, which formerly specialized in iced-tea drinks, the SEC filed the subpoena on July 10 in hopes of obtaining a series of documents related to the firm.
For the Nassau County-based company, this is the next in a series of woes which includes a delisting of the company’s stock by Nasdaq. Formerly named Long Island Iced Tea Corp., the company has seen its value drop roughly $ 65 million since December. This leaves the company with a market value of roughly $ 5 million.
The overall cryptocurrency market momentum has turned rather bearish, which is completely normal. A week of solid gains warrants a correction at some point. There’s also the Bitcoin ETF rejection, although that has far less impact than people may think. All top currencies are in the red right now, yet the VeChain price is surging, for no apparent reason.
Looking at the VeChain price chart, volatility is clearly present everywhere one looks. This altcoin has surged to a high value, dropped ever since, surged again dropped further, and now mounting another comeback. With a current value of $ 2.44, the VeChain price is still far removed from its previous all-time high of nearly $ 8.
Coinbase, the largest cryptocurrency exchange platform in the United States, is feeling the heat from the cryptocurrency price decline of 2018. Download figures for the platform’s app show that it isn’t as popular as it was at the start of the year.
The Coinbase app is currently at its lowest ranking among financial apps in the United States. As of June 2018, the app was ranked 40th – its lowest in over a year. The app’s rise and fall in popularity have coincided with the corresponding price trajectory of Bitcoin.
The scrappy citizens of Lagos, Nigeria are traders and can-do survivors almost by nature. Their government, however, has mismanaged the nation’s money to such a degree that it’s prone to wild devaluation swings. And while an argument could be made bitcoin too is volatile, it actually isn’t comparatively. With access to peer-to-peer exchanges such as Localbitcoins, Nigerians are revolutionizing even their traditional outdoor marketplaces, providing a financial oasis in rather dark times.
Also read: Supremes Uphold Cell Privacy, Hope for Ross Ulbricht
The struggles of cryptocurrency hedge funds in 2018 seem to have no end in sight. With half of the year almost gone, these crypto-focused hedge funds continue to perform poorly.
According to the Financial Times, cryptocurrency hedge funds are down by 35 percent so far in 2018. This decline is in stark contrast to 2017 when revenues grew by 2,700 percent. Such was the success of the market that a total of 167 firms were established in 2017 alone.
Coinbase is now allowing accredited investors with deeper pockets the ability to utilize the Coinbase Index Fund, which offers exposure to every asset listed on the popular exchange.
The previously announced Coinbase Index Fund has officially opened for investments of $ 250,000 to $ 20M.
Reuben Bramanathan, Product Lead of Coinbase Asset Management, stated in an official announcement:
We’ve seen overwhelming interest from investors since we announced the fund earlier this year. At this stage, we have opened the fund to those who wish to invest $ 250,000 to $ 20M.
Bitcoin, the number one cryptocurrency, is currently in freefall as it continues its losing streak for the third consecutive day. However, the decline recorded today, June 10, 2018, has seen Bitcoin reach a three-month low.
Bitcoin began the day trading at about $ 7,600 according to CoinMarketCap. At the time of writing this article, BTC price has fallen to $ 6,700, losing almost $ 1,000 in less than 24 hours. This decline is the most significant drop in Bitcoin prices since the middle of March. This latest price decline brings the total BTC price loss for 2018 to 53 percent.
Blockchain can upend – not just the business models of recent decades – but a millennia-old societal practice of deep significance to civilization.
CoinDesk
A short-lived rally gave eager bulls false hope as the the market attempted to break back into the trading range (TR) outlined in last week’s BTC Market Analysis. As noted in our last discussion, a break back into the TR would be considered a period of evaluation and an inability to maintain support within the TR would likely lead to a continuation of the downtrend:
Figure 1: BTC-USD, 2-Hour Candles, Downtrend Continuation
