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Inside Bitcoin

Inside Bitcoin (Jun 24th, 2019)

Market Watch: Bitcoin crossed $11k this morning and is closing in on a $200 billion market cap. The crypto market was on fire over the weekend but has since cooled over the past 24 hours as only three tokens in the top 10 have seen positive movement. 

  • Bitcoin: $10,915.81 (⬆️ 1.96%) // $194.05 billion market cap.
  • Ethereum: $309.56 (⬇️ 0.26%) // $33.00 billion market cap.
  • XRP: $0.46 (⬇️2.17%) // $19.65 billion market cap.
  • Litecoin: $135.58 (⬇️ 3.37%) // $8.45 billion market cap.
  • Top 100 Winner: Lambda: $0.17 (⬆️ 41.22%) // $87 million market cap.
  • Top 100 Loser: Horizen: $10.10 (⬇️ 6.59%) // $68 million market cap.

Prices are as of 11:07 EST.

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1. Bitcoin crossed $11k this morning. The bull run continues as Bitcoin hit a 15-month high rising to $11,307.69. Jehan Chu, co-founder of Kenetic Capital, said, "The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two, Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously." The price of Bitcoin is up more than 170 percent this year. - CNBC

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2. U.S. Treasury Secretary Steven Mnuchin showed his support for new global regulatory standards to combat illegal financing by criminals, terrorists, and rogue nations which could have an effect on cryptocurrencies. Through these new guidelines, companies would be required to collect information about customers, receipt of funds, and share customer data between transferring firms. Mnuchin said, "By adopting the standards and guidelines agreed to this week, the FATF will make sure that virtual asset service providers do not operate in the dark shadows. This will enable the emerging FinTech sector to stay one step ahead of rogue regimes and sympathizers of illicit causes searching for avenues to raise and transfer funds without detection. We will not allow cryptocurrency to become the equivalent of secret numbered accounts." - BLOOMBERG

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3. From The Forums: Reddit user @6maud posted "86% of all BSV volume came from 100 transactions yesterday. The network is a total ghost town."

@Jamesthewise responded by saying, "Idk what a "BSV"(?) is but my BTC is doing great! Never heard of that other thing though."

@DopeAbsurdity was not falling for it and responded to @Jamesthewise's thread writing, "One day I hope that Bitcoin is forked into a crippled pile of sh** of its former self that only can increase its number of transactions per block by increasing it's block size then the fork of that fork will be my TRUE VISION." He then Rick Rolled the readers by including a video to Rick Astley - Never Gonna Give You Up. 

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4. The Bank for International Settlements said big tech groups like Facebook with the launch of Libra could rapidly establish a dominant position in global finance and pose a risk to banks. Hyun Song Shin, BIS economic adviser and head of research, said, “The aim should be to respond to big tech’s entry into financial services so as to benefit from the gains while limiting the risks. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy, and data privacy regulation.” The report did also outline the potential benefits of big tech entering the banking sector as their superior customer data could lead to better decision making and lower barriers of entry for users to access financial services. - THE BLOCK CRYPTO

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5. Russia's Ministry of Finance is considering permitting cryptocurrency trading. - TOKEN POST

6. Joseph Lubin said Facebook's Libra is like "a centralized wolf in decentralized sheep's clothing." - COIN TELEGRAPH

7. Iran will cut power to cryptocurrency miners if they are detected. - THE BLOCK CRYPTO

8. Crypto mining malware was detected in 21 countries on Android devices. - COINDESK

9. Google searches for Bitcoin reached a monthly high today as Bitcoin crossed $11k. - COIN TELEGRAPH

10. Morgan Creek Digital co-founder Anthony Pompliano predicts Bitcoin will hit $100k by Dec. 31, 2021. - OFF THE CHAIN

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Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who’s always on social media).

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