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Inside Bitcoin

Inside Bitcoin (Jun 27th, 2019)

Market Watch: Bitcoin reached its yearly high yesterday touching $13,485.85. Since then, the markets have tanked and every single coin in the Top 100 except two are down over the last 24 hours!

  • Bitcoin: $10,832.72 (⬇️ 19.21%) // $192.64 billion market cap.
  • Ethereum: $287.99 (⬇️ 17.37%) // $30.71 billion market cap.
  • XRP: $0.40 (⬇️15.26%) // $19.70 billion market cap.
  • Litecoin: $114.47 (⬇️ 14.87%) // $7.14 billion market cap.
  • Top 100 Winner: XMax: $0.005 (⬆️ 79.34%) // $89 million market cap.
  • Top 100 Loser: Energi: $6.48 (⬇️ 23%) // $113 million market cap.

Prices are as of 4:07pm EDT.

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1. Bitcoin hit its yearly high topping out at $13,485.85 yesterday. Speaking to CNBC, Genesis Global Trading CEO, Michael Moro, said, "Even the most optimistic crypto bulls would tell you that a 50%+ move in a week is too much too fast. The presence of leverage exacerbates the moves in both directions and affects the speed dramatically. Of course, bitcoin has a history of doing this (both upward and downward), but it’s hard to call the magnitude of the move healthy." After hitting its high, a steep decline of almost $2,000 within 15 minutes happened around the same time that Coinbase was knocked offline as high user volume overwhelmed the servers. - CNBC

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2. The daily volume on BitMEX hit a record high surpassing $11 billion. The Bitmex Twitter account tweeted, "Today sets a new record for crypto: >$1B open interest on XBTUSD, >$13B traded on XBTUSD, >$16B on all BitMEX products." BitMEX and the Real 10 volume of Bitcoin, which refers to the verifiable daily volume of bitcoin coming from exchanges regarded by Bitwise Asset Management for having a legitimate daily volume, accounted for nearly $17 billion in daily volume. - FORBES

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3. Throwback Thursday: Bitcoin almost reached $14k last night hitting a high of $13,485.85. The last time Bitcoin breached $13k was January 14th, 2018. At the time, three weeks later on February 6th, 2018 Bitcoin nearly dropped 50 percent -- dipping to $7,013.10. Since hitting the high last night, the market appears to be correcting itself with Bitcoin dropping below $10,000 per coin at one point. Will we see the same pullback that we saw back in January 2018? Is this just a set back on a longer sustained run? Hit reply this email and let me know your thoughts.

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4. The Monetary Authority of Singapore wants more information about Facebook Libra. MAS wants the information so it can decide how to categorize Libra as far regulation. MAS managing director Ravi Menon said, "At this point, it’s not clear whether it offers a distinctly superior proposition to existing electronic payment mechanisms. We need to understand how exactly it’s going to work” including the economics of the project as well as security and privacy issues, he added."  Menon also stated that Libra offered benefits in regards to the remittance market. -COIN DESK

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5. Amazon-owned Twitch enabled BTC and BCH payments within its platform. This comes after Amazon removed the ability to pay for subscriptions in BTC and BCH by disabling Bitpay in March. - COIN TELEGRAPH

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6. XRP may become FATF AML compliant after a new partnership with Coinfirm. Coinfirm provides companies with information about users who use cryptocurrency excluding actual identities. - FORBES

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7. Cryptocurrency exchange Bitrue was hacked for $4.2 million worth of XRP and ADA. The company said it will return 100 percent of the hacked cryptocurrencies to 90 Bitrue users that were affected. 

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8. The net worth of the Winklevoss twins doubled in the latest crypto bull run. Their combined net worth was $654 million at the beginning of the year and climbed to $1.45 billion yesterday. - BLOOMBERG

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9. Coinbase was hit with an outage just as the price of Bitcoin dropped almost $2k in 15 minutes. A rush of user interest to the site as the price of Bitcoin increased was the reason for the outage. - COIN DESK

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10. Mike Novogratz sold a "little bit" of Bitcoin as the price climbed 22% on Wednesday. In an interview with CNBC yesterday Novogratz said he wished he would have sold a lot more. - BLOOMBERG

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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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