🗞 Daily Crypto News, June, 18th 💰

almost 4 years ago (Edited)

Bitcoin Still Undervalued After Q2 Rally, Price Metric Shows;
Insider Claims Trump ’Told Treasury Secretary’ to ’Go After’ Bitcoin - Report;
Major Crypto Debit Card Issuer Reportedly Missing $2.1B in Cash;
Bitcoin Mining Heats Up: High Difficulty Adjustment, Pool Consolidation, Less Concentration in China ;
Bancor Discovers Critical Vulnerability, Hacks Itself to Prevent Theft;
🗞 Daily Crypto Calendar, June, 18th 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Bitcoin Still Undervalued After Q2 Rally, Price Metric Shows

Bitcoin remains a bargain despite having carved out solid gains in the second quarter, according to one price metric.

At press time, the cryptocurrency is trading near $9,450 – up nearly 47% so far this quarter and has gained 145% from the low of $3,867 observed on March 13, according to CoinDesk’s Bitcoin Price.

Despite the recent rise, bitcoin’s Mayer multiple – the ratio of the cryptocurrency’s price to its 200-day moving average – currently stands at 1.15, according to MayerMultiple.info.

A below-2.4 ratio indicates the cryptocurrency is undervalued. Once the ratio rises above that level, it indicates that bitcoin may be overbought and a speculative bull frenzy has set in. That often leads to a price bubble and a subsequent crash.

However, on-chain activity is supportive of the bullish picture painted by the Mayer multiple. The number of bitcoin whales or entities holding more than 1,000 coins recently rose to 1,844, the highest level since November 2017, as noted on Wednesday.

Retail interest, too, is at record highs, as tweeted by Ciara Sun, head of global business and markets and vice president at cryptocurrency exchange Huobi.

🗞 Insider Claims Trump ’Told Treasury Secretary’ to ’Go After’ Bitcoin - Report

Donald Trump has been "after" bitcoin (BTC) for at least two years now, allegedly stating the world's number one token is a fraud, per claims in a new tell-all book.

The United States President allegedly told Treasury Secretary Steven Mnuchin to crack down on the trading and selling of BTC, claims an as-yet-unpublished book by former White House national security advisor John Bolton, called The Room Where it Happened - as reported by The Washington Examiner.

The newspaper says it has obtained a copy of the book, and says that Trump allegedly told Mnuchin in an exchange between the two men in 2018:

"Don't be a trade negotiator. [...] Go after bitcoin [for fraud]."

"If you don't want me on trade, fine, your economic team will execute whatever you want," Mnuchin reportedly replied, referring to a"tense exchange" over China-related trade sanctions and tariffs.

🗞 Major Crypto Debit Card Issuer Reportedly Missing $2.1B in Cash

Major fintech company WireCard, which issues Crypto.com’s debit cards, has fallen into controversy as some of its employees appear to have defrauded the company.

As reported by the Financial Times on June 18, auditors from Big Four accounting company EY “could not confirm the existence of €1.9bn in cash,” or about $2.1 billion.

According to a statement from the company, a trustee of Wirecard’s bank accounts attempted to deceive the auditor and falsely indicate the existence of the cash balance.

The company’s stock price plummeted by almost 50% on Thursday after the issue became known.

According to earlier reporting by the Financial Times, Wirecard staff in Dubai and Dublin appear to have conspired to falsely inflate sales and profits for almost a decade.

🗞 Bitcoin Mining Heats Up: High Difficulty Adjustment, Pool Consolidation, Less Concentration in China

It’s been approximately 37 days since the notorious Bitcoin reward halving that took place on Monday, May 11, 2020. On June 16, the Bitcoin network saw a large upwards difficulty adjustment making it much harder to mine bitcoins and slowing down the issuance rate because block generation has slowed down. Furthermore, a recent research report predicts the SHA256 ASIC mining industry will grow more consolidated in the future.

Bitcoin Network Difficulty Jumps to 15.7 Trillion

One of the most lucrative but also one of the most competitive operations in the crypto industry is bitcoin mining. Thousands of individuals and organizations worldwide leverage application-specific integrated circuit (ASIC) or custom chips to mine bitcoins using the SHA256 consensus algorithm.

🗞 Bancor Discovers Critical Vulnerability, Hacks Itself to Prevent Theft

The newest release of the Bancor decentralized exchange appears to be vulnerable to a very serious bug that can result in a significant loss of user funds.

According to the tweet posted by Bancor on June 18, the vulnerability affects the latest version of the BancorNetwork smart contract, which was launched on June 16.

Users who traded on Bancor and gave a withdrawal approval to its smart contract are urged to revoke it through a specialized website, approved.zone.

The team revealed that after discovering the vulnerability, they “attacked the contract as a white-hack” to migrate funds at risk to a secure location. Presumably, the team used the aforementioned vulnerability to do so, meaning that an attacker could have drained a significant portion of user funds.

🗞 Daily Crypto News, June, 18th💰

Algorand (ALGO), Binance Coin (BNB), Bitcoin Cash (BCH), Dash (DASH), Effect.AI (EFX), Maker (MKR), Monarch (MT), Neo (NEO), SagaCoin (SAGA), SIGMAcoin (SIGMA), STASIS EURO (EURS), Stellar (XLM), TomoChain (TOMO), Travala.com (AVA), Velas (VLX)

BlockDown 2020 virtual conference from June 18 - 19.

Stellar (XLM)

"Reminder: On 06/18/2020, the public network votes to upgrade‍ Stellar Core to Protocol 13."

Blockstack (STX)

Join Blockstack Co-Founder Muneeb Ali and Head of Growth Patrick Stanley in this Binance AMA.

Zilliqa (ZIL)

"@Kucoincom Pool-X opening set for June 18"

NULS (NULS)

"On June 18 at 10 PM EDT, NULS will be the first project listed on BitMart Shooting Star."

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