🗞 Daily Crypto News, June, 8th💰

almost 4 years ago

Bitcoin Remains on Hunt for $10K as Holding Sentiment Gains Strength;
This Alternative to Central Banks Is Better For Free Societies;
CoinMarketCap Users Are Calling Out the Latest Exchange Rankings;
Crypto Long & Short: Bitcoin’s Quiet Progress Is Pointing Toward a Better Future;
EOS Developer Block.one Prepares Voice For July Launch;
🗞 Daily Crypto Calendar, June, 8th 💰

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

🗞 Bitcoin Remains on Hunt for $10K as Holding Sentiment Gains Strength

Investors remain confident in bitcoin’s long-term prospects despite the cryptocurrency’s struggle to pass $10,000, according to a key on-chain metric.

The seven-day moving average of the total amount of bitcoin held in exchange addresses declined to 2,313,749 on Sunday – the lowest level since December 2018, according to data from blockchain intelligence firm Glassnode.

Exchange balances have declined by nearly 13% over the last four months – a change indicative of a shift to a long-term holding strategy. “This could be related to more investors HODLing [holding], moving their funds to cold storage and/or keys they control themselves,” cryptocurrency exchange Luno noted in a weekly email update.

As such, it seems likely investors expect the ongoing price consolidation to pave the way for a stronger bull run and are holding on to their investments in the hope of bigger gains to come.

The prospects of a continued upward move look strong, as the diverging trends in bitcoin’s price and exchange balances seen this year are the opposite of what we saw in the second quarter of 2019. At that time, exchange balances rose along with prices, suggesting a lack of confidence in a longer rally.

🗞 This Alternative to Central Banks Is Better For Free Societies

Private currency boards, as alternatives to central banks, might become a reality - bringing greater stability and economic freedom, according to Steve H. Hanke, a Professor of Applied Economics at the Johns Hopkins University, a prominent expert on hyperinflation, and a major currency board supporter.

"Monetary instability poses a threat to free societies," said Hanke in his recent paper Money, Stability, and Free Societies. They lead to "ills" such as inflation, banking crises and currency instability, which then result in calls for policy changes many of which threaten free societies and economic freedom. Hanke argues that three major regime changes are needed to improve the stability:

USD and EUR should be formally, loosely linked; the European Central Bank (ECB) would have to maintain the zone of stability (e.g. USD 1.20– USD 1.40 per EUR) by defending a weak USD via buying dollars, while the US Treasury would also defend a weak EUR by purchasing it.
Most central banks in developing countries should be replaced by currency boards; these central banks commonly face high inflation, currency and banking crises, relatively high fiscal deficit and debt levels, etc., while these countries often experience unstable growth because their central banks engage in procyclical monetary policies. But before central banks, there were currency boards in places across the world and only rare, mild financial crisis, due to a stable banking system. "Even in the most trying times, currency boards always produced stable money and maintained full convertibility."
Private currency boards should be permitted to enter the international monetary sphere.

🗞 CoinMarketCap Users Are Calling Out the Latest Exchange Rankings

Following the latest CoinMarketCap update which introduced the “Confidence factor” to rank exchanges, users are taking issues at perceived injustices against popular platforms.

A pseudonymous Twitter user going by the name of Cosmonaut called out CoinMarketCap for placing BitMEX, one of the most popular derivatives exchanges, all the way down at the 175th spot.

Such a low position would seem uncharacteristic within CoinMarketCap’s new rankings, where web traffic is one of the primary factors. This update comes after a period of several weeks where exchanges were ranked exclusively by web traffic — which also drew criticism.

🗞 Crypto Long & Short: Bitcoin’s Quiet Progress Is Pointing Toward a Better Future

The tensions that have spilled over into the streets of U.S. cities this week are a heartbreaking expression of a long-standing problem that has the whole world in its grip.

Inequality is not specific to the U.S. Nor is it limited to a handful of relatively well-off geographies. It stratifies societies within borders, trapping the majority within a narrow income band while markets pour wealth into the accounts of the few. It also divides the haves from the have-nots on a spectacularly global scale, relegating some countries to the back of the hand-out queue while others, blessed by nature and exploited luck, centralize their advantage with technology moats and resource supply chains.

Technology is part of the problem. It has widened the chasm between those that can harness it and those that as yet cannot. It has enthralled populations, who are now captive to its influence. It has sped up flows of capital, while further concentrating its distribution.

🗞 EOS Developer Block.one Prepares Voice For July Launch

With existing social media platforms increasingly coming under fire for alleged censorship, decentralization proponents may now be one step closer to another blockchain-based alternative that says it will “take social back from big tech.”

Block.one, the company behind EOS, is now targeting an initial launch of their new social media platform Voice on July 4, the Independence Day in the United States. However, users will still need to go through registration in order to publish and engage with content, and this will remain by request only until August 15, Voice CEO Salah Zalatimo tweeted this weekend.

The new launch date marks a change from a previously planned launch sometime this fall, and – according to the company’s CEO – happens because they “simply can’t wait any longer” given the big tech companies’ increasing control over user data and content on their platforms.