Let’s check out past week’s top stories in crypto market:
- Indian government will punish cryptocurrency users with 10 years in prison;
- Avenir Suisse offered the Swiss National Bank to start working on a national cryptocurrency;
- US customers will no longer be able to trade 32 cryptocurrency coins on Bittrex.
Cryptocurrency Market Stats
Total market capitalization of all cryptocurrency assets had dropped by 244 billion USD by the end of last week.
|Stat||Value (7d change)|
|Market Cap||244 023 973 889 (-11.24%)|
|Markets||18 869 (+1.12%)|
|BTC Dominance||55.7% (-0.2%)|
Major Coins’ Price Stats
According to the Coinmarketcap data, cryptocurrencies suffered great loss: BTC, ETH and XRP slid down by 12%. Check results of the previous week right in our table.
|Coin||Close||7d Gains||7d High||7d Low|
|Bitcoin||$7 688,08||-12.07%||$8 595,63||$7 564,49|
Quote of the Week:
Christopher Giancarlo, US Commodity Futures Trading Commission Chairman: “What a difference it would have made a decade ago if blockchain technology on a private distributed ledger accessible to regulators had been the informational foundation of Wall Street’s derivatives exposures.”
In Case You Missed It:
- The Indian government has proposed a bill that would punish anyone who uses cryptocurrency with ten years in prison. According to the Economic Times, if it is passed, it would also prevent anyone arrested for a crypto-related offence from being bailed out of prison. Indian government expects that these harsh measures will help to fight against cryptocurrencies that are often used for money laundering and financial crime.
- The authors of the “Blockchain After the Hype” report, who are the most influential think tanks in Switzerland, urge the Swiss National Bank to start working on a national cryptocurrency. Moreover, they suggest to build an economic model based on blockchain, and launch a “franc token” controlled by the National Bank. New cryptocurrency will is believed to make Switzerland a “blockchain nation”, and will facilitate tokenized securities trading.
- On June 7, Bittrex cryptocurrency exchange announced in its blog that it will prohibit US citizens from trading with 32 cryptocurrencies. This group of customers will not be able to buy or sell a great number of coins listed on the exchange anymore, while all open orders involving said assets will be cancelled starting from June 21.
We hope that our digest will be helpful for you. And as always we wish you a profitable trading!