Weekly Update: Market Update / Bancor Hack / Litecoin Acquisition / South Korea / Binance
This video is a recap for the cryptocurrency market for the week ending July 15, 2018.
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– The cryptocurrency market fell back down last week. The overall market cap dropped 8% and is now hovering at around $256 billion dollars. For the past 3 weeks, the market had been fluctuating at around the $250 billion level. Without new money coming in, the market seems to be stabilizing at this level.
– Bitcoin prices dropped 6% to the $6,300 level as trading volumes contracted 16% from the previous week.
– Bancor reported that they had been hacked and lost over $23 million dollars worth of tokens. In the latest hack, one of Bancor’s wallets used to upgrade smart contracts was compromised and the hackers were able to steal large amounts of Ether, Pundi X tokens and Bancor tokens.
– Litecoin announced this week that it has acquired a 9.9% stake in a German Bank from TokenPay. Litecoin will be working on integrating with the bank to make it easier for people to buy and use Litecoin. The bank, called WEG Bank, provides financial services to real estate clients.
– In South Korea, 12 cryptocurrency exchanges were approved by the South Korea Blockchain Association for meeting new requirements. According to local news, Bithumb, Upbit, OKCoin and other crypto exchanges were able to satisfy the newest security measures and internal managment systems that have been put in place.
– Binance announced that it has invested in a decentralized bank based in Malta. The bank, called Founders Bank, could potentially be the world’s first decentralized bank and will be community-owned. The Founders Bank will be raising funds by issuing equity as a blockchain based token that meets the regulatory requirements of both Malta and Germany.
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The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don’t invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.