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June 2016

Bitcoin (BTC) Moves Up Again, Hits New High Above $9,300

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Bitcoin

Bitcoin

Over the past few months, Bitcoin (BTC) has been surging and it has hit a new year-to-date high surpassing the $9,000 level for the second time in 2019, a feat that has left investors looking at the $10,000 mark.

Bitcoin Rallying

Bitcoin is 151% up year-to-date and the rallying of the most popular cryptocurrency has been associated with the inauguration of the CME Bitcoin futures market. In the last session, the coin was up by 7.50%, hitting price highs per of $9,387 on Bitstamp Exchange before experiencing a slight fall.

At the beginning of the week, BTC price was around $8,100, with the “real 10” volume of the cryptocurrency being $600 million. Bitcoin price has benefitted from the growing price of Litecoin, which has gained close to 19% in the past week.  The rise in BTC comes at the back of a spike in trading volume by more than $19 billion worth of the crypto asset traded across various exchanges in the last session.

At the time of writing, BTC is trading at $9,310.

>> Bakkt Announces Bitcoin Futures Launch Date in July

Facebook’s Anticipated Launch of Digital Currency

The cryptocurrency industry has been enhanced with the latest news that Facebook is likely to launch its own digital currency with details expected to be unveiled on Tuesday. Facebook is said to have secured the services of Uber, Spotify, and Visa. Although Facebook’s digital coin is expected to compete with Bitcoin, it is rather seen as a validation of blockchain technology and value.

Equally, the coin is benefiting from the general improvement in sentiment regarding cryptocurrencies. The anticipated halving of Bitcoin in the next year has also led to the surge in BTC price and investors and traders are looking forward to the event that will see a cut in Bitcoin supply by half, while some are foreseeing a supply shock.

Bakkt Exchange, backed by Starbucks and Intercontinental Exchange, expects to start accepting beta testers on its platform beginning next month.

Featured image: DepositPhotos © Syda_Productions

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Crypto Exchange Blockport Bankrupt After STO Fails to Meet Expectations

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Blockport

Blockport

Amsterdam-based crypto exchange Blockport is facing uncertainty and has declared bankruptcy after its security token offering (STO) failed to meet minimum expectations, ending up in disaster.

Blockport Files for Bankruptcy After STO Failure

Between April 16 and May 15, Blockport launched a token sale in which the exchange sought to raise $5.62 million, but things didn’t turn out as planned. The company’s Chief of Product and Founder Sebastiaan Lichter announced last month through a blog post that the STO project failed to hit its soft cap of $1.13 million. Shortly after, Blockport filed for bankruptcy, but Lichter indicated that the token sale participants would be reimbursed the money from their investments.

The founder indicated that since the exchange’s first equity fundraising round turned out disastrous, they would not be able to uphold the expected growth path and as a result, there was a need for significant scale down of the crypto exchange’s team and operations. Lichter indicated that Blockport was not in a position to issue new BPT tokens because of the flawed STO. Following the announcement, the exchange’s native BPT token crashed hard, its price plummeting from $0.094 to $0.0063, which is a loss of close to 93% in ten hours.

>> Coinroom Exchange Shuts Down and Leaves with Customers’ Crypto

Blockport ICO in 2018 Raised $15 Million

Last year in January the crypto exchange had an ICO and managed to raise $15 million. However, the STO differed from the ICO as investors were offered not only tokens but also promised profits of the company as well as access to Blockport’s Board and management annual meetings. The STO could not meet expectations, and Blockport announced its failure, promising to refund investors.

STOs are becoming the cryptocurrency industry’s most preferred fundraising method because it addresses some of the regulatory challenges surrounding ICOs. It seemed like the last resort for Blockport to fund the development of its platform, but it remains to be seen whether this strategy will be adopted in the bigger industry in the future.

The exchange has claimed to be scaling down its business for it to continue development, and although Blockport had announced that it would take its platform offline, it is still online.

Featured image: DepositPhotos © minervastock

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TRON (TRX) | Is it the Right Time to Buy Ahead of Key Catalysts?

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TRON

TRON

Over the past year or so, TRON (TRX) has grown into one of the most promising cryptocurrencies in the world, and experts believe that it has not yet reached its full potential. In addition to that, the fact that TRON separated from Ethereum completely has also been regarded as a monumental step in the development of the project.

For those who have watched the growth of TRON closely, the decoupling from Ethereum was regarded as the cryptocurrency’s ‘Independence Day,’ and there was optimism that it was going to go on a sustained bull run.

Justin Sun is Bullish

Although the bull run did not happen, there is a lot of optimism among those who have invested in TRX and, more importantly, TRON founder Justin Sun has stated that the cryptocurrency is on course for significant breakthroughs. Sun is known for making bullish comments quite frequently, and his comments are usually taken with a grain of salt.

However, this time, experts believe that he may actually be on the right track. In this regard, it needs to be stated that the acquisition of BitTorrent was one of the most significant deals that had been done by the company and BitTorrent could play an important role in TRON’s growth in the future.

>> Ripple Announces Notable Investment in XRP Projects

BitTorrent: A Key Catalyst?

According to Justin Sun, the official launch of BitTorrent Speed is going to be the most significant event in the company’s recent history, and so, July is all set to be a big month for TRON. Moreover, the Power of One Lunch in collaboration with eBay and Warren Buffett is going to be another event that could have a major effect on TRON. BitTorrent Speed will see the first major use case for cryptocurrencies at a significant level, while the Power of One Lunch will see Warren Buffett turning into a backer of crypto from his historical quite critical standpoint on cryptocurrency.

In addition to these events, TRON has also recently backed developers to use its blockchain to build apps, and recently crossed eight million users. Once the 100 million users on BitTorrent are added to the existing pool, the potential of TRON could get unlocked pretty fast. Other than that, the partnerships with LATOKEN, a multi-asset trading platform, and Certik, which is engaged in blockchain audit, could prove to be other important factors in TRON’s rise too.

Featured image: DepositPhotos © giggswalk

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