Market Analysis Report

17 June 2019

Bitcoin's Price Tumbles More Than $400 From New High

Bitcoin's unprecedented rally has slowed down after reaching unprecedented heights of a $2720. Currently sitting at $2485, Bitcoin has dropped 5.33% in the last 24 hours. Volumes are quite high, with over $580M dollars exchanged in the USD market, more than half a billion. The Bitcoin pull back is associated with profit taking following several days of rally.

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Bitcoin Core Developers Criticize Bitcoin Scaling Agreement

Bitcoin Core developers have criticized the Bitcoin Scaling Agreement presented by Digital Currency Group and 56 other companies, which represent approximately 83 percent of hashing power, to deploy Segregated Witness (SegWit) by September and execute a 2 MB hard fork six months thereafter. Bitcoin Core developers Matt Corallo and Greg Maxwell both criticized the Bitcoin Scaling Agreement proposal due to the lack of consultation with the Core developers and contributors within the open source Bitcoin development community. Both developers emphasized that the proposal is highly unrealistic because of its timeframe. Greg Maxwell explained:

“Redeployment of segwit basically can't happen until the old deployment expires. The reason for this is because for simplicity and safety reasons all segwit supporting versions of Bitcoin only have segwit code paths for the most part... e.g. there isn't separate handling for segwit and non-segwit txn. Segwit's current non-activation is achieved by a very minimal set of tweaks on top of that.”

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ICOs Going Mainstream? Chat App Kik to Launch Token Sale

The Canada-based messaging service Kik has revealed plans to launch its own cryptocurrency called Kin. The coin will be launched on the Ethereum blockchain as a token. Today, the company released a white paper outlining its strategy for Kin, how it will be integrated into the app and how it hopes to create a wider ecosystem for buying and selling digital services. Ted Livingston, CEO of Kik said:

"We think this is leading to a future for consumers and for society that has less choice, less innovation and ultimately less freedom."

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Coinbase Bows Out Due to Technical Problems

Coinbase, the San-Francisco based digital asset exchange suffered an outage yesterday. The popular digital exchange displayed a message of ‘Service Unavailable’ and informed users that the site was down for maintenance.  In a tweet, the company revealed:

“Coinbase has experienced unprecedented traffic and trading volume this week. As a result, has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance.”

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State of the Crypto

Bitcoin is down 4.12% at $ 2,517.35 with a volume of Ƀ 237k - $ 588M on the USD pairs.
Litecoin is down 7.15% against the dollar for the day at $0.53 and down 1.93% to Ƀ 0.01217 on volumes of Ƀ24k.
Ether is down -0.69% against Bitcoin at Ƀ0.07481 per Ether and down 4.84% against the dollar to $190.55 with average volume Ƀ 81.3K on the ETH/BTC pair.
Dash is up 2.21% at Ƀ 0.05585 with Ƀ11.7 volume and down -4.14% against the dollar at $133.65.
Ripple is up 7.58% to Ƀ 0.0001249 with volumes of Ƀ65.6k and up 2.67% against the dollar at $0.3080.
Zcash is up 1.57% for the day to Ƀ 0.09344 per ZEC and down 5.32% against the dollar to $226 with an average volume of Ƀ10.1k for the 24 hour period.
Monero is down 5.73% against the dollar at $43.12 and up 0.57% against Bitcoin at Ƀ0.01778 on volumes of Ƀ13.7k.
Ether Classic is down 10.15% to Ƀ 0.006717 with volumes of Ƀ 36.1k and down 14.27% against the dollar at $16.46.
Waves is up 22.81% to Ƀ 0.001184 on Ƀ662 volume.
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