The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

Top stories in the Crypto Roundup:

Algorand-focused Algo Capital closes venture fund at $200 million.
Forbes: as many as eight institutions in on Chinese government’s upcoming cryptocurrency launch.
Libra Associations launched bug bounty program in an effort to secure its Libra Blockchain.

BTC/USD bounced off the 100-day simple moving average (SMA) overnight (UTC), keeping the pair north of the psychologically significant $10,000-mark. This is in fact the first time the 100-day SMA has been a five-figure total since all the way back on April 10, 2018. Also of note is the continued weakness in daily trading volume this week, relative to the past eight weeks.

At the time of writing, bitcoin (BTC) is trading at $10,135.8 (–0.97%) with daily trusted volume of $946.46 mn. As for ether (ETH) it is trading at $185.9 (–0.54%) with daily trusted volume of $167.52 mn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,287.8 (–0.87%).

Algorand-Focused Algo Capital Closes Venture Fund at $200 Million

Algo Capital—the financial institution steering the access, adoption, and liquidity of the Algo, the native cryptocurrency of the Algorand blockchain—announced Tuesday the closing of its Algo VC Fund at $200 million, doubling its initial goal of $100 million. “The fund will invest in category-leading businesses that are building on the Algorand technology platform, with a focus on accelerating the use and acceptance of the Algo as a means of payment,” Algo Capital stated in a press release.

Backing Algo Capital’s Algo VC Fund were some of the blockchain and cryptocurrency ecosystem’s most active venture capital firms such as Arrington XRP Capital, NGC Ventures, and Eterna Capital. Initial portfolio companies of the Algo VC Fund include leading security token issuance platform Securitize and decentralized exchange IDEX.

Up to Eight Institutions In on Chinese Cryptocurrency Launch

China’s central bank will launch its state-backed cryptocurrency within the coming months, Forbes reported, citing independent research Paul Schulte. A former global head of financial strategy for China Construction Bank, Schulte told Forbes that “the largest bank in the world, the Industrial and Commercial Bank of China, the second largest bank in the world, his former employer, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency.”

Schulte’s information was confirmed by a second, unnamed source who is involved in the development of the cryptocurrency—which is being dubbed DC/EP (Digital Currency/Electronic Payments). This source added that an eighth institution could also be among the first tier of recipients listed in the above paragraph, and that the cryptocurrency may possibly launch on November 11 (i.e., Singles Day, China’s—and indeed the world’s—biggest shopping holiday of the year in terms of sales turnover).

Libra Association Launches Bug Bounty Program to Help Secure Libra Blockchain

The Libra Association announced Tuesday the launch of its public bug bounty program on Tuesday, enabling “developers to submit bugs and alert the association to security and privacy issues and vulnerabilities to help ensure a scalable, reliable, and secure launch.”

Bug bounty testing is a well-established way of detecting vulnerabilities in software, and participants can receive up to $10,000 for uncovering the most serious flaws, the Libra Association explained. Partnering with the Gibraltar-domiciled non-profit organization on the bug bounty program is HackerOne, the world’s leading hacker-powered application security platform.

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