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Polkadot’s Kusama (KSM) Statemine Parachain Slot Auctions To Begin Next Week

After a successful upgrade of its parachain from Shell to Statemine, Kusama announced today that slot auctioning will be rolled out in the coming weeks.

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Last week, Polkadot’s canary network, Kusama (KSM), conducted an on-chain upgrade on its parachain after a vote was passed, making it the first live and fully functional parachain of the Kusama network processing permissionless transactions. The upgrade also made the project the first fully decentralized, heterogeneously-sharded blockchain.  

Kusama is a permissionless network that allows developers to experiment and test dApps and blockchains before deploying them on Polkadot. 

Kusama Statemine: A Multi-Functional Parachain

Last month, Polkadot added parachain auctions and crowd loans to Kusama and Westend. Following the addition, Kusama unveiled its first live parachain, Shell, about two weeks ago. While it ran smoothly, the Shell parachain needed to be upgraded into “something rich and functional.” Last week, it was upgraded to Statemine, a milestone development for the project. 

Parachains serve as a multi-functional facet of the Polkadot ecosystem used for different purposes such as smart contract chains, privacy chains, and high-frequency trades.

While Kusama’s Shell was designed to examine the capabilities of the Kusama parachain system, the Statemine parachain is the equivalent of the Polkadot’s Statemint common-good parachain. It supports multiple functions such as low-cost KSM transfer, minting, and transferring of fungible and non-fungible tokens (NFTs). 


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Meanwhile, KSM holders can freely transfer their tokens between Kusama and Statemine using the XCM protocol while other parachains will also be able to interact with Statemine with the same protocol. 

Kusama Statemine Parachain Auctions Start June 15

According to the project, although Statemine’s utility as a solitary chain is substantial, there’s a need to create a community of chains to increase its utility, which will be done through the concept of Kusama’s Parachain Slot Auctions. This is a market-efficient way that allows developers to bring their ideas to life on the Kusama network. 

If the governance council approves and everything goes according to plan with no significant or unexpected issues with the relay-chain logic, the first  Kusama Parachain Slot auction will take place between June 15, and 22 and the highest bidder will be selected as the winner on June 22. 

Following that, the second, third, fourth, and Fifth Kusama Parachain Slot auctions will be held between June 22 and July 13.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/polkadots-kusama-ksm-statemine-parachain-slot-auctions-to-begin-next-week/

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Bitcoin Price Reclaims $40K for the First Time in 19 Days (Market Watch)

After a near three-week hiatus, bitcoin’s price has returned above $40,000. The crypto market cap has surged above $1.7 trillion as DOT, LINK, and SOL exploded.

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The recent bullish developments for bitcoin continued in the past 24 hours as the asset broke above $40,000 for the first time in nearly three weeks. The altcoins are also well in green, with double-digit gains from Polkadot, Chainlink, and Solana.

Bitcoin Reclaims $40K After 19 Days

Roughly a week ago, the situation with the primary cryptocurrency seemed significantly less bullish. The asset had slid to $31,000 following more FUD from China and Elon Musk.

However, the bulls stepped up at that point and started gradually push BTC north. It stabilized around $35,000, but positive news from El Salvador impacted the price even more.

It all peaked yesterday after Paul Tudor Jones III praised bitcoin once more, and MicroStrategy revealed plans to buy up to $1 billion worth of the asset. In a matter of hours, BTC spiked by a few thousand dollars, reclaimed $40,000, and surged to a new high since May 21st at $41,000.

Consequently, bitcoin’s market capitalization is now well above $700 billion, while its dominance stands at around 44%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green; DOT Skyrockets

The alternative coins stood behind initially but have also marked substantial gains similarly to their leader. Ethereum is 5% up on the day and trades above $2,600.

Binance Coin’s increase is identical to ETH. As a result, BNB has jumped to $380 and eyes $400.

Cardano (5%), Dogecoin (2%), XRP (2.5%), Uniswap (7%), Bitcoin Cash (6%), and Litecoin (7%) are also well in the green.

Polkadot is the most substantial gainer from the larger-cap alts after a listing on Coinbase Pro. DOT is up by 16% since yesterday and currently stands above $25. Chainlink (12%) and Solana (12%) have also joined the double-digit price increase club.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from Amp (22%), Klaytn (16%), THORChain (14%), Polygon (14%), Synthetix (13%), Basic Attention Token (10%), and SushiSwap (10%).

Ultimately, the cumulative market capitalization is up by more than $200 billion in a few days to well above $1.7 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-price-reclaims-40k-for-the-first-time-in-19-days-market-watch/

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Thailand Bans Meme Coins and NFT Trading in New Regulation

The Securities and Exchange Commission (SEC) of Thailand has announced banning meme, exchange-issued, and non-fungible tokens or NFT.

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The Securities and Exchange Commission (SEC) of Thailand and its Board of Directors have approved new rules governing digital asset platforms. From now on, crypto exchanges can no longer trade meme-based tokens, non-fungible tokens (NFTs), and exchange-issued tokens in the country.

Thailand Bans NFT, Digital Exchange, & Meme Tokens Trading

Thailand’s Securities and Exchange Commission (SEC) has announced banning meme tokens, exchange-issued tokens, and non-fungible tokens (NFTs). Last week, crypto exchanges were ordered to delist the coins, along with NFTs, utility tokens, and social tokens, within 30 days.

Per the SEC, “This new regulatory guideline aims to enhance protection of digital asset traders’ interest.”

Even though, the regulatory agency did not specify the exact coins, meme-based cryptocurrencies, like Dogecoin (DOGE) and Shiba Inu coin (SHIB) are likely to be affected.

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The Thai SEC defines meme tokens as those which have “no clear objective or substance or underlying (value),” and whose price relies on social media trends.

According to the SEC, the new rules are aimed at protecting traders from tokens that have “no clear objective or substance” and whose prices are influenced by social media trends and influencers.

The ban also prohibits exchanges from listing non-fungible tokens. Notably, the SEC is not banning the issuance of NFTs but only banning the trading of these digital assets.

In addition, the Thai SEC also announced banning exchange tokens issued by crypto exchanges that cut transaction fees for those who hold them,

Exchanges Have 30 Days to comply With the New Regulation

The exchanges are required to comply and revise their listing rules in accordance with the Notification within 30 days from the effective date thereof.

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The regulators warned that token issuers failing to comply with their white papers and relevant rules risk having their tokens delisted from the exchange, noting that “After publication in the Government Gazette, the Notification has become effective from 11 June 2021 onwards without retrospective effect.”

Earlier this month, the SEC announced its intentions to further regulate crypto by stating  “The issuance of digital tokens must be authorized and overseen by the Securities and Exchange Commission.”

#Cryptocurrency Regulation #MEME Tokens #NFT #Thailand SEC

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/thailand-bans-meme-coins-and-nft-trading-in-new-regulation

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Bitcoin price bottom is in, says Fidelity exec as crypto market exits ‘extreme fear’

Macro comparisons suggest that there’s no more room for dips on BTC/USD, suggests Jurrien Timmer.

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Bitcoin (BTC) has already hit its price bottom, one of the industry’s top executives believes as BTC price action stays above $40,000.

In a tweet on June 14, Jurrien Timmer, director of global macro at U.S. multinational financial services corporation Fidelity Investments, called time on any further Bitcoin price dips.

Bitcoin bulls increase confidence

BTC/USD maintained higher levels overnight on Monday after surging through $40,000 resistance. Despite not yet fulfilling traders’ predictions of a $47,000 push, the mood has become broadly positive on the back of fresh high-profile praise from the likes of Elon Musk and Paul Tudor Jones.

For Timmer, the time has come to look higher, not lower, when it comes to charting Bitcoin’s next move.

“In my view, it looks like the bottom is in,” he summarized.

Timmer uploaded a chart comparing BTC/USD with the GS Retail favorites basket, a relationship which highlights similar local bottom formations.

GS Retail favorites basket vs. BTC/USD chart. Source: Jurrien Timmer/ Twitter

Fidelity has increased its Bitcoin activities in recent times, releasing a dedicated analytics platform and even applying to launch an exchange-traded fund (ETF). U.S. regulators began scrutinizing the application in late May.

Fear & Greed ditches the emotion

Meanwhile, another aspect of cryptocurrency which is back near 40 is the Crypto Fear & Greed Index — a classic sentiment gauge adding to the bullish mood.

Related: A Bitcoin indicator with a ‘perfect’ history just told you to buy the dip

After hitting its lowest in more than a year in recent week, Fear & Greed has rebounded to 38/100 — approaching neutral territory.

The Index uses a basket of sentiment measures to determine whether traders are overly bullish or bearish at a certain price, and therefore whether tokens are oversold or conversely due for a sell-off.

Crypto Fear & Greed Index as of June 15. Source: Alternative.me

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-price-bottom-is-in-says-fidelity-exec-as-crypto-market-exits-extreme-fear

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Cryptocurrency Market Drops 4% in 7 Days as Bitcoin Surges 8%

In the past 7 days, the entire digital currency market managed to dip from $1.662 trillion to $1.603T, indicating a sharp fall of about 4.06%. The 7d prices of all the top 5 out of 50 tokens in the world are trading in the red. Nevertheless, the largest coin by market cap managed to surge by about 8% in one week.

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Jun 15, 2021 at 08:28 // News

Some coins faced the roughness of the market

In the past 7 days, the entire digital currency market managed to dip from $1.662 trillion to $1.603T, indicating a sharp fall of about 4.06%. The 7d prices of all the top 5 out of 50 tokens in the world are trading in the red. Nevertheless, the largest coin by market cap managed to surge by about 8% in one week.

In the last month (since May 12), the entire cryptocurrency market capitalisation has lost by over $943 billion, representing a decline of over 37%, meaning that the market needs to multiply by about 1.6 times if it is to match the figures it recorded 30 days ago. According to the data by TradingView, the entire market cap is standing at about $1.599T, which simply shows that the crypto market is in complete turmoil.

Screenshot_2021-06-14_at_14-01-38_TOTAL_Index_Charts_and_Quotes_—_TradingView.png

For the last 7 days, some upcoming coins faced the roughness of the market. For example, the price of FinNexus (FNX, price of $0.06964, 24h volume of $655,535) dropped by over 93%, Kingdom Game 4.0 (KDG, $0.002982, $313,922) touched the ground by 90%, TriumphX (TRIX, $0.009026, $293,076) plummeted by about 79.3%, Crypto Village Accelerator (CVA, $0.0000001056, $85,755) declined by over 70.84% and LunaDoge (LOGE, <$0.00000001, $64,543) dived by over 65%, and many others.

Screenshot_2021-06-14_at_14-03-04_FinNexus_price_today,_FNX_live_marketcap,_chart,_and_info_CoinMarketCap.png

However, not all tokens performed bearishly in the market. We have seen cryptocurrencies that have gained dramatically. For instance, Amun Ether 3x Daily Short (ETH3S, price of $0.1142, 24h volume of $7,903,489) surged by over 532%, Litecash (CASH, $0.01684, $128,576) gained by over 214%, Save Planet Earth (SPE, $0.0000000684, $1,352,242) soared by over 212%, Aerdrop (AER, $0.000003795, $72,223) increased by over 202% and Streamr (DATA, $0.1905, $216,110,546) gained by more than 144%.

Screenshot_2021-06-14_at_13-57-49_Amun_Ether_3x_Daily_Short_price_today,_ETH3S_live_marketcap,_chart,_and_info_CoinMarketCap.png

Among the top 50 cryptocurrencies by market cap, it’s only the 7-day prices of Bitcoin (BTC), Wrapped Bitcoin (WBTC), Amp (AMP), Theta Fuel (TFUEL), UNUS SED LEO (LEO) and TerraUSD (UST) that are trading in green. The rest are facing it hot.

Screenshot_2021-06-14_at_13-54-47_Cryptocurrency_Prices,_Charts_And_Market_Capitalizations_CoinMarketCap.png

Top gainers and losers of the week

The 7d biggest gainer and loser among the top 50 coins is Amp and Bitcoin BEP2, respectively.

At press time, the price of Amp (AMP), the crypto in Rank #39 by MC, is sitting at about $0.06561 with a 7d gain of 41.47%, with a market cap of 2.77B and 24h volume of $43,431,341.

Screenshot_2021-06-14_at_13-52-54_Amp_price_today,_AMP_live_marketcap,_chart,_and_info_CoinMarketCap.png

Also, the current price of Bitcoin BEP2 (BTCB), the crypto in Rank #38 by MC, is sitting at nearly $0.1501 with a 7d drop of 100%, with a market cap of $10,977 and 24h volume of $5,772,632 (-19.27%).

Screenshot_2021-06-14_at_13-50-30_Bitcoin_BEP2_price_today,_BTCB_live_marketcap,_chart,_and_info_CoinMarketCap.png

The major reason why the prices of cryptocurrencies including Bitcoin are turbulently falling is because of the decision by social media platforms, China and Iran to ban cryptocurrency ads, mining and trading, and to no longer accept BTC as payment for its e-cars. Following the shock statement from Elon Musk, CEO of Tesla saying that Bitcoin and crypto mining is not environmentally friendly, there was an immediate visible impact on BTC’s value where it shrank by $6B and sent agitating shockwaves throughout the entire crypto asset market, and since then the market has never stabilized again. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinidol.com/cryptocurrency-market-lost-4/

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