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What Changed in Crypto Markets While You Were Sleeping — June 8

BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

The post What Changed in Crypto Markets While You Were Sleeping — June 8 appeared first on BeInCrypto.

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

Bitcoin update

On June 7, Bitcoin (BTC) broke down from a symmetrical triangle that had been in place since May 19.

It’s likely in the process of completing the fifth and final wave of a bearish impulse that could take it below $30,000.

BTC had been trading inside a symmetrical triangle since May 19. After consolidating for nearly a month, it finally broke down from the pattern on June 7. 

So far, BTC has reached a low of $32,351. The closest support area is near $27,000, created by the 0.618 Fib retracement support level.

BTC Chart By TradingView

Altcoin movers

The total cryptocurrency market cap took a more-than 9% dive in the past 24 hours to the $1.5 trillion level. This is the lowest market cap reached so far in the month of June. Apart from stablecoins, nearly every asset in the top-100 is in the red today.

There are only two cryptocurrencies that have had positive price moves today. Arweave (AR) is up 27% on the day, while Theta Fuel (TFUEL) is up nearly 18%.

On the other hand, BakeryToken (BAKE) is seeing the worst of the market rout. BAKE is down 20% in a move to the $3.15 price point and has nearly fallen out of the top-100 cryptocurrencies by market cap.

In other crypto news

  • The U.S. Department of Justice has recovered $2.3 million in bitcoin from the DarkSide ransomware attack on the Colonial Pipeline infrastructure.
  • A governance poll has been launched on the MakerDAO decentralized lending platform regarding the inclusion of different types of collateral beyond the realms of crypto.
  • MicroStrategy (MSTR) announced Monday its plans to raise $400 using debt offering in order to purchase more bitcoin (BTC). 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. Began trading and writing about cryptocurrencies in 2016, and have been an avid investor in stocks and precious metals since my teens.

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Source: https://beincrypto.com/what-changed-in-crypto-markets-while-you-were-sleeping-june-8/

Blockchain

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.

READ  VeChain Partners With Sam’s Club to Trace Food Products

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.

READ  Aavegotchi Moves to Matic Network Due to Ethereum’s High Gas Fees

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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Blockchain

OMG Technical Analysis: May Soon Fall Below the Fibonacci Pivot Point of $5.21

OMG price has tested and fallen below the 23.6% FIB retracement level of $5.26. The price may soon test and fall below the 38.2% FIB retracement level of $5.24 as well. If the price retests and surpasses these levels by day close, then probably the price uptrend is strong. In that case, the price will continue to increase tomorrow as well.

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The OMG network is a non-custodial, trustless, fast, secure, and cost-effective blockchain platform for transferring value on the Ethereum blockchain. It facilitates real-time and borderless transactions in digital currencies, thereby supporting a wide range of banking and finance activities. OMG is the prime governance token of this ecosystem and its technical analysis is as follows:

Past Performance

On Jun 8, 2021, OMG opened at $5.37. On Jun 14, 2021, OMG closed at $5.20. Thus, in the past week, the OMG price has decreased by roughly 3%. In the last 24 hours, OMG has traded between $5.12-$5.31.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/omg-technical-analysis-may-soon-fall-below-the-fibonacci-pivot-point-of-5-21.png

https://zephyrnet.com/wp-content/uploads/2021/06/omg-technical-analysis-may-soon-fall-below-the-fibonacci-pivot-point-of-5-21.png

Day-Ahead and Tomorrow

Currently, OMG is trading at $5.27. The price has increased from the day’s opening price of $5.20. Thus, the market seems bullish.

READ  OMG Technical Analysis: May Soon Fall Below the First Fibonacci Pivot Support Level Point of $5.88

The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price pullback amidst an overall bullish trend.

Currently, the RSI indicator is at 59%. It faced rejection at 62% and fell to the current level. Hence, selling pressures are slowly increasing. High selling activity will push the OMG price downwards.

Besides, the OBV indicator has also started falling steadily. Thus, selling volumes are slowly overtaking buying volumes. The OBV indicator is giving further credence to the intermittent price pullback indicated by the other two oscillators.

In short, all three oscillators have given negative signals. However, we have to wait and watch if this price pullback is temporary price corrective action or the commencement of a bearish trend.

READ  Deutsche Bank Collapse Could Crash Global Financial Markets

OMG Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $5.28. It may soon fall below the Fibonacci pivot point of $5.21. Thereafter, we have to wait and watch if the price resumes its upward journey or falls further.

The price has tested and fallen below the 23.6% FIB retracement level of $5.26. The price may soon test and fall below the 38.2% FIB retracement level of $5.24 as well. If the price retests and surpasses these levels by day close, then probably the price uptrend is strong. In that case, the price will continue to increase tomorrow as well.

#OMG #OMG Network

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/omg-technical-analysis-may-soon-fall-below-the-fibonacci-pivot-point-of-5-21

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MicroStrategy may Sell Up to $1 Billion in Stock After Making Huge BTC Purchase

It has been revealed by MicroStrategy that they had intentions to utilise the proceeds from the offering for corporate purposes with the inclusion of BTC.

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It has been recently revealed by MicroStrategy that they have intentions to utilize the proceeds from the offering for general corporate purposes along with the inclusion of BTC. Adding further to the announcement on the same day, the firm revealed that it is going to use $488 million from the proceeds of a private offering sale to acquire Bitcoin. Also, for the same reason, as revealed by the company, there are chances that it may sell $1 billion in stocks.

MicroStrategy Discloses Plans Regarding BTC

In an S-3 filing for the United States Securities and Exchange Commission, the business intelligence firm MicroStrategy said that it would be introducing an ‘at the market’ securities offering. 

This ultimately will be allowing the firm to sell up to $1 billion of its Class A Common stock over time.

In addition to this, it was revealed by the firm that it is having intentions to utilize the proceeds from the offering for the acquisition of the flagship cryptocurrency.

As per the filing:

“Bitcoin does not pay interest or other returns and so the ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of Bitcoin following our purchases of Bitcoin with the net proceeds from this offering. Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering.”

More in Accordance With the SEC Filing

MicroStrategy held around 92,079 BTC at the time of publication in accordance with the data revealed in the SEC filing.

Moreover, the company said recently that it had intentions to invest an additional $488 million in the crypto asset.

Also, it should be noted that the filings revealed that the business intelligence firm bought its existing holdings at an average BTC price of $24,450.

READ  Gemini CEO Tyler Winklevoss Remains Bullish on Bitcoin

#BTC #MicroStrategy

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/microstrategy-may-sell-up-to-1-billion-in-stock-after-making-huge-btc-purchase

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Insights Into the World-Changing Potential of On-Chain Gaming

Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness. What is Decentralized Gambling? Decentralized gambling takes control away from centralized organizations …

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Blockchain technology and the decentralization movement are set to disrupt many industries, but perhaps none more than gambling. By bringing transparency to a once-opaque industry, on-chain gaming promises to shine a light onto a sector characterized by intransparency and a lack of fairness.

What is Decentralized Gambling?

Decentralized gambling takes control away from centralized organizations which typically operate gambling sites. This design model opens the doors to player-centric mechanisms, one of which provable fairness. 

Insights Into the World-Changing Potential of On-Chain Gaming

All payouts and bets are verifiable with all transactions recorded on-chain, thereby leaving platforms with no choice but to acknowledge all activities carried out by players. With this model, no longer can casinos mess with the outcome of wagers or insist that a specific winning bet was never played. 

Decentralized gaming and gambling can also include the notion of community governance and utility tokens. With tokens available to the community, players have a stake in the platform, potentially reducing their house edge, being subject to rewards, earning a share of revenue, and providing a genuinely decentralized business model where no single party controls the mechanics of the site.

Insights Into the World-Changing Potential of On-Chain Gaming

Why Are Traditional Online Casinos Unfair?

Even if land-based casinos are well regulated, and the house edge is discernible, online casinos pose enormous risks to players. Online casinos have been widely reported to alter their software to issue false outcomes. Whether it is second dealing, rigged games or faulty slots, players are often at the mercy of unscrupulous operators or buggy software.

Many are operated by criminal organizations out of less-regulated jurisdictions and can be difficult to track down in the event of a non-payment of winnings. Online casinos have a well-earned reputation for engaging in fraud and theft, usually in the form of (unrevealed) unfair odds and rigging.

Online gambling is a $45 billion a year industry, and despite a sheer yearly growth, it lacks oversight whilst harboring unfair practices. Thankfully, on-chain gambling models can resolve all of those problems by providing a transparent and immutable record of every action taken on the casino. Thanks to its many user-centric benefits, decentralized gambling has become a buzzword despite many casinos not being fully decentralized, fair, or governed by smart contracts. 

Untapped Market Opportunity

After conducting careful studies of the current market, CryptoPunt was launched in hopes of resolving all paints generally associated with online gambling. All the games and the casino are fully decentralized, with completely auditable smart contracts. As such, all bets are recorded on-chain via the Polygon Matic ecosystem, the layer 2 Ethereum scaling solution, which also drastically reduces transaction costs for players.

Access to CryptoPunt will be via a standard web3-enabled Ethereum wallet like MetaMask, meaning that CryptoPunt provides a non-custodial payment policy, so users retain control over their private keys, with funds never moving in the absence of authorization. This model also ensures that there is no risk of delayed or denied withdrawals since wagering happens directly via a user’s web3 wallet – consequently, there are no deposit or withdrawal buttons. 

The first games to be launched will be Blackjack, Jackpot, and Coinflip, with many other entertainment options like Crash to follow. 

A recent look at the MVP of CryptoPunt has shown a beautiful user interface built for and by punters, offering a sleek, fun, and efficient experience. 

Introducing Community Tokens

To further enhance the platform’s decentralized credentials, CryptoPunt will be releasing $PUN, its very own native utility token. $PUN tokens will be issued as rewards to affiliate marketers, with 0.1% of all bets being automatically credited within their wallets. Token holders can also access lower house edges, giving them greater chances of winning, along with access to exclusive promotions and better rates. CryptoPunt has mentioned that it is actively developing the utility of the $PUN token to reward early buyers and create an ever-expanding gambling ecosystem. 

$PUN is the world’s first casino utility tokens to support both ERC-20 and BEP-20 standards and will be listed directly on the PancakeSwap & Uniswap decentralized exchanges. With a listing price of 25 cents, $PUN will hold an initial market cap of $1.2M. 

They are backed by industry heavyweights like VYSYN Capital, CryptoMarvels, Chain Ridge Capital, Insignius Capital, Dutch Crypto Investors, and BMW Capital. It is expected that CryptoPunt will demonstrate that on-chain and fully decentralized gambling is the only rational choice for the industry to not only survive but thrive.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/insights-into-the-world-changing-potential-of-on-chain-gaming/

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