Cryptos plummet following bad news – June 11

Current Bitcoin Price: $6713 (as of 7:50 AM PST)

It’s been a terrible weekend for the cryptocurrency markets. Sunday morning saw most charts ebb away a few percent, but there was a serious hit later in the day. That’s left major coins like Bitcoin and Ethereum down by at least 7% over the last 24 hours, but there are a number of coins — Bitcoin Cash, TRON, and Cardano, to name a few — which have taken a loss of over 10% in this bloodbath.

The only top-100 coin in the green is Veritaseum (up 2%), while EOS is down by just under 17%. Is the weekend’s mostly-bad news to blame?

Top Bitcoin & Crypto News Stories for 11th June 2018

US opens Bitcoin price manipulation investigation

In a market “controlled entirely by supply and demand principles”, it’s no surprise to see price manipulation — from small pump and dump groups to large-scale, criminal operations.

With that in mind, the United States Commodity and Futures Trading Commission (CFTC) has just opened an investigation into potential price manipulation of bitcoin futures, requesting data from four exchanges.

South Korean exchange Coinrail ravaged by hackers

Coinrail is one of Korea’s lesser known exchanges, although it’s still estimated to have held over US $100 million of crypto assets.

The exchange was hacked yesterday, with an estimated 30% of tokens stolen (valued at over US $40 million), although the exact extent of the damage is not known.

China considers unbanning cryptocurrencies

Earlier this year China enacted a ban on both cryptocurrencies and ICOs, despite their population having embraced blockchain technology with both hands.

A recent editorial in a state-run news website, Globaltimes.cn, suggests that the government might be starting to take a different view on crypto trading — and might be considering unbanning and regulating them instead.

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