JPMorgan Chase Bank to Repay $2.5M in Unfair Fees on Crypto – June 1

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$9,572

Bitcoin price has risen ranged in the $9,000s over the weekend, with today’s price action surpassing the $9,500 mark once again.

Top-20 altcoins have had a mixed performance, as Ethereum gains 1%, XRP falls 1%, and Neo outperforms all other altcoins with a 5% rise.

Top Stories for June 1, 2020 🔥

👉 JPMorgan Chase Bank to Repay $2.5M in Unfair Fees on Crypto

JPMorgan-owned Chase Bank has agreed to refund $2.5 million worth of fees wrongfully charged on customers’ cryptocurrency purchases.

The bank was hit with a lawsuit after it unfairly classified customers’ cryptocurrency purchases as “cash advances”, resulting in significantly higher transaction fees.

The case was settled out of court, with 95% of the fees to be repaid in exchange for the bank not admitting to any wrongdoing to the 62,000 plaintiffs.

👉 Tether Expands Once Again, Now Running on OmiseGo Sidechain

Controversial stablecoin Tether (USDT) have expanded their presence onto the OmiseGo (OMG) plasma sidechain, in an effort to avoid Ethereum network congestion issues.

The OMG sidechain is still based on Ethereum, but compresses network requirements and costs in a more efficient manner. Ethereum fees have reached a high point recently, with much of the network burden coming from USDT itself.

👉 Bitmain Now Selling Cheaper Bitcoin Miner, Attempting to Recapture Market Share

Bitmain has released a new, cheaper version of its existing Antminer S19, as it attempts to reclaim its market share from competitors, MicroBT.

The new miner, the Antminer T19, comes at a slightly lower price than the existing S19 model, with slightly lower efficiency. Purchases will be limited at two units per user, with orders shipping in late June.