Daily Market Update - June 18, 2020

$BTC 24 Hour High $9,540.42 $BTC 24 Hour Low $9,327.34 $BTC -0.6%


$BTC futures volumes at $11B aggregated across the major exchanges, with open interest unchanged at $3.5B. $24M long positions liquidated on the move down. 

$BTC dominance remains at 65% and digital asset market cap at $267B.


Alleged Ponzi Scheme Sent the $5 Million in Ether Gas Fees

After a week of searches, it appears that the culprit behind at least two of the anomalous high fee transactions on Ether (ETH) was found. As reported by Chinese blockchain analytics company PeckShield on June 16, the originating address appears to be coming from Korean platform GoodCycle, a recently launched peer-to-peer exchange that provides “investment” opportunities to its users. According to PeckShield, this platform shows all the signs of a Ponzi scheme, which would explain its rapid rise in popularity.


South Korea’s Finance Minister Confirms Plan to Tax Cryptocurrency

The South Korean Finance Minister, Hong Nam-Ki, announced plans to impose a tax on cryptocurrency, while speaking to the parliamentary finance committee on June 17.According to a report from local news outlet, Korea JoongAng Daily, the ministry will reveal further details of the plan next month. Hong told the committee that the government: “Has continued to realign its tax system to reflect changes in market conditions, but it is especially working to refine its list of taxable items and types of tax this year.”


Akon’s Crypto City Moves Ahead Awarding $6B Construction Contract

United States engineering firm KE International awarded Senegalese-American singer and entrepreneur Akon with a $6 billion contract to build a cryptocurrency city in Senegal.According to a June 4 announcement, KE International secured $4 billion from investors for the first two phases of Akon City’s construction. Akon first announced plans to build the city in January. The firm has now confirmed the deal and added more details about the project.


US Markets

(Bloomberg) -- Hertz Global Holdings Inc. suspended plans to raise cash by selling new shares that the bankrupt car renter described as potentially “worthless” after its proposal failed to pass muster with U.S. regulators.

The company halted sales while it deals with issues brought up by Securities and Exchange Commission officials, according to a filing. The stock, whose trading had been halted earlier in the day, rose 5 cents to $2 Wednesday, while its bonds tumbled.

The action puts the brakes at least temporarily on the sale from which the company sought to raise as much as $500 million. The extra scrutiny comes amid a mania, especially among individual investors, for shares of bankrupt and near-bankrupt companies. The enthusiasm has baffled professional traders because common shares typically get canceled at the end of the court process, leaving equity owners empty-handed.



The Knights Templar: A template for sovereignty without territory or statehood

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