Blockchain

This weekend we saw the price of bitcoin drop more than 10%. Some suggest this was attributed to the hacking of the Korean exchange Coinrail which lost approximately 30% of its holdings. This resulted in the total market cap of cryptocurrencies to drop more than $42billion (an counting).

Figure 1 – bitcoin slides more than 10% over exchange hack news


You may believe that may be the case, however, it is hard to believe that this 10% was attributed to an exchange that is ranked in 90th or lower in trading volume could cause a 10% drop in the price of bitcoin. This drop in price is associated with the lack of volume and the price manipulation that has been discussed time and time again which has led to the conviction of some, and for the U.S. Department of Justice (DOJ) to open an investigation looking into potential market manipulators.

What to look forward to this week? The World Blockchain Forum is taking place in New York from June 11-13 – we are planning to attend and will update our readers with any exciting news and developments.

Securities

With the G-7 drama that has been building in the past few days, it seems that the U.S.-Canada trade feud has esclated to a point where you have Peter Navarro and Kudlow explaining their outrage on national TV.

 

It seems that the stock market is also patiently waiting to see the result of the North Korea summit for which Trump and Kim Jong Un are to have a face to face and one on one meeting, tomorrow at 9:00 am, with no media and translators only.

Additionally, it seems that the consensus is that the federal reserve chairman Jerome Powell, may increase rates this week at the FOMC meeting.

 

This should be an exciting week.