Crypto Market Update (06 June 2018)

Bitcoin Global News (BGN)

June 06, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

Last week’s reversal is showing positive signs for the weekend, as Bitcoin, Ethereum and many altcoins are showing growth in the past 24 hours, and trading volume continues to climb. Binance Coin (BNB) is the big standout of the top 100 coins - up over 15% in the past 24 hours. Bitcoin is right around $7,650 for about +3% change and Ethereum is nearing $610 for +3%. Market cap for the overall cryptocurrency market climbed $7 billion to $345 billion total.

Major Headlines

Microsoft puts down $7.5 Billion to acquire Github

GitHub was valued at $2 billion in its last funding round in 2015. Microsoft has made two other major tech acquisitions in the past four years - $26.2 billion for LinkedIn two years ago and $2.5 billion for Minecraft in 2014. Microsoft VP Nat Friedman will assume the role of GitHub CEO. GitHub's tools have become essential to software developers, who use it to store code, keep track of updates and discuss issues. But Microsoft has become the top contributor to the site, with more than 1,000 employees actively pushing code to the repositories. Major Github competitor Gitlab claims it has seen a 10x increase in the amount of developers moving their repositories to its service, which signals that there’s some developer unrest. However CEO Satya Nadella assures the community: “We are committed to being stewards of the GitHub community, which will retain its developer-first ethos, operate independently and remain an open platform. We will always listen to developer feedback and invest in both fundamentals and new capabilities.”

China may lift cryptocurrency ban

New developments in China hint that there could be major changes coming. China’s Ministry of Industry and Information Technology released a new public cryptocurrency ratings system, which will become an annual event. The government rated 28 cryptocurrencies with Ethereum as the top blockchain project. President Xi Jinping has also called blockchain part of the “new industrial revolution.” The country’s state-owned television station China Central Television (CCTV) referred to the value of blockchain as “10 times more than that of the internet.” An article in People’s Daily (China’s largest newspaper) is also praising the technology: “There’s an increasing belief that just saying no to Bitcoin won’t be the eventual solution to the cryptocurrency issue. A more fundamental approach would be to embrace the new technology without putting the country’s financial system at stake”

Volkswagen funding live data streaming device for cars

VW is working with carVertical to integrate an on-board data tracking and diagnostics device to improve used car history reports, car insurance fees and vehicle safety. It’s no longer like the old days where someone was poking around and physically looking at the engine of your car at the shop. New cars sync up to computers to assess their performance and maintenance issues. carVertical’s device won them a trip to Volkswagen’s Future Mobility Incubator in Dresden. It provides data of acceleration, braking, maintenance to be shared with insurance providers and permanent up-to-date diagnostics. They are similar to a fitness tracker, but for your car. Collected data is also used to provide services and discounts that are most relevant to the driver. AND the carVertical OBD tracker works as a carVertical token miner.

Top 5 Gainers

FlourinCoin (FLO) +136.97% at $0.184842

GlobalCoin (GLC) +108.43% at $0.003740

Steem Dollars (SBD) +94.22% at $3.34

0xBitcoin (0xBTC) +80.81% at $3.77

WeAreSatoshi (WSX) +49.07% at $0.086941

Top 5 Losers

Bitcoin Interest (BCI) -28.13% at $6.12

Bigbom (BBO) -19.21% at $0.017595

Super Bitcoin (SBTC) -16.71% at $9.71

Lampix (PIX) -16.36% at $0.021173

Endor Protocol (EDR) -16.07% at $0.164577