The Crypto Report
It was a wild weekend for cryptocurrency and it’s carried over into the week with all the top five coins in the red.
EOS (EOS-USD) was the top decliner, down nearly 2% to US$10.80.
Ripple (XRP-USD) was down about 2% to US$0.57 followed by Bitcoin Cash (BCH-USD), down 1.5% to US$923.42.
Ethereum (ETH-USD) fell to US$521.36 while Bitcoin (BTC-USD) was down to US$6,734.29, both falling nearly 1%.
Crypto markets saw a sharp decline over the weekend after the US Commodity Futures Trading Commission launched an investigation into four crypto exchange. The CFTC will look into Bitstamp, Coinbase, itBit and Kraken to see if manipulative trading has taken place to alter the price of BTC futures.
South Korean exchange Coinrail was also involved in an alleged hacking attempt. More than US$40mln worth of cryptocurrency is estimated to have been stolen, according to a TechCrunch report.
Coinrail has not announced how or if it will reimburse its customers.
The cryptoverse has been debating it was the hacking of the small exchange or the CFTC’s investigation that prompted the 10% decline in Bitcoin over the weekend.
Why the dip?#bitcoin— Alistair Milne (@alistairmilne) June 10, 2018
The number of women interested in cryptocurrency has doubled in the last six months, according to research by the London Block Exchange. One in eight women, or about 13%, would invest in crypto compared with 6% at the end of last year.
“There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female,” said Agnes de Roeyer, senior business analyst at London Block Exchange in a report by City AM.
The study found that women were more likely to invest strategically and consult family and friends before investing while men were more likely to invest for fear of missing out on an asset and tended to approach investing solo.
The research did not see any significant growth in interest among men.
Apps that facilitate initial coin offerings or any crypto-related securities must come from “established banks, securities firms, futures commission merchants, or other approved financial institutions,” according to an Apple Insider report.
The Cann Report
The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, saw a slight rise today of more than 1%.
Several medical cannabis companies in Michigan were supposed to receive an update on their state license applications but will now have to wait another month. The Michigan Medical Marijuana Licensing Board announced on Friday that it was canceling its Monday meeting and will not meet again until July 12, according to a report by the Detroit Free Press.
More than 200 businesses have applied for a license and more than 500 have applied for prequalification. State regulators have yet to issue a license to any of the companies waiting.
WeedMD Inc (CVE:WMD) can begin growing in its new greenhouse in Ontario after receiving its cannabis cultivation license from Health Canada. The medicinal marijuana company will now have a total of 20 grow rooms.
Once the 610,000 square foot facility is fully retrofitted, it could possibly produce more than 50,000 kg of marijuana annually. Shares of the Toronto-based company jumped more than 4% to C$1.86.