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Crypto Markets See Mix of Red and Green, Top 10 Coins in Slight Decline

Saturday, June 16: after a slight rebound Thursday, crypto markets are experiencing a similarly slight decline, with all of the top ten coins by market cap down by one to three percent in 24 hours to press time.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) is down about half a percent over the 24 hour period, trading at $6,530 at press time. The cryptocurrency has seen significant fluctuation this week, coming down from $7,623 June 10 to as low as $6,267 on June 13. Today, the coin has retraced some of those losses.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down by a similar margin, with a decline of under one percent over the past 24 hours. The leading altcoin is trading around the $500 threshold at press time.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap remains somewhat low, currently at $277 billion, according to Coinmarketcap. Crypto markets have lost around $63 billion in total this week.

Total market capitalization chart

Total market capitalization chart. Source: Coinmarketcap

EOS is one of the more affected coins among the top ten: shedding about 3 percent in 24 hours to press time, it’s currently trading at $10.72. Today EOS Mainnet has experienced a “freeze”, resulting in some downtime. The leading block producers (BPs) of the network are reportedly working on a solution to the issue.

While the top ten coins are experiencing some downward pressure, there is a number of altcoins that are moving in the opposite direction.

Ethereum Classic (ETC) has grown by 4 percent in 24 hours to press time, trading at around $14.50.

Basic Attention Token (BAT) is up 2.8 percent, currently at $0.26. The coin, which is ranked 52nd by market cap, is developed by Brave, a company established by Brendan Eich, ex-CEO of Mozilla.

On June 15, Fundstrat’s head of research Thomas Lee linked the recent decline in Bitcoin with the expiration of Bitcoin futures. Lee explained that the latest drop coincided with just one of the six expirations of Bitcoin futures that have happened since the Chicago Board Options Exchange (CBOE) launched Bitcoin futures trading in December 2017.

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US State Department And Coca-Cola To Use Blockchain Technology To Fight Forced Labor

The beverage giant Coca-Cola is teaming up with the US State Department and three other companies to launch a project that uses Blockchain technology to create a secure registry of workers worldwide, Reuters reports March 16.

According to the International Labor Organization, nearly 25 mln people work under forced labor conditions globally, 47 percent of whom live in the Asia-Pacific region.

Beverage companies have faced pressure from regulators to address  the issue of forced labor in countries where they get their sugarcane. Last year, global supply-chain transparency organization KnowTheChain released a study which showed that most food and beverage companies fail to adequately address the problem of forced labor.

The new project will utilize Blockchain’s validation and digital notary capabilities to create a secure registry for workers and their contracts.

Brent Wilton, Coca-Cola’s head of workplace rights, said, “We are partnering with the pilot of this project to further increase transparency and efficiency of the verification process related to labor policies within our supply chain.”

Deputy Assistant Secretary of the Department of State expressed optimism about the project, stating that while the Blockchain cannot compel companies to respect contracts and implement ethical labor practices, it can create a chain of evidence that will encourage compliance.

The State Department said that this is its first major project regarding labor rights utilizing the Blockchain. The government agency sees Blockchain as a helpful tool in social development.

The US tech company Bitfury Group will build the Blockchain platform for the project, while Emercoin wll also provide blockchain services

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Bitfury and First Block Capital Make Strategic Investment In Emercoin

Bitfury, maker of hardware and software for Blockchain mining and management, has announced a strategic investment in Emercoin. The investment is in tandem with First Block Capital, the Canadian crypto investment firm.

The Emercoin platform combines proof-of-work (PoW), proof-of-stake (PoS) and Merged Mining into a hybrid model that Bitfury believes will produce more robust flexibility than other Blockchain systems. According to Valery Vavilov, CEO of the Bitfury Group:

“Bitfury is a big fan of Emercoin technology, which offers great potential for proof of work and proof of stake mining. In the coming months, we will develop creative ways to use this new technology, which provides both flexibility and security, to launch new pilot projects that solve complex problems for governments, companies, institutions and individuals around the world.”

Part of the investment deal includes the creation of a new advisory board for Emercoin, which includes KiteVC investor Bill Tai, a member of Bitfury’s board of directors, and George Kikvadze, executive vice chairman of Bitfury.

Hardware demand

Bitfury’s hardware offerings include a 16nm ASIC chip designed for more energy efficient mining operations. The chip offers 100GH/s hash speed, making it one of the fastest, while still using only 0.1J/GH of power.

The demand for Bitfury products has resulted in the company being completely sold out. Miners interested in the hardware can complete a form online to be able to purchase the hardware when it becomes available.

Emercoin platform

The Emercoin platform offers a number of features that the Bitfury team believes will increase adoption. These include anti-counterfeiting and domain name services, as well as decentralized advertising and digital time stamp and ownership features.

Emercoin has seen a substantial increase in volume, as interest in the platform has continued to grow. Currently ranked 118th among cryptocurrencies with a market cap of $262 bln, the coin has increased in price from $1.35 on Dec. 18 to highs over $7.88 on Jan. 11.  

Emercoin

At press time, the price had retreated from the highs to $6.44.

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