ICO Ratings on ICOformula - Movers and Shakers of Week 25
A turbulent weekend for the cryptocurrency markets sees the global cryptocurrency market cap at $251 billion, down $19 billion from Friday, Bitcoin currently at $6163 a drop of $225 since Friday having clawed its way back from a low of $5825 over the weekend and Ethereum at $449 this morning, down $45 on Friday.
CEO of both Bitfinex and Tether Phil Potter announced his resignation from both positions on Friday in a media release stating “As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive team.” The news comes at a time of difficulty for both companies after allegations of market manipulation were published in a Texas University research paper earlier this month and continued suspicion over the auditing of Tether and its books after parting company with its contracted auditors Friedmann LLP after which no official audit was published, then upon contracting a law firm Freeh, Sporkin & Sullivan LLP to “look over the company financials” who reportedly stated “[we are] confident that Tether’s unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018.”. Whilst the latest comment on the state of Tethers books is positive, to date there is still no official audit of Tether.
Progress is being made at last with the ongoing Mt.Gox legal situation. The former exchange notorious for being the first significant exchange hack back in 2014, in which more than 800,000 Bitcoin were lost. Nobuaki Kobayashi, the current Mt.Gox trustee released a document covering the current state of affairs after being given clearance to proceed with a “civil rehabilitation process”. The process essentially enables the bankruptcy court case to effectively be “paused” whilst all outstanding debts are paid – after which the bankruptcy case will continue. Kobayashi has come under fire a number of times after liquidating sizable chunks of BTC, which some argue contributed heavily to this year’s downward price movements. The civil rehabilitation process now legally prevents any further liquidation of Bitcoin into Yen by Kobayashi until the bankruptcy case is officially re-opened which will be in Q1 of 2019. Hopefully the fact Kobayashi cannot sell off any more Bitcoin for the time being sinks in with the Bitcoin community in general and panic selling caused by over eager wallet-watchers subsides.
New ICO Ratings on ICOformula:
Last week in the world of ICO Ratings on ICOformula:
The first chart shows us how the top 10 ICO’s by average position have changed over the course of the previous week:
The second chart shows the top 10 ICO’s by largest average position gain over the past week:
The third chart shows the top 10 ICO's by largest average position drop over the past week:
Caveat: Only ICO’s that have had the status of ICO are used in the data set for the full 7 day range are included in the following charts. ICO’s that either entered the dataset mid-way through the week, OR completed the ICO process and completed their sale/trading as tokens are not included in these charts.
Learn more about ICOformula ICO ratings and how the Formulatron calculates them in our in-depth guide to how ICOformula rates ICOs.
Created: Monday, June 25, 2018
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