🗞 Daily Crypto News, June, 5th💰

Neo Announces New Consensus Mechanism For Its New Mainnet ;
Long-Term Support Level May Struggle to Revive Bitcoin Price Rally
The SEC Case Against Kik’s ICO Appears Strong, Experts Say ;
Polish Exchange Shuts Down and Disappears With Customers Funds ;
Binance Launches Native Trust Wallet on Binance DEX ;
📑 Daily Crypto Calendar, June, 5th💰
STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Neo Announces New Consensus Mechanism For Its New Mainnet

Chinese-based blockchain platform Neo has implemented a new iteration of its consensus algorithm, the Byzantine Fault Tolerance mechanism (dBFT 2.0), on its mainnet, according to a press release on June 4.

The new algorithm purportedly provides immediate transaction finality. dBFT 2.0 includes a new procedure for reintegrating failed nodes back into the network, and also adds a “commit phase” of consensus, which alleviates forking issues by including a step that forces node assignment to new blocks.

The consensus mechanism dBFT reportedly differs from the ones for top cryptocurrency blockchains Bitcoin and Ethereum because of this commit phase. For Bitcoin, the consensus mechanism is a proof-of-work (PoW) protocol that allows BTC miners to compete on making the next block, which means that there are competing forks on the blockchain.

🗞 Long-Term Support Level May Struggle to Revive Bitcoin Price Rally

Bitcoin is again attempting a recovery from the 30-day moving average, currently at $7,710. The key average has consistently reversed price pullbacks in the last four months.

This time, BTC is more likely to end up creating a bearish lower high (shallow bounce) or may find acceptance below the average in the next day or two, as both the daily and weekly technical indicators are calling a deeper price pullback.

A UTC close below the 30-day MA would open the doors to $7,000.

If the ongoing recovery from the MA ends with a UTC close above $8,103 (today’s high), BTC may rise to $8,500 in the next couple of days.

🗞 The SEC Case Against Kik’s ICO Appears Strong, Experts Say

The U.S. Securities and Exchange Commission has sued messenger app maker Kik for its $100 million ICO – which the agency contends was an unregistered securities sale – and the regulator appears to have built up a strong case in its initial court move.

In a complaint filed Tuesday, the SEC alleged that Kik violated federal securities law by not registering its kin token sale. In a response, Kik’s general counsel, Eileen Lyon, said that the SEC’s complaint makes a number of inaccurate assumptions which “stretch the Howey test well beyond its definition” and that the agency’s push will not withstand judicial scrutiny.

Nelson Rosario, a principal at Smolinksi Rosario Law, told CoinDesk that the SEC’s complaint against Kik was similar to others brought against other initial coin offerings, in particular with respect to the evidence that the regulator is putting forth.

🗞 Polish Exchange Shuts Down and Disappears With Customers Funds

Polish cryptocurrency exchange Coinroom has reportedly shut down its operations and disappeared with customer funds, local business news outlet money.pl reported on May 31.

Money.pl received an email from one of its readers, who stated that Coinroom — which was registered in 2016 — ceased operations overnight and disappeared with customers’ money in April. Some users say they had up to 60,000 zloty (around $15,790) in their accounts.

Before ceasing its operations, Coinroom reportedly sent emails to its customers, containing information about contract terminations. Coiroom customers had only one day to withdraw their money, which was in accordance with Coinroom regulations signed by users. However, customers reportedly claim that some of them got only part of the money, while most of them did not receive their funds back at all.

🗞 Binance Launches Native Trust Wallet on Binance DEX

Binance, the world’s second largest crypto exchange by adjusted volume, has released its official Trust Wallet on its decentralized trading platform Binance DEX. The news was revealed in a press release shared with Cointelegraph on June 4.

As previously reported, Binance acquired Trust Wallet — an open source, decentralized wallet that initially offered native support for ethereum (ETH) and ETH-based tokens — in summer 2018. At the time, Binance had revealed its plans to list the wallet as the default wallet on its forthcoming decentralized exchange (DEX) — then still under development.

Since then, the exchange has also rolled out support for multiple cryptocurrencies on Trust Wallet — with plans to support tokens based on protocols using proof-of-stake (PoS) consensus algorithms in future.

📑 Daily Crypto Calendar, June, 5th💰

Opacity (OPQ)

We will be launching Opacity 1.0 on Wednesday June 5, 2019.

Aion (AION)

Infrastructure upgrade required by 12 PM (EST) for new Aion kernel release.

VeChain (VET)

Live demo on @PwC_China RA Symposium on Wednesday, Hong Kong. @vechainofficial have developed an NFC solution for @OfficialSbtg limited edit...

Aeternity (AE)

Major upgrade of protocol to be forked on block 90800, which is expected around June 5.

POA Network (POA)

Scaling Ethereum workshop at University of Toronto.

STEEM Trading Update by my friend @cryptopassion

Here is the chart of yesterday :

Here is the current chart :

Yesterday, exactly like on the BTC chart, we were sitting on a major support line around 0.39$ and the break of it created a powerfull correction. In just some hours, we are about to test the 0.34$ support line which is a drop of more than 10%. Let's see if that support will hold us or if the purge will continue. We are arriving on a little support on the BTC so we can expect a little stabilization... let's hope ;)

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