Sparkster (SPRK) Debuts at 10% of ICO Price, Bittrex Geofences 32 Cryptoassets

Today's top news from the cryptocurrency and blockchain space:

  • Top crypto-regulation advocate predicts impact of Facebook’s cryptocurrency.
  • Sparkster’s SPRK token goes live on exchanges at only 10% of its ICO price.
  • Bittrex to disable support for 32 cryptocurrencies for U.S. customers.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,954.79 (2.35%) and $242.21 (1.84%), respectively. The MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,861.18 (+4.47%).

Bitcoin Ethereum CryptoCompare

Top Crypto Spokeswoman’s Facebook GlobalCoin Prediciton

Caitlin Long, a former Wall Street executive actively pushing for cryptocurrency- and blockchain-oriented regulations, shared six predictions about the ramifications surrounding Facebook’s forthcoming GlobalCoin stablecoin.

Among the predictions shared by Long – who has been a driving force behind the U.S. state of Wyoming’s establishment of a crypto-friendly regulatory environment – was that developing economies will be significant beneficiaries of Facebook’s GlobalCoin.

In terms of how the social media giant’s stablecoin launch will impact bitcoin (BTC), Long was optimistic; tweeting her belief that Facebook “will pull more users into #BTC (sic) whether it intends to or not.”

Sparkster’s SPRK Debuts at 90% Loss

Sparkster, a blockchain project that completed a $30 million initial coin offering (ICO) in July 2018, unlocked its SPRK tokens yesterday. After selling for $0.17 (USD) per token during the ICO, SPRK debuted on multiple cryptocurrency exchanges for roughly one-tenth of its price; a 90 percent loss for those who invested almost twelve months ago.

Bittrex Latest to De-List Cryptocurrencies for U.S. Traders

Major cryptocurrency exchange operator, Bittrex, announced it will disable support for thirty-two listed coins for customers based in the U.S. Effective on June 21, the U.S.-based exchange stated in a blog post that:

U.S. Customers will be sent an email communication from Bittrex that provides guidance on what they can and cannot do with their affected Tokens/Coins in connection with this change before an affected market is no longer available.

Among the cryptocurrencies set to be disabled on Bittrex – and transitioned to Bittrex International – are Storj (STORJ), Gifto (GTO), and Enigma (ENG).

Bittrex’s decision comes only a few weeks after fellow U.S.-based exchange, Poloniex, stopped offering nine cryptocurrencies to domestic customers due to regulatory uncertainty.

Kraken Exchange Test Bug Allowed Some Traders to Make an Easy 20% Profit

  • Cryptocurrency exchange Kraken disclosed a product testing bug that affected how orders were executed.
  • Certain clients were able to buy BTC at $8000 while others sold at $120000.

Cryptocurrency exchange Kraken has updated users on a new bug that allowed certain clients to buy BTC at $8000 or sell at $12000.

Kraken Exchange Bug 

According to the notice published to Kraken’s official Twitter account, the exchange was testing an unreleased advanced order type when it encountered a bug.

The glitch led to a system error where orders were priced against the wrong side of the book. Certain clients were able to purchase bitcoin at $8,000 per coin while others were able to sell at $12,000 against the tester without an intervene in liquidity being cleared (despite the market price of BTC hovering around $10,300).

Kraken explained that because of the bug, orders were executed on either side of the $8K - $12K spread, without any liquidity in between being exhausted. However, stop orders were apparently triggered and correctly filled.

Community members were quick to criticize the exchange for allowing such a significant bug to occur on a test that was being run in a live market. 

Jesse Powell, co-founder and CEO of Kraken, defended the exchange’s actions by explaining that products have to be live-tested eventually, even if there is a chance of error. 

 

Featured Image Credit: Photo via Pixabay.com