Daily Crypto Brief for Friday, June 12, 2020.

This is your ITB Media Daily Crypto Brief for Friday, June 12, 2020.

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In Mainstream Financial News.

CNBC reports: Goldman Sachs unintentionally sparked a war with cryptocurrency evangelists - https://cnb.cx/3cNxNG6

Goldman Sachs unintentionally sparked a war with cryptocurrency evangelists. “Cryptocurrencies including bitcoin are not an asset class,” Goldman Sachs declared in a slide deck released ahead of an investor call on Wednesday.

Bloomberg Headline: Quadriga Downfall Stemmed From Founder’s Fraud, Regulators Find - https://bloom.bg/2AmzFsm

The Canadian securities regulator has taken the rare step of publishing its findings on its 10-month investigation into QuadrigaCX, whose collapse in 2019 caused at least C$169 million ($125 million) in losses for 76,000 investors in Canada and abroad. QuadrigaCX shut down in January 2019, weeks after Cotten died unexpected while on his honeymoon in India, leaving behind a mystery of what happened to the Bitcoin and other cryptocurrencies on the platform.

The Asia Times Reports: Why India could be the next crypto hub https://bit.ly/3cUCRZn

Here are four key forces driving crypto adoption in India:

Currency fluctuations and mismanagement

Scale

Legalisation and regulation

Huge domestic and foreign remittances

Wall Street Journal Headline: Cyber Daily: Oversight of Cryptocurrency and Other Financial Technology Is Evolving - https://on.wsj.com/3dNMKZT

Oversight of Cryptocurrency and Other Financial Technology Is Evolving. Good day. ... Hackers attacking cryptocurrency exchanges in the last 18 months have stolen millions of dollars of bitcoin and other digital currencies. Plus, a large share of cryptocurrency trades appear to be fake, some researchers say.

Forbes Headline: Bitcoin Falls More Than 8% As Crypto Markets See Red - https://bit.ly/2At253P

Bitcoin prices dropped by more than 8% today, approaching the $9,000 level as digital currency markets suffered widespread losses. The world's most prominent cryptocurrency fell to as little as $9,108.47 close to 1 p.m. EDT, CoinDesk figures show.

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In Crypto Publications headlines.

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Cointelegraph reports: Karpeles Says Mt Gox Verdict May Set ‘Dangerous’ Precedent - https://bit.ly/2YwXHIY

Karpeles Says Mt Gox Verdict May Set 'Dangerous' Precedent. A day after a Tokyo court upheld charges against him, Mark Karpeles, the former owner and CEO of Mt. ... On June 11, Tokyo District Court Judge Mariko Goto struck down Karpeles' appeal to a previous charge of tampering with financial data

CoinDesk.com headline: Why This Dev Built a ‘Centralized Ethereum’ on Top of Bitcoin’s Lightning Network - https://bit.ly/2MQekKl

Pseudonymous developer Fiatjaf has created Etleneum, which he describes as a “centralized” version of Ethereum that runs on payments from Bitcoin’s Lightning Network. Hence the name, a portmanteau of “Ethereum” and “Lightning.” (If that’s too subtle, the Etleneum logo is a diamond shape like Ethereum’s with a lightning bolt running through it.) Like Ethereum, Etleneum has “contracts,” automated agreements over what rules need to be met before money can be dispensed. The contracts are public like Ethereum’s, and like the world’s second-largest blockchain by market capitalization, Fiatjaf’s platform is open to anyone to use.

Cryptonews.com reports on its front page: Stock Sell-Off Eases While Bitcoin Follows Stocks Again - https://bit.ly/3dVvj9T

As of press time on Friday morning (08:33 UTC), bitcoin was down by 3% over the past 24 hours to trade at a price of USD 9,491. The loss comes after the number one cryptoasset briefly traded above the USD 10k mark early yesterday morning UTC time, before a sharp sell-off sent it all the way down to the USD 9,050 level.