🗞 Daily Crypto News, June, 27th 💰

Bitcoin Still Stuck in a Rut, Trading Below $10K;
Telegram’s Courtroom Saga With the SEC Comes to a $1.2 Billion End;
Compound’s COMP Token Paves Way for DeFi Yield Wars;
Vanguard’s Blockchain Platform for Foreign Exchange Will Go Live in Q3 2020;
Ebang Miner is listing on NASDAQ today ! The mining company raised >$100mn;
🗞 Daily Crypto Calendar, June, 27th 💰

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

🗞 Bitcoin Still Stuck in a Rut, Trading Below $10K

After the largest options expiry in history, bitcoin ended its fifth week of bouncing around the $9,000s price range.

Bitcoin (BTC) was trading around $9,180 as of 20:00 UTC (4 p.m. ET), slipping almost 1% over the previous 24 hours.

At 00:00 UTC on Friday (8:00 p.m. Thursday ET), bitcoin was changing hands around $9,300 on spot exchanges such as Bitstamp. After putting in the Friday high of $9,291, bitcoin failed to rally from Thursday’s sell-off to $8,990 from $9,650 and continued to trade hands between $9,000 and $9,200.

Trading volume on Thursday was only slightly lower than Wednesday, the two largest trading days for Coinbase spot bitcoin volume at $126 million and $124 million respectively. For Friday, volume on Coinbase is at $84 million, according to Skew.

🗞 Telegram’s Courtroom Saga With the SEC Comes to a $1.2 Billion End

On June 26, Judge Kevin Castel signed the final judgment in the SEC v. Telegram case, which will require Telegram pay back $1.2 billion to investors in their ICO for the failed Telegram Open Network.

Cointelegraph reported on the final judgment proposed yesterday. What has changed is the approval of the court, putting an end to a legal drama that began with the SEC ordering a stop to Telegram’s impending distribution of GRAM tokens.

Per the SEC’s announcement on today’s approval:

“New and innovative businesses are welcome to participate in our capital markets but they cannot do so in violation of the registration requirements of the federal securities laws.”

🗞 Compound’s COMP Token Paves Way for DeFi Yield Wars

Recent events surrounding the launch of Compound’s token seem to have been noticed by many other projects in the decentralized finance, or DeFi, ecosystem.

In an interview with Cointelegraph, Framework Ventures’s co-founder Michael Anderson said that the token’s success may provide an example to follow for other DeFi projects who may start engaging in “yield farming wars.”

The result of this will be increased interest in the DeFi space as a whole, Anderson argues. Some of those effects can already be seen in skyrocketing valuations for other tokens, like Aave’s LEND and Synthetix’s SNX.

🗞 Vanguard’s Blockchain Platform for Foreign Exchange Will Go Live in Q3 2020

Mutual fund giant Vanguard has completed another blockchain pilot that aims to change the risk profile of foreign exchange (FX) transactions.

The Valley Forge, Pa.-based investment firm ran the pilot on Symbiont’s Assembly blockchain with participation from State Street, BNY Mellon and investment firm Franklin Templeton. Vanguard and Franklin Templeton acted as dealer banks and State Street and BNY Mellon acted as counterparty banks as well as custodians, said Symbiont’s foreign exchange lead, Joe Ziccarelli.

Symbiont believes the foreign exchange platform will go into production in the third quarter of 2020, Ziccarelli said.

🗞 Ebang Miner is listing on NASDAQ today ! The mining company raised >$100mn

The Hangzhou, China, maker of bitcoin-mining equipment last week had said it expected the IPO to price at between $4.50 and $6.50 a share, with a midpoint of $5.50.
Ebang International Holdings (EBON Ticker on NASDAQ) has priced its initial public offering of 19,264,337 Class A ordinary shares at $5.23/share, for a total offering size of ~$100.75M.
Ebang said it expects total proceeds of about $100.8 million from the offering, adding that it granted the underwriters an option to buy an additional 2.89 million shares.

To sum-up, they managed to get $100mn but they were aiming for $125mn, therefore if we are honest, it shows that investors are not valuing Bitcoin miners at a very good valuation.

Full article here