Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test

Bitcoin price extended gains above the $6,400 and $6,440 resistance levels against the US Dollar. The price tested the key $6,500 resistance level as discussed in yesterday’s analysis. Besides, yesterday’s highlighted important bullish trend line is intact with support at $6,060 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains in a strong uptrend and it seems like the real test for the bulls could be near $6,850. Bitcoin price is extending its rally above the $6,450 level against the US Dollar. BTC is…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 10

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Мarket data is provided by the HitBTC exchange. Bitcoin has been crossing every overhead resistance with ease. A few months back, the question troubling analysts was where Bitcoin would bottom out, but now the analysts are wondering how long the recovery can last. Noted Bitcoin bull Galaxy Digital CEO Michael Novogratz expects…

Ethereum 2.0 Proof-of-Stake Transition Not to Happen Until at Least 2021

The Ethereum (ETH) 2.0 proof-of-stake (PoS) transition will not take place until 2021, the CEO of crypto analytics firm Messari predicted at a panel of ConsenSys’ Ethereal Summit on May 10. During the panel titled “The Smart Contract War Is Coming,” Messari’s Ryan Selkis pointed out major risks associated with Ethereum’s migration from a proof-of-work (PoW) to a PoS consensus algorithm, arguing that PoS systems “are not proven to work.” According to Selkis, the currently PoW consensus algorithm of ethereum 1.x, is “probably pretty good, and maybe even good enough.”…

Financial Advisory Firm Says Past Market Trends Point to Bitcoin at $20,000 by 2021

Financial advisory firm Canaccord Genuity has predicted that bitcoin (BTC) could hit $20,000 by 2021 based on retrospective projections in an analysis published on May 9. This prediction is based on a close similarity between the four-year price cycles of bitcoin during the 2011–2015 and 2015–2019 ranges, as shown in the following graph: Bitcoin price cycles. Source: Canaccord Genuity Canaccord Genuity points to the bitcoin mining rewards schedule as a possible cause for these four-year price cycles, since the reward drop — which decreases by 50% for every 210,000 blocks…

New Ernst & Young Report Reveals Assets and Debts of Now-Defunct QuadrigaCX

A new report from Big Four audit firm Ernst & Young (EY) outlines the assets and debts of  major Canadian crypto exchange QuadrigaCX and its subsidiaries. The report was released on EY site on May 9. EY — a monitor to the creditor proceedings of now-defunct QuadrigaCX — has published a trustee’s preliminary report revealing that Quadriga has around $20.8 million in assets, and around $160 million in liabilities as of April 12, 2019. The debt and assets are spread between three subsidiary companies; 0984750 B.C. LTD. (the “Quadriga Estate”),…

New York Assemblyman Says Blockchain Industry Needs Better Lobbying, Education

New York State Assemblyman Clyde Vanel said that the blockchain industry needs to be better at lobbying for itself and educating regulators. Vanel delivered his comments at a panel of ConsenSys’ Ethereal Summit on May 10. Vanel said that crypto- and blockchain-based business need to better advertise their accomplishments and value to the public. He noted that, within the nascent industry, bad actors often get all of the press, while projects that have real value are overlooked. Regarding blockchain, Vanel outlined the importance of educating the community, decision-makers, lawmakers and…

Ethereum Foundation Announces Annual Funding, Next Devcon Location

The Ethereum Foundation is planning to spend $30 million on different projects across the ecosystem over the next 12 months, the company’s executive director Aya Miyaguchi revealed at the ConsenSys’ Ethereal Summit on May 10. In the course of the next year, the Foundation is going to allocate funds for improvement of Ethereum’s performance and security, which includes working on the current proof-of-work (PoW) algorithm of Ethereum 1.x and general core support and development, raising awareness about the altcoin by organizing hackathons, developing relations, and attracting new talent, among other…

Vitalik Buterin, Joseph Lubin Each Donate 1,000 Ether to Moloch DAO

Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organizations ConsenSys and the Ethereum Foundation are each donating 1,000 ether (ETH) to the Moloch decentralized autonomous organization (DAO). This donation brings the organization’s total funds up to $1 million,  a Cointelegraph correspondent learned at the Ethereal Summit on May 10. The stated objective of Moloch DAO, created by Ameen Soleimani — the CEO of the Ethereum-based adult token platform Spankchain — aims to crowdsource funding for shared, open-source Ethereum infrastructure. Moloch DAO states: “Our objective is to accelerate the…

Crypto Wallet Secures $50 Million Insurance for Customer Crypto Assets

Crypto securities company Curv has partnered with insurance company Munich Re to obtain $50 million in coverage, according to a Curv press release on May 10. This new insurance is designed to cover any cases in which a bad actor was able to gain access to either Curv or the customer’s shares, both of which would be needed in order to sign off on an illicit transaction. As is stated in the press release: “Even in an extreme scenario where both networks’ shares were somehow simultaneously compromised and a transaction…

Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

By CCN: While Elon Musk and Jeff Bezos are focused on Mars, billionaire venture capitalist Tim Draper has his feet firmly planted on the ground. Draper might appear to have his head stuck in the clouds with a lofty $250,000 bitcoin price prediction. But from what he tells Fox Business, the early bitcoin investor isn’t stargazing: “I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.” Tim Draper on Bitcoin “I’m a believer that in four years, something like…