Bitcoin Saw A Key Technical Breakdown: Here’s Why BTC Could Decline Further

Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. BTC price is currently correcting higher from the $8,794 low, but upsides are likely to remain capped. Bitcoin is down more than 5% and it broke many key supports near $9,500 and $9,150. The price is now trading well below the $9,250 pivot level and the 100 hourly simple moving average. There is a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair (data feed…

Craig Wright Already Has Key to Encrypted ‘Satoshi’ File — Kleiman

Ira Kleiman’s legal team claims Dr Craig Wright already has the ability to open the encrypted file believed to contain the private keys to more than 820,000 Bitcoin.  The Kleiman estate is suing Wright over the Bitcoin he allegedly mined in a partnership with the late Dave Kleiman. Wright says there was no partnership. According to court documents filed May 21, Kleiman alleges Wright “has the ability to open the encrypted file, but won’t because it will contain evidence of the partnership and its Bitcoin holdings.”  Kleiman submitted that $1.6…

Times Square Billboard Calls for Release of Silk Road Founder

The ‘Free Ross’ movement has hired a billboard in New York’s Times Square as part of its campaign for the release of the Silk Road darknet market founder Ross Ulbricht. According to the Twitter account ‘Clemency for Ross’ the billboard will display the message and image for several months. The account emphasized that the billboard was funded by “a generous supporter” and not from donations to the site. Ulbricht is currently into his seventh year behind bars in a double life sentence. Without clemency he will never be released.  ‘Free…

Myanmar Central Bank Claims Crypto is Banned, Users Disagree

The Central Bank of Myanmar (CBM) announced that it does not recognize cryptocurrencies as an official currency and anyone caught trading digital assets can be imprisoned or fined. But local crypto enthusiasts dispute whether the pronouncements have any force in law.  Reported by the Myanmar Times, the country’s central bank issued an announcement on May 15 stating that financial institutions are not allowed to accept or facilitate transactions using digital currencies.  The bank referenced cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Perfect Money (PM) being traded from personal…

2.2% of All Ethereum Is Long on Bitfinex: 3 Reasons Why This Could Go Wrong

Despite the ongoing retracement in the prices of Bitcoin, Ethereum, and other top cryptocurrencies, investors remain highly optimistic about this market. ETH, especially, has benefited from traders, with data from leading crypto exchange Bitfinex indicating that there are more long positions open for Ethereum than ever before. “What. Is. Happening. 2.2% of all ETH in existence is now margin long on Bitfinex, an increase of 160% since ~February,” one trader explained in reference to the chart below.” Chart of Ethereum longs on Bitfinex (ETHUSD and ETHBTC) from crypto trader Jonny…

Cardano is Working on a Microchip That Would Give Crypto a Cash-like Experience

In a recent Cointelegraph interview, Charles Hoskinson elaborated on the crypto-native chip that IOHK is working at its blockchain lab at the University of Wyoming that may lead to many groundbreaking use cases, including a cash-like experience for cryptocurrency. Crypto-native microchip It all began when IOHK, the company charged with the development of Cardano (ADA), began exploring supply chain use cases and realized that there were no chips on the market that could satisfy its requirements — embeddability, ability to store cryptographic keys, and being inexpensive to produce: “Really what…

UAE Startup Relies on Blockchain Technology to Flatten COVID-19 Curve

UAE-based startup incubator, in5, is helping to design blockchain-based methods to contain the COVID-19 pandemic in the country and thus flatten the curve. According to a report published on May 20, Liber Health, supported by in5, is one of the platforms used for patient identification supported by blockchain technology. They are creating a contactless system to recognize the biometric ID data and analyze suspected COVID-19 symptoms. Liber Health hopes that by tracking patients that have been in contact with suspected COVID-19 cases, they can help individuals apply quarantine measures as…

Blockchain.com to Support Russian Ruble Despite Local Crypto Uncertainty

Blockchain.com, a major cryptocurrency wallet and blockchain data provider, plans to support Russia’s national currency, the ruble (RUB). Although some big exchanges like Binance have introduced the Russian ruble, there is still no law authorizing circulation of crypto in Russia. On May 20, Blockchain.com announced its long-term roadmap, “The next era of crypto and 1B wallets by 2030.” In a post authored by Peter Smith, Blockchain.com CEO and co-founder, the firm outlined the addition of the Russian ruble as part of its mission to grow its current user base of…

Blockchain Intelligence Firm Wants to Prove Tim Draper Wrong on DeFi

The latest research from Flipside Crypto purports to disprove Tim Draper’s assumption that the advancements in DeFi will displace the U.S. dollar as the world’s reserve currency. The report starts off by quoting Draper: “The DeFi world is almost as technologically advanced as the dollar, and when it is, there will be no one who will want to accept politically manipulable currencies like dollars anymore.” Not fiat replacement The report focuses on two stablecoins: crypto-backed Dai (DAI) and fiat-backed USDC (USDC). It comes to the conclusion that stablecoin users are…

Several Chinese Media Outlets Setup a “Blockchain-Powered News” Department

A group of 12 Chinese media organizations conformed by television stations, local newspapers, radio stations, and web media allied to create a “blockchain-powered news department” on May 21. According to the report published by China Email, the group is made up of media companies from all over the country. They use solutions based on 4.0 and advantage of blockchain technology in favor of the distribution and exchange of content through the network. The alliance, called “The National Department of Blockchain News Editing,” distributes more reliable and traceable news and media…