Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000

Bitcoin is up more than 4% and it broke the key $9,500 resistance zone against the US Dollar. BTC price is currently correcting lower, but dips remain supported near $9,350. Bitcoin gained traction above the $9,300 and $9,500 resistance levels. The price traded as high as $9,624 and it is currently correcting lower. There is a major ascending channel forming with support near $9,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct further, but dips are likely to remain supported near $9,350…

CoinMarketCap Unveils Further Changes to Ranking System

Leading crypto data aggregator CoinMarketCap (CMC) has introduced new metrics ranking exchanges and market pairings based on a number of factors that are intended to reduce the impact of fake volume on the platform’s data. The changes build on others that were introduced recently that have proven controversial for benefiting CoinMarketcCap’s new parent company Binance. To flag suspicious volumes reported by exchanges, CoinMarketCap introduced its new ‘Confidence’ metric on May 29. The factor uses a machine-learning algorithm to examine all data ingested by CMC “to determine if the volumes reported…

2020 is a Write-Off, Let’s Try 2021 in Columbia

The Ethereum Foundation says it will not hold blockchain’s largest international conference Devcon VI this year and has moved the event to Bogota, Colombia in 2021 — although a precise date is yet to be announced Colombia is one of the top countries in crypto adoption in the world.  Why the delay? In a statement the Foundation said it necessary to postpone the event until next year due to the global restrictions and travel difficulties resulting from the pandemic: “Simply put, Devcon participation should neither be limited to a few…

Bitcoin Price Rallies to $9.6K as Record CME BTC Contracts Expiry Looms

Bitcoin (BTC) price continues to inch closer to $10,000, rallying 5.68% to reach $9,600 on May 28. After breaking out of the falling wedge pattern on Wednesday night, the top ranked cryptocurrency on CoinMarketCap pushed through $9,350, a level traders expected to present resistance and made a beeline for $9,500.  Today’s rally brings Bitcoin price back to the $9,600-$9,800 zone where the digital asset traded from May 13 – May 20 and it also increases the likelihood of a return to $10,000.  Interestingly, data from Cointelegraph and Skew shows a…

Derivatives Data Shows That Even After 150% Rally, Bitcoin Is Far From Topping Out

Over the past few weeks, analysts have said Bitcoin is finally finding a local top. For the third time in a matter of months, the cryptocurrency was rejected in the $10,000 range. It was a rejection that caused many to reconsider their bullish stance on BTC due to the level’s importance. Though derivatives data and simple technicals suggest that Bitcoin is far from topping out. The data shows this even after a more than 150% rally from March’s capitulation lows. Bitcoin Is Unlikely to Top Here, Data Shows Financial derivatives…

Bitpay Shuns Lightning and Liquid, Says Actual Bitcoin Payments Still Dominate

Pioneering crypto payments service Bitpay has revealed that Bitcoin still overwhelmingly dominates payments and that it has no plans to use second layer solutions like the Lightning or Liquid networks. Bitcoin is often criticised as a payment method because it is slow — the network can process just a handful of transactions per second —  and expensive (the transaction fee recently topped $6) but it remains the preferred payment method on Bitpay. “As of March, Bitcoin continues to be both the largest and most popular crypto asset representing over 95%…

Millions Upon Millions of BitMEX Shorts Liquidated as Bitcoin Surges to $9,600

Just a day after Goldman Sachs came out with a scathing presentation on Bitcoin, the asset is rallying. Investors are clearly shaking off the “FUD” the multinational bank through the cryptocurrency market’s way. Just minutes ago as of the time of this article’s writing, BTC shot higher to cross $9,600. It reached a local high of $9,625. This is the highest price Bitcoin has traded at in the past seven days. Though, prices remain a few percentage points shy of the May highs of $10,000. Bitcoin price chart from TradingView.com…

MIT Group Funding Shows Growing Crypto Trading Interest

Floating Point Group, or FPG, a startup delivering institutional crypto traders automation technologies, garnered $2 million of capital from several entities. “It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity,” FPG CEO John Peurifoy explained in a May 28 statement.  The funding goes toward expansion  Algorand CEO Steve Kokinos, Seabury Global Markets, AngelList founder Naval Ravikant, and multiple others invested the money into FPG, receiving company stake in return, the statement said.  An outfit operating under U.S. governing bodies, FPG…

Analyst Who Helped Topple Crypto Child Exploitation Site Honored

Criminal analyst, Kim Reece, has been nominated as a finalist for the Samuel J. Heyman Service to America Medal for her efforts in shutting down a major child porn site. News of the nomination came on May 28. According to the announcement, Reece’s work led to an international criminal investigation of the largest dark web child pornography site in the world. This site used cryptocurrencies to cloak payments for more than one million video downloads. This resulted in the arrest of the site’s leader, and more than 330 users. It…

Bitcoin Will Replace Gold, Crypto Data Analytics Company CEO Says

As the world turns more digital, crypto’s pioneer asset Bitcoin (BTC) could take on gold’s store of value role, according to the CEO and co-founder of Digital Assets Data, an analytics firm.    “I see Bitcoin replacing gold as the hardest money for savers with long time horizons,” CEO Mike Alfred told Cointelegraph. “Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual,” he added. Bitcoin has gained significant status since inception Since its launch over a decade ago, Bitcoin has…