Bitcoin Holds Strong at $9,300 But Turns Vulnerable For Bigger Decline

Bitcoin is down more than 6% and it trimmed most its gains above $10,000 against the US Dollar. BTC price is currently holding the key uptrend support at $9,300, but it is vulnerable to a larger decline. Bitcoin failed to continue higher and declined sharply below the $10,000 pivot level. The price broke many supports near the $9,740 and $9,500 levels. There was a break below a key bullish trend line with support near $9,735 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is…

Crypto is More Than Just ‘Protest’ Money

Ethereum co-founder Vitalik Buterin says the current financial crisis is very different to the 2008 Global Financial Crisis that Bitcoin emerged from — and that the crypto community needs to adjust its thinking accordingly.  Writing in a Twitter thread on June 2, Buterin said that some of Bitcoin’s most dearly held  narratives had not been borne out this time around.  Pandemic and protests The Ethereum (ETH) co-founder said 2020 is not a repeat of the financial crisis in 2008/2009. Rather, he tweeted, it is a “virus crisis”, a crisis of…

Crisis Will Push BTC to $300K Even Without Institutions

Blockstream’s Adam Back says that unlimited money printing will drive retail investors towards Bitcoin and push the price to $300,000 within five years. In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction. The cypherpunk OG — who was cited in the Bitcoin White Paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run. “It might not require additional institutional…

Capitulation by Unknown Miner ‘Caused the Dip,’ Says CryptoQuant CEO

According to Ki Young Ju, CEO of CryptoQuant, capitulation by an unknown mining pool was responsible for the latest market dip. The miner who has produced 51 blocks over the past four days may be capitulating, reports Ki Young Ju. The 51 blocks produced by the mining pool came with a reward of 637.5 BTC, 9% of the total over that time period. Unknown Miner: Number & Percent of Blocks Mined. Source: blockchain.com. This miner sells only when price is high Meanwhile, since May 20th (but not including today) the…

Legendary Technical Analyst Says Bitcoin Investors Should Be “Cautious”: Here’s Why

Just 24 hours ago, Bitcoin had rocketed back above $10,000 for the first time in weeks. It was a move that liquidated over $100 million worth of BitMEX shorts, shocking investors across the industry. At the time, investors were extremely optimistic. Galaxy Digital co-founder and CEO Mike Novogratz shared around the time of the surge that Bitcoin was primed to “move fast” after crossing $10,000. “$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way…

Blockchain Is Part Of China’s Master Plan for New Competitor Island to Hong Kong

Chinese authorities have released a master plan for turning southern island province Hainan into a free trade port, Xinhua news reports on June 1. A trade port system will focus on facilitating free trade, investment and cross-border capital flows in the whole island. Government institutions reform The master plan encourages government institutions to use blockchain and other technologies to reform government function. Authorities hope the new modern technologies will help build a comprehensive, scientific, standardized and effective free trade port governance system. They added that:  “We should give full play…

Ransomware Group Threatens Auction of Madonna’s Legal Data

The ransomware gang REvil has launched an auction feature on the dark web in the past 24 hours, starting with the stolen data from a Canadian company and threatening to auction off information hacked from famous singer Madonna next.  Cointelegraph accessed information from the first auction campaign conducted by REVil, who detailed that the Agromart Group is the “first batch” of data to be put up for auction, which is the data stolen after a ransomware attack. Madonna’s data auction threat At the bottom of the list, the ransomware gang…

Massive Bitcoin Plunge Nothing More Than Traders Being Traders, OKCoin Exec Says

Bitcoin (BTC) dove more than $1,000 on some exchanges on June 2, although the event seems to be the result of simple trading activity, according to OKCoin’s head of market development Matthew Ficke.  “Price movement like we saw yesterday typically attracts short-term traders trying to position for a larger break higher,” Ficke said of the day prior, when Bitcoin surged notably past $10,000.  Bitcoin pumped and then dumped  Bitcoin’s price surged up past $10,400 from $9,450 on June 1, only to fall back down to $9,275 on the following day.…

South Korean Prosecutors Freeze Crypto Wallets of Suspected Child Porn Ring Chief

On June 2, a South Korean court ordered a freeze on all the cryptocurrency wallets, securities deposits, and stocks account owned by Cho Ju-bin, the suspected head of Nth Room. Nth Room is a Telegram channel under investigation for circulating child pornography. According to KBS Korea, the Seoul Central District Court Criminal Settlement Division 30, led by Judge Lee Hyun-woo, accepted the request from prosecutors in the South Korean capital to freeze 15 cryptocurrencies wallets that reportedly belong to Cho. The funds within the confiscated are suspected of clarifying the…

Uptrend in Mainstream Crypto Interest Started Last Fall, MIT Startups Says

Cryptocurrency has seen a rise in mainstream attention starting last fall — before COVID-19 measures took off, according Floating Point Group, or FPG, an algorithmic trading technology startup conceived at MIT. “An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets,” FPG co-founder Kevin March told Cointelegraph on May 28 after confirming the presence of increased mainstream crypto trading interest.  Cryptocurrency opportunity knocking Abiding with U.S. regulation, FPG offers institutional players a number of tools, APIs and other tech for trade automation. March…