Bitcoin Daily Chart Suggests Loss In Momentum But Uptrend Intact Above $9,300

Bitcoin is trading nicely in a strong uptrend above $9,300 on the daily chart against the US Dollar. BTC is currently facing a crucial barrier at $10,000, above which it could rally significantly. Bitcoin climbed to a new 2-month high at $10,390 before starting a consolidation phase. The price seems to be losing bullish momentum, but it is well above the 100-day simple moving average. There is a crucial bullish trend line forming with support near $9,300 on the daily chart of the BTC/USD pair (data feed from Kraken). Ethereum…

MakerDAO Up By 30% After Vote For ‘Real-World’ Loan Collateral

The price of MakerDAO (MKR) has rallied by roughly 30% over the past 24 hours, posting a new year-to-date high above $720 on some exchanges.  The rally follows a late May spike of up to roughly 45% on the heels of MKR’s second Coinbase Pro listing. The past day’s high saw the price top 100% gains in two weeks. MKR/USD on Bitfinex: TradingView When measured against Bitcoin (BTC), the rally saw Maker break above its upper-range for 2020 and spike to a local top of 0.076 BTC, before quickly retracing…

UAE Flight Attendant Faces Jail Over $100K Crypto Loan Default

A former Etihad Airlines flight attendant says he faces up to three years in jail in the United Arab Emirates (UAE) for being unable to make installments on a $100,000 loan he took out to invest in crypto around the all time high.  Reddit user Crypthomie, identified only as a 34-year-old man who is not an UAE citizen, posted an image to the Bitcoin subreddit on June 9 of his repayment schedule for a 338,000 Dirham loan ⁠— approximately $109,000 ⁠at the time— with Emirates Islamic Bank. According to Crypthomie,…

One Third of Institutions Have Invested in Crypto Says Fidelity

A Fidelity survey of 774 institutional investors found that more than one-third of firms worldwide have invested in digital assets or derivatives. While 36% of institutions own crypto globally, multinational financial services company  Fidelity found that only 27% of the 441 U.S. institutions surveyed are exposed to crypto — although that’s up from 22% last year. Close to half of European institutions are long on virtual assets. Bitcoin (BTC) is the most popular cryptocurrency investment, with more than a quarter of respondents holding BTC, while 11% of firms own Ether…

Japanese Firm Unveils New Privacy Feature For Bitcoin Wallets

Japanese crypto firm Freessets has announced a new technology to enhance Bitcoin wallet (BTC) privacy. According to a June 8 announcement, Freessets has created a system that allows wallets to request their addresses’ Bitcoin balances without revealing it to the servers from which they request the balances or transaction history. The statement said that conventional Bitcoin wallets explicitly ask servers for the balance of their addresses, which links the balance, transactions and addresses. However, “using the technology Fressets has developed, it is mathematically proven that the servers cannot learn anything…

3 Trends Are Drawing Wall Street to Bitcoin and Crypto: Fidelity Survey

Over the past few months, we’ve seen a strong uptick in institutions adopting Bitcoin and crypto-assets. Nothing shows this as well as Grayscale’s Bitcoin Trust, a leading way that institutional investors can use to gain exposure to cryptocurrency. According to NewsBTC’s research, the trust brought in 62,972 BTC over the past 12 weeks. Over that same time frame, 125,368 coins were mined. That’s to say, a single firm on behalf of its institutional clients was responsible for buying 50% of all the BTC mined over the past three months. 62,972…

German Stock Exchange Will List Bitcoin ETP

London-based ETC Group will list the first crypto exchange-traded product on Germany’s Xetra digital stock exchange this month. Traders in the UK, Italy and Austria will also be able to deal in shares of the new product. According to ETF Stream, the ETC Group announced on June 9 that Bitcoin Exchange Traded Crypto (BTCE), an exchange-traded product (ETP), will launch on Deutsche Börse Xetra after it receives approval from German financial regulators.  BTCE tracks the price of Bitcoin (BTC) and is physically backed by the cryptocurrency. The Bitcoin will be…

US Markets Rebound to Recover All Coronavirus Losses — What About Bitcoin?

The Nasdaq, an index which primarily represents tech stocks like Amazon, Microsoft, and Alphabet, has surpassed 10,000 points to hit a new record high. The move above 10,000 effectively erased all the losses suffered from the coronavirus pandemic, yet, the price of Bitcoin (BTC) remains 50% down from its record high at $19,665. Bitcoin was seemingly correlated with the U.S. stock market throughout March, but now the digital asset is seeing a decline in momentum following a 167% increase in price within three months. The bullish trend and V-shaped recovery…

MoneyGram Sees 100% Growth Against 2019 Usage

Global money transfer platform MoneyGram recently unveiled year-over-year growth numbers, showing double the number of transactions seen in May 2019.  MoneyGram ended Q1 2020 with 57% growth in digital transactions, a June 9 statement from the company said. The firm saw activity ramp up another 43% by May’s end.  MoneyGram’s partnership with Ripple Blockchain-based money-transfer company Ripple entered a deal with MoneyGram in June 2019, investing $50 million into the MoneyGram’s platform. The partnership saw the digital money transfer platform able to harness Ripple’s xRapid technology. In February 2020, calling…

Bitcoin Still Faces On-Chain Scaling Trouble Ahead, Decred Co-Founder Says

As Bitcoin (BTC) continues to pick up mainstream traction, the asset’s blockchain scalability remains an issue, according to Decred co-founder Jake Yocom-Piatt.  “There is enough demand for on-chain Bitcoin transactions during peak demand times to completely fill blocks and drive fee rates up substantially,” Yocom-Piatt told Cointelegraph, noting the struggles Bitcoin’s network may face during times of increased activity, given the number of interested parties.  Bitcoin scaling has been an issue for years When it comes to mass adoption, Bitcoin’s ability to work effectively under high traffic conditions has been in…