Bitcoin Is Plunging And Indicators Point To A New Monthly Low Below $9,000

Bitcoin is currently declining and trading well below $9,500 against the US Dollar. BTC is likely to continue lower and it seems like the bears are aiming a break below $9,100 and $9,000. Bitcoin is facing an increase in selling pressure below the $9,500 pivot level. The price failed to clear the $9,540 resistance zone and it is currently declining. There is a key bearish trend line forming with resistance near $9,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move…

Crypto Lending Platform Compound to Start Distributing Tokens

Compound’s governance token will be available for distribution to all users of the decentralized finance (DeFi) protocol beginning on June 15. According to a June 10 tweet from Compound, the lending platform responsible for the major DeFi protocol completed a testnet trial of its COMP token as part of a governance proposal to distribute the token to its users.  This allowed the Compound community to approve the proposal — 007, with no apparent James Bond connection — on June 14. The lending platform will begin distributing 1,116,310.81 COMP across “ETH,…

These “Dire” On-Chain Metrics Show Bitcoin Is on the Verge of Dropping to $7k

The past few days have seen Bitcoin stagnate into a tight range between $9,300 and $9,500. This is part of a wider two-month consolidation that has seen BTC’s price action tighten under the crucial $10,000 resistance. The cryptocurrency market has been so “boring” that as NewsBTC reported previously, volatility is heading towards lows not seen since the start of the year. There is evidence, however, starting to show that a breakout is imminent. And the evidence suggests that it will be a breakout in the downward direction. Bitcoin On-Chain Metrics…

Unless Bitcoin “Spikes,” It’s Hard Not to Say This Is the Top: Analyst Explains

Despite Bitcoin bouncing at $9,000, analysts remain bearish on the leading cryptocurrency as the asset fails to recover crucial support levels. Related Reading: Last Time Bitcoin Saw This Structure, It Surged 40%. It’s About to Happen Again Bitcoin Prints Series of Bearish Signs Suggesting An Imminent Correction An analyst recently remarked that if Bitcoin doesn’t bounce from here, a bearish divergence that has formed between an indicator and BTC’s price will persist. The divergence persisting, according to him, signals that this is “the top”: “Without compounding the obvious, without a spike…

China Could Roll Out Its CBDC Without Anyone Realizing

China has emerged as the world’s leader in central bank digital currency, or CBDC, development, driving speculation surrounding the country’s domestic and international ambitions for its CBDC. Speaking to Cointelegraph, Glenn Woo, Ledger Vault’s head of the Asia-Pacific region, predicted that China’s state-backed virtual currency will be the first to launch worldwide. Woo emphasized the speed with which China’s government can deploy major initiatives on a national scale, suggesting that its early CBDC trials with 19 businesses including Starbucks and McDonalds may quickly grow to encompass a much larger pilot.…

Chinese Companies to Bet Big on Blockchain Despite COVID-19 Crisis

A survey of 350 Chinese companies revealed that Blockchan’s pre-COVID-19 corporate bullishness remains alive in the region. According to Xinhua, the study, called “Blockchain in the Post-epidemic Age,” showed that 70% of the companies surveyed before the coronavirus outbreak remain optimistic about the potential of Blockchain technology. Up to 20% believe that they will invest even more to mitigate the effects of the crisis. Almost 10 types of industries remain “bullish” towards blockchain Most believe that blockchain technology implementation could help the national economy recover from the financial ravages of…

BTC in Peril, Quadriga “Ponzi,” Coinbase Punished: Hodler’s Digest, June 8–14

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin price drop to key $9,000 support could place the uptrend in peril Will the drama surrounding BTC’s price ever end? Probably not any time soon. This week, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28. That…

Revamping E-Commerce During the Rise of Stablecoins

The world has been slowly recovering from the COVID-19 pandemic, while some countries are bracing themselves for a potential second wave, but the economic downturn in many fields is imminent. This has spurred debates on the current model of a cash-based society, which claim that it had become outdated long before the crisis struck the world. The coronavirus has arguably accelerated the transition to digital cash and cryptocurrency adoption across the globe. The tradition of using fiat currency has been on a path toward becoming obsolete, and cash as a…

Ethereum Options Open Interest Soars 315% — Are Institutions Bullish?

Ether (ETH) options were launched over a year ago at Deribit derivatives exchange but they have only recently gained traction. Open interest is the main gauge for derivative contracts activity, and on Ether options it has soared by 315% over the past two months to $158 million. This surge in OI has many retail investors issuing bullish calls for Ether’s future price but it’s important that participants take a deeper look behind the numbers. Deribit ETH option open interest. Source: Skew This open interest figure doesn’t necessarily mean that professional…

Chinese Banks Says They Will Not Freeze Legal Crypto Accounts

Rumor has it that Chinese banks are freezing client accounts that have a history of buying and selling cryptocurrencies. According to a Chinatimes report on June 13, banks in China have clarified that they are not shutting down any legit fiat to crypto accounts. Major banks reply According to the report, China Merchants Bank, Bank of China, Agricultural Bank of China, China Construction Bank and industrial and Commercial Bank of China all responded that:  “As long as the operation is legal, the channel is legal, the virtual currency source is…