Bitcoin Recovers Sharply Above 100 SMA But $9,500 Holds The Key

Bitcoin recovered sharply after trading to a new monthly low at $8,910 against the US Dollar. BTC is now trading above the 100 hourly SMA, but it is facing a major resistance at $9,500. Bitcoin is up more than 4% and recovered most losses to trade above $9,400. The price is now facing a major hurdle near the $9,500 resistance zone. There was a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could…

Japanese Crypto Holders Prefer XRP Over ETH

Despite the fact Ether is currently the second largest cryptocurrency by market cap, Japanese crypto holders may prefer to hold XRP.  According to the results of a survey posted to Twitter by Japanese cryptocurrency exchange BITMAX on June 12, Bitcoin (BTC) is nearly as popular as the XRP token among traders in Japan. 25% of the 1,498 people surveyed told BITMAX XRP was their favorite coin, compared to 26% who preferred BTC. Ethereum (ETH) came in third at 9%.  “What is your favorite coin?” BITMAX survey. Gold=BTC; Red=ETH; Pink=XRP; Blue=others…

Bitcoin Whale Population Approaching September 2017 Levels

The number of investors holding an immense amount of Bitcoin is starting to approach levels the crypto community hasn’t seen since the cryptocurrency’s rally to $20,000.  According to Glassnode’s ‘The Week On-Chain’ report for June 15, there has been steady growth in the number of Bitcoin (BTC) whales—traders holding 1000 BTC or more—since January 2020.  Source: Glassnode The crypto analytics site said there are currently 1882 of these whales, numbers rivaling those in September 2017, when BTC was starting its ascent to $20,000. However, the same number of whales held…

Buying Bitcoin at $8k or $9k Won’t Matter in 2 Years: Fund Manager Explains

The past few weeks have seen Bitcoin stall in the $9,000s as bulls have failed to maintain the pressure they applied starting after March’s crash. With the indecision in the cryptocurrency market and global markets more broadly, investors have been deliberating purchasing BTC in the $9,000s or waiting for a retracement to “buy the dip.” According to a prominent executive and fund manager, accumulating at these prices or a bit lower doesn’t matter when viewing Bitcoin with a macro lens. Related Reading: Bitcoin Hash Rate Recovers to Pre-Halving Levels, But…

Bitcoin Price Drop to $8.9K Caused by Whales Selling at Major Exchanges

As the weekly open commenced Bitcoin price dropped below $9,000 in a rapid pullback, liquidating $30 million in longs on BitMEX alone. According to market data, part of the sell off was the movement of crypto whales closing positions which led to panic selling among retail investors. Whales—individual investors that hold an immense amount of Bitcoin—have the ability to significantly impact the price of BTC and according to on-chain data provider CryptoQuant, the recent selling is indicative of the start of a bear trend within the market. Ki Young Ju,…

Waves Wants to Put an End to Bogus Blockchain Speed Claims

Waves Enterprise has created a framework for load testing of blockchain networks under real-life scenarios in order to provide greater transparency for potential clients. Original sin Transactional capacity or lack thereof has been a hotly contested discussion in the industry almost from the beginning. The first known response to Satoshi Nakamoto announcing Bitcoin (BTC) was on exactly this topic: “We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size.” A lot has changed since then.…

$125 B Corporate Giant Will Use Blockchain Tech to Combat Global Warming

June 15, Unilever unveiled a $1 billion initiative aimed at fighting climate change in which blockchain technology will play an integral role. Traceability & transparency Unilever is establishing a €1 billion ($1.13 billion) fund that over the next ten years will be used to protect the environment: “To accelerate action, Unilever’s brands will collectively invest €1 billion in a new dedicated Climate & Nature Fund. This will be used over the next ten years to take meaningful and decisive action, with projects likely to include landscape restoration, reforestation, carbon sequestration,…

Charlie Lee Breaks Down ‘Litecoin 2.0’

The creator of Litecoin, Charlie Lee, discussed the upcoming MimbleWimble upgrade which aims at enhancing Litecoin’s scalability and privacy. Lee noted that Litecoin’s upcoming implementation will be able to scale much better than other privacy-focused protocols, like Monero or Z-Cash. “It does privacy and scare very well compared to other implementations”, he said. Talking about the risks involved, Lee pointed out “hidden inflation”, a bug commonly affecting privacy coins which allows hackers to counterfeit an infinite amount of coins. However, “The risk is manageable”, Lee noted, pointing out that the…

Israeli Software Firm Goes Behind Regulator’s Back to Pay $250,000 in BTC Ransom

An Israel-based company reportedly paid $250,000 in Bitcoin for a ransom payment demanded by hackers that threatened to shut down its systems after a ransomware attack. According to a source quoted by Calcalist on June 14, Sapiens International Corp. N.V. — a Nasdaq and Tel Aviv-listed software company — didn’t report the decision to the securities’ regulators of either the U.S. or Israel. The ransomware attack happened at some point between March and April, when the COVID-19 outbreak exploded across the globe, forcing most of the company’s employees to switch…

Gov’t Was Concerned Libra Could Displace Dollar

David Weild IV, who is known as the father of the JOBS Act, believes that the U.S. government had to move to stamp out Facebook’s Libra stablecoin. Facebook: Number of Active Users. Source: Statista. ‘Government’s got to do something’ In an interview with Cointelegraph, Weild said that when he first heard about Zuckerberg’s initiative, he knew right away that the government needed to step in: “When I heard what Zuckerberg was going to do (and this was before the government clamped down), I said ‘the government’s got to do something…