Bitcoin Could Narrowly Avoid a Downside Thrust if it Closes Above 100 SMA

Bitcoin is declining steadily and trading below $9,400 against the US Dollar. BTC could decline sharply below $9,250 if it fails to reclaim the 100 hourly simple moving average. Bitcoin is slowly moving lower and now trading well below the $9,500 pivot level. The price is showing a few bearish signs below $9,400 and the 100 hourly simple moving average. There is a crucial declining channel or a bullish flag pattern forming with resistance near $9,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Reddit Asks Ethereum Community for Help to Scale Tokens for 430M Users

Social content platform Reddit is continuing to push forward with its Ethereum-powered ‘Community Points’ reward system, announcing that it is seeking developers to help it scale the tokens up for use by all of its 430 million monthly users. On June 19, Reddit revealed it was partnering with the Ethereum Foundation to call for projects building Ethereum (ETH) scaling solutions. “Our goal is to find a solution that will support hundreds of thousands of Community Points users on mainnet today, and can eventually scale to all of Reddit (430 million…

Redactions Granted in Telegram Case To Protect ICO Participants

A U.S. District Judge has approved the majority of redaction requests received during the proceedings surrounding the Securities and Exchange Commission’s (SEC) lawsuit against messaging firm Telegram over its $1.7 billion initial coin offering (ICO). The SEC took action against Telegram in October 2019, filing a temporary restraining order barring Telegram from distributing its tokens. The SEC submitted a cache of documents in support of its temporary restraining order, including roughly one dozen exhibits that revealed the strategic considerations of venture capital firms and investors who participated in the ICO…

Tone Vays Under Fire After Robinhood Suicide Tweet Mix-Up

Crypto influencer Tone Vays has come under fire on Crypto Twitter following a mix-up over a  tweet that appeared to show him ‘getting a laugh’ out of the suicide of a 20-year-old Robinhood trader. On June 17, the Bitcoin trader behind The Financial Summit hit reply to a comic “this is business” meme video posted by Twitter user Cryptanzee that was poking fun at him for charging $3000 for his options trading course. He sent the following tweet in reply: Source: CryptoCobain Vays linked to a Forbes article about Alexander…

Growing Excitement as New Projects Launch

Australia is experiencing a decentralized finance (DeFi) boom, playing host to some of the most talked-about projects in the space. They include longtime DeFi leader Synthetix (SNX), along with the up-and-coming Thorchain (RUNE) along with the just-launched Ren (REN) and mSTABLE (META). RUNE has increased 167% in the past 30 days, REN is up 36% (mostly in the past week),  and SNX is up 35% — and 2,600% since its lows prior to launching last year.  “I think the fact that Australia is punching way above its weight in DeFi…

Phemex CEO Explains Spot Trading Vs. Derivatives Trading — and more!

On June 17th, Phemex co-founder and CEO Jack Tao participated in a live “ask me anything” session on Cointelegraph’s YouTube channel. The discussion explored trading the spot market versus trading the derivatives market — and much more.  The audience also asked about why crypto finance is different from traditional finance, what it takes for a blockchain project to get listed on an exchange, and how Phemex is separating itself from other exchanges with its zero-fee spot trading membership. Click here to watch the full discussion! 11 year vet Tao is…

JPMorgan Suggests a 50% S&P 500 Rally Is Near, Boosting Bitcoin Bull Case

It’s been an explosive past few months for Bitcoin, equities, and other global markets. After a liquidation event in March that sent cryptocurrencies down by over 50% and other asset classes down almost as much, a bounce has ensued that has largely deleted the losses of March. BTC now trades for $9,400, up by approximately 30% since the start of the year. And the stocks of the FAANG are up on the year, surging as the world adopts digital technologies in response to the pandemic. Some have deemed this a…

Hedge Funds, Retail Investors Bought the Dip — Kraken CEO Jesse Powell

According to Kraken crypto exchange CEO Jesse Powell, there has been a massive influx of new accounts from all types of investors. The trend coincides with Bitcoin’s (BTC) strong recovery from $3,600 to over $9,000. Powell’s statement aligns with similar observations made by Coinbase earlier this year when the exchange also saw a surge in demand when Bitcoin price dropped to $3,596 on March 12. Coinbase observed increased demand in March. Source: Coinbase Blog Data shows the demand from both retail and institutional investors has increased continuously since mid-March and…

Bitcoin Scam Artists Under Investigation for Impersonating Police

The Royal Canadian Mounted Police, or RCMP, is investigating two Bitcoin (BTC) scams in Strathcona County in Alberta, Canada. They allege that fraudsters impersonated the local authorities in order to extort their victims for money. According to The Sherwood Park News on June 16, one of the victims received a call by a person that claimed to be from the Canada Revenue Agency, or CRA. The other victim said that the scammer stated he was an RCMP officer. Depositing money into a Bitcoin machine The authority’s report states that both unidentified…

Australian Beverage Giant Faces Monero Ransom Demand of Nearly $1M

Another ransomware attack has hit the Australia-based drinks manufacturer, Lion. This is the second attack on the company in less than one week. The cybercriminals behind the attack are threatening to double the ransom amount if Lion does not pay by the specified date. The currency of choice for the particular attack is Monero (XMR). A report published by The Sydney Morning Herald on June 18 said that Lion’s staff were informed that the attack had disrupted its IT infrastructure. Initially, REvil has asked for a ransom of $800,000, to…