Tim Draper Backed DeFi Project DMM Up 2X Despite Issue-Plagued Sale

Lending platform Defi Money Market (DMM) — backed by Tim Draper’s Draper Venture Network — has had a difficult birth. The Initial DEX Offering (IDO) has completed successfully, raising $6.5 million in 48 hours, but investors reported problems with completing transactions, a confusing interface or raised trust issues around the company’s background. Separately Telegram scammers made off with $40,000 from users trying to buy — although DMM kindly made up for the lost tokens — and there were claims of privacy problems.  Despite the issues, DMM’s DMG token is currently…

Here’s What Could Trigger Another Sharp Decline

Bitcoin started a sharp decline after it failed to continue higher above $9,800 against the US Dollar. BTC is currently testing the $9,200 support, below which it could decline further. Bitcoin is down more than 4% and it broke the key $9,500 support level. The price is trading near the $9,200 support and well below the 100 hourly simple moving average. There is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either correct a…

Shares in Grayscale’s Ether Trust Plummet 50% — and It’s Still Expensive

Shares in Grayscale’s Ethereum Investment Trust (ETHE) have crashed by 50% in just four days on the secondary, over-the-counter (OTC) markets. With each share representing 0.094 Ether (ETH), the sharp retracement has seen the price premium on the trust’s shares fall from 750% to roughly 360% in less than two weeks. ETHE’s current price of $102.5 means that investors are willing to pay an implied price of $1,090 per Ether in order to access ETH through the trust on the OTC markets. The crash coincided with the unlocking of many…

Activity on Binance Coin’s Network Swells Despite Lackluster Price Action

Binance Coin has been consolidating within a narrow trading range. Its price action has been mostly contained between the $15 support level, and the $18 resistance over the past two months. From a technical perspective, the ongoing stagnation phase forced the Bollinger bands to squeeze BNB’s 1-day chart. Squeezes are indicative of periods of low volatility and are typically succeeded by wild price movements. The longer the squeeze, the higher the probability of a strong breakout. Since this technical index does not provide a clear path for Binance Coin’s direction,…

Australians Can Now Pay for Bitcoin at the Post Office

Australians can now pay for Bitcoin (BTC) at the country’s post offices, thanks to a new collaboration. According to a June 24 announcement, customers of local cryptocurrency exchange Bitcoin.com.au will be able to pay for Bitcoin at more than 3,500 Australian Post offices. The firm’s CEO Holger Arians explained that he believes the new payment option will make some people more comfortable with buying crypto: “For many people, paying for Bitcoin at an Australia Post office feels safer than transferring funds online — particularly for first-time buyers. We’re proud of…

Judge Accepts Craig Wright’s Autism Defense, Says No to Sanctions

Craig Wright, the man who proclaims himself Satoshi Nakamoto, will not be subject to court sanctions and has been cleared to present an expert witness in support of his autism claim, when the Kleiman case proceeds to jury trial in two weeks. According to court documents filed June 24, U.S. District Judge Beth Bloom has ruled against a motion the Kleiman legal team filed on May 21 requesting sanctions be imposed rather than proceeding to trial, in response to their claims Wright “committed perjury, produced forgeries, and engaged in judicial…

3 Indicators Show Traders Are Bullish on Friday’s Bitcoin Futures Expiry

Investors are magnetically attracted by the $1.1 billion Bitcoin and Ether options expiry scheduled to occur Friday, June 26, but they might be missing some relevant indicators of the futures contracts.  June 26 will also be the last trading day for many weekly and monthly Bitcoin (BTC) futures totaling $665 million at the time of writing. For futures participants, longs (buyers) and shorts (sellers) are always balanced; hence no price impact can be inferred. Despite this, some more nuanced indicators are providing telling signals of professional traders’ sentiment. The June…

Trader Who Predicted Bitcoin’s 2019 Bottom Says This Is Next

Bitcoin has seen a sharp correction after tapping $9,800 during Monday’s trading session. As of the time of this article’s writing, the cryptocurrency trades for $9,300 — more than 5% below the highs. This rejection at a crucial resistance zone (~$10,000) has confirmed to a number of analysts that more downside is likely. A historically-accurate trader went as far as to say that the entire crypto market will see a minimum correction of 25%. Related Reading: Buying Bitcoin at $8k or $9k Won’t Matter in 2 Years: Fund Manager Explains Bitcoin…

Sweden’s Central Bank Releases 98-Page ‘Economic Review’ Devoted to CBDC

Sveriges Riksbank, Sweden’s central bank, took a 98-page deep dive into central bank digital currencies, or CBDCs, referencing the country’s own such asset — the e-krona.  “The second issue of Sveriges Riksbank Economic Review in 2020 has a special theme, namely central bank digital currencies (CBDC) and the e-krona,” Riksbank’s June 18, 2020 report said in an initial note to readers.  Sweden’s interest is not new In December 2019, Sweden unveiled intentions for a pilot program around its e-krona, in collaboration with Fortune Global 500 company Accenture. The new report from…

Canadian Bitcoin Scam Expands to British Columbia

The Royal Canadian Mounted Police, or RCMP, in Burnaby, a district of Vancouver in British Columbia, reported a surge of Bitcoin (BTC) related scams across the city. This news comes amid recent reports of similar activity occurring across Canada. Authorities say scammers call their victim and impersonate a member of the RCMP. The scammer then falsely states that the police have an arrest warrant for the victim related to fraudulent activity. Different phone numbers used in the scam’s calls Multiple phone numbers are used in these attacks. Victims often receive…