Bitcoin Recovery Runs Into Resistance: Here’s Are Key Breakout Levels

Bitcoin started an upside correction after testing the $9,000 support against the US Dollar. BTC is now facing a strong resistance near the $9,300 and $9,400 levels. Bitcoin is recovering and it is trading above the $9,200 support level. The price is facing a few key hurdles near $9,300, $9,400, and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $9,330 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either climb further above $9,330 or start…

Billionaire Says an Exponential BTC Price Increase Would be a Disaster

Chamath Palihapitiya, the billionaire CEO of Social Capital and Virgin Galactic Chairman, has called Bitcoin a type of disaster insurance against governments making bad financial decisions.  In an interview with Unchained Podcast on June 23, Palihapitiya said hard-working people need something like Bitcoin as insurance, as the cryptocurrency is “really fundamentally uncorrelated” to the consequences of legislators behaving badly. However, the CEO pointed out that for the Bitcoin price to skyrocket at this point, things would have to go terribly wrong in the financial system, with disastrous impacts on your…

Blockchain Verifies the Authenticity of Non-Genuine Nikes

Blockchain-based traceability platform VeChain will be used to power the issuance of a limited-edition run of licensed Nike Air Max 1 shoes. Announced on June 24, Australian shoemaker Chase Shiel and retailer The Kickz Stand have partnered to produce a limited run of the sneakers — which are also based on Stussy’s ‘SB Dunk’ shoe that was launched in 2005. The shoes will go on sale from June 28 and will be sold exclusively through Chase Shiel’s website. VeChain authenticates custom footwear The Kickz Stand announced the upcoming limited release…

At This Rate Grayscale Will Own 3.4% of All Bitcoin by January

Grayscale Investments has purchased almost half a billion dollars in Bitcoin since the May block reward halving, and this week bought BTC around three times faster than miners could produce blocks. According to a June 25 tweet from crypto analyst Kevin Rooke, the investment firm bought 19,879 Bitcoin (BTC) — $184 million worth — in the last week for its Bitcoin Trust, bringing its total number of coins to roughly 400,000. Unbelievable. Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving). Bitcoin miners…

DeFi Effect: Scaling Debate Begins as Ethereum Fees Reach Two-Year Highs

Ethereum has seen a decentralized finance craze over recent weeks. Due to innovation, high returns on investments, and other attractive characteristics, DeFi has gone parabolic. Data from DeFiPulse shows that the value of cryptocurrency locked in blockchain finance applications has reached $1.6 billion. This is Simultaneously, DeFi-related tokens like Compound’s COMP and Balancer’s BAL have rocketed in value. There was a point earlier this week when COMP was up 1,000% from last week’s launch price of ~$30. But this craze has come at a cost: high Ethereum transaction fees. Really…

Anchorage Launches Support for DeFi Token KEEP

Cryptocurrency custodian Anchorage is continuing to expand its focus on decentralized finance (DeFi), announcing support for custody of Keep Network’s token. The KEEP token powers tBTC, a trustless and open-source protocol allowing the creation of Ethereum tokens that represent Bitcoin (BTC) which are used for accessing based DeFi protocols.  The protocol also facilitates the autonomous containerization of users’ private data when engaging with public chains, bolstering the privacy enjoyed by DeFi users. Anchorage expands support for DeFi assets Speaking to Cointelegraph, Anchorage co-founder and president, Diogo Monica, emphasized the need…

Bitcoin Price Reclaims $9,300 as Traders Expect Increased Volatility

Since briefly tumbling below $9,000 on June 24,  Bitcoin (BTC), the top-ranked digital asset on CoinMarketCap recovered today to trade in the $9,300 range again. The swift recovery occurred as traders continue to anxiously await the result of a record-breaking $1.06 billion Bitcoin options and futures contract expiry.  While the digital asset remains in an uptrend, the start of this also week saw stocks correct sharply as the dreaded second wave of coronavirus infections spread throughout many of the U.S. states which choose to re-open their economies in mid-March.  As…

Major Japanese Firm Reveals Plans for a Digital Securities Exchange

Tokai Tokyo Financial Holdings, one of the major traditional Japanese financial institutions, has unveiled a plan to develop a security token exchange. Tokai Tokyo is already an investor in Huobi Japan.  According to Nikkei, as the first step in the journey, Tokai Tokyo is investing in blockchain company Hash Dash Holdings to leverage the company’s knowledge to develop the exchange. Hash Dash aims to apply blockchain technology to the financial industry for issuing digital securities and providing a trading service on smartphones.  The planned exchange will trade in tokenized real…

This Textbook Distribution Analyst Says Bitcoin Could Dive Under $7,000

Bitcoin has spent the last two months trading in a tight range between $8,500 and $10,000. Prices have barely deviated from these boundaries, save for minor deviations that were quickly corrected. Some say that this consolidation is a “launchpad” for the bull market. Yet the argument that Bitcoin’s recent price action is the cryptocurrency topping recently gained strength with a new analysis. Related Reading: U.S. Congressman Davidson Says Bitcoin Is “Required to Defend Freedom” Bitcoin Prints “Major” Warning Signs as Price Falters Over the past few weeks, there have been…

Even $7.9K Bitcoin Price Won’t Help Bears Ahead of $1B BTC Options Expiry

This Friday’s Bitcoin (BTC) futures and options expiry has been causing anxiety and excitement amongst traders as the price has oscillated with no clear trend for the past 30 days.  There have been moments of euphoria as the price briefly broke the $10,000 level earlier this month, but recently emotions have become slightly bearish as the market dropped below $9,000 on Wednesday night. Bitcoin (USD) versus S&P 500 mini futures. Source: TradingView Correlation does not mean causation Correlations between crypto and traditional markets were all the rage leading into the…