Bitcoin Faces Another Rejection And It’s Vulnerable to a Drop Below $9K

Bitcoin was rejected once again near the $9,300 resistance against the US Dollar. BTC is currently recovering, but it remains at a risk of more downsides below $9,000. Bitcoin topped near $9,302 and declined more than $300 in the past few hours. The price is now trading well below $9,200 and the 100 hourly simple moving average. There was a break below a crucial bullish trend line with support at $9,185 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to fail again…

$5.3b Asset Manager Invests in US-Hosted Antminer S19s

United States-based crypto mining host Core Scientific has announced that the $5.3 billion asset manager and hedge fund Horizon Kinetics has upgraded its investment to access Bitmain’s news Antminer S19 and S19 Pro models. The July 2 announcement comes less than two weeks after Core Scientific announced a record purchase of 17,595 units of latest mining machines — comprising the largest sum of Antminer S19s purchased by a single mining hosting company.so far. US mining firm buys 17,595 Antminers Since first partnering last more than one year ago, Core Scientific…

Bittrex CEO Joins StormX Board After Undisclosed Investment

Bill Shihara, founder and CEO of Bittrex crypto exchange, is joining the Board of Directors for Seattle-based blockchain startup StormX. According to an announcement from StormX, the addition of Shihara to the board comes after the CEO invested “an undisclosed sum” in the company’s latest equity round. However, Shihara was already an angel investor for the startup — originally founded in 2015 as Bitmaker — and reportedly acted as one of its ICO advisors. StormX CEO Simon Yu cited Shihara’s experience with Bittrex as one reason to be optimistic. Yu…

IRS Wants to Track ‘Nefarious’ Privacy Coin and Lightning Transactions

The United States’ Internal Revenue Service (IRS) is seeking information and tools to help it trace transactions using privacy coins, layer two protocols such as Lightning Network and side chains like Plasma and OmiseGo (OMG). A June 30 request for information published by the U.S. Department Of The Treasury reveals the IRS’ Criminal Investigation Division is seeking submissions for “an interactive prototype” with a graphic user interface for analyzing distributed ledger-based transactions involving privacy coins and other privacy-enhancing blockchain technologies. IRS peeks into privacy The document explicitly names Monero (XMR),…

If the S&P 500 Passes 3,200, Then Bitcoin Can Retake $9,500: Analyst

If you’ve followed Bitcoin analysts over recent weeks, you likely know of the importance of $9,500 to the cryptocurrency. As the chart below indicates, $9,500 has been a crucial price point for Bitcoin over the past two months. A rally in late-April topped almost exactly at $9,500 while that level has also acted as a pivot point for both buyers and sellers. Chart of BTC’s price action over the past two months from TradingView.com $9,500 is also the point at which there exists a perfect storm of technical levels. They…

New Analysis Shows Bitcoin Is Structurally Similar to 2018’s $3k Bottom

After pushing as high as $9,300, Bitcoin bulls faced yet another strong sell-off on Thursday. The cryptocurrency slid from that local high to a low of ~$8,930 in a number of hours in a move that liquidated dozens of millions. Despite this drop, there remain multiple valid analyses indicating that Bitcoin is about to press higher. Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal Bitcoin’s Current Range Is Similar to 2018’s Bottom Looking at Bitcoin’s recent price action, it’s easy to call it “boring.” Save…

History Shows That Bitcoin’s Consolidation Phase is Likely to Result in Fireworks

Bitcoin has been caught within a tight trading range between $9,000 and $10,000 for two months now. This trading range is still showing few signs of degrading as buyers continue guarding against a dip below its lower boundary. That being said, history does show that multi-month bouts of consolidation – like the one BTC is caught within currently – do tend to end with explosive movements. Historical data also shows that they can persist a lot longer than two months, signaling that it may be quite some time before the…

Authorities Take Down Biggest Criminal Chat Network Yet

Law enforcement authorities throughout Europe arrested over 800 individuals that allegedly were using an encrypted chat network to coordinate their illicit activities. 60,000 members EncroChat was using modified Android devices to provide its users “worry free secure communications”. BBC reports that EncoChat has about 60,000 users: “An estimated 60,000 people, among them up to 10,000 in Britain, subscribed to France-based EncroChat, which has now been taken down.” Authorities allege that the criminals were using the encrypted messaging service to coordinate illegal activities like the sale of drugs and weapons. However,…

Bitcoin’s Current Price Impacted By Miners? It’s Possible, Analytics Company Says

Mike Alfred, co-founder and CEO of data analytics outfit Digital Assets Data, recently pointed toward miners as a potential catalyst for recent Bitcoin (BTC) price activity.  “It is tough to say definitively, but it appears as though the miners’ actions are having a direct, immediate impact on price,” Alfred told Cointelegraph on July 1.  “This is especially evident during outlier events like on the 23rd, where we saw miners offload >300% more BTC than they mined that day,” he added, referencing June 23 activity.  Image courtesy of Digital Assets Data…

Institutional Market Sentiment Data is Now Available to Anyone

Estonian exchange, CoinMetro, has chosen to make their crypto sentiment analysis tool available to common users. This is the same tool that is used professionally by crypto hedge funds. Although the tool appears rather simplistic, CoinMetro CEO Kevin Murcko told Cointelegraph that the key here is that regular traders get access to exactly the same data that institutions have: “This data that we’re displaying is the same exact data viewed at the same exact time as the institutional player. So while it may like every indicator lag price, you’re getting…