Cryptocurrency News Roundup for May 10, 2020

Cryptocurrency News Roundup for May 10, 2020
фото показано с : beincrypto.com

2020-5-11 10:33

A sudden spike in selling pressure forced Bitcoin to retreat to the $8,000s over the weekend. From the intraday peak at about $10,024 on Friday to approximately $8,700 at the time of publishing, the benchmark cryptocurrency has plummeted by more than 13%.

It was even worse during the early hours on Sunday when the BTC/USD pair was pushed back to the intraday low of $8,395.

The worrying pre-halving dump and the ensuing liquidation of long positions on several exchanges were probably caused by the overwhelming anticipation for a massive Bitcoin rally following the milestone event due on May 12, 2020. Many traders tried to tap in on the widely speculative opportunities in the post-halving market by making over-leveraged long bets.

BeInCrypto has more on that and other important news to have transpired over the weekend:

What to Make of Bitcoin’s Sharp Drop Below $9,000

Bitcoin’s weekly chart reveals a long-term resistance line that has been in place for 875 days and counting. While the price initially moved above this resistance area, yesterday’s decrease has caused it to fall right back inside. This has, in turn, created a very long upper-wick and a Doji candlestick.

The Bitcoin price decreased by $1,400 in less than one hour, falling back below an important resistance level. The weekly candlestick is in the process of creating a Doji candle. The BTC price has likely begun an A-B-C correction, with a final target between $6,200-$6,800.

Read the Full Analysis

Coinbase Goes Down at the Worst Time (Again)

Despite being the ‘face’ of the cryptocurrency world for many newcomers, Coinbase continues to disappoint users by dropping services during times of extreme volatility.

The exchange went offline Sunday as Bitcoin plunged some $1,500 in less than an hour, rendering many traders unable to execute trades or even access their portfolios. A similar outage was reported on April 30 when Bitcoin rose from $8,000 to $9,470.

Read the Full Article

Could Tighter Chinese Digital Lending Restrictions Pose a Threat to Bitcoin Mining?

The China Banking and Insurance Regulatory Commission seems to have made its mind to introduce more stringent regulations to govern the online lending market.

The commission suggests that the maximum amount of credit offered to any single consumer should be capped at 200,000 yuan — or about $28,270. Balloon loans (those which are repaid in a single lump sum) must be capped at a term of one year.

This new policy, if implemented, could have serious repercussions for the country’s thriving Bitcoin mining industry, and by extension, for the global cryptocurrency market considering China controls nearly 65% of the Bitcoin network’s hash rate.

Read the Full Article

Here’s Why Hedge Fund Manager Paul Tudor Jones Is Now Bullish on Bitcoin

Paul Tudor Jones recently made waves by supporting Bitcoin (BTC) as a hedge against inflation. His reasoning was simple, as explained in the May 2020 BVI letter to investors:

“Bitcoin… scores 66% of gold as a store of value, but has a market cap that is 1/60th of gold’s. Something appears wrong here and my guess is it is the price of Bitcoin.”

According to Jones, four key criteria collectively make Bitcoin a competent hedge against inflation: trustworthiness, liquidity, portability, and purchasing power.

Read the Full Article

Joe Lubin and Mike Novogratz Dive into Bitcoin and Ethereum Adoption

The Ethereal Summit went on as an online live-streamed event earlier last week.

One of the highlighting points of the two-day conference was a conversation between Ethereum co-founder Joseph Lubin and Galaxy Digital Founder and CEO Mike Novogratz on the issue of Bitcoin and Ethereum 2.0 adoption. Both experts seemed to agree on the assumption that COVID-19 has placed a fire under the feet of blockchain developers.

Read the Full Article

The post Cryptocurrency News Roundup for May 10, 2020 appeared first on BeInCrypto.

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Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week

Yes, the price of Bitcoin may have stalled over the past three days, stagnating around $7,500, but the cryptocurrency is still decisively bullish from a macro perspective, analysts say. In fact, should BTC close the weekly candle above $7,100 in approximately seven hours as of this article’s writing, this will be the sixth — yes, […] The post Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week appeared first on CryptoSlate.

2020-4-28 17:00


Cryptopia: Cryptocurrencies held by account holders deemed 'property' in landmark judgement

In January 2019, cryptocurrency exchange Cryptopia suffered a major hack resulting in a loss of approximately $30 million. Soon after the hack, Cryptopia confirmed going into liquidation in May 2019, The post Cryptopia: Cryptocurrencies held by account holders deemed 'property' in landmark judgement appeared first on AMBCrypto.

2020-4-8 10:27


Kraken unveils fresh user interface for OTC bitcoin transactions

Kraken, the popular cryptocurrency exchange company, today announced a new tool designed to boost ease-of-use for its growing OTC user base, an automated Request For Quote (RFQ) dashboard. Starting tomorrow, Feb 13th at approximately 17:00 UTC, OTC customers will be able to: Request quotes for buy/sell orders directly from the dashboard for all fiat and […] CryptoNinjas: Kraken unveils fresh user interface for OTC bitcoin transactions

2020-2-13 20:57


Stablecoins Flip ETH Volume, DeFi the Primary Motor

Stablecoins on Ethereum had a cumulative transfer volume greater than its native ETH in 2019. This point indicates larger trends at play that could change the broader crypto landscape.  The Advent of Stable Money in Crypto Data from Messari Research suggests ETH’s trailing 12 month transfer volume fell from approximately $430 billion to $150 billion […] The post Stablecoins Flip ETH Volume, DeFi the Primary Motor appeared first on Cryptocurrency News.

2020-1-30 12:56


Фото:

XRP Briefly Traded at More Than $8,300 and Nobody Noticed

XRP, a cryptocurrency that is commonly touted as reaching an all-time highest value of around $3.80, was briefly worth thousands of times more due to one individual’s serious mistake. Back in October, one unfortunate individual paid the equivalent of $8,341 per XRP — which is approximately 31,000 times higher than the then going market rate […] The post XRP Briefly Traded at More Than $8,300 and Nobody Noticed appeared first on BeInCrypto.

2020-1-8 19:46


Newsflash: Bitcoin Price Pierces $10,000 But Analyst Shades ‘Mini-Bump’

The bitcoin price regrouped from its vicious weekend sell-off to recover past the $10,000 mark on Wednesday. Bitcoin Price Recovers to Crucial Psychological Level The dominant cryptocurrency had been in an uptrend for most of the day, and at approximately 10:00 am ET it managed to successfully pierce the $10,000 mark, which is generally considered […] The post Newsflash: Bitcoin Price Pierces $10,000 But Analyst Shades ‘Mini-Bump’ appeared first on CCN Markets

2019-7-31 17:44


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Within the next five years, hedge funds plan to significantly increase their exposure to cryptocurrencies, according to a recent survey. The post Hedge Funds Plan Significant Investment in Crypto appeared first on BeInCrypto.

Billionaire Paul Tudor Jones Likes BTC as Portfolio Diversifier

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