The most important news this week
A drop in core Bitcoin support prices of $ 9,000 could jeopardize a bullish trend
Does BTC Price Drama End? Maybe not soon. This week, Bitcoin fell $ 800 an hour, reaching an invisible low since May 28. This happened after another unsuccessful attempt to get strong support of more than $ 10,000. On the same day, the S & P 500 also fell, showing the worst daily performance since mid-March. The fall indicates that the long-term level of BTC resistance remains a problem for bulls. Some analysts believe that a serious correction of stocks is inevitable, and there are fears that this could harm Bitcoins, as the appetite for the high-risk market is reduced. However, Cointelegraph studies show that BTC remains the most efficient asset class in 2020. Analyst Michael Van de Pop says that it’s extremely important for Bitcoin to stay in the range of $ 950 to $ 9,300, otherwise we can see the medium and long term Return dates But he added: “We must remember that the price of Bitcoin has risen significantly since the March 12 crash . Corrected by 25-30% of healthy and abnormal in the rising market. ”
Organizers: Quadriga founder commits fraud
Surprisingly new discoveries were made about the exchange of the QuadrigaCX cryptocurrency. The Ontario Securities Commission compared the company to the Ponzi scheme and described founder Gerald Cotton as a “fraudster”. In 2018, Cotten died suddenly during a honeymoon in India due to complications of Crohn’s disease. He was the only one who had private keys on the exchange account and lost users’ money by 124 million dollars. According to OSC, Cotten opened several accounts with pseudonyms and regained his “fake currency.” The regulator claims that he was unable to satisfy the client’s cancellation requests when the price of cryptocurrency fell, and forced him to create a Ponzi scheme to satisfy the use of money from other Quadriga customers. Regarding his death, OSC states that due process is not appropriate
Tesla shares rose above $ 1,000, upsetting Bitcoin’s market value
Tesla Electric Vehicles has grown to a record $ 1,027 this week, increasing its market value by $ 188 billion, an increase of $ 7 billion compared to bitcoins. There is some symbolic comparison between the two, as he seems to be a FOMO stock market investor who has held many BTC meetings. Analysts believe that the turnout may be related to Elon Musk’s plans to promote the release of their own semi-trailer. Retail has recently hit the stock market, and professional traders have called demand outstanding. Unfortunately for bitcoin, it has not enjoyed the same popularity lately, which created uncertainty in the short and medium term.
Coinbase users fined for completing BTC recording
After a series of crashes, coinciding with a strong change in bitcoin prices, some Coinbase users seem to have enough. On June 7, dissatisfied traders raised 22,000 BTC more than they installed – the largest outflow in almost three years. To put it in context, it’s a staggering 214 million dollars. There are rumors that Coinbase is being punished for uncertainty, so some users were unable to log in when prices fell sharply. The company, the largest US stock exchange, recently announced that automatic scaling did not cope with the huge increase in traffic on June 1, so it’s hard for many people to access their accounts.
Bitcoin billionaires, the story of Winklevoss Bros.
They had already spent time at the university in a film called Social Network – and now the lives of Tyler and Cameron Winklevoss will return to the silver screen again. The Gemini Journey becomes the first cinema millionaire in the world – and, according to the producers, “this Rocky II meets Wall Street in a world full of unique and charming characters.” It will be based on the book Bitcoin Millionaire Bin Mezrich. After winning a lawsuit against Mark Zuckerberg in 2011, which they accused of stealing Facebook ideas, Winklevoss made a fortune by investing $ 11 million in BTC.
Winners and losers
At the end of the week, Bitcoin was worth $ 9,406.49, ether – $ 235.82, and XRP – $ 0.19. The total market value is $ 266,929,829,690.
The top 100 currencies include three top managers of the week Altcoin SwissBorg, Kyber Network and Verge. This week’s top losers at altcoin include HedgeTrade, WAX, and Unibright.