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Analyst: If Bitcoin Holds $8,700, the Chances of “Bullish Continuation” Are High

[ad_1] The past few weeks have seen Bitcoin tread on thin ice multiple times: every time the cryptocurrency rallied to $10,000, it snapped lower, often violently. This week’s attempt at the crucial $10,000 resistance was no exception: after temporarily trading above the level for all of 20 minutes, the asset began a precipitous decline. Just 24 hours after $10,000 was tapped, Bitcoin was trading at $9,050 — almost 10% below
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Bitcoin Analysts are Watching These Six Critical Levels After Yesterday’s Plunge

[ad_1] Bitcoin posted a grim plunge yesterday that caused it to see notable losses Buyers were able to ardently defend against a break below the key support that has been established at $9,000 Analysts are now widely noting that BTC could be positioned to see further weakness in spite of its bullish overnight rebound There are six key high time frame support levels that buyers have built – ranging between
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Japanese Court Upheld Former Mt Gox CEO’s Conviction for Manipulating Data

[ad_1] A Japanese high court upheld the Tokyo-based lower court’s decision to reject the former Mt Gox CEO’s appeal. Mark Karpeles was arrested in 2015 and accused of “manipulating electronic data” and managed to duck embezzlement charges. The former boss of Mt Gox, Mark Karpeles, now has to face the music for his prior “manipulating electronic data” charges that stem from the Mt Gox investigation. Karpeles was arrested in August
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Wilshire Phoenix Files With SEC for Publicly Traded Bitcoin-Backed Fund

[ad_1] Investment firm Wilshire Phoenix has filed an S-1 registration statement with the U.S. Securities and Exchange Commission, or SEC, for a publicly traded Bitcoin fund in line with regulation."The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin."Wilshire’s new Bitcoin Commodity Trust aims to have its shares available for
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South Korean Experts Say Crypto is a Poor Safe-Haven Asset

[ad_1] On June 11, South Korean experts stated through local media that cryptocurrencies are a “poor choice” of safe-haven assets during the COVID-19 pandemic.According to The Scoop, Professor Hong Ki-hoon of Hongik University stated that crypto-assets like Bitcoin (BTC) should not be considered as “safe-haven assets,” at the level of Gold, dollars, or even the U.S. Treasury bonds. He does not deny, however, that volatility in the financial markets is
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Coinsquare CEO Accused of Orchestrating Wash Trades

[ad_1] In the latest blow to the embattled Canadian cryptocurrency exchange Coinsquare, reports are accusing the platform’s top executive of orchestrating a wash-trading scheme in clear violation of securities law.Wash-trading refers to an exchange artificially inflating its trade volume through executing larger zero-fee market trades into their own orders, creating the appearance of large trading activity without any assets changing hands. The practice is illegal in traditional asset markets due
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‘Bitcoin is a High-Tech Cry For Help’

[ad_1] In an interview with the Center for Natural and Artificial Intelligence, Forbes Inc chairman Steve Forbes weighed in on cryptocurrency and the future of money.Forbes described cryptocurrencies as a “high-tech cry for help” borne from “the instability of government-printed money today.”Crypto too volatile for currencyForbes criticized the volatility of crypto assets, describing Bitcoin (BTC) as looking like “steak” one day, and “dog food” the next.Contrary to many crypto supporters,
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Bitcoin Price Volatility Expected as 10% Mining Difficulty Adjustment Looms

[ad_1] Bitcoin’s mining difficulty is set for a minimum increase of 10% in the 3 days, according to data from BTC.com. That means the cost to mine Bitcoin(BTC) will increase significantly in a short period of time. This is significant as the increased operational cost to miners could pressure them to sell more BTC to offset the rise in expenses.The Bitcoin network is divided into three groups: users, developers, and miners.
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XRP Has Been Setting Lower Highs for 886 Days; Why Analysts Expect More Weakness

[ad_1] XRP has been severely underperforming the aggregated crypto market throughout 2020 The crypto is now on its 886th day of selling lower lows Analysts do not believe that this trend is going to alleviate anytime soon, as there are other signs of weakness that it has been flashing in recent times One veteran trader even noted that it could soon plummet another 30% against its BTC trading pair XRP
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Venezuelan Petro Payments May Be on the Rise

[ad_1] The Venezuelan government announced on June 11 that almost 15% of all fuel payments at petrol stations across the country were made using the Petro (PTR). This rise comes during the first week of the new state-backed plan to promote widespread use of the token.According to a report from Ultimas Noticias, 40% of the PTR transactions passed through the foreign stations.Balancing Venezuela’s crypto environment?The blog Geopolítica Coyuntural says that