🗞 Daily Crypto News, June, 14th 💰

Bitcoin Price Drop to Key $9K Support Could Place the Uptrend in Peril;
JPMorgan: Bitcoin's Market Structure More Resilient Than Currencies, Equities, Treasuries and Gold;
Estonia Revokes 500 Crypto Firms' Licenses After $220 Billion Money Laundering Scandal;
Bitcoin Market Dynamics See Change After BTC Reward Halving;
COVID19 is back ! And it will crash both Cryptocurrencies & Stock Market 😭;
🗞 Daily Crypto Calendar, June, 14th 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Bitcoin Price Drop to Key $9K Support Could Place the Uptrend in Peril

The price of Bitcoin (BTC) was unable to break through the resistance zone at $10,000 and corrected nearly 10% in a day. The drop down occurred on the same day that U.S. equity markets saw a substantial retracement.

These moves automatically made investors and traders fearful of further continuation of this correlation. However, is the fear that Bitcoin price will continue to drop if stocks correct further warranted, or was the BTC correction overdue after multiple rejections at $10,000?

Rejection at $10K forces BTC to lower support levels

The BTC-USD daily chart is showing a clear rejection at the $10,000 resistance, after which a substantial drop occurred.

However, the primary trend is still valid and it can be classified as an uptrend. The simple reasoning is that Bitcoin has been making higher lows since the heavy crash to $3,700 on March 12th.

🗞 JPMorgan: Bitcoin's Market Structure More Resilient Than Currencies, Equities, Treasuries and Gold

JPMorgan’s strategists have reportedly found bitcoin’s market structure to be more resilient than those of currencies, equities, Treasuries, and gold. In a new report on bitcoin’s stress test, JPMorgan wrote that cryptocurrencies have “longevity as an asset class.”

In a new report entitled “Cryptocurrency takes its first stress test: Digital gold, pyrite, or something in between?” JPMorgan’s strategists say bitcoin is looking “mostly positive,” Bloomberg reported Friday. The report, led by head of U.S. interest rate derivatives strategy Joshua Younger and cross-asset research analyst Nikolaos Panigirtzoglou, shows that cryptocurrencies have “longevity as an asset class.”

Bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March.

The JPMorgan strategists also found that the cryptocurrency’s “price action points to their continued use more as a vehicle for speculation than medium of exchange or store of value,” noting that bitcoin appears to have been correlated to riskier assets like equities.

🗞 Estonia Revokes 500 Crypto Firms' Licenses After $220 Billion Money Laundering Scandal

Estonia has canceled 500 cryptocurrency firms’ licenses, about 30% of the total, as part of a crackdown on illicit financial flows following a $220 billion money-laundering scandal involving Danske Bank.

Regulators are concerned that bitcoin exchanges and other crypto companies might be liable to using their platforms to facilitate illegal transfers, Bloomberg reported.

Madis Reimand, who heads the Estonian Financial Intelligence Unit (FIU), indicated that the clampdown was a pre-emptive strike aimed at cleaning up the crypto industry. He notes that the idea is not to cripple the sector, but rather tighten regulations to prevent risks associated with money laundering.

🗞 Bitcoin Market Dynamics See Change After BTC Reward Halving

One month after the Bitcoin halving, several key factors seem to point to a pivotal change in the BTC market and investor behavior.

One month has passed since the 2020 Bitcoin (BTC) miner reward halving, and a lot has happened for the predominant cryptocurrency since then. From changes in investor and trader behavior to an exponential growth in institutional interest, the halving seems to have marked the start of a new reality for all Bitcoin market participants.

Although the halving did not come with the immediate price surge that many had associated with the event, there are a few key factors that indicate the start of some changes that may be here to stay, some of which may even be pivotal for the future of Bitcoin as a new asset class.

“CME total options volumes reached an all-time monthly high of 5986 contracts traded in May. This figure represents 16 times that of April’s volumes. CME futures volumes have also recovered since April, increasing 36% (number of contracts) to reach 166,000 in May.”

🗞 COVID19 is back ! And it will crash both Cryptocurrencies & Stock Market 😭

These are my own thoughts about the current situation both on the healthcare/financial and crypto sides.

Humans have always fascinated me, they are easily influenced (for the better or worse) and most of them are not capable to develop their own critical thinking and will comply with the norm/herd.

What shocked me is back in the end of January, I wrote to my colleagues and bosses:

"We do not know if this pandemic will be catastrophic but the way we and other market participants deny it is even happening is making me speechless."

Well, my entire company, brokers thought it was a non-event. "Look at SRAS, it does not last, V-shaped recovery... blablabla". Even with facts showing it was definitely not like SRAS in terms of R0 and impact.

Well we all know what happened next to financial & crypto markets

Full article here