🗞 Daily Crypto News, June, 2nd💰
- Bitcoin Price Surges to $10,380 as Trump Threatens Military Crackdown;
- US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says 'Watch Gold and Bitcoin';
- ‘Sell in May’ Wall Street Adage Doesn’t Apply to Bitcoin, Data Suggests;
- Chinese Chip Maker With a Hand in Crypto Mining Plans $2.8B IPO;
- Ethereum Classic Follows Its Sibling’s Footsteps With Phoenix Hard Fork;
- 🗞 Daily Crypto Calendar, June, 2nd 💰
Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!
🗞 Bitcoin Price Surges to $10,380 as Trump Threatens Military Crackdown
Within the last hour Bitcoin (BTC) price abruptly surged to $10,380 after spending the last month trading in a symmetrical triangle pattern. The move above the crucial $10K mark occurred as U.S. President Donald Trump mobilized local police and the National Guard to disperse masses of protestors on the White House grounds.
After a brief pullback to $10,100 bulls stepped in to provide renewed buying pressure. At the time of writing the top-ranked cryptocurrency on CoinMarketCap has broken above the long-term descending trendline ($10,250) which has been in place since Bitcoin reached a $19,800 all-time high in 2018.
🗞 US Turmoil and Negative Interest Rates - Billionaire Michael Novogratz Says 'Watch Gold and Bitcoin'
For the first time since October 2019, Federal Reserve Chair Jerome Powell admitted to leveraging quantitative easing (QE) tactics. Powell explained on Friday, the central bank is now comfortable with leveraging QE on a regular basis. Furthermore, the Fed is planning on utilizing negative interest rates in the near future, according to a number of economists and analysts. The economic turmoil in the U.S., and abroad is causing a number of well known investors like Michael Novogratz to focus on bitcoin and gold.
Fed is ‘Comfortable’ With Regularly Invoking QE and Negative Rates in the US
The global economy has been shuddering and the U.S. economic system has been falling a lot harder than most. American debt relative to gross domestic product (GDP), jumped to 55% during the end of 2000 and twenty years later it is now 110%. The Federal Reserve has also created trillions of dollars on a whim, due to unprecedented panic sparked by the coronavirus outbreak.
A recent report from the financial incumbent, Standard Chartered says that if the Fed starts to implement negative interest rates it will do so in a unique method. Meaning, it would likely go for a big “hail mary” and drop the benchmark rate to -0.5% to -1% fast. Standard Chartered’s report reveals that if the Fed does drop the rate below zero, then gold will jump to spectacular heights immediately after.
🗞 ‘Sell in May’ Wall Street Adage Doesn’t Apply to Bitcoin, Data Suggests
The old Wall Street maxim “sell in May and go away” is detrimental to bitcoin investors, market data from Messari suggests.
The largest cryptocurrency generated positive returns during eight of the past 10 Mays, outperforming its monthly average for that year during six of them.
“Sell in May” refers to an old investment strategy that advises against holding investments during summer months, starting in May. While there may be truth to the adage for traditional markets, some bitcoin investors don’t give the idea much credence.
“It’s just a meme to me,” said Qiao Wang, a cryptocurrency startup investor and former quantitative trader at Tower Research.
https://static.coindesk.com/wp-content/uploads/2020/06/sell-in-may-775x486.png?format=webp
🗞 Chinese Chip Maker With a Hand in Crypto Mining Plans $2.8B IPO
Semiconductor Manufacturing International Corporation (SMIC), one of the largest computing chip producers in China, plans to raise $2.8 billion through an initial public offering on the Sci-Tech Board of the Shanghai Stock Exchange (SSE).
The exchange has accepted SMIC’s application, according to a document filed Monday with the Hong Kong Stock Exchange (HKEX), where it is already listed. The company said part of the proceeds will be focused on developing 14nm chips, which will be used for crypto mining.
The move comes just two months after the company announced a partnership with crypto miner maker Canaan Creative. The two companies plan to develop a mining machine for an undisclosed cryptocurrency with a relatively small market cap, rather than bitcoin due to current technical limitations.
🗞 Ethereum Classic Follows Its Sibling’s Footsteps With Phoenix Hard Fork
Ethereum Classic, the twin sibling of the Ethereum network, performed its scheduled Phoenix hard fork on May 31, which included features from Ethereum’s earlier Istanbul fork.
The upgrade means that the two networks share virtually the same protocol, and are thus fully intercompatible. The hard fork was scheduled for block 10,500,839, which was mined at 8:00 p.m. Eastern time on May 31.
The fork is the third in a series of recent upgrades aiming to bring Ethereum Classic in line with its more popular sibling. In December, the Agharta fork ported Constantinople features to ETC, while Atlantis was activated earlier in September 2019.
🗞 Daily Crypto News, June, 2nd💰
- Horizen (ZEN)
Current core software - ZEND 2.0.20 set to be deprecated on June 2nd.
- Grin (GRIN)
"Release of grin, grin-wallet, grin-miner beta binaries."
- Xensor (XSR)
Hanbitco lists XSR with BTC and USDT pairs.
- Orchid (OXT)
Kraken Listing
- Loopring (LRC)
"Join NEST X LOOPRING's Live AMA on ZOOM at 7pm 02.Jun.2020."
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