🗞 Daily Crypto News, June, 5th💰
- Bitcoin Closing in on $9,900 as Crypto Market Volatility Persists;
- Bitcoin Mining Difficulty Sees its 8th Biggest Drop in History;
- ‘Bitcoin and Black America’ Author: Protest by Buying BTC;
- Coronavirus Lockdown Boosts Bitcoin Trading in Russia ;
- Coinbase Called Out for Slow Support, Nassim Taleb Closes Account;
- 🗞 Daily Crypto Calendar, June, 5th 💰
Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!
🗞 Bitcoin Closing in on $9,900 as Crypto Market Volatility Persists
The latest report from Bloomberg reveals that the company expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000.
COVID-19 & Institutions helping Bitcoin
A quick rally followed by a sharp decline earlier this week in bitcoin prices spelled trouble for bulls. However, volatility is back in the spotlight and that could bring other opportunities, according to market players.
At 00:00 UTC on Thursday (8:00 p.m. Wednesday EDT), the world’s largest cryptocurrency by market capitalization was changing hands around $9,655 on spot exchanges like Coinbase. The price stayed close to that level until 13:00 UTC (9 a.m. EDT), when the price traded up as high as $9,891. Bitcoin is now above both its 50-day and 10-day moving averages, indicating bullish sentiment.
https://static.coindesk.com/wp-content/uploads/2020/06/btcjune4-775x362.jpg?format=webp
“Bitcoin is realizing two to three times the volatility of the S&P 500, with altcoins registering well beyond that,” said Vishal Shah, an options trader and founder of a new crypto derivatives exchange called Alpha5. “By no means is crypto more stable, and there is no chance that it can be if it is to grow.”
https://static.coindesk.com/wp-content/uploads/2020/06/30-day-volatility-btc-vs-major-global-indices-may-1-2020-775x500.png?format=webp
Continued crypto volatility can partially explain why May was the best month ever for digital asset derivatives in May, to over $600 billion, according to data from aggregator CryptoCompare.
https://static.coindesk.com/wp-content/uploads/2020/06/deriviativesvolumes-775x469.jpg?format=webp
🗞 Bitcoin Mining Difficulty Sees its 8th Biggest Drop in History
After the second post-halving difficulty adjustment, mining Bitcoin (BTC) has just got easier again, helping miners improve their profit margins.
Bitcoin mining difficulty, a measure showing how hard it is to compete for mining rewards, has dropped 9.29% today. This is its second drop in a row, following the 6% one in the second half of May - both occurring after the third Bitcoin halving.
Per the major Bitcoin mining pool BTC.com, today's is the 8th largest difficulty drop ever for BTC. The highest one, of 18.03% was seen on Halloween 2011. We saw the second-largest drop in its history, of 15.95%, just two months ago, which itself followed the Black Thursday in March. Today's fall is the closest to December 2018's 9.56 % and March 2011's 9.47%.
However, their landing points are very much different. In March 2011, for example, a nearly 10% drop had resulted in the difficulty of 68.98 K. Today, a similar percentage has meant a drop in difficulty to 13.57 T. Though the change is enormous over the years, the latter is still the lowest level seen since the beginning of this year.
🗞 ‘Bitcoin and Black America’ Author: Protest by Buying BTC
Bitcoin & Black America author Isaiah Jackson says that people invoking Bitcoin during the protests over the police killing of George Floyd have identified the “real enemy” — a legacy financial system that shuts out African Americans.
Jackson spoke to Cointelegraph on June 4, saying he welcomed pictures on social media of protesters holding up signs promoting the cryptocurrency.
He said the result of black people being shut out of the economic system was tragedy. "When the economic system is broken ... no matter how hard you try, you get pushed to areas where police oversight is very heavy. You get these clashes and police start killing black men and it's all just a domino effect,” he said. "So I think them holding signs is them saying, ‘Hey once this is over, remember who the real enemy is’.”
“I usually say that that the most peaceful protest you can do is simply buying Bitcoin on a regular basis, because you're just moving your money out of this system into what I believe is a better and hard money system that can be used in the future.”
🗞 Coronavirus Lockdown Boosts Bitcoin Trading in Russia
On June 4, a new study performed by a number of Russia-based crypto exchanges revealed a significant rise in Bitcoin (BTC) trading across Russia since March amid the COVID-19 lockdown.
As RBC reports, representatives from the Russian offices of exchanges like Binance, Garantex, and EXMO, highlighted the growth in the number of users in Russia. This number is relative to the increase in trading volumes from March until June. Boost in registrations from Russia users
Gleb Kostarev, head of the representative office of Binance in Russia, explained that the number of registrations on their platform during April 2020 was two times higher than in December of 2019.
"It is worth noting separately that the popularity of futures trading is growing among Russians. In April and May, trading volumes of these instruments are twice as high as in March and five times in January."
🗞 Coinbase Called Out for Slow Support, Nassim Taleb Closes Account
After several recent outages during periods of high volatility in the crypto market, major exchange Coinbase is once again receiving negative publicity about the crypto trading product it offers.
Posting on Twitter on Thursday, the famous author, risk analyst, and ex-trader Nassim Taleb, called out Coinbase, asking “What’s going on with you? Why don’t you respond to errors?”
Shortly after, Coinbase support replied, apologizing for the delay and saying they would be following up with the support case shortly, to which Taleb answered “Too late. Closing account.” The author later clarified that he opened this account a few months ago.
🗞 Daily Crypto News, June, 5th💰
- BitShares (BTS)
Bitshares 4.0
- Matic Network (MATIC)
"Trading for MATIC/USD and MATIC/BUSD trading pairs will open on Friday, June 5th, 2020 at 9:00am EST / 6:00am PST. "
- Dash (DASH)
"Dash is Bashing Every Where Users have Lot of queries Awaiting AMA June 05, 2020"
- Synthetix Network Token (SNX)
"Please note that the Altair release is currently scheduled for this Friday (AEST)..."
- Nervos Network (CKB)
"Tune in to the review call & get the full progress update: 5th June 10AM UTC+8"
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