Bitcoin News Summary – June 1, 2020

Barry Silbert’s Grayscale Bitcoin Trust has been accumulating more than the daily Bitcoin supply since the halving. More than 12000 BTC have been mined since the halving, whereas Grayscale has purchased almost 19000 BTC since that event. Prominent Bitcoiner, Tyler Winkelvoss, took to Twitter to call out investment bank, Goldman Sachs. A day before, Goldman published a list giving 5 reasons why Bitcoin is “not an asset class” or “suitable investment.”  Tyler drew attention to the $6 billion Dollar money-laundering Read more …

Sharp U.S. Futures Recovery Hints Bitcoin Will Retest $10K This Week

Spot bitcoin price was up 1 percent as the U.S. futures recovered sharply on Sunday evening. The S&P 500 mini had opened lower amid uncertainty about the effect of riots in major U.S. cities. Bitcoin laggingly tailed the futures to fall below $9,400 but rebounded as risk-sentiment restored. Its next price target is $10,000. Bitcoin and the S&P 500 mini fell and recovered in sync on Sunday evening – with a minor lag between their moves. The benchmark cryptocurrency slipped Read more …

Weaker Yuan Could Lead to a Stronger Bitcoin

Japanese crypto firm FXCoin’s senior strategist thinks a depreciation of the Chinese yuan may lead more traders to Bitcoin in 2020.  FXCoin’s Yasuo Matsuda spoke to Cointelegraph Japan, saying Bitcoin (BTC) would likely be more popular among Chinese nationals facing economic sanctions due to national security laws as part of the government’s response to the COVID-19 pandemic.  The strategist said people in China would be “frustrated with the recession of the domestic economy” and looking for an escape: China’s strong Read more …

Bitcoin Above $9,750 Would Make Case for Larger Rally: Here’s Why

Bitcoin is trading nicely above the $9,400 support zone against the US Dollar. BTC price is likely to continue higher towards $10,000 if it clears $9,600 and $9.750. Bitcoin is trading with a positive bias above the $9,400 support zone. The price could struggle to clear the $9,600 and $9,750 resistance levels in the short term. There was a break above a key contracting triangle with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Read more …

Crypto Analyst Releases Stock-to-Flow Model Indicator for BTC Bull Run

Crypto analyst PlanB released a key indicator for its stock-to-flow price prediction model which could signal a Bitcoin bull run to $100,000 by 2021 has just begun. PlanB confirmed on Twitter on May 31 that the red dot — indicating a price increase — was now present in its stock-to-flow (S2F) model, a price prediction model for Bitcoin (BTC). #Bitcoin S2F chart update .. RED DOT RELEASED!!! pic.twitter.com/iNTjbf9b9K — PlanB (@100trillionUSD) May 31, 2020 The S2F model treats BTC as Read more …

Bitcoin Closes May Candle Above Crucial Resistance, and That’s Big for the Bull Case

Just over an hour ago as of this article’s writing, Bitcoin closed the price candle for the month of May. This was a very important technical event for the cryptocurrency, analysts have said. And fortunately for bulls, BTC closed above a crucial region of resistance that would have otherwise restricted the asset’s potential upside. Bitcoin Closes Above $9,360, a Key Level Prior to the monthly close, there were analysts pointing to the low-$9,000s as a crucial region to watch. One Read more …

UK Government Seizes $185 Million From Dormant Bank Accounts for Crisis Relief

The UK government is seizing funds in dormant bank accounts worth approximately $185 million to fund its coronavirus relief efforts. So far, 30 banks have been voluntarily transferring money from dormant accounts to the government, including HSBC, Barclays, Clydesdale, Credit Agricole, Danske, Santander, Lloyds, and Bank of Scotland. The government has also proposed adding other types of assets that can be seized, such as insurance policies and share proceeds. Government Unlocks Funds From Dormant Accounts The U.K. government announced last Read more …

Ethereum Makes 3rd Attempt at New Highs as Options Skew Turns Negative

Ethereum made its third attempt to set new local highs against its Bitcoin trading pair in 2020 yesterday. This movement has shown signs of being fleeting, however, as the crypto has lost some of its momentum. Although the cryptocurrency is flashing some subtle signs of near-term weakness, it is important to note that one data metric points to the cryptocurrency seeing a notable upswing in the days and weeks ahead. This possibility is elucidated by the cryptocurrency’s options skews turning Read more …