Why today's weekly close is crucial to avoid $8,000s...
One week in review:
May 18–24 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Why today's weekly close is crucial to avoid $8,000s | | | The world's biggest cryptocurrency needed to end Sunday above $9,300 to avoid the risk of a further slide, according to Cointelegraph contributor flibflib. He says failure to retain this level will likely see BTC "retest the May lows and the 20-week moving average, currently around $8,160." | | | So, has Bitcoin topped out? Is there too much selling pressure around $10,000? Well, analysis of Binance's order book suggests there is huge resistance between $9,500 and $10,000… and this is unlikely to step in until more buyers enter the market. | | #2. Did Satoshi Nakamoto just move his coins for the first time in 11 years? | | | Some of the earliest mined Bitcoin moved for the first time in 11 years this week. An address containing 50 BTC created in February 2009 — barely one month after the launch of the Bitcoin mainnet — swept its entire holdings to two different wallets. | | | This led to frenzied speculation that Satoshi Nakamoto, the pseudonymous inventor of BTC, might be on the move. Bitcoin's price actually fell from $9,900 to $9,300 as the market digested the transaction, but it began to recover as details about the intricacies of the transaction reduced the likelihood that Satoshi was involved. | | #3. Where are the Bitcoin pizza coins now? | | | There was another blast from the past this week as the crypto community marked the 10th anniversary of Bitcoin Pizza Day. Back in 2010, programmer Laszlo Hanyecz paid 10,000 BTC for two Papa John's pies — a purchase that would have been worth $92.5 million at today's rates. | | | New analysis has shown that a large chunk of this crypto went to a now-defunct exchange, while a slice has found its way to one of the most sizable Bitcoin wallets currently in existence. | | #4. Prediction of the Week "It's just a matter of time" before BTC breaks all-time high, investment app CEO says | | | The co-founder and CEO of the Bitcoin investing application Amber believes BTC could be en route to hitting its all-time price high once again. Aleks Svetski told Cointelegraph: "It's just a matter of time — there's a perfect storm brewing and the pressure will have to go somewhere. | | | With Bitcoin, supply is fixed, and its utility as an un-inflatable and incorruptible money is only increasing — the only thing left to move is price." Svetski said BTC will need "time and momentum" to return to $20,000, adding that he hoped a lower price floor remains for a longer period so he and others have the opportunity to buy additional, lower-priced BTC. | | #5. FUD of the Week Times Square billboard calls for release of Silk Road founder | | | A billboard has emerged in Times Square calling for the release of Ross Ulbricht, the founder of the Silk Road darknet market. The 36-year-old was arrested back in 2013, and two years later, he was found guilty of seven charges including drug trafficking, money laundering, computer hacking and criminal enterprise. He is currently serving two life sentences behind bars, with no prospect of parole. | | | The "Free Ross" billboard is set to remain in Times Square for several months, and the publicity was said to have been paid for by a "generous supporter." | | #6. FUD of the Week No, ISIS does not have $300 million in a Bitcoin "war chest" | | | Chainalysis has published a report debunking a number of popular narratives surrounding the use of crypto to finance terrorism. The blockchain intelligence firm's report emphasizes the harm of false reporting in spreading misinformation and damaging the reputation of firms operating with digital currencies. Reports last week had claimed that the Islamic State's missing $300-million war chest was being held in BTC, but Chainalysis says such a theory is "highly unlikely." | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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